人民财讯7月30日电，国家卫生健康委副主任郭燕红7月30日在国新办新闻发布会上表示，育儿补贴制度 是一项全新的公共政策，涉及千家万户。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，是一项惠民利民的重大措施。 ...

Core Viewpoint - The announcement of a new childcare subsidy policy in China is expected to significantly benefit the infant and child-related stocks, leading to notable increases in their market performance [1]. Group 1: Stock Performance - H&H International Holdings (01112) rose by 4.28%, trading at 11.7 HKD [1] - Jinxin Fertility (01951) increased by 3.73%, trading at 3.34 HKD [1] - Beikang Medical-B (02170) saw a rise of 2.41%, trading at 2.98 HKD [1] - China Feihe (06186) grew by 1.7%, trading at 4.79 HKD [1] Group 2: Policy Announcement - The State Council Information Office will hold a press conference on July 30, 2023, to discuss the childcare subsidy system and related measures [1]. - Starting from January 1, 2025, families will receive an annual subsidy of 3600 CNY for each child until they reach three years old, regardless of whether they have one, two, or three children [1]. - For children born before January 1, 2025, and under three years old, the subsidy will be calculated based on the number of months eligible [1]. Group 3: Market Analysis - According to CITIC Securities, four sectors are expected to benefit the most: dairy products, maternal and infant retail, infant products, and postpartum care services [1]. - The market size for infant formula is projected to grow from 200 billion CNY to 300 billion CNY by 2025 [1]. - Maternal and infant retail is expected to maintain a growth rate of over 20% [1]. - The infant products market will continue to expand due to consumption upgrades [1]. - Postpartum care services are anticipated to be the fastest-growing segment, with an annual growth rate exceeding 30% [1].

中信证券分析指出，乳制品、母婴连锁、婴幼儿用品、产后护理服务四大方向受益最为明显。其中，婴 幼儿配方奶粉作为刚需产品，市场规模有望从目前的2000亿元增长至2025年的3000亿元；母婴连锁零售 预计保持20%以上的增速；婴幼儿用品市场随着消费升级将持续扩容；产后护理服务则有望成为增长最 快细分领域，年增速或超过30%。 婴童概念股多数高开，截至发稿，H&H国际控股(01112)涨4.28%，报11.7港元；锦欣生殖(01951)涨 3.73%，报3.34港元；贝康医疗-B(02170)涨2.41%，报2.98港元；中国飞鹤(06186)涨1.7%，报4.79港元。 消息面上，据国新办网站消息，国务院新闻办公室将于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。此前，国家育儿补贴制度实施方案公布，从2025年1月1日起，无论一 孩、二孩、三孩，每年均可领取3600元补贴，直至年满3周岁。其中，对2025年1月1日之前出生、不满3 周岁的婴幼儿，按应补贴月数折算计发补贴。 ...

