商贸零售行业快评报告：《育儿补贴制度实施方案》出台，关注相关消费产业链

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [6][9]. Core Insights - The introduction of the national "Childcare Subsidy System Implementation Plan" aims to alleviate family burdens related to child-rearing and promote long-term population balance. The subsidy will provide 3,600 yuan per child per year for children under three years old, starting from January 1, 2025 [3][4]. - The policy reflects the government's commitment to addressing declining birth rates and an aging population, marking a significant step in the establishment of a supportive policy framework for childbirth [4]. - The immediate effect of the subsidy is expected to stimulate consumption in the maternal and infant sectors, with recommendations to focus on industries such as baby care, dairy products, toys, and children's clothing. In the long term, the subsidy is anticipated to boost birth rates and support related industries like assisted reproduction, genetic testing, childcare services, and education [4]. Summary by Sections Event Overview - On July 28, 2025, the Central Committee of the Communist Party of China and the State Council issued the "Childcare Subsidy System Implementation Plan," which mandates the provision of subsidies for eligible families with children under three years old [2][3]. Financial Implications - The subsidy will be funded by the central government, with a structured allocation to eastern, central, and western regions, ensuring equitable distribution of resources [3]. Market Impact - The implementation of the childcare subsidy is expected to directly stimulate consumption in related sectors, enhancing economic growth and addressing demographic challenges [4].