Investment Rating - The report does not explicitly provide an investment rating for the industry [2] Core Insights - The "Four Accounts" of finance collectively form a complete system of national finance, with interconnections that allow for mutual supplementation and coordination [34] - The General Public Budget is primarily funded by tax revenues, with expenditures focused on livelihood and infrastructure development [34] - The Government Fund Budget relies on specific revenues such as land use rights transfer fees for designated public projects [34] - The State Capital Operation Budget reflects the income and expenditures of state-owned capital, while the Social Insurance Fund Budget is dedicated to social insurance revenues and expenditures [34] - Long-term investment opportunities may arise in industries related to aging populations, such as healthcare and elderly care services, influenced by government policy adjustments in healthcare and long-term care insurance [34] Summary by Sections General Public Budget - Revenue is mainly derived from tax income, with non-tax income as a supplement [6][12] - Expenditures are high in livelihood and infrastructure, with a significant portion allocated to local spending and increasing transfer payments [6][12] Government Fund Budget - The primary revenue source is land use rights transfer fees, with expenditures being strictly defined and allocated [20] State Capital Operation Budget - Revenue sources are diverse, including profit income and dividends, with overall expenditures showing an upward trend but a recent decline [25][27] Social Insurance Fund Budget - Dominated by insurance fee income and fiscal subsidies, with the largest expenditure being on basic pension insurance for employees [29][31]