里昂：内地育儿补贴金额有限但支持明确伊利股份H&H国际、中国飞鹤

Group 1 - The core viewpoint of the article is that the recent subsidy plan of 3,600 RMB per child per year for infants aged 0 to 3 years, released by the State Council, signals policy support for increasing birth rates, despite the limited amount of the subsidy [1] - The investment bank interprets the policy intention as primarily focused on promoting childbirth, aligning with market expectations [1] - In terms of the infant formula milk powder industry, the market size is closely related to the number of newborns [1] Group 2 - According to the bank's channel survey, there is an expected short-term rebound in the number of newborns in 2024, leading to a year-on-year stabilization in market size for the first five months of 2025 [1]