资本市场回稳拉动相关税收增长

Core Insights - The significant increase in securities transaction stamp duty reflects a resurgence of investor confidence and market activity, with a 29.5% year-on-year growth in total stamp duty revenue and an 88.1% increase in securities transaction stamp duty revenue [1] - The A-share market has shown a positive trend with a total trading volume of 338.6 trillion yuan, marking an 87.7% year-on-year increase, which aligns closely with the growth in securities transaction stamp duty [1][2] Group 1: Market Activity and Investor Confidence - The number of new A-share accounts opened in the first ten months reached 22.46 million, a 10.6% year-on-year increase, indicating a rise in market participation and inflow of new capital [2] - The balance of margin financing and securities lending approached 2.5 trillion yuan, reflecting a 35% increase since the beginning of the year, signaling a shift from stock-based trading to capital-driven growth [2] Group 2: Policy Support and Market Stability - A series of financial policies aimed at stabilizing the market have been implemented, including coordinated efforts from the People's Bank of China and other regulatory bodies to support market expectations and liquidity [2] - The involvement of long-term capital from various institutions, including the National Social Security Fund and banks, has contributed to market stability and increased equity allocation [2] Group 3: Corporate Performance and Sector Trends - In the first three quarters, listed companies achieved a total operating income of 5.346 trillion yuan and a net profit of 470 billion yuan, with year-on-year growth rates of 1.36% and 5.5%, respectively [3] - The technology sector has seen significant growth, with the total market capitalization of the electronics industry surpassing that of the banking sector, now accounting for 12.42% of the total market [3] Group 4: Tax Revenue and Economic Impact - The active capital market has led to a notable increase in personal income tax, which grew by 27.3% year-on-year in October, driven by the wealth effect from the capital market [3] - The growth in securities transaction stamp duty and related tax revenues indicates a broader economic impact, with increased activity in stock transfers and dividends contributing to higher tax collections [3] Group 5: Future Outlook - The China Securities Regulatory Commission is planning to enhance the resilience and stability of the capital market, focusing on improving regulatory effectiveness and attracting higher-quality listings [4]