Recent fiscal data released reveal an interesting phenomenon. In the first 11 months of this year, personal income tax revenue reached 14,689 billion yuan, a year-on-year increase of 11.5%. In contrast, land value-added tax experienced a 17.3% decline, with revenue dropping to 3,782 billion yuan. However, the most eye-catching data comes from the securities trading sector—stamp duty revenue of 1,855 billion yuan, a significant increase of 70.7% year-on-year.

Meanwhile, the income from the transfer of state-owned land use rights was 38,489 billion yuan, a decrease of 6.6% year-on-year. Behind these figures reflects a clear trend: investors' enthusiasm is shifting from the real estate market to the financial market. Especially the explosive growth in securities transaction stamp duty indicates that stock market trading activity has reached a considerable level.

Securities market consumers are indeed voting with real money. The over 70% increase in stamp duty directly demonstrates an increase in overall market participation. From a macro perspective, this not only shows active investor engagement but also reflects market prosperity. Whether in terms of tax contribution or market participation, the performance of the securities market can be considered a highlight of this year.