前8月证券交易印花税尽显A股活力，累计成交额同增2倍

Core Viewpoint - The latest data from the Ministry of Finance indicates a significant increase in China's securities transaction stamp duty, with August 2025 reaching 25.1 billion yuan, marking a year-on-year growth of 225.97% and a month-on-month increase of 66% from July, reflecting a peak in market activity for the year [1][4]. Summary by Relevant Sections Monthly Stamp Duty Data - In August 2025, the securities transaction stamp duty was 25.1 billion yuan, showing a year-on-year increase of 225.97% and a month-on-month increase of 66% from July's 15.1 billion yuan [2][4]. - Cumulative stamp duty from January to August 2025 reached 118.7 billion yuan, an 81.7% increase compared to 65.3 billion yuan in the same period last year [1][4]. Market Activity and Trading Volume - The cumulative trading volume of A-shares in 2025 has reached 280 trillion yuan, nearly doubling from 134 trillion yuan in the same period last year, representing a 109% increase [3][6]. - Daily average trading volume for A-shares is 1.61 trillion yuan, up 107% from 0.78 trillion yuan year-on-year [3][6]. Factors Driving Growth - The increase in stamp duty is closely linked to heightened market activity, driven by improved investor confidence, rising margin trading balances, and a doubling of A-share trading volume [6][8]. - In August 2025, new A-share accounts reached 2.65 million, a year-on-year increase of over 165%, indicating a significant influx of capital into the market [6][8]. Future Market Outlook - Brokerages maintain an optimistic outlook for future stamp duty trends and market activity, supported by macroeconomic recovery and ongoing capital market reforms [8][9]. - Analysts suggest that the market's valuation is improving alongside fundamental enhancements, with long-term capital continuing to provide support [9].