国务院新闻办公室今天14时举行新闻发布会，介绍育儿补贴制度及生育支持措施有关情况。国家卫生健 康委副主任郭燕红介绍，国家卫生健康委会同相关部门将多渠道降低群众生育、养育、教育成本，将3 岁以下婴幼儿照护费用纳入个人所得税专项附加扣除，并将扣除标准提高到每个子女每月2000元；进一 步完善生育休假制度，各省(区、市)普遍延长产假至158天及以上；均设立15天左右的配偶陪产假、 5~20天不等的父母育儿假。(央视新闻) ...

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].

国家育儿补贴政策出台，母婴概念股迎来爆发式增长。 政策利好下，市场机构纷纷上调对母婴行业的发展预期。 7月28日，中共中央办公厅、国务院办公厅近日印发的《育儿补贴制度实施方案》明确，从2025年1月1 日起，对符合法律法规规定生育的3周岁以下婴幼儿发放补贴，至其年满3周岁。育儿补贴按年发放，现 阶段国家基础标准为每孩每年3600元。这一重大利好消息立即在资本市场引发强烈反响。 7月29日,港股、A股开盘后，母婴概念股集体爆发，形成了一道亮丽的"红色风景线"。其中，A股贝因 美（002570.SZ）、爱婴室（603214.SH）等个股强势涨停，孩子王（301078.SZ）、骑士乳业 (832786.BJ)等涨幅超过10%。港股婴童概念股亦多数高开，锦欣生殖 (01951) 涨 8.93%；H&H 国际控股 (01112) 涨 7.33%；中国飞鹤 (06186) 涨 5.12%；圣贝拉 (02508) 涨 3.13%，报 7.9 港元。简言之，母婴板 块成为当日市场最耀眼的明星板块。 | 一元县大 | 34.93 +21.07% +38.94% | | --- | --- | | 837344 | | | 领涨 ...

Core Viewpoint - The implementation of the national childcare subsidy system marks a significant step in supporting childbirth in China, with a standard subsidy of 3,600 yuan per child per year starting from January 1, 2025, aimed at families with children under three years old [1] Group 1: National Childcare Subsidy Implementation - The national childcare subsidy will be available for all eligible families, regardless of whether they have one, two, or three children [1] - The subsidy is part of a broader trend of increasing support for childbirth policies across various regions in China [1][8] - The total subsidy over three years amounts to 10,800 yuan per child, which is particularly significant for low-income families [5] Group 2: Regional Variations and Economic Impact - There are notable regional differences in the implementation of childcare subsidies, with some areas having already established their own systems prior to the national rollout [8] - The average cost of raising a child from 0 to 17 years varies significantly across regions, with low-income families facing an average cost of 126,000 yuan for children aged 0-17 [6][7] - The subsidy is expected to alleviate some of the financial burdens associated with childbirth, especially in lower-income households [5][6] Group 3: Public Perception and Effectiveness - Research indicates that married couples without children and those with one child have the highest recognition of the effectiveness of childcare subsidies, with 70.3% and 77.2% respectively believing in its usefulness [2] - Different demographic groups respond variably to childcare support policies, with younger and higher-educated women in smaller cities placing greater importance on direct financial support [4] Group 4: Future Considerations - The implementation plan emphasizes the need for local governments to tailor their subsidy policies based on regional economic conditions and population development [10] - The success of the subsidy program will depend not only on financial support but also on addressing broader issues such as work-life balance and childcare accessibility [10]

Group 1 - The core viewpoint of the article is that the recent subsidy plan of 3,600 RMB per child per year for infants aged 0 to 3 years, released by the State Council, signals policy support for increasing birth rates, despite the limited amount of the subsidy [1] - The investment bank interprets the policy intention as primarily focused on promoting childbirth, aligning with market expectations [1] - In terms of the infant formula milk powder industry, the market size is closely related to the number of newborns [1] Group 2 - According to the bank's channel survey, there is an expected short-term rebound in the number of newborns in 2024, leading to a year-on-year stabilization in market size for the first five months of 2025 [1]

Group 1 - The core viewpoint emphasizes the importance of accelerating and improving the reproductive support policy system to promote high-quality population development [1] - Various regions are progressively including suitable assisted reproductive technologies in medical insurance reimbursement as related policies are implemented [1] - A live discussion featuring experts from Peking University Third Hospital will take place on July 30, focusing on assisted reproductive technologies and their impact on patients and clinical practices [1] Group 2 - Dr. Li Rong, a prominent figure in reproductive medicine, serves as the Deputy Director of Peking University Third Hospital and has received the National Outstanding Youth Science Fund [5] - Dr. Liu Ping, a key contributor to the establishment of assisted reproductive technology in mainland China, is currently the Chief Physician at the Reproductive Medicine Center of Peking University Third Hospital [5] - Both experts hold significant positions in various medical associations related to reproductive health and medicine [5] Group 3 - The event can be accessed through the People's Good Doctor App, where users can find health-related content and live discussions [6] - Users are encouraged to follow the People's Health public WeChat account for additional health information and to download the app for viewing [7]

