news flash·2025-07-04 00:19Core Viewpoint - Huatai Securities reports that a nationwide fertility subsidy policy is expected to be implemented within the year, emphasizing the importance of public financial support for family welfare in influencing birth rates [1] Group 1: Public Financial Support - Public financial subsidies for families are a significant factor affecting birth rates [1] - There is still room for increasing family welfare subsidies in China, particularly in direct subsidies related to childbirth [1] Group 2: Local Pilot Programs - Local pilot programs for fertility subsidies have shown generally positive effects, but their limited beneficiary groups may require supplementation through a nationwide policy [1] Group 3: Expected Features of Nationwide Policy - The anticipated nationwide fertility subsidy will likely focus on families with children under three years old, including first-born children in the subsidy scope [1] - The subsidy is expected to maintain a strong support level, estimated at approximately 3,600 yuan per year based on an annual expenditure rate of 15% [1]