据国新办网站消息，国务院新闻办公室将于2025年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。 ...

网：lvlei_yj@chinastock.com.cn 分析师登记编码：S0130524080002 宏观研究报告 育儿补贴快评："投资于人"具像化 事件:7月28日,中办、国办印发《育儿补贴制度实施方案》,从2025年1月 1 日起,对 3 周岁以下婴幼儿每年发放 3600元补贴。 2025 年 7 月 29 日 分析师 张迪 ☎：010-8092-7737 网: zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 目雷 ☎: 010-8092-7780 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 一、育儿补贴正式公布,财政支持千亿规模。育儿补贴成为国家制度,是"投 o 资于人"政策方向的坚实一步。根据方案公布的补贴标准,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(2022~2024 年出生),按应补贴月数折算计发补贴。2022- 2024 年我国出生人口数量分别为 956、902、954 万人 ...

据国新办网站消息，国务院新闻办公室将于2025年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 （文章来源：上海证券报） ...

Economic News - The Ministry of Industry and Information Technology proposed to formulate financial support guidelines for new industrialization, emphasizing the importance of value creation and industry governance [1] - The State Council issued a plan for a childcare subsidy system, providing annual subsidies of 3600 yuan per child for those under three years old starting January 1, 2025 [1] - The National Energy Administration emphasized the need for monitoring electricity supply and demand, aiming to establish a unified national electricity market by the end of the year [1] - Malaysia revised its 2025 economic growth forecast down to between 4% and 4.8%, with inflation expectations adjusted to 1.5%-2.3% [1] - China and the U.S. held trade talks in Sweden to implement previous agreements and promote bilateral economic relations [1] - The Guangdong Paper Industry Association called for resisting low-price competition and maintaining market order in the paper industry [1] - The China Federation of Logistics and Purchasing reported a stable growth in social logistics, with a total of 171.3 trillion yuan in the first half of the year, a 5.6% increase year-on-year [1] Company News - Zhonghua International plans to acquire 100% equity of Nantong Xingchen from Bluestar Group through a share issuance, with the valuation and transaction price yet to be determined [5] - Huahua Co., Ltd. intends to raise up to 586 million yuan through a private placement for automation and information technology upgrades in its production lines [5] - China Tungsten High-Tech plans to acquire machinery and land use rights from Minmetals Tungsten for 123 million yuan to enhance production capacity [5] - Jidian Co. announced the full production of its integrated green hydrogen and ammonia project, which includes 700 MW of wind power and 100 MW of solar power [5] - Rejing Bio developed a rapid test kit for Chikungunya virus antibodies, although it has not yet received regulatory approval for medical use [5][6] Industry Analysis - Western Mining (601168.SH) reported a 26.59% increase in revenue to 31.619 billion yuan and a 15.35% increase in net profit to 1.869 billion yuan for the first half of 2025, indicating a new expansion cycle [7] - The company achieved significant growth in the production of various minerals, including copper (9.18 million tons, +7.65%), zinc (6.29 million tons, +18.61%), and lead (3.51 million tons, +24.63%) [8] - The copper segment remains the core business, contributing 76% of revenue and 67% of gross profit, with a notable increase in both volume and price [8] - The company’s smelting production also saw improvements, with copper production rising by 49.94% to 182,200 tons in the first half of 2025 [9] - The company maintained stable profitability, with a slight decrease in gross margin from 21.06% to 19.98% but an increase in ROE from 10.45% to 11.10% [10][11] - Future revenue projections estimate 56.03 billion yuan in 2025, 58.64 billion yuan in 2026, and 60.9 billion yuan in 2027, with corresponding net profits of 3.84 billion yuan, 4.11 billion yuan, and 4.53 billion yuan [11]

Group 1: Market Overview - A-shares mostly declined, with the consumer sector experiencing a third consecutive day of pullback [1] - The Consumer ETF (159928) fell nearly 1%, with a trading volume of nearly 300 million yuan [1] - The Consumer ETF has seen net subscriptions of 14.6 million units over the past four days, with a total scale exceeding 12.2 billion yuan, leading its peers [1] Group 2: Policy Announcement - On July 28, the national childcare subsidy policy was announced, providing an annual subsidy of 3,600 yuan for each child under three years old starting January 1, 2025 [3] - The policy aims to reduce the cost of raising children for families and is expected to benefit over 20 million families annually [3] - The implementation of this policy marks a significant shift from local pilot programs to a nationwide system [5] Group 3: Investment Opportunities - The childcare subsidy is expected to create opportunities in four sectors: dairy products, mother-baby chains, infant products, and postpartum care services [6] - The dairy sector, particularly infant formula and liquid milk, is likely to see direct demand benefits from the subsidy [6] - Mother-baby chains are expected to experience improved same-store sales performance due to increased birth rates [6] - The postpartum care market in mainland China has significant growth potential, with a current penetration rate of 17% compared to higher rates in Singapore, South Korea, and Taiwan [7] Group 4: Economic Impact - The annual subsidy scale is estimated to be around 100 billion yuan, which will directly increase disposable income for families [8] - The direct cash subsidy is expected to stimulate consumption, particularly in childcare-related spending and among the young adult demographic [8] - The policy is seen as a step towards investing in human capital, with potential long-term benefits for the economy [9]

