智通财经网·2025-07-29 00:53Core Viewpoint - The implementation of the childcare subsidy policy marks a transition from local pilot programs to a national system, reflecting a pragmatic approach focused on improving people's livelihoods [1][2] Policy Overview - The policy aims to create a "family-friendly" society, emphasizing the importance of reducing the financial burden of child-rearing for families [2][3] - Starting from January 1, 2025, families will receive an annual subsidy of 3,600 yuan for each child under three years old, regardless of whether they have one, two, or three children [1][3] Coverage and Financial Implications - The subsidy will cover all children under three years old, with an estimated annual total subsidy of approximately 1,012 billion yuan, funded by the central government [3][4] - Local governments are encouraged to provide additional subsidies based on their financial capabilities, allowing for differentiated support across regions [3][4] International Comparison - Compared to other countries, China's current subsidy level is relatively low, with the potential for future increases to enhance the effectiveness of the policy [4] Investment Recommendations - The policy is expected to benefit several sectors, including: - Dairy Products: The demand for infant formula is likely to increase, directly linked to the subsidy policy [5][6] - Mother and Baby Retail Chains: These companies are expected to see improved performance as birth rates rise, positively impacting same-store sales [6][7] - Infant Products: Companies in this sector will benefit from an expanded customer base due to increased birth rates [6][7] - Postpartum Care Services: The market for postpartum care is projected to grow significantly, driven by rising awareness and supportive policies [7]