Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Attention should be paid to the impact of new US tariffs on upstream prices, including the suspension of minimum tax - free treatment for low - value goods and the change in coal prices [1] - Keep an eye on the progress of the downstream parenting consumption policy in the service industry, with localities set to open parenting subsidy applications in late August [1] Summary by Relevant Catalogs Production Industry - On July 30 (local time), US President Trump signed an executive order to suspend the minimum tax - free treatment for low - value goods. Starting from August 29, applicable tariffs will be levied on imported goods worth $800 or less sent by non - international postal network methods, and parcels sent via the international postal system will be taxed according to ad - valorem or specific duties [1] - In mid - July, coal inventories at main production and transfer areas continued to decline, while downstream steel and coking enterprises had good procurement enthusiasm and their inventories increased steadily. Domestic coal prices rose, and international coal prices fluctuated. In late July, the spot price of 5500 - kcal thermal coal at Bohai Rim ports was about 650 yuan/ton, up 30 yuan/ton from the end of June; the comprehensive price of coking and fat coal in Shanxi was 1290 yuan/ton, up 170 yuan/ton from the end of June [1] Service Industry - The State Council Information Office held a press conference to introduce the parenting subsidy system and fertility support measures. Localities will open parenting subsidy applications in late August, and localities with higher subsidy standards than the national standard can continue to implement them after evaluation and filing [1] Upstream - Energy: International oil prices rose [2] - Black: Prices of glass and rebar increased [2] Mid - stream - Chemical: The operating rate of PX decreased [3] Downstream - Real estate: Seasonal decline in commercial housing sales in first - and second - tier cities [3] - Service: An increase in the number of domestic flights during the summer vacation [3] Industry Credit Spread Tracking - Data shows the credit spreads of various industries as of July 2, including industries such as agriculture, forestry, animal husbandry and fishery, mining, chemical, etc., with different trends and quantiles [46] Key Industry Price Index Tracking - It includes price indicators of multiple industries such as agriculture, non - ferrous metals, energy, chemical, real estate, etc., showing the price, frequency, update time, year - on - year change and 5 - day trend of each indicator as of July 30 [47]

央视网消息：近日，中共中央办公厅、国务院办公厅印发了《育儿补贴制度实施方案》。国务院新闻办公室7月30日举行新闻发布会，介绍育 儿补贴制度及生育支持措施有关情况。育儿补贴怎么领？还有哪些生育支持政策措施？ 3周岁以下婴幼儿 每孩每年补贴3600元 育儿补贴怎么领？ 根据《育儿补贴制度实施方案》，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。 2022年1月1日以后出生婴幼儿均可领 2025年之前出生的孩子，是否可以享受补贴？ 国家卫生健康委人口监测与家庭发展司司长王海东介绍，为了方便群众申领，专门制定了2022年至2024年各月份出生的婴幼儿申领补贴金额的 对照表，这样就可以一目了然知道每一个孩子申领育儿补贴的金额。育儿补贴申领以家庭为单位，由申领家庭确定1名申领人，应当是婴幼儿 父母一方，特殊情况下也可以是其他监护人。 8月31日前各地开放育儿补贴申领 育儿补贴什么时候可以申领？ 育儿补贴的发放对象也包括2025年1月1日之前出生的不满3周岁婴幼儿，这部分婴幼儿按照应补贴月数折算计发补贴，至其年满3周岁。也就是 说，2022年1月1日以后出生的符合条件的婴幼儿都可 ...

经济观察网据央视新闻消息，30日，国务院新闻办公室举行新闻发布会，介绍育儿补贴制度及生育支持 措施有关情况。国家医疗保障局待遇保障司副司长刘娟介绍，全国31个省(区、市)及新疆兵团全面将辅 助生殖技术纳入报销，2024年已有超100万人次享受待遇，助力万千家庭圆了"生育梦"。部分省份将分 娩镇痛纳入报销，为孕产妇减负又减痛。同时，我们加快新生儿护理、"亲情陪产"等价格项目立项，促 进儿科产科优化服务，更好满足群众对生育服务的多元化需求。 ...

郭燕红：育儿补贴不分城乡、民族、区域，也不分一孩、二孩或者三孩，实现三孩生育政策下家庭 支持的全面覆盖，确保符合条件的婴幼儿平等享受补贴待遇。 央广网北京7月31日消息（记者杜希萌）据中央广播电视总台中国之声《新闻和报纸摘要》报道， 国务院新闻办公室7月30日举行新闻发布会，国家卫生健康委表示，8月31日前全面开放育儿补贴申领。 育儿补贴每年惠及上千万个家庭，可以为家庭育儿提供基础性支持。 国家卫生健康委副主任郭燕红介绍，作为一项全新的公共政策，育儿补贴是新中国成立以来首次大 范围、普惠式、直接性向群众发放的民生保障现金补贴。 郭阳：对于发放国家基础标准补贴所需资金，中央财政按照一定比例对地方予以补助，中央总体承 担约90%。近期，财政部还将会同国家卫生健康委印发育儿补贴补助资金管理办法，两部门将对补助资 金实行全过程预算绩效管理，确保每一笔资金都安全抵达。 目前，各地正在按照《育儿补贴制度实施方案》要求，抓紧推进各项准备工作，将在8月下旬陆续 开放育儿补贴申领，8月31日之前各地全面开放育儿补贴申领。 按照《育儿补贴制度实施方案》部署，中央财政将设立共同财政事权转移支付项目"育儿补贴补助 资金"，今年初步安 ...

