软件与服务：全国推广应用数电发票，电子凭证系统建设加速推进

Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - The State Administration of Taxation announced the nationwide promotion of digital invoices starting December 1, 2024, which is expected to accelerate the construction of electronic voucher systems [5][6]. - The digital invoice system will provide a unified electronic invoice service platform, offering free invoicing and usage services, with dynamic adjustments based on taxpayer risk levels and credit ratings [5][6]. - The electronic voucher system's construction is progressing rapidly, with a planned nationwide upgrade and transformation expected to be completed within three years [6][7]. Summary by Sections Event Description - The announcement by the State Administration of Taxation regarding the promotion of digital invoices marks a significant step in the digitalization of invoicing processes across the country [5][6]. - The digital invoices will include various types such as VAT special invoices, ordinary invoices, and electronic tickets for air and rail transport [6]. Market Potential - The electronic voucher system's construction is expected to create a vast downstream market, given that there are over 600,000 administrative and public institutions in China [6][7]. - The comprehensive promotion of electronic vouchers is set to begin in January 2025, following the completion of pilot programs [6]. Investment Recommendations - The report suggests focusing on three categories of investment opportunities: 1. Upstream issuance platforms for electronic vouchers 2. Midstream service platforms such as accounting SaaS and ticketing services 3. Downstream receiving units related to service assurance [7].