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。 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 07 月 30 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日，A 股市场震荡上涨，Wind 全 A 上涨 0.45%，成交额 1.83 万亿元。中 | | | | 证 1000 指数上涨 0.65%，中证 500 指数上涨 0.52%，沪深 300 指数上涨 0.39%， | | | | 上证 50 指数上涨 0.21%。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》，标志着育儿补贴制度正式在全国范围内落地。这是我国近 | | | | 年来第一次发布普惠型中央财政政策，尽管总量仍有提升空间，但对于提升 | | | | 居民端收益水平影响较为直接。预计未来通过央行购买国债为中央政府筹集 | | | | 资金，推出更多普惠型财政支持方案将成为拉动我国通胀环境企稳回升的一 | | | | 条重要路径。股市近期上涨主要来自三个逻辑：（1）长期：市场压住财政政 | | | 股指 | 策更多转向促销费领域，以及中美关系缓和后国内通胀水平回升，在此背景 | 震荡 | | | ...

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 ...

Group 1 - The core viewpoint of the article is the implementation of a national childcare subsidy program, which will provide an annual subsidy of 3600 yuan for children under three years old starting from January 1, 2025 [2][18]. - The subsidy will be funded primarily by the central government, with local governments having the option to increase the subsidy amount based on local conditions [2][19]. - The total financial requirement for the nationwide subsidy is estimated to be around 117 billion yuan, which represents approximately 0.4% of the general fiscal expenditure budget [3][19]. Group 2 - The implementation of the childcare subsidy is expected to reduce childcare costs and potentially increase social retail sales by about 0.2 percentage points, particularly benefiting essential categories like maternal and infant products [3][19]. - As of March 15, 2025, at least two provinces and 22 municipal-level administrative regions have already introduced their own childcare subsidy measures, often with a tiered approach favoring families with two or more children [3][20]. - Beyond financial subsidies, there is an expectation for systemic support policies in areas such as employment, education, and healthcare to enhance the overall childcare support framework [4][21]. Group 3 - The article highlights the importance of creating a comprehensive support system for families, which includes job security for women, affordable childcare services, and improved healthcare for mothers and children [4][21]. - The OECD's experiences in systemic family support policies are referenced as a potential model, emphasizing fiscal and tax support, parental leave policies, and childcare education support [4][21]. - Future policies may also focus on ensuring family leisure time, with legislative measures to protect women's rights during pregnancy and breastfeeding, and promoting flexible work arrangements [4][21].

Group 1: Subsidy Overview - The childcare subsidy program will provide an annual subsidy of 3,600 yuan per child for infants under three years old starting January 1, 2025[1] - The estimated total fiscal support for the subsidy will reach approximately 118.8 billion yuan in 2025, 117.7 billion yuan in 2026, and 116.2 billion yuan in 2027[1] - By 2028, the estimated fiscal subsidy amount will decrease to 95.7 billion yuan as the subsidies for children born before 2025 will have been fully disbursed[1] Group 2: Financial Structure - The central government will cover a significant portion of the subsidy, with a cost-sharing ratio of 9:1 between central and local governments, varying by region[1] - The central government will bear 85% of the costs in the eastern region, 90% in the central region, and 95% in the western region[1] - The 2025 fiscal budget indicates a significant increase in health spending, with an additional 102.4 billion yuan allocated compared to 2024, creating room for the childcare subsidy[1] Group 3: Economic Impact - The subsidy represents approximately 0.1% of China's nominal GDP for 2024, which is relatively low compared to OECD countries where similar subsidies can reach 1.5-2.5% of GDP[1] - The expected consumption increase from the subsidy is around 78 billion yuan, accounting for about 0.16% of total retail sales[1] - The program is expected to have a gradual impact on birth rates, while providing a more immediate boost to consumer spending[1] Group 4: Future Policy Directions - The childcare subsidy signals a significant shift towards more substantial birth support policies, with potential for future increases in subsidy amounts[1] - There is a possibility of developing a comprehensive policy framework that includes economic support for families, housing, and education to enhance long-term birth rates[1] - The government is also focusing on improving early childhood education and care services, as indicated by recent policy discussions[1]

Investment Rating - Investment rating is maintained as "Recommended" [2] Core Viewpoints - The implementation of the "Childcare Subsidy System" is expected to alleviate family burdens and stimulate birth rates, with a subsidy of 3600 yuan per year for eligible families with children under three years old, totaling 10800 yuan for three years [3][5] - The subsidy is tax-exempt and will not be counted as income for social assistance evaluations, with local governments expected to develop specific implementation plans by late August 2025 [5][6] - The effectiveness of the subsidy may vary by region and living costs, and local governments may introduce differentiated subsidy policies based on their financial capabilities [5][6] - The report emphasizes the need for comprehensive policies covering maternity leave, childcare, education, and housing to enhance birth willingness alongside financial incentives [6] Summary by Sections Childcare Subsidy System - The subsidy is set at 3600 yuan per year for each child under three, effective from January 1, 2025, with a total potential subsidy of 10800 yuan for eligible children [5] - The program aims to create a supportive environment for families and is part of a broader strategy to enhance birth rates [5][6] Investment Opportunities - The report suggests focusing on investment opportunities in the maternal and infant product chain and dairy sectors, driven by the new childcare policies [6] - Companies like "Kids King," "Yili," "New Dairy," and "Miaokelando" are highlighted for their potential growth due to the expected increase in demand from the subsidy [6][8]

Group 1 - The government is introducing a childcare subsidy of 3,600 yuan per child per year for children under the age of three [2][1] - A press conference will be held on July 30 to discuss the childcare subsidy system and related measures to support childbirth [1] - Key officials from the National Health Commission, Ministry of Finance, National Medical Insurance Administration, and All-China Federation of Trade Unions will provide insights and answer questions [1]

责编：刘珺宇 校对： 王锦程 百万用户都在看 少林寺通报！释永信，正接受多部门联合调查！ "超级周"来袭！中美大事！国常会，重要部署！证监会发声！人工智能、消费大利好，影响一周市场 的十大消息 关税突发！美国、欧盟，重大变数！ A股重磅！"国家队"，再度出手！中概股，全线上涨！ 集体拉升！重磅"大单"，突然来袭！ 美联储，降息大消息！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 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。 来源：国新网 ...

Core Viewpoint - The implementation plan for the national childcare subsidy system has been announced, which will provide annual subsidies for children under three years old starting from January 1, 2025, with a base standard of 3,600 yuan per child per year [1][2]. Summary by Sections Subsidy Implementation - The childcare subsidy will be issued to children under three years old who are born in accordance with legal regulations starting from January 1, 2025 [2]. - The subsidy will be paid annually, with the current national base standard set at 3,600 yuan per child per year, continuing until the child turns three [1][2]. Application Process - Parents or guardians of the child must apply for the subsidy at the child's registered household location [2][9]. - Applications can be submitted online through the childcare subsidy information management system or offline [2][9]. - The subsidy will be disbursed through the bank account of the applicant or the child, with encouragement to use the "one card" system for financial subsidies or the child's social security card [2][9]. Eligibility and Calculation - The subsidy is available for all children, regardless of whether they are the first, second, or third child, as long as they meet the legal birth requirements [2]. - Children born before January 1, 2025, who are under three years old will also be eligible for the subsidy, calculated based on the number of months eligible for the subsidy [2][5].