社会服务行业行业周报：政策与AI共振，催化母婴及K9教育赛道

Investment Rating - The report indicates a positive investment outlook for the social services industry, particularly in the maternal and child care and K9 education sectors, driven by policy support and AI innovation [9]. Core Insights - The report highlights the recent introduction of a child-rearing subsidy in Hohhot, which provides significant financial support to families, potentially boosting birth rates and stimulating demand in the maternal and child care market [7][8]. - The overall birth rate improvement in China is expected to rely on systemic social reforms, including workplace environment enhancements and educational resource expansion [8]. - The report emphasizes the potential for a nationwide child-rearing subsidy policy to take shape, encouraging other regions to implement similar measures [8]. Summary by Sections Industry Dynamics and Commentary - Hohhot's subsidy details include one-time payments of 10,000 yuan for the first child, 50,000 yuan for the second child (5,000 yuan per year for five years), and 100,000 yuan for the third child (10,000 yuan per year for ten years) [7][41]. - Compared to developed countries, Hohhot's subsidy is relatively strong, with the one-child subsidy equating to approximately 20.3% of the average disposable income [7][8]. - The report notes that the national child-rearing support policy is likely to accelerate, with the National Health Commission working on operational plans for subsidies [8]. Industry Data - The social retail sales in December 2024 reached 45,172 billion yuan, showing a year-on-year increase of 3.7% [15]. - The report indicates a positive trend in retail performance, with non-automotive retail sales growing by 4.2% year-on-year [15]. Market Trends - The social services industry experienced a weekly increase of 3.7%, outperforming the CSI 300 index by 2.1 percentage points, ranking fifth among all 31 sectors [43]. - The report attributes the rise in the social services sector to overall market optimism and expectations of further consumer stimulus policies [43]. Investment Recommendations - The report recommends focusing on leading companies in the maternal and child care and K9 education sectors that possess AI innovation capabilities, such as Kidswant, Tianli International Holdings, and Dou Shen Education [9].