帮主郑重：股民亏钱，印花税却暴涨52%？聊聊A股和美股的印花税秘密

Core Insights - The article highlights a significant increase in stamp duty revenue from securities trading, which rose to 66.8 billion yuan in the first five months of the year, a year-on-year increase of 52.4%, despite a declining stock market [1][3]. Market Analysis - The A-share market experienced a decline from around 3,400 points at the beginning of the year to over 3,200 points by June, indicating a challenging environment for investors [3]. - The increase in stamp duty suggests that retail investors are trading more frequently, often engaging in a cycle of buying high and selling low, leading to increased transaction costs and losses [3][4]. Trading Behavior - Retail investors are heavily influenced by market emotions, leading to impulsive trading decisions that result in higher costs and missed long-term opportunities [3][4]. - The article emphasizes that frequent trading can exacerbate losses, as seen in the example of an investor who changed stocks multiple times within the year, incurring significant transaction costs [3]. Comparison with US Market - In contrast to the A-share market, the US stock market does not impose a stamp duty but utilizes capital gains tax, which is capped at 20% for long-term holdings, encouraging investors to hold stocks for longer periods [4]. - The absence of stamp duty in the US market does not eliminate trading costs, as platform fees, commissions, and currency exchange losses can still accumulate, making long-term holding potentially more cost-effective [4]. Investment Strategy - The article advocates for a shift in investment strategy from frequent trading to a focus on long-term value, suggesting that investors should concentrate on companies with sustainable competitive advantages and hold their investments patiently [5]. - The increase in stamp duty is framed as a "tax on market emotions," urging investors to overcome impulsive trading behaviors and adopt a more rational approach to investing [5].