社会服务：生育支持新政出台，母婴+教育方向有望受益

Investment Rating - The industry investment rating is "Accumulate" [1] Core Viewpoints - The introduction of new fertility support policies is expected to benefit the maternal and infant sector as well as education [1] - The total fertility rate in mainland China was 1.3 in 2021, below the warning line of 1.5, indicating a need for improved fertility policies [1] - 23 provinces are exploring the implementation of fertility subsidy systems, with many extending maternity leave to 158 days or more [1] - The policy aims to reduce the costs of childbirth, upbringing, and education, thereby boosting the fertility rate and supporting the maternal and infant industry [1] - The policy emphasizes the expansion of childcare services and educational resources, aiming for comprehensive coverage of childcare service centers at the city level [1] Summary by Sections Investment Suggestions - The current shift in residents' fertility views towards "fewer but better" children is influenced by economic burdens, childcare, education, and women's career development [2] - The report suggests focusing on two investment themes: 1) Maternal and infant sector (e.g., Kidswant, Beingmate, Aiyingshi); 2) Education sector (e.g., Kevin Education, Xue Da Education, Dou Shen Education, Shengtong Co., Kede Education, Angli Education) [2]