On August 19th, the Ministry of Finance released the financial revenue and expenditure data for the first seven months, with securities transaction stamp duty reaching 93.6 billion yuan, a year-on-year increase of 62.5%. According to monthly data, the stamp duty on securities trading reached 15.1 billion yuan in July, a month on month increase of 29% and a year-on-year increase of 1.25 times. This impressive set of data has released multiple positive signals, adding momentum and confidence to the capital market. Firstly, the increase in stamp duty on securities trading reflects the sustained recovery of investor confidence and more active trading in the capital market. The stamp duty on securities trading is levied based on the amount of securities transactions, and its significant growth is significantly affected by factors such as the expansion of market trading scale and the increase in trading frequency. Based on relevant data, the number of new A-share accounts opened in July reached 1.9636 million, a year-on-year increase of over 70% and a month on month increase of over 19%. Moreover, the number of new A-share accounts opened in a single month has remained above 1.5 million since the beginning of this year. Meanwhile, the balance of the two financing companies has recently returned to over 2 trillion yuan. This phenomenon clearly reflects the recovery of market sentiment, with more and more investors willing to actively enter the market to participate in trading and actively seek investment opportunities. When investors have confidence, market liquidity improves, stock trading becomes more active, and stamp duty on securities trading naturally increases. Secondly, the increase in stamp duty on securities trading reflects the continuous optimization and increasing resilience of the capital market ecosystem. In recent years, the reform of the capital market has been continuously deepened, from fully implementing the registration system to improving the delisting system, from strengthening information disclosure supervision to severely cracking down on securities violations. A series of measures have made the system of the capital market more sound, and the market environment more fair, transparent, and orderly. This makes investors trust the market more and enables the capital market to better allocate resources, attract more high-quality companies to go public, and improve the overall quality of the market. Even in the face of external shocks and market fluctuations, an optimized ecosystem can enable the capital market to recover faster and maintain strong resilience. The stable growth of stamp duty on securities trading is a concrete manifestation of this resilience. Thirdly, the increase in stamp duty on securities trading also reflects the increasingly clear narrative logic of A-share technology, which is driving the revaluation of Chinese asset values. Since 2024, high-tech enterprises have accounted for over 90% of newly listed A-share companies, and many leading enterprises have rapidly emerged in advanced manufacturing, digital economy, green and low-carbon fields. These technology companies have great growth potential and have attracted more and more investors' attention, leading to an influx of funds and driving active stock trading, which in turn has led to an increase in stamp duty on securities trading. Overall, the significant increase in stamp duty on securities trading fully demonstrates the increasing vitality of China's capital market, which is steadily moving towards a more mature and healthy direction. With the continuous improvement and optimization of the multi-level capital market system, it will play an increasingly important role in supporting technological innovation and promoting high-quality economic development. (New Society)