Group 1 - The implementation plan for the "Childcare Subsidy System" will start on January 1, 2025, providing annual subsidies of 3,600 yuan per child for families with children under three years old who comply with legal regulations [1] - The policy's coverage is extensive, including all eligible families nationwide, which is expected to create a stable consumption support through the annual subsidy model [1] - The short-term outlook is positive for the milk powder and baby-related sectors, with a recommendation to focus on leading companies in dairy products and diapers [1] Group 2 - The increase in disposable income for childcare is expected to directly benefit the demand for baby-related products, leading to an expansion and upgrade in product structure, including milk powder, diapers, children's milk, and baby food [1] - The policy is anticipated to boost the valuation of the dairy industry and the overall consumption sector, with key beneficiaries identified as H&H Holdings, Yili Group, Mengniu Dairy, Moutai Blue, and Hengan International [1]
研报掘金｜中金：育儿补贴落地 短期利好奶粉及婴童相关标的
Ge Long Hui·2025-07-29 11:26