Core Points - The introduction of a nationwide childcare subsidy program marks a significant step in China's social welfare policy, providing direct cash support to families for the first time since the establishment of the People's Republic of China [2][4] - The program will offer an annual subsidy of 3,600 yuan per child until the child reaches three years of age, starting from January 1, 2025, covering families with one, two, or three children [2][4] Group 1: Implementation Details - The subsidy application process will be available both online and offline, with a nationwide information management system already in place for processing applications [3] - Applications can be submitted through various platforms, including provincial government service portals and third-party services like Alipay and WeChat, ensuring convenience for applicants [3] - Required documents for application are minimized, with only essential identification materials needed due to an established data-sharing mechanism among relevant government departments [3] Group 2: Coverage and Rationale - The inclusion of one-child families in the subsidy program is based on the recognition that they constitute a significant portion of child-rearing households in China, with over half of annual births being single children [4] - The policy aims to enhance the childbirth experience and alleviate the financial burden on families, thereby encouraging higher birth rates [4] Group 3: Financial Support and Management - The central government will cover approximately 90% of the subsidy costs, with an initial budget of around 90 billion yuan allocated for this purpose [5][6] - Local governments are required to align their existing childcare subsidy policies with the national framework to ensure consistency and avoid fragmentation [6] - The Ministry of Finance will issue guidelines for the management of subsidy funds, emphasizing performance monitoring and evaluation to ensure effective use of financial resources [6] Group 4: Tax Implications - The childcare subsidy will be exempt from personal income tax, and it will not be counted as income for families receiving social assistance, thereby further reducing the financial burden on households [7] - Existing tax deductions for childcare expenses will complement the new subsidy program, collectively aimed at lowering the cost of raising children [7]

Core Points - The implementation of the childcare subsidy system will begin on January 1, 2025, aimed at reducing the financial burden of raising children for families [2][3] - The subsidy will provide 3,600 yuan per child per year for parents or guardians of children under three years old, with applications available online and offline [2][3] - The program is designed to create a more family-friendly social environment and improve living standards, marking a significant step in direct cash support for citizens [3] Summary by Sections Childcare Subsidity Implementation - The childcare subsidy system will be implemented starting January 1, 2025, targeting families with children under three years old [2] - The annual subsidy amount is set at 3,600 yuan per child, with applications managed through a national information system [2][3] - Parents or guardians can apply for the subsidy online or at local government offices, with necessary documentation required [3] Financial and Regulatory Oversight - The Ministry of Finance will oversee the entire process of fund allocation to ensure security and proper distribution [4] - The program aims to standardize and equalize subsidy levels across regions, ensuring that local policies align with national standards [3][4] Broader Support Measures - The government is also enhancing various support measures for families, including tax deductions for childcare costs and improved maternity leave policies [4] - The number of insured individuals under the maternity insurance program has reached 253 million, with significant financial support provided to families [5]

Group 1: Company Developments - Xiwanda has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors [1] - Starbucks CEO Brian Niccol mentioned that over 20 potential buyers have shown interest in acquiring the company's stake in the China market [3] - Starbucks reported third-quarter revenue of $9.5 billion, with same-store sales down 2%, and net profit of $558.3 million, significantly lower than expected [4][15] - Meta Platforms reported second-quarter revenue of $47.52 billion, a 22% year-over-year increase, with net profit of $18.337 billion, up 36% [13] - Adidas reported second-quarter revenue of €5.95 billion, a 2.2% year-over-year increase, with net profit of €369 million, up 94% [14] Group 2: Financial Performance - CATL achieved a net profit of 30.512 billion yuan in the first half of the year, a 33.02% year-over-year increase, with revenue of 178.886 billion yuan, up 7.27% [16] - Luckin Coffee reported second-quarter net revenue of 12.36 billion yuan, a 47% year-over-year increase, with net profit of 1.25 billion yuan, up 44% [16] - Prada's first-half net revenue reached €2.74 billion, an 8% year-over-year increase, with net profit of €386 million [17] - Airbus reported first-half revenue of €29.610 billion, with a net profit of €1.525 billion [17] Group 3: Market Trends - Ryanair announced it will cease operations at three French airports due to high ticket taxes imposed by the French government, which increased by 180% [6] - Mercedes-Benz warned of a significant decline in annual revenue due to tariffs affecting car and truck sales, with expectations of lower sales in 2025 compared to last year [10]