Group 1 - The core viewpoint of the article highlights the positive market response of baby and child concept stocks following the announcement of a new childcare subsidy policy by the Chinese government [1] - H&H International Holdings (01112) rose by 4.28% to HKD 11.7, Jinxin Fertility (01951) increased by 3.73% to HKD 3.34, Beikang Medical-B (02170) gained 2.41% to HKD 2.98, and China Feihe (06186) saw a rise of 1.7% to HKD 4.79 [1] - The new childcare subsidy policy will provide an annual subsidy of CNY 3,600 for each child until the age of three, starting from January 1, 2025, benefiting all families regardless of the number of children [1] Group 2 - According to CITIC Securities, four sectors are expected to benefit significantly from the new policy: dairy products, maternal and infant chain retail, baby products, and postpartum care services [1] - The market size for infant formula milk is projected to grow from CNY 200 billion to CNY 300 billion by 2025, indicating a strong demand for essential products [1] - Maternal and infant chain retail is expected to maintain a growth rate of over 20%, while the baby products market will continue to expand due to consumption upgrades [1] - Postpartum care services are anticipated to be the fastest-growing segment, with an annual growth rate potentially exceeding 30% [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - **Stock Index Futures**: The A-share market oscillated and rose, with the Wind All A index up 0.45% and a trading volume of 1.83 trillion yuan. The implementation of the childcare subsidy system is expected to boost inflation. The recent stock market rise is driven by long - term expectations of fiscal policy shift and inflation recovery, mid - term support for upstream cyclical sectors, and short - term capital inflows. The market is currently divided, and it is advisable to wait for clearer policies and market trends before adjusting positions [1]. - **Treasury Bond Futures**: On Tuesday, treasury bond futures closed lower. The central bank conducted 4492 billion yuan of 7 - day reverse repurchase operations, with a net injection of 2344 billion yuan. The start of the third round of Sino - US trade negotiations and the improvement in risk appetite led to bond market adjustments. However, the short - term bond market is expected to recover, and short - term treasury bonds may stop falling and stabilize [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Stock Index Futures**: The A - share market showed an upward trend, with different indices rising to varying degrees. The implementation of the childcare subsidy system is a significant policy move. The long - term logic for the stock market rise includes expectations of fiscal policy shift and inflation recovery, mid - term support for upstream cyclical sectors due to anti - involution and infrastructure investment, and short - term capital inflows from a weak US dollar and improved corporate deposit - loan data. The market is currently divided [1]. - **Treasury Bond Futures**: Treasury bond futures closed lower on Tuesday. The central bank's reverse repurchase operations and the start of Sino - US trade negotiations affected the bond market. Short - term bond market trends are expected to improve [2]. 3.2 Daily Price Changes - **Stock Index Futures**: IH rose 0.29%, IF rose 0.47%, IC rose 0.66%, and IM rose 0.91% [3]. - **Stock Indices**: The Shanghai Composite 50 index rose 0.21%, the CSI 300 index rose 0.39%, the CSI 500 index rose 0.52%, and the CSI 1000 index rose 0.65% [3]. - **Treasury Bond Futures**: TS fell 0.06%, TF fell 0.17%, T fell 0.24%, and TL fell 0.77% [3]. - **Treasury Bond Yields**: Yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds increased [3]. 3.3 Market News - The International Monetary Fund (IMF) raised its forecast for China's economic growth rate in 2025 to 4.8%, an increase of 0.8 percentage points from the April forecast, and also raised the 2026 forecast by 0.2 percentage points, mainly due to stronger - than - expected economic activities in the first half of 2025 and lower - than - expected Sino - US tariffs [4]. 3.4 Chart Analysis - **Stock Index Futures**: The report presents the trends of IH, IF, IM, IC main contracts, and their corresponding basis trends [6][7][9]. - **Treasury Bond Futures**: It shows the trends of treasury bond futures main contracts, treasury bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][16][18]. - **Exchange Rates**: The report includes the trends of the US dollar - RMB central parity rate, euro - RMB central parity rate, forward exchange rates, US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [21][22][25][26].

方正证券主要观点如下： 智通财经APP获悉，方正证券发布研报称，本次育儿补贴制度落实了年初政府工作报告的要求，是从全 国性的角度出发迈出促进生育的积极一步，未来视政策落实的具体效果，持续的鼓励政策或有望继续推 出。乳品是婴幼儿的核心基础营养品，该行预计，随着国家育儿补贴方案逐步执行落实，乳品需求端有 望得到提振。 2025年3月，政府工作报告提出"发放育儿补贴"，当月呼和浩特市率先实施育儿补贴政策，并为产妇每 人每天提供"一杯奶"，随后部分省市也先后开始推出地方性育儿补贴政策，初步成效显现。2025年7 月，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》，并发出通知，要求各地区各部 门结合实际认真贯彻落实。此次育儿补贴制度在总体要求中重点提及"坚持改善民生、惠民利民，有效 降低家庭生育养育成本"，希望营造生育友好社会氛围。 全国性育儿补贴制度的具体补贴对象和标准 1)补贴对象：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。 2)补贴标准：育儿补贴按年发放，现阶段国家基础标准为每孩每年3600元。其中，对2025年1月1日之前 出生、不满3周岁的婴幼儿， ...

