医保局力争2026年实现生娃基本不花钱，利好母婴产业链

Investment Rating - The report rates the industry as "Recommended" [1][10] Core Insights - The National Medical Insurance Administration aims to achieve "no out-of-pocket" expenses for childbirth within the policy scope by 2026, which includes incorporating suitable childbirth pain relief projects into the insurance coverage [2][3] - The number of people covered by maternity insurance reached 255 million during the 14th Five-Year Plan, with nearly 95% of coordinated areas directly distributing maternity allowances to insured individuals [2] - The supportive policies for childbirth are expected to continue, creating a more favorable environment for childbirth, with various subsidies and tax deductions being implemented [3][4] Summary by Sections Event Overview - On December 13, 2025, the National Medical Insurance Work Conference was held, where multiple data and measures were announced, including the goal of achieving "no out-of-pocket" expenses for childbirth by 2026 [1] Analysis and Judgment - The National Medical Insurance Administration's goal for 2026 includes expanding coverage to flexible employment workers, migrant workers, and new employment forms, while also enhancing prenatal care expense coverage [2] Supportive Policies - The implementation of the childcare subsidy system, which provides 3,600 yuan per year for each eligible child under three years old, is part of a broader effort to improve the childbirth support system [3] Market Opportunities - The report indicates that nearly 70% of newborns are in third-tier cities and below, suggesting that childcare subsidies will significantly lower family costs and boost birth rates, particularly benefiting the lower-tier markets [4] Investment Recommendations - The report suggests that the favorable childbirth policies will likely continue, benefiting maternal and infant consumer goods, and recommends specific companies such as Kidswant, Saint Bella, and others for investment [5]