Industry Investment Rating - No relevant content provided Core Views - The Chinese government promotes free pre - school education, and the US President Trump criticizes the Fed and plans tariff hikes. The central bank and other departments support new industrialization, and there are changes in iron ore inventory and futures rules [2][3] Summary by Relevant Catalogs Policy News - From the 2025 autumn semester, China will exempt public kindergarten children in the pre - school year from education fees, and private kindergartens can enjoy the same exemption level [2] - Trump criticizes Powell for late interest - rate cuts, may announce a new Fed chair soon, and plans to raise tariffs on India, drugs, and chips [2] - Seven Chinese departments including the central bank issue a guidance on financial support for new industrialization, aiming to build a mature financial system by 2027 [2] Market Data - From July 28 - August 3, 2025, the total iron ore inventory at seven major ports in Australia and Brazil was 1284.0 million tons, down 70.9 million tons from the previous week [3] Plate Performance - Key focus: urea, coking coal, polysilicon, crude oil, plastic [4] - Night - session performance: non - metallic building materials 2.85%, precious metals 28.07%, oilseeds 12.68%, non - ferrous and soft commodities 2.52% and 20.84%, coal - coking - steel - ore 14.51%, energy 3.08%, chemicals 11.50%, grains 1.21%, agricultural and sideline products 2.74% [4] Asset Performance - Equity: The Shanghai Composite Index rose 0.96%, the S&P 500 fell 0.49%, etc. [8] - Fixed - income: 10 - year treasury bond futures rose 0.05%, 5 - year rose 0.04%, 2 - year fell - 0.01% [8] - Commodities: The CRB commodity index fell - 0.11%, WTI crude oil fell - 1.66%, London spot gold rose 0.24%, etc. [8] - Others: The US dollar index rose 0.01%, the CBOE volatility index rose 0.00% [8]

Core Insights - The introduction of two significant childcare support policies in China is expected to positively impact the infant formula market, leading to structural benefits for companies in the sector [1][2][6] Policy Implementation - The childcare subsidy policy, effective from January 1, 2025, will provide families with 3,600 yuan annually for each child under three years old, significantly enhancing the purchasing power of families with infants [2][6] - The policy is projected to release approximately 54 billion to 86 billion yuan annually for childcare, with a substantial portion likely directed towards infant formula consumption [2][6] Market Reaction - Following the announcement of the policies, major infant formula companies such as Yili and Beingmate experienced notable stock price increases, indicating a positive market response [4][5] - Yili's stock rose to 27.57 yuan per share, while Beingmate saw a peak increase of 9.97% shortly after the policy announcement [4][5] Short-term Opportunities - The policies are expected to create new opportunities for sales in the infant formula sector, particularly for products targeting infants aged 0-3 years, with potential for both volume and price increases [6][10] - Companies like Yili and Feihe are likely to benefit from increased demand for their premium products, such as organic and specialized formulas [6][10] Strategic Shifts - The subsidy policies are anticipated to shift the strategic focus of infant formula companies towards deeper market penetration in lower-tier cities, where the impact of subsidies is expected to be more pronounced [10][12] - Companies are adjusting their product offerings and marketing strategies to cater to the subsidized demographic, with initiatives like Yili's "town station" plan and Mengniu's "subsidy selection" series [10][12] Competitive Landscape - The competition among infant formula companies is expected to intensify as they vie for the benefits of the subsidy policies, leading to increased investment in lower-tier markets [10][12] - Companies must also adapt to potential disparities in subsidy distribution and consumer demand fluctuations, necessitating flexible supply chain strategies [12]

Core Viewpoint - The article discusses the implementation of a new parental subsidy policy in China, which aims to alleviate the financial burden of raising children for families with infants under three years old, providing an annual cash subsidy of 3600 yuan per eligible child starting from January 1, 2025 [2][6][28]. Group 1: Policy Implementation - The "Parental Subsidy System Implementation Plan" was officially released on July 28, 2025, by the Central Committee of the Communist Party of China and the State Council [4]. - The subsidy is available to all families with children under three years old, regardless of income level or the number of children [2][28]. - The policy is part of a broader initiative to support families during the critical early years of child development [4][9]. Group 2: Public Reaction and Challenges - The announcement of the subsidy led to a surge in interest, with many parents attempting to access the subsidy application platform, which experienced technical difficulties due to high traffic [5]. - Instances of scams related to the subsidy have already been reported, indicating a need for public awareness and caution [5]. Group 3: Broader Context and Future Implications - The subsidy is seen as a signal of the government's commitment to addressing the challenges of low birth rates and supporting families, following previous policies encouraging childbirth [8][9]. - The introduction of the subsidy coincides with plans for free preschool education starting in the fall of 2025, marking a significant shift towards a more comprehensive support system for families [6][40]. - The article highlights the importance of a holistic approach to family support, including financial aid, educational reforms, and workplace policies to create a more favorable environment for child-rearing [39][43].

