全国生育支持政策持续加码，出版与母婴产业链受益

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [26]. Core Insights - The report emphasizes that national fertility support policies are continuously being strengthened, benefiting the publishing and maternal and infant industry chains. Local maternity leave systems are progressively improving, with significant policy changes such as extending marriage leave from 5 days to 20 days and increasing maternity leave for different birth orders [15][16]. - The combination of central and local policies is creating a synergistic effect, with various regions implementing child-rearing subsidies that have begun to show positive results. For instance, cities like Jinan and Hangzhou have introduced financial incentives for families having more children [16][18]. - There is an initial improvement in birth rates, with 2024 seeing a rise in the number of births to 9.54 million, a 520,000 increase from 2023, marking the first year of growth after a decline [18]. Summary by Sections Market Performance Review - The social services sector index experienced a weekly increase of 2.09%, ranking 9th among 31 sectors in the Shenwan classification. The growth of the sector is supported by favorable policies and market conditions [4][6]. Core Insights - The report identifies key investment themes, including the positive impact of extended maternity leave and child-rearing subsidies on maternal and infant consumption, education publishing, and related sectors. The report suggests that these areas will benefit from policy catalysts and improvements in population structure [19][20]. Industry News Dynamics - The report highlights ongoing developments in the social services sector, including the implementation of various supportive measures for families, which are expected to enhance consumer confidence and spending in related industries [21][22].