行业点评报告：国家育儿补贴方案落地，关注乳业板块投资机会

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the potential for improvement in the demand for infant formula due to the recent national childcare subsidy policy, which is expected to stimulate birth rates and consumer confidence [5][6][7] - The report anticipates a recovery in the dairy industry, particularly in the infant formula segment, driven by policy support and demographic trends [8] Summary by Relevant Sections Industry Overview - The food and beverage industry is currently experiencing fluctuations, with a notable decline in the stock performance of the sector compared to the CSI 300 index [2] Policy Impact - The national childcare subsidy program, effective from January 1, 2025, will provide annual subsidies of 3,600 yuan per child for families with children under three years old, potentially benefiting over 20 million families [5][6] - This subsidy is seen as a crucial measure to enhance birth rates, especially in lower-tier cities, where the cost of raising children is significantly high [6] Market Demand - The demand for infant formula is expected to improve in 2025, supported by the new subsidy policy and a favorable demographic shift due to the upcoming Year of the Dragon [7] - The dairy industry is also exploring new growth avenues through deep processing and export opportunities, which could further stimulate demand [7] Investment Recommendations - The report recommends focusing on leading companies in the infant formula market, such as China Feihe, which is expected to benefit from product innovations and improved channel freshness [8] - Other recommended stocks include Yili Group and Mengniu Dairy, which are anticipated to see profitability recovery as raw milk prices rebound [8]