Core Viewpoint - The implementation of the childcare subsidy system is a significant policy aimed at improving the welfare of families and addressing the declining birth rate in China, with a focus on providing financial support to families with children under three years old [1][2][8]. Summary by Sections Policy Implementation - Starting from January 1, 2025, the government will provide annual subsidies of 3,600 yuan per child for families with children under three years old, with tax exemptions on these subsidies [1][2]. - The subsidy is designed to cover all eligible families, including those with one, two, or three children, ensuring equal treatment across different family sizes [3][4]. Economic Impact - The subsidy aims to alleviate the financial burden of raising children, which has been a significant concern for families, especially in the context of rising costs associated with childbirth and child-rearing [6][7]. - It is estimated that over 20 million infants will benefit from this subsidy annually, reflecting a broad coverage and significant financial support for families [2][3]. Social Implications - The introduction of the childcare subsidy is seen as a step towards creating a more family-friendly society, addressing the economic factors that contribute to low birth rates [8][9]. - Experts suggest that while the subsidy alone may not completely reverse declining birth rates, it plays a crucial role in enhancing family welfare and encouraging higher birth rates by reducing economic pressures [7][8]. Long-term Strategy - The subsidy is part of a broader strategy to establish a comprehensive support system for families throughout the lifecycle, from pregnancy to child-rearing and beyond [9]. - Collaboration between central and local governments is encouraged to tailor additional support measures based on regional economic conditions and demographic needs [4][5].

预告。 据国新网消息，国务院新闻办公室将于2025年7月30日（星期三）下午2时举行新闻发布会，请国家卫生健康委副主任郭燕红和财政部、国家医保局、全国总工会有 关负责人介绍育儿补贴制度及生育支持措施有关情况，并答记者问。 据了解，国家育儿补贴制度实施方案7月28日公布。从2025年1月1日起，对符合法律法规规定生育的3周岁以下婴幼儿发放补贴，至其年满3周岁。育儿补贴按年发 放，现阶段国家基础标准为每孩每年3600元。 方案明确，育儿补贴由婴幼儿的父母一方或其他监护人按规定向婴幼儿户籍所在地申领，主要通过育儿补贴信息管理系统线上申请，也可线下申请，各省份结合实 际确定具体发放时间。 2025年1月1日前出生、不满3周岁的婴幼儿，也可享受政策，仍可按月数折算领取相应补贴。例如，2023年12月出生的小娃，共计可领取24个月补贴，即7200元。 国家卫生健康委有关负责人表示，这是一项全国性的重要民生政策，面向育儿家庭全国范围全面直接发放现金补贴，将助力降低家庭生育养育成本，预计每年惠及 2000多万个婴幼儿家庭。 近年来，我国出台了一系列生育支持政策，从个人所得税专项附加扣除到发展普惠托育服务，受到育儿家庭欢迎。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry but indicates a positive outlook for the maternal and infant industry due to the new childcare subsidy policy. Core Insights - The national childcare subsidy program, effective from January 1, 2025, will provide 3,600 yuan per child per year until the age of 3, covering all children including first, second, and third children [2][6] - The subsidy is expected to significantly reduce childcare costs, benefiting the maternal and infant industry by covering approximately 14.4% of direct childcare costs [3][7] - The annual subsidy scale is estimated at 72 billion yuan, with an expected 60% of this amount directed towards maternal and infant consumption, leading to an annual consumption increment of about 43.2 billion yuan for the industry [3][7] Summary by Sections Policy Announcement - The childcare subsidy policy was officially launched on July 28, 2023, aligning with market expectations and aims to support families with children under three years old [2][6] Policy Impact - The policy is designed to lower childcare costs effectively, with a broad coverage that includes both existing and new infants [3][7] - The subsidy amount is set at 3,600 yuan per year, which is 3.7% of the projected per capita GDP for 2024 [3][7] - The policy allows for local governments to supplement the national subsidy, potentially enhancing the overall support for families [4][8] Beneficiary Targets - The dairy products sector, particularly infant milk powder, is expected to benefit significantly, with leading companies identified such as China Feihe, Yili Group, and Mengniu Dairy [5][10] - The diaper industry is also highlighted as a key beneficiary due to its essential nature and low penetration in rural areas [11] - Maternal and infant retail chains are anticipated to see increased customer flow and demand improvements as a result of the subsidy [11]

根据《方案》，从2025年1月1日起，对符合法律法规生育的3周岁以下婴幼儿发放补贴，至其年满3周 岁。此外，在2022年1月1日到2024年12月31日出生的婴幼儿，则按照应补贴月数折算来发放相应补贴。 育儿补贴按年发放，现阶段国家基础标准为每孩每年3600元。根据国家卫健委估计，这一项全国性的措 施，预计每年惠及2000多万个婴幼儿家庭。 育儿补贴按年发放，现阶段国家基础标准为每孩每年3600元。 21世纪经济报道记者 陈洁 实习生 张星雨 7月28日，《育儿补贴制度实施方案》（以下简称《方案》） 正式公布。 根据统计公报，2022年到2024年，我国每年出生人口分别为956万人、902万人和954万人。叠加2025年 的出生人口，这些年龄段出生的人口均将受益于此项政策。 清华大学社会学博士后、北京理工大学教育学院特别副研究员史薇对21世纪经济报道记者表示，育儿补 贴制度通过直接经济支持和政策引导，对提升生育意愿具有显著作用。 "从国内实践看，攀枝花市2021年实施育儿补贴，带动出生人口回升。"史薇表示。 "育儿补贴一方面可以通过经济激励，引导家庭从'不敢生'转向'愿生优育'；另一方面可以激活消费市 场。尼 ...