Core Insights - The significant increase in securities transaction stamp duty indicates a recovery in investor confidence and heightened market activity [1][2] - The growth in stamp duty reflects an improving capital market ecosystem, showcasing resilience and enhanced regulatory frameworks [2] - The rise in stamp duty also highlights the clarity of the A-share technology narrative, leading to a revaluation of Chinese assets [2] Group 1 - The securities transaction stamp duty reached 93.6 billion yuan in the first seven months, a year-on-year increase of 62.5% [1] - In July alone, the stamp duty amounted to 15.1 billion yuan, with a month-on-month growth of 29% and a year-on-year increase of 125% [1] - The number of new A-share accounts opened in July was 1.9636 million, a year-on-year increase of over 70% and a month-on-month increase of over 19% [1] Group 2 - Recent reforms in the capital market, including the implementation of a registration system and improved delisting regulations, have created a more transparent and orderly market environment [2] - The stable growth of securities transaction stamp duty is a testament to the resilience of the capital market, even in the face of external shocks [2] - Over 90% of new A-share listings in 2024 are high-tech enterprises, indicating a strong focus on advanced manufacturing, digital economy, and green low-carbon sectors [2]