育儿补贴高达900亿，奶粉消费升级在即

Core Insights - The central government will establish a "child-rearing subsidy fund" with an initial budget of approximately 90 billion yuan, expected to benefit over 20 million families with infants nationwide [1] Industry Impact - Infant formula consumption holds a significant share in child-rearing expenses, making it a key beneficiary of the new birth support policy [1] - The policy is anticipated to catalyze an upgrade in the consumption structure of infant formula, presenting new development opportunities for domestic high-end formula brands [1] Market Dynamics - Consumption ETFs, such as the Consumption 30 ETF (510630) and Food and Beverage ETF (515170), heavily invest in leading infant formula company Yili [1] - The dairy sector holds a prominent position in the indices tracked by these ETFs, indicating strong market interest [1] Financial Implications - The monthly expenditure on infant formula is notably high, and the child-rearing subsidy fund is expected to become a significant source for purchasing formula [1] - The influx of substantial subsidy funds is likely to act as a strong "catalyst" for the high-end formula market, accelerating product structure optimization and further unleashing terminal consumption potential [1]