国务院办公厅印发《关于逐步推行免费学前教育的意见》明确，从2025年秋季学期起，免除公办幼儿园 学前一年在园儿童保育教育费，不含伙食费、住宿费、杂费等。同时，民办幼儿园也可享受与公办幼儿 园"同等"减免水平，高出免除水平的部分可继续向在园儿童家庭收取。 简评：逐步推行免费学前教育是涉及千家万户、事关长远发展的重要惠民举措。与近期落地的育儿补贴 类似，政策再聚焦免费学前教育，将有助于降低育儿成本，进而更好激发消费潜力、提升市场活力。往 后看，更多育儿利好配套政策有望出台，如进一步完善教育、医疗、住房、就业等配套服务等。 央行等七部门联合印发金融支持新型工业化指导意见，坚持分类施策、有扶有控，推动产业加快迈向中 高端，防止"内卷式"竞争。《意见》明确，到2027年建成适配制造业高端化、智能化、绿色化发展的成 熟金融体系，推动贷款、债券、股权等工具联动发力。 简评：工业是立国之本，是经济社会高质量发展的基石。《意见》对于金融支持新型工业化提出了总体 要求，通过对照新型工业化重点任务，构建全覆盖、差异化、专业性金融服务体系，形成了金融支持新 型工业化的清晰路径，进而增强金融支持新型工业化的强度、精度、效度。 【博时市 ...

国务院办公厅《关于逐步推行免费学前教育的意见》昨天(5日)对外公布，明确从今年秋季学期起，免除公办幼儿园学前一年在 园儿童保育教育费；对在教育部门批准设立的民办幼儿园就读的适龄儿童，参照当地同类型公办幼儿园免除水平，相应减免保 育教育费。 众所周知，我国实行九年义务教育制度，不收学费、杂费；而学前教育属于非义务教育，保育教育费是幼儿家庭的必要支出。 今年政府工作报告提出，逐步推行免费学前教育。对此，这次《意见》作出哪些规定？如何助推学前教育普及普惠安全优质发 展？ 根据国务院办公厅《关于逐步推行免费学前教育的意见》，我国将从今年秋季学期起，按照县级以上地方人民政府及其教育、 价格主管部门批准的公办幼儿园保育教育费收费标准，免除公办幼儿园学前一年在园儿童保育教育费，不含伙食费、住宿费、 杂费等。民办幼儿园参照当地同类型公办幼儿园免除水平，相应减免保育教育费；高出免除水平的部分，民办幼儿园可以按规 定继续向在园儿童家庭收取。如何理解这些规则？ 中国教育科学研究院基础教育研究所副研究员高丙成：首先要关注"学前一年"，这其实也就是指大班的在园适龄儿童；其次是 免费的标准，也就是按当地公办幼儿园保育教育费收费标准，进行 ...

央视网消息：国务院办公厅8月5日印发《关于逐步推行免费学前教育的意见》。从2025年秋季学期开始，免除公办幼儿园学前一年在园儿 童保育教育费。 根据政策，从2025年秋季学期起，免除公办幼儿园学前一年在园儿童保育教育费。对在教育部门批准设立的民办幼儿园就读的适龄儿童， 参照当地同类型公办幼儿园免除水平，相应减免保育教育费。 在免除标准方面，按照县级以上地方人民政府及其教育、价格主管部门批准的公办幼儿园保育教育费收费标准（不含伙食费、住宿费、杂 费等）执行。民办幼儿园保育教育费高于免除水平的部分，幼儿园可以按规定继续向在园儿童家庭收取。对因免保育教育费导致幼儿园收入减 少的部分，由财政部门综合考虑免保育教育费在园儿童人数、所在地保育教育费生均实际收费水平等情况补助幼儿园。此外，将巩固落实家庭 经济困难儿童等群体资助政策，健全学前教育经费投入机制。 专家解读：新政策直接降低家庭育儿成本 早在今年的《政府工作报告》中就提出，"逐步推行免费学前教育"。这次国家明确的政策内容中，都有哪些关键点？来听专家分析。 政策出台，谁是直接受益者？ 免除保育教育费的好处这么明显，那为什么只免除学前一年？专家表示，免费学前教育政策的 ...

