YILI(SH:600887) Sou Hu Cai Jing·2025-07-31 02:47Core Viewpoint - The establishment of a "child-rearing subsidy fund" by the central government aims to support families with infants, with an initial budget of approximately 90 billion yuan, expected to benefit over 20 million families nationwide [1] Group 1: Policy Impact - The subsidy is anticipated to significantly influence infant formula consumption, which holds a substantial share in child-rearing expenses, making it a key beneficiary of the fertility support policy [1] - The policy is expected to catalyze an upgrade in the consumption structure of infant formula, presenting new development opportunities for domestic high-end formula brands [1] Group 2: Market Dynamics - Consumption ETFs, such as the Consumption 30 ETF (510630) and Food and Beverage ETF (515170), have significant holdings in leading infant formula company Yili, indicating strong market positioning [1] - The high monthly expenditure on infant formula is highlighted, with the subsidy fund likely to become a crucial source for purchasing formula, thus acting as a strong "booster" for the high-end formula market [1] - The influx of substantial subsidy funds is expected to accelerate product structure optimization within the industry and further unleash terminal consumption potential [1]