No effect on stamp duty or brokerage commission income year over 130 billion.

<P>: Http:// hearing, the Shanghai Securities News and the launching of the securities in the latest issue of the monthly report showed that China's securities industry, trading in the stock market continued to be active in the background, even if the second half of the market turnover is lower than the current .significant decline, the annual turnover of the stock fund warrants are still expected to reach 44 trillion yuan, Securities Brokerage is expected to more than 130 billion yuan. .</ P> <P> 5 May, the two cities share-based trading volume totaled 6.37 trillion yuan, growth of 20%, average daily trading volume reached 353.6 billion yuan, growth of 40%, an increase of 3.44 over last year .times. .If the commission in accordance with the rate of 0.15%, May brokerage fee income realized 19.0 billion total, 1-May up to 60.7 billion. .Effect of low interest rates and the stock market to make money guide diversion of household savings to the stock market is a quarter, particularly since the stock market soared in April, the main driving force. .After the Spring Festival as the main force of the large number of new retail funds into the market, the market has become increasingly active speculative demand, the most prominent is the high turnover rate, the market daily turnover is more than 6%, double the level a year earlier. .</ P> <P> the excess liquidity in the background, the stamp duty levy on the impact of transaction costs is very limited, the key is conveyed to the market regulators inhibit the stock market speculation, the stock market to promote stable and healthy development of policy information, the market also .had responded, the stock market is entering a phase of structural adjustment. .Therefore, there may be formed in May this year, average daily turnover of the peak, then gradually declined and hovered in a certain range. .If the second half of the turnover from the current 6% to 4%, the annual turnover of about 1,800 billion daily average level of annual stock-based trading volume is expected to reach 44 trillion yuan, Securities Brokerage revenue is expected to reach .1,300 billion yuan. .</ P> <P> brokerage business from the competition point of view, the basic continuation of the past, "monopolistic competition" in the market. .But some brokers market share declined slightly, which may be due to retail-driven market, the small brokerage structure because of its retail customers and accounted for the main geographical advantage, market share slightly increased. .</ P>.