前7月印花税同比增长20.7% 机构：慢牛长牛行情趋势确立

Group 1: Fiscal Data and Economic Indicators - The Ministry of Finance reported that from January to July, the national general public budget revenue was 135,839 billion yuan, a year-on-year increase of 0.1% [2] - Tax revenue was 110,933 billion yuan, a year-on-year decrease of 0.3%, while non-tax revenue was 24,906 billion yuan, a year-on-year increase of 2% [2] - The stamp duty revenue for the same period was 2,559 billion yuan, with a year-on-year growth of 20.7%, and the securities transaction stamp duty increased by 62.5% to 936 billion yuan [2] Group 2: Support for Commercial Aerospace in Guangdong - The Guangdong Provincial Government released policies to support the high-quality development of commercial aerospace from 2025 to 2028, encouraging enterprises to obtain various qualifications and licenses [3][4] - The policies include financial support for the construction of ground station networks, with a funding cap of 2 million yuan per station and a maximum of 10 million yuan per enterprise annually [3] - The measures also promote the manufacturing of satellite application terminals and components, with project rewards not exceeding 1.5 million yuan [3] Group 3: Market Trends and Stock Performance - On August 19, the stock market experienced a slight decline, with the Shanghai Composite Index down by 0.02% and the Shenzhen Component Index down by 0.12% [5] - Despite the decline, the market is characterized as a "slow bull" trend, with expectations for the second half of the year to exceed most predictions [5] - The overall valuation of A-shares remains reasonable, with the dynamic price-to-earnings ratio of the CSI 300 at approximately 12.2 times, indicating no significant overvaluation [5]