国元香港晨报-2025-03-17

Investment Rating - The report indicates a positive outlook for the maternal and infant industry, particularly due to the implementation of new parenting subsidy policies which are expected to boost infant-related stocks [1]. Core Insights - The maternal and infant market has faced challenges due to declining birth rates and weak consumer spending, with the sales of infant formula experiencing a 13.9% decline in 2023 [1]. - A rise in birth rates in the current year is anticipated to drive consumption in the following years, suggesting a potential recovery in the maternal and infant market [1]. - Various policies aimed at enhancing birth willingness are expected to further stimulate consumer demand in the maternal and infant sector [1]. Summary by Sections Industry Overview - The maternal and infant market has been negatively impacted by a continuous decline in birth rates and sluggish consumption [1]. - The infant formula market has seen a significant contraction, with a reported 13.9% decrease in sales across all channels in 2023 [1]. Future Outlook - The report forecasts a potential recovery in the maternal and infant market in the coming years, driven by an increase in birth rates and supportive government policies [1]. - The implementation of new policies aimed at increasing birth rates is expected to create a more favorable environment for consumer spending in the maternal and infant sector [1].