Group 1 - The core viewpoint of the news is the implementation of free preschool education in China, starting from the fall semester of 2025, which aims to alleviate the financial burden on families and enhance educational equity [1][3]. - The government emphasizes increasing fiscal education funding as a crucial measure to support the priority development of education and to ensure quality education for the public [1][3]. - The gradual implementation of free preschool education is expected to boost demand for education services, particularly benefiting low-income families and enhancing overall educational satisfaction [2][3]. Group 2 - Increased fiscal education funding is projected to have a significant positive impact on economic growth, with effects lasting even a decade after the initial investment [2]. - The move towards free preschool education is anticipated to create more job opportunities in the education sector, particularly for graduates in related fields [2][3]. - By reducing education expenses, free preschool education is likely to stimulate consumer spending in other areas, thereby contributing to broader economic growth [2][3].

《意见》提出，在国家统一实施的免保育教育费政策基础上，鼓励各省结合实际，进一步巩固落实家庭 经济困难儿童、孤儿和残疾儿童等群体资助政策，做好兜底保障。同时，要认真落实《中华人民共和国 学前教育法》，坚持保基本、保普惠，进一步健全学前教育投入机制。 《意见》要求，各省要发挥省级统筹作用，完善工作机制，明确责任分工，制定具体实施方案，与本地 区已实施的学前教育资助政策做好衔接。地方各级财政、教育部门要加强日常监控，强化资金保障和使 用管理，及时足额拨付资金，确保幼儿园正常运转，严禁拖欠教师工资。地方各级教育部门要严格落实 监管责任，规范办园行为，切实守护好在园儿童身心健康。 原标题：国办印发《关于逐步推行免费学前教育的意见》 新华社北京8月5日电日前，国务院办公厅印发《关于逐步推行免费学前教育的意见》（以下简称《意 见》），推进学前教育普及普惠安全优质发展。 《意见》强调，坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届二 中、三中全会精神，全面贯彻党的教育方针，聚焦人民群众所急所需所盼，按照强化普及普惠、稳妥有 序推进、加大政府投入、经费合理分担的原则，逐步免除学前教育保育教育费，有效降 ...

（原标题：国务院办公厅发文逐步推行免费学前教育） 经济观察网 国务院办公厅网站8月5日发布《国务院办公厅关于逐步推行免费学前教育的意见》。 《意见》明确免保育教育费对象。从2025年秋季学期起，免除公办幼儿园学前一年在园儿童保育教育 费。对在教育部门批准设立的民办幼儿园就读的适龄儿童，参照当地同类型公办幼儿园免除水平，相应 减免保育教育费。财政部、教育部将统筹考虑学龄人口变化、财力状况等因素，研究适时完善免费学前 教育政策。西藏，四川、云南、甘肃、青海四省涉藏州县，新疆喀什、和田、阿克苏、克孜勒苏柯尔克 孜四地州等地区在园儿童继续执行现行政策。 《意见》明确免保育教育费标准。按照县级以上地方人民政府及其教育、价格主管部门批准的公办幼儿 园保育教育费收费标准（不含伙食费、住宿费、杂费等）执行。民办幼儿园保育教育费高出免除水平的 部分，幼儿园可以按规定继续向在园儿童家庭收取。 《意见》明确财政补助方式。对因免保育教育费导致幼儿园收入减少的部分，由财政部门综合考虑免保 育教育费在园儿童人数、所在地保育教育费生均实际收费水平等情况补助幼儿园。各省、自治区、直辖 市和新疆生产建设兵团（以下统称省）要密切关注本省公办幼儿 ...

Core Viewpoint - The new policy aims to alleviate the financial burden on families by exempting the childcare education fees for children in their final year of preschool, which is seen as a sustainable measure for both public welfare and fiscal health [1][11]. Group 1: Policy Details - The policy specifically targets the exemption of childcare education fees, while other fees such as meal fees and miscellaneous charges remain unaffected [1][9]. - The exemption primarily benefits parents of children in the final year of preschool, significantly reducing their childcare costs [5][8]. - The policy is part of a broader initiative to gradually implement free preschool education, as highlighted in the government's work report earlier this year [4]. Group 2: Economic and Social Impact - Experts believe that the policy will help alleviate parenting anxiety for young families and stimulate economic growth by freeing parents from childcare responsibilities [3][11]. - The initiative is expected to create job opportunities for young graduates, particularly in education-related fields, by increasing the demand for teaching staff in the expanded preschool education system [3]. - The policy is designed to address disparities in access to early education resources, particularly benefiting vulnerable groups such as migrant and disabled children [13]. Group 3: Implementation and Oversight - Local financial and educational authorities are required to enhance monitoring and ensure timely funding to maintain the normal operation of kindergartens, prohibiting delays in teacher salary payments [3][7]. - The exemption for private kindergartens will align with the fee standards of local public kindergartens, ensuring consistency in the reduction of childcare education fees [7][8].