According to the Zhitong Finance and Economics APP, gtja Securities released a research report stating that in terms of financial and tax system reform, there are two important changes brought by the press conference of the State Council Information Office on October 12th: firstly, the new round of financial and tax system reform will benefit first from the planning to the implementation of the IT construction on the fiscal end. Secondly, there is a secure source of funding, and there will be more incremental policy measures, with a solid foundation for demand release. Recommended symbols: yonyou network technology (600588.SH), kingdee int'l (00268), Unify Software (300996.SZ); Benefiting symbols: Tax Friends Co., Ltd (603171.SH), china national software & service (600536.SH), Fujian Boss Software Corp. (300525.SZ), Zhongke Jiangnan (301153.SZ), Beijing Join-Cheer Software (002279.SZ).

The new round of financial and tax system reform is moving from planning to the formation and launch phase of the implementation plan. According to Caishares, the State Council Information Office held a press conference on October 12th, where Minister of Finance, Lian Fo'an, and others introduced the related situation of "intensifying pro-cyclical adjustments to financial policies and promoting high-quality economic development". It was pointed out that it is necessary to promptly introduce a deepening implementation plan for financial and tax system reform, adhere to problem orientation and target orientation, focus on accelerating reform and promoting scientific financial management in an organic combination, and actively respond to social and grassroots concerns. The deepening implementation plan for financial and tax system reform has been preliminarily formed as the overall roadmap for future reforms. gtja Securities believes that since the proposal of the new round of financial and tax system reform at various occasions such as the end of 2023 Central Economic Work Conference, the 2024 Government Work Report, and the National Audit Office's audit work report, the Finance Ministry's speech this time means that the new round of financial and tax system reform is moving from planning to the formation and launch phase of the implementation plan.

It is planned to launch a series of reform measures in the next two years, with the fiscal end IT construction benefiting first. In terms of the implementation of reform measures, the Ministry of Finance also pointed out the need to push forward the implementation of reform measures, planning to concentrate on launching a batch of mature and tangible reform measures in the next two years, especially some fundamental systems related to top-level design, such as improving the budget system, and improving the fiscal transfer payment system. gtja Securities believes that previous financial and tax system reforms require financial and tax IT construction to provide a digital landing point, and the new changes in the financial and tax system also bring new construction needs for financial and tax informatization, changes in the fiscal end bring corresponding fiscal IT construction and transformation, changes in the tax end bring tax department IT construction and transformation, and spontaneous adaptation and adjustment at the enterprise end. The reform measures mentioned this time focus on the financial end, with the improvement of the budget system expected to continue based on the 2023 fiscal department's issuance of the 'Budget Management Integration Standard (Version 2.0)', with the fiscal end IT construction benefiting first.

The source of funding for the financial and tax informatization construction is guaranteed, and there will be more incremental policy measures in the future. The incremental demands and receivables related to the computer-listed companies' to G business are closely related to customer budget arrangements and funding sources, and are also a focus of market attention. In this press conference, the Ministry of Finance also mentioned that the pro-cyclical adjustments not only include policies that have entered the decision-making process but also other policy tools that are under study, such as the central finance still has a considerable amount of borrowing space and deficit enhancement space. The Ministry of Finance will significantly increase the debt limit to support local governments in resolving implicit debts, allowing local governments to free up more energy and financial resources to promote development. Therefore, gtja Securities believes that the funding sources for financial and tax informatization construction at both central and local levels are guaranteed.