免保育教育费政策覆盖所有幼儿园大班儿童；政策将适时完善。财政部副部长郭婷婷介绍，国家统一实施的免保育教育费政策覆盖所有幼儿园大班儿童，预计今年秋季学期将惠及约1200万人。仅今年秋季一个学期，全国财政将增加支出约200亿元，相应减少家庭支出200亿元。外汇交易员 (@myfxtrader):#新闻 国务院办公厅印发《关于逐步推行免费学前教育的意见》：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，民办幼儿园参照同类型公办幼儿园相应减免保育教育费。 https://t.co/15YLO8si0K ...

Core Viewpoint - The newly released policy on reducing preschool education costs has positively impacted the A-share market, particularly benefiting stocks related to childcare and early education, leading to a broad market rally in these sectors [1][3]. Group 1: Policy Impact - The central government's issuance of the "Opinions on Gradually Promoting Free Preschool Education" complements the previously announced "Implementation Plan for Childcare Subsidies," creating a policy synergy [3]. - The market reaction indicates a short-term emotional boost driven by the policy, with expectations for a positive long-term impact on the infant and child industry chain as the policies are implemented [3]. Group 2: Industry Outlook - The new policy may lead to a differentiation within the A-share education sector, where leading companies with brand advantages and course development capabilities are expected to enhance service quality and expand family childcare guidance services, potentially increasing customer spending and offering valuation recovery opportunities [5]. - The gradual implementation of free preschool education is anticipated to accelerate the release of real demand for educational resources, benefiting niche sectors such as childcare themes, educational informatization, and teacher training [5]. - Future demand is expected to increase around courses, content, services, and facilities, which may become the next investment theme in the industry [7].

Core Viewpoint - The article discusses the implementation of free preschool education in China, highlighting the government's recent policy to gradually introduce this initiative starting from the 2025 autumn semester, aiming to alleviate the financial burden on families and promote a fertility-friendly society [3][5]. Summary by Sections Implementation Plan - The first step towards free preschool education is the exemption of childcare fees for children in public kindergartens for the last year before primary school starting from the 2025 autumn semester [4]. - For children attending approved private kindergartens, the fee exemption will be aligned with the standards of local public kindergartens [4]. Fee Standards and Financial Support - The childcare fee standards will be based on the approved fee structures by local governments and relevant departments, excluding meal, accommodation, and miscellaneous fees [4]. - The financial support will be determined by the average actual fees charged in public kindergartens, with the Ministry of Finance and the Ministry of Education setting upper limits for subsidies based on regional conditions [5]. Fiscal Responsibility and Equity - The policy aims to reduce the financial burden on families and incentivize a fertility-friendly environment, but it requires effective implementation and supporting measures [5]. - The article emphasizes the need for equitable public service, suggesting that children in unapproved kindergartens, particularly in rural areas, should also be included in the free preschool education initiative [5]. Addressing Cost Disparities - There are concerns regarding the disparity in costs between public and private kindergartens, which may lead to unequal financial burdens on families [7]. - The article suggests that the subsidy standards should reflect the actual market costs of childcare to ensure fairness and equity in the distribution of financial support [7]. Subsidy Mechanism - The article discusses two potential subsidy mechanisms: direct payments to kindergartens or vouchers for families to use at approved institutions [8]. - Using vouchers could enhance the effectiveness of subsidies by directly linking government support to family experiences, thereby improving the perceived value of public services [8][9]. Conclusion - The implementation of free preschool education is expected to significantly lower the costs of child-rearing for families, contributing to a more supportive environment for childbearing [9]. - The article stresses the importance of not only defining the scope of the initiative but also ensuring its effective execution to maximize its benefits for families [9].

"不只要能上学，还要能上好学" 日前，国务院办公厅发布《关于逐步推行免费学前教育的意见》，提出将逐步免除学前教育保育教育 费。 具体而言，自今年秋季学期起，将免除公办幼儿园学前一年在园儿童保育教育费，而对于在教育部门批 准设立的民办幼儿园就读的适龄儿童，则参照当地同类型公办幼儿园免除水平减免。文件中还提 到，"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"。 事实上，此前我国不少地区对免费学前教育已有探索。早在10余年前，陕西等多个省份就曾推动"13年 免费教育"，还涌现出神木这样颇具代表性的案例。 不过，此前各地的探索重在"免费"，而如今我们要关注的，已不仅仅是"免费"这么简单。 延长免费教育年限，过去一直是各省份自主探索的内容。 较早的一个"爆发点"出现在2011年。当年，《陕西省人民政府办公厅关于印发省学前一年免费教育实施 方案的通知》对外发布，提出从2011年秋季学期起，陕西全省实施学前一年免费教育，实施范围为全省 所有公办和民办幼儿园。 同年，内蒙古计划在3年内实现高中阶段免费教育，河南新郑等部分县市开始推行12年免费教育，同样 将免费的范围扩大至高中三年。 时 ...