国家卫健委网站发布育儿补贴制度政策问答。其中提到，目前，各地正在抓紧制定育儿补贴制度具体实施 方案，积极做好各项准备工作，预计各地可以在8月下旬陆续开放申领育儿补贴。 哪些家庭可以申领育儿补贴？补贴标准为何如此设定？地方已有补贴政策怎样衔接？记者采访 多位专家，对热点问题做出解读。 一问：哪些家庭可领取育儿补贴？ 从2025年1月1日起，每孩每年发放育儿补贴3600元，至其年满3周岁——国家育儿补贴制度实 施方案28日公布。这是一项全国性的重要民生政策，面向育儿家庭全国范围全面直接发放现金 补贴，有助于缓解家庭养育压力。 根据方案， 补贴对象为从2025年1月1日起，符合法律法规规定生育的3周岁以下婴幼儿。换言 之，无论一孩、二孩、三孩，均可申领育儿补贴。 2025年1月1日前出生、不满3周岁的婴幼儿，也可享受政策，按应补贴月数折算计发补贴。 中国人口与发展研究中心主任贺丹表示，一孩、二孩、三孩均可领取补贴，且标准相同，实现 了三孩生育政策下家庭支持的全面覆盖，体现了政策的普惠性和公平性。 首都经济贸易大学劳动经济学院教授姜全保认为，一孩生育是家庭生育决策的关键，将一孩也 纳入补贴范畴，能一定程度帮助缓解年轻 ...

Group 1 - The core viewpoint of the news is the implementation of a universal childcare subsidy policy in China, which will provide financial support to families with children under three years old starting from January 1, 2025, with an annual subsidy of 3,600 yuan per child [1][2][4] - The subsidy is part of a broader strategy to address demographic challenges, including declining birth rates and an aging population, and aims to promote high-quality population development and long-term national growth [2][3][7] - The policy reflects the government's commitment to improving people's livelihoods and reducing the economic burden of raising children, which has been a significant concern for many families [4][5][6] Group 2 - The childcare subsidy is seen as a significant investment in human capital, contributing to the long-term accumulation of human resources and supporting multiple policy goals such as increasing household income, boosting consumption, and expanding domestic demand [2][3] - The initiative is part of a comprehensive approach to create a "birth-friendly" society, which includes improving the overall environment for childbirth, child-rearing, and education, thereby fostering a positive cycle of population reproduction [7][8] - The policy aims to lower the costs associated with childbirth and child-rearing, thereby encouraging families to have more children and addressing the societal value of caregiving [6][7]

Core Viewpoint - The implementation of the childcare subsidy system is expected to create opportunities in four key sectors: dairy products, maternal and infant chains, baby products, and postpartum care services [1] Summary by Relevant Categories Policy Overview - The State Council issued the "Implementation Plan for Childcare Subsidy System," which provides an annual subsidy of 3,600 yuan per child for infants under three years old [1] - The total annual subsidy amount is estimated to be around 100 billion yuan, funded by the central government [1] Coverage and Local Adaptation - The policy significantly expands the coverage to include all infants under three years old [1] - There is potential for differentiated local subsidies, allowing financially strong provinces with high population inflow to increase subsidies based on local needs [1] Investment Recommendations - The report recommends focusing on four sectors that are likely to benefit from the new subsidy: 1. Dairy products 2. Maternal and infant chains 3. Baby products 4. Postpartum care services [1]

Core Viewpoint - The implementation of the childcare subsidy system is a significant policy aimed at improving the welfare of families and addressing the declining birth rate in China, with a focus on providing financial support to families with children under three years old [1][2][8]. Summary by Sections Policy Implementation - Starting from January 1, 2025, the government will provide annual subsidies of 3,600 yuan per child for families with children under three years old, with tax exemptions on these subsidies [1][2]. - The subsidy is designed to cover all eligible families, including those with one, two, or three children, ensuring equal treatment across different family sizes [3][4]. Economic Impact - The subsidy aims to alleviate the financial burden of raising children, which has been a significant concern for families, especially in the context of rising costs associated with childbirth and child-rearing [6][7]. - It is estimated that over 20 million infants will benefit from this subsidy annually, reflecting a broad coverage and significant financial support for families [2][3]. Social Implications - The introduction of the childcare subsidy is seen as a step towards creating a more family-friendly society, addressing the economic factors that contribute to low birth rates [8][9]. - Experts suggest that while the subsidy alone may not completely reverse declining birth rates, it plays a crucial role in enhancing family welfare and encouraging higher birth rates by reducing economic pressures [7][8]. Long-term Strategy - The subsidy is part of a broader strategy to establish a comprehensive support system for families throughout the lifecycle, from pregnancy to child-rearing and beyond [9]. - Collaboration between central and local governments is encouraged to tailor additional support measures based on regional economic conditions and demographic needs [4][5].

上述负责人说，提交育儿补贴申请以线上申请为主，申领人可通过支付宝、微信平台"育儿补贴"小程 序，或婴幼儿户籍所在省份的政务服务平台，进入育儿补贴申领专区，登录"育儿补贴信息管理系统"申 请。 国家卫生健康委人口监测与家庭发展司有关负责人表示，发放育儿补贴是一项长期的制度性安排，也 是"投资于人"的重要措施，有利于构建生育友好型社会，促进人口高质量发展。 育儿补贴按年发放 在补贴标准方面，方案明确，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，按应补贴月数折算计发补贴。对按照育儿补贴制度规定 发放的育儿补贴免征个人所得税。在最低生活保障对象、特困人员等救助对象认定时，育儿补贴不计入 家庭或个人收入。 育儿补贴由婴幼儿的父母一方或其他监护人按规定向婴幼儿户籍所在地申领。申领人填写有关信息，提 供婴幼儿的出生医学证明、户口簿等材料，并对所提供信息及材料的真实性、完整性作出承诺。 ● 本报记者 欧阳剑环 中国政府网7月28日消息，中共中央办公厅、国务院办公厅近日印发的《育儿补贴制度实施方案》明 确，从2025年1月1日起，对符合法律法规规定生育的3 ...