Important Market News - The Federal Reserve announced to maintain the federal funds rate target range at 4.25% to 4.50%, marking the fifth consecutive meeting without a rate change, reflecting a cautious stance amid economic uncertainties [1] - U.S. stock indices showed mixed results, with the Dow down 0.38%, Nasdaq up 0.15%, and S&P 500 down 0.12%. Notable tech stocks had varied performances, with Nvidia rising over 2% and Apple falling over 1% [1] - International precious metal futures generally declined, with COMEX gold futures down 1.58% at $3327.9 per ounce, while oil prices increased, with WTI crude up 1.57% at $70.30 per barrel [2] Industry Insights - China successfully launched the low Earth orbit satellite internet group 06 using the Long March 8 rocket, showcasing multiple technological innovations. The competition for satellite deployment is intensifying as operators must complete satellite deployment within a limited timeframe to secure resources [3] - China Unicom has launched eSIM services across 25 provinces, with plans for nationwide coverage by year-end. The introduction of eSIM technology is expected to simplify user operations and enhance device reliability, with a projected increase in global IoT connections using eSIM from 22 million in 2023 to 195 million by 2026 [4] - The Chinese government announced a childcare subsidy program for eligible infants born after January 1, 2022, with an initial budget of approximately 90 billion yuan allocated for this initiative. This policy aims to stimulate the birth rate and support the mother and child industry [5][6] Company Updates - Haotou Co. announced that its shareholder, Dazheng Group, plans to reduce its stake by up to 2.08 million shares, representing 1% of the total share capital [7] - Wansheng Co. disclosed that a shareholder intends to reduce its holdings by up to 500,000 shares, accounting for 0.08% of the total shares [7] - Rongda Photoelectric announced plans for its major shareholders to reduce their holdings by up to 7.33 million shares, representing 2% of the total share capital [7] - Desheng Technology's major shareholder plans to reduce its stake by up to 12.85 million shares, which is 3% of the total shares excluding repurchased shares [7] - Guangwei Composite announced that its major shareholder intends to reduce its holdings by up to 10 million shares, accounting for 1.21% of the total shares excluding repurchased shares [7]

据介绍，育儿补贴主要通过全国统一的育儿补贴信息管理系统线上申领，在支付宝、微信等第三方服务 平台也开通了申领入口，同时也保留了线下办理渠道和人工服务。申领时只需提交婴幼儿出生医学证 明、户口簿等证明婴幼儿身份和抚养关系的必要材料。按照工作计划，各地将在8月下旬陆续开放育儿 补贴申领，8月31日前各地全面开放育儿补贴的申领。 近日，中办、国办印发的《育儿补贴制度实施方案》明确从今年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。这一政策是新中国成立以来首次大范围、普惠式、直接性 向群众发放的民生保障现金补贴。 在30日举行的国新办发布会上，财政部社会保障司司长郭阳介绍，按照方案部署，中央财政将设立共同 财政事权转移支付项目"育儿补贴补助资金"，今年初步安排预算900亿元左右。对于发放国家基础标准 补贴所需资金，中央财政按照一定比例对地方予以补助，中央总体承担约90%。近期，财政部还将会同 国家卫健委印发育儿补贴补助资金管理办法，明确资金分配使用和管理监督具体要求，细化规范资金下 达流程。 对于相关优惠政策，方案规定，对按照制度规定发放的育儿补贴免征个人所得税；在最低生活保障对 象 ...

近日，中共中央办公厅、国务院办公厅印发了《育儿补贴制度实施方案》（以下简称《方案》）。7月 30日，国务院新闻办公室举行新闻发布会，介绍育儿补贴制度及生育支持措施有关情况。 部分地方已经探索实施本地育儿补贴政策。郭燕红表示，之前没有育儿补贴政策，或者补贴范围较小， 或者补贴标准低于国家的，要按国家补贴的范围和基础标准统一实施，实现政策均等化覆盖。地方此前 补贴标准高于国家基础标准的，按规定做好评估和备案工作后，可以继续执行。 财政部社会保障司司长郭阳介绍，财政部门将配合卫生健康部门对资金申领发放各环节实行全过程监 管，确保每一笔资金都安全抵达。 去年10月，国务院办公厅印发《关于加快完善生育支持政策体系推动建设生育友好型社会的若干措 施》，出台一揽子的生育支持措施。据介绍，相关部门认真贯彻落实，加快完善生育支持政策体系：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；提高生育医疗费用保障水平；完善生育休假制度，各省区市普遍 延长产假至158天及以上，设立15天左右的配偶陪产假、5—20天不等的父母育儿假；加大普惠托育服务 供 ...