Core Viewpoint - The State Council has issued an opinion to gradually implement free preschool education, starting with the exemption of care and education fees for children in public kindergartens from the upcoming autumn semester, with similar reductions for private kindergartens based on local public kindergarten standards [2][7]. Group 1: Policy Implementation - The new policy aims to alleviate the financial burden on families regarding preschool education, which is crucial for influencing family birth decisions [2][8]. - The initiative is part of a broader trend towards extending free education, with previous explorations in various provinces, including a notable case in Shaanxi that promoted "13 years of free education" over a decade ago [3][6]. Group 2: Historical Context - The first significant move towards free preschool education occurred in 2011 when Shaanxi implemented a free education plan for the preschool year across all public and private kindergartens [3]. - By 2016, more provinces joined the initiative, with Shaanxi again leading the way by proposing comprehensive free education from preschool to high school [6]. Group 3: Demographic and Economic Factors - The current push for free preschool education is influenced by demographic trends, including declining birth rates and an aging population, which have led to a peak in preschool-age children in 2023 [7][8]. - The economic context has also shifted, allowing for increased investment in education, which is necessary to meet the rising demand for quality education [8][9]. Group 4: Quality of Education - The focus is not only on making education free but also on ensuring high-quality education, which requires significant financial investment and improved educational resources [8][14]. - The disparity in educational quality across regions is highlighted, with wealthier areas like Shenmu demonstrating better educational outcomes compared to less affluent regions [11][14]. Group 5: Future Implications - The expansion of free education may lead to increased competition among regions to attract families, as seen in Shenmu, which has experienced population growth due to its educational offerings [12][13]. - The emphasis on high-quality free education will necessitate improvements in teacher training, curriculum design, and educational management systems [15].

一组数据告诉你，免费教育有多重要！根据统计，城镇家庭养育一个孩子到18岁，平均的总成 本大约是68万元，其中3-5岁的幼儿养育成本就占了2成，这对年轻家庭来说，可是一笔不小的 开支，也让一些年轻夫妻在生孩子这件事上犹豫不决。但现在，新政直接切中这一痛点，把 钱"花在刀刃上"，孩子上大班，再也不用为近万元的保教费发愁了。 好消息，孩子读幼儿园大班，可以免学费了！ 最近，国务院办公厅印发了《关于逐步推行免费学前教育的意见》，从今年秋季学期开 始， 全国公办幼儿园学前一年的保育教育费将全面免除 ，预计每年将惠及超过1000万名 儿童，民办幼儿园也参照执行 ！ 出品丨21财经客户端 财经早察工作室 总统筹：陈晨星 执行统筹： 祝乃娟 监制：洪晓文 曾婷芳 主播：董静怡 SFC 剪辑：实习生 苏磊 设计：王冰 育儿补贴来了！真金白银为养娃减负 可退房退款！最新司法解释为烂尾楼业主"撑腰" 21君荐读 以河北省秦皇岛市为例，政策实行后，当地就读公办园和民办园的儿童每月可少交400元的保 育教育费，一年就是4000元左右，相当于给家庭直接"发红包"。同时，财政兜底机制启动，园 方少收的钱，政府按每个孩子的标准补上，既不用担 ...

Core Viewpoint - The implementation of free preschool education is expected to significantly reduce family upbringing and education costs, providing strong support for creating a family-friendly society [1][7]. Group 1: Policy Implementation - The State Council has issued an opinion on gradually promoting free preschool education, detailing the target groups, standards, and financial subsidy methods [2]. - Starting from the autumn semester of 2025, public kindergarten fees for the last year of preschool will be waived, and similar reductions will apply to approved private kindergartens [3]. - The fee standards for public kindergartens will be based on the approved charging standards by local governments, excluding meal, accommodation, and miscellaneous fees [3]. Group 2: Financial Support and Equity - The policy aims to alleviate the financial burden on families and incentivize a family-friendly society, but effective implementation requires supporting measures [4]. - The financial subsidy will be shared between central and local governments, but the current policy primarily covers public and approved private kindergartens, leaving some children in unapproved institutions without support [4]. - To achieve equitable public service, it is essential to include children from unapproved kindergartens, as their families are often more price-sensitive and in need of assistance [4]. Group 3: Cost and Subsidy Mechanisms - There are concerns that the approved fee standards for public kindergartens may be lower than actual costs, potentially leading to disparities in financial support [5]. - The method of financial subsidies, whether through direct payments to kindergartens or vouchers for families, will impact the effectiveness of the program [6][7]. - Using vouchers allows families to choose kindergartens, ensuring coverage for all eligible children and enhancing the perceived value of public services [7].

Core Insights - The report highlights the implementation of free preschool education in China starting from the autumn semester of 2025, aiming to enhance the quality of educational services [1] - The policy will exempt public kindergarten fees for the last year of preschool education and provide similar fee reductions for private kindergartens, thereby increasing enrollment rates [1][2] - The government aims to improve the gross enrollment rate in preschool education, which is currently at 92%, through financial support and dynamic regulation of kindergartens [1] Financial Implications - In 2023, preschool education accounted for approximately 6.2% of fiscal expenditures, and with the joint financial support from central and local governments, funding for preschool education is expected to increase [2] - The central government will cover 80% of costs for the first tier of kindergartens, 60% for the second tier, and 50% for the third to fifth tiers, effectively reducing the financial burden on families [1] Investment Opportunities - The report suggests that the free preschool education policy will boost education-related stocks in the short term and may improve birth rates in the long term, benefiting the education sector [4] - Recommended investment targets include K9 related companies such as Excellence Education Group (3978.HK), New Oriental (EDU.N/9901.HK), and TAL Education Group (TAL.N) [4]

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]