育儿补贴政策发布，有助减轻家庭育儿成本压力

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The national childcare subsidy policy, effective from January 1, aims to alleviate family childcare cost pressures by providing a basic subsidy of 3,600 yuan per child per year for children under three years old. This initiative is expected to stimulate birth rates and promote long-term healthy population structure in China [2][3]. - The estimated annual expenditure on the national childcare subsidy policy could exceed 100 billion yuan, assuming a steady state of 10 million newborns per year, which would significantly help families manage childcare costs [3]. Summary by Relevant Sections - National Childcare Subsidy Policy: The policy includes various local implementations, such as one-time subsidies and monthly allowances for families with multiple children, which collectively aim to encourage higher birth rates [2][3]. - Projected Impact: The report anticipates that the subsidy will not only reduce the financial burden on families but also contribute to a healthier demographic trend in the long run [3]. - Market Performance: The pharmaceutical and biotechnology sector is expected to outperform the market, reflecting positive sentiment towards the industry amidst supportive government policies [5].