特别提醒 近日，我省印发《四川省育儿补贴制度实施方案》（以下简称《方案》）。《方案》明确：从2025 年1月1日起，对符合法律法规规定生育或收养的3周岁以下婴幼儿，以及3周岁以下孤儿、事实无人抚养 的婴幼儿发放补贴，至其年满3周岁。 目前，我省提供"线上+线下"双重选择。申领人线上可通过支付宝、微信平台"育儿补贴"申领入 口，进入育儿补贴信息系统，线下申请需到婴幼儿户籍所在地乡镇政府（街道办事处）现场办理。儿童 福利机构应到机构登记地的乡镇政府（街道办事处）现场办理。 根据《方案》，各县（市、区）应在每个季度的第2个月初向上个季度审核确认的对象发放补贴。 综合多地卫生健康主管部门回复，此次育儿补贴为首次发放，暂不按每个季度的第2个月发放方案执 行，其中，攀枝花、广安市邻水县等地反馈将在11—12月陆续发放。（记者 魏冯） ●申领人线上可通过支付宝、微信平台"育儿补贴"申领入口，进入育儿补贴信息系统，线下申请需 到婴幼儿户籍所在地乡镇政府（街道办事处）现场办理 《方案》提出，育儿补贴按年发放，现阶段执行国家基础标准，即每孩每年3600元。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。最低生活保障对象、特 ...

Core Viewpoint - H&H International Holdings reported a 12.0% year-on-year increase in total revenue for the nine months ending September 30, 2025, driven by strong growth in its infant nutrition and care products segment, particularly in infant formula milk powder [1] Group 1: Financial Performance - Total revenue reached RMB 10.805 billion, with a 12.3% increase on a like-for-like basis [1] - The infant nutrition and care products segment experienced a significant growth rate of 24.0%, primarily due to a 33.3% year-on-year increase in infant formula milk powder sales [1] - The infant probiotics and nutritional supplements segment saw a reduced decline of 2.3%, with a strong double-digit growth resurgence in the last three months of the reporting period [1] Group 2: Market Outlook - According to Founder Securities, the infant formula milk powder industry is currently under pressure due to demand factors, but H&H's sales in this category increased by 10.0% year-on-year in the first half of 2025, outperforming the industry average [1] - The strong sales performance of Stage 1 and Stage 2 infant formula milk powder is a key driver of this growth [1] - The ongoing implementation of childcare subsidy policies is expected to improve demand for infant formula milk powder, with H&H's products likely to maintain a growth trajectory, while the infant probiotics and nutritional supplements are anticipated to gradually return to a growth path [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall market shows a complex and volatile situation, with different sectors having different trends and influencing factors. For example, the A - share market is affected by macro - data and shows an upward - then - downward trend; the steel and ore market is expected to be weak in the medium - to - long - term; and the energy market is influenced by geopolitical conflicts and supply - demand relationships [10][12][35]. Summary by Related Catalogs Macro Information - The 22nd issue of Qiushi magazine published President Xi Jinping's important article. The National Bureau of Statistics released October economic data, showing a slowdown in multiple indicators. The prices of commercial housing in 70 cities declined. The Chinese government reminded citizens to avoid traveling to Japan. The State Council studied "two - important" construction and consumption - promotion policies. The central bank will conduct a large - scale reverse - repurchase operation. The US will release multiple economic data. The Guangzhou Futures Exchange will list platinum and palladium futures. The market supervision department issued an anti - monopoly compliance guide. The national child - rearing subsidy system has been implemented, and the lithium - battery industry chain has seen a price increase. Trump adjusted the scope of "reciprocal tariffs" [4][5][6][7][8]. Macro Finance - **Stock Index Futures**: Adopt a volatile mindset and temporarily hold off on trading. The A - share market rose and then fell, affected by macro - data. The decline in industrial growth, consumption, and investment may be due to technical factors, export slowdown, anti - involution, and the real - estate downturn [10]. - **Treasury Bond Futures**: The market's expectation of monetary easing has declined, but interest - rate cuts cannot be ruled out. Maintain the view of increased easing in Q4. The money market is affected by the approaching tax period, and the stock - bond seesaw effect is weakly effective [11]. Black - **Steel and Ore**: In the short - term, expect a volatile consolidation; in the medium - to - long - term, maintain a bearish view when prices are high. The supply - demand relationship is weak, with high inventory and low profit for steel mills. The price is affected by low - price transactions and may remain weak [12][13]. - **Coking Coal and Coke**: The prices may continue to decline in the short - term. In the medium - term, the mine's production is restricted by policies, and the demand for steel is weak in the off - season, but the strong thermal - coal price provides some support [14]. - **Ferroalloys**: In the long - term, the oversupply situation is difficult to alleviate, so maintain a bearish view when prices are high. In the short - term, it is recommended to wait and see. The prices are fluctuating narrowly, and the cost of manganese - silicon is relatively stable [15]. - **Soda Ash and Glass**: Currently, it is recommended to wait and see. The soda - ash industry has production fluctuations and cost increases, while the glass industry's strong sales have not continued, and the market is concerned about demand and inventory [16]. Non - ferrous Metals and New Materials - **Lithium Carbonate**: The short - term fundamentals are good, but the demand may weaken in Q1 next year, limiting price increases. After the demand weakens, the price may correct, and it is advisