中信证券：母婴连锁板块会直接受益于生育率回升

Group 1 - The core point of the article is the announcement of a childcare subsidy plan, with a basic standard of 3,600 yuan per child per year, funded by the central government, and local governments may increase the standard based on their financial capacity [1] - The National Health Commission estimates that the childcare subsidy will benefit over 20 million families with infants and young children each year, which is expected to boost the willingness to have more children [1] - The mother and baby chain sector is anticipated to directly benefit from the rebound in birth rates, with ongoing improvements in same-store sales data indicating noteworthy performance elasticity [1]