Group 1 - The China-US economic talks were held in Stockholm, where both sides agreed to extend the suspension of the US's 24% reciprocal tariffs and China's countermeasures for another 90 days [6] - The IMF significantly raised its economic growth forecast for China, increasing the expected growth rate for this year by 0.8 percentage points due to stronger-than-expected economic activity in the first half of the year and substantial tariff reductions [10] - The Hong Kong Monetary Authority released documents regarding the regulatory framework for stablecoin issuers, set to be implemented on August 1, 2025, including guidelines for licensed stablecoin issuers and anti-money laundering measures [7] Group 2 - The Ministry of Finance announced the implementation of a national childcare subsidy system, with an estimated annual distribution of around 100 billion yuan, which is expected to stimulate demand in related industries [12] - The State-owned Assets Supervision and Administration Commission announced the establishment of China Changan Automobile Group Co., Ltd., which will be managed by the State Council [6] - The economic performance of state-owned enterprises showed a total revenue of 40,749.59 billion yuan in the first half of the year, a year-on-year decrease of 0.2%, and total profits of 2,182.53 billion yuan, down 3.1% [8]

当「生不起、养不起」成为越来越多年轻家庭的现实困境，国家终于迈出关键一步。7 月下旬，中央密 集释放重磅信号：逐步推行免费学前教育、启动全国育儿补贴制度。看似是两道「民生加法」，实则回 应的是一个国家对人口、教育与家庭的系统性重塑。教育资源怎么分？家庭负担怎么减？民办园怎么 办？这些问题，答案未必简单，但讨论已经开始。 也许，我们正在进入一个新阶段。娃不再只是家庭的事，而是国家与社会共同面对的命题。 7 月 25 日，国务院常务会议释放重磅信号，「部署逐步推行免费学前教育有关举措」。短短一句话， 让不少家长眼前一亮。中央顶层设计开始落实，免费学前教育正式「 上路」。其实，早在今年初，中 共中央、国务院就联合发布了《教育强国建设规划纲要（2024－2035年）》，明确提出：「探索逐步扩 大免费教育范围」。而这一次的国务院会议，意味着国家在「教育强国」之路上，选择从娃娃抓起。 原因藏在人口发展的数据里。 出生人口下滑。2016 年全面二孩政策落地，迎来 1786 万新生儿。但 2018 年开始，出生人口急转直 下，2023 年、2024 年中国全年出生人口分别为 902 万、954 万。 生育意愿与出生率持续低迷 ...

以下文章来源于高瑞东宏观笔记 ，作者高瑞东 刘星辰 高瑞东宏观笔记 . 对全球宏观和金融市场的思考 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 据新华社7月28日电，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》，并发出通知， 要求各地区各部门结合实际认真贯彻落实，标志着育儿补贴制度正式在全国范围内落地。 核心观点： 为减轻居民养育成本、促进人口高质量发展，今年3月中央已明确提出建立育儿补贴制度。本次印发的《育儿 补贴制度实施方案》出台了国家基础育儿补贴标准，并设置央地共担机制，既确保了政策的普惠性和连续性， 又能够缓解地方财政压力，有助于这一长期制度的建立。根据国家基础补贴标准测算，每年发放的育儿补贴介 于1000-1200亿元，其带动的消费支出大约拉动社零增长 ...

金十数据7月30日讯，财政部部长蓝佛安在学习时报刊文表示，加强民生保障，推动解决人民群众急难 愁盼问题。加大稳就业政策实施力度，有力实施稳岗返还、税费减免、就业补贴等政策，强化重点群体 就业保障。加大教育发展支持力度，推动教育资源扩优提质。深入实施社保、医疗、优抚等有关补助政 策，健全分层分类社会救助体系，保障好困难群众基本生活。抓紧实施育儿补贴制度，逐步推行免费学 前教育，发放失能老年人养老服务补贴，更好满足人民群众在"一老一小"方面的服务需求。 财长蓝佛安： 抓紧实施育儿补贴制度，逐步推行免费学前教育 ...