According to the Securities Times app, GTJA Securities released a research report stating that in terms of financial and tax system reform, at the press conference held by the State Council Information Office on October 12, two important changes were brought by the Ministry of Finance, one being the shift of the new round of financial and tax system reform from planning to the formation and implementation phase, where the fiscal end IT construction will benefit first, and the other being the secure funding sources with more incremental policy measures to come, with a solid foundation for demand release. Recommended symbols: Yonyou Network (600588.SH), Kingdee Int'l (00268), PULI Software (300996.SZ); Beneficiary symbols: Shuiyou Shares (603171.SH), China National Software (600536.SH), Fujian Boss Software Corp. (300525.SZ), ZKJN (301153.SZ), Beijing Join-Cheer Software (002279.SZ).

The new round of financial and tax system reform is moving from the planning stage to the formation and implementation phase. According to Caixin, the State Council Information Office held a press conference on October 12, where Finance Minister Lian Fo'an introduced the relevant situations regarding "intensifying the counter-cyclical adjustment of fiscal policies and promoting high-quality economic development", emphasizing the timely introduction of deepening the implementation plan of financial and tax system reforms, adhering to problem-oriented and goal-oriented approaches, focusing on accelerating reforms, promoting scientific fiscal management and integration, and actively responding to social and grassroots concerns. The preliminary form of deepening the implementation plan of financial and tax system reform is seen as the future roadmap for reforms. GTJA Securities believes that since the end of 2023 at various occasions including the Central Economic Work Conference, the government work report for 2024, and the National Audit Office's audit work report, the speech by the Ministry of Finance this time signifies the transition of the new round of financial and tax system reform from planning to the formulation and implementation phase.

It is planned to introduce a series of reform measures in the coming two years, with the fiscal end IT construction benefiting first. In terms of the implementation of reform measures, the Ministry of Finance also emphasized the need to expedite the implementation of reform measures, planning to concentrate on launching a batch of mature and reachable reform measures in the coming two years, especially some fundamental institutional reforms related to top-level designs, such as improving the budget system and enhancing the fiscal transfer payment system. GTJA Securities believes that in previous financial and tax system reforms, fiscal and tax IT construction has provided a digital landing point, and the new changes in the financial and tax system bring new construction demands for fiscal information technology. The changes in the fiscal end bring corresponding fiscal IT construction and transformation, changes on the taxation end result in tax department IT construction and transformation, as well as voluntary adaptation and adjustments on the business end. The reform measures mentioned this time are focused on the fiscal end, with the expectation that the improvement of the budget system will continue based on the 2.0 version of the Ministry of Finance's "Integrated Standard for Budget Management", and the fiscal end IT construction will benefit first.

The funding sources for financial and tax information construction are secure, and there will be more incremental policy measures in the future. The incremental demand and payment conditions related to the computer-listed company's G-business are closely related to customer budget arrangements and funding sources, and are also the focus of the market. In this press conference held by the State Council Information Office, the Ministry of Finance also mentioned that counter-cyclical adjustments not only include policies already in the decision-making process, but also other policy tools under research, such as the considerable borrowing space and deficit increase space of the central finance. The Ministry of Finance will significantly increase the amount of debt, support local governments in resolving hidden debts, allowing localities to free up more energy and financial space to promote development. Therefore, GTJA Securities believes that the funding sources for financial and tax information construction at the central and local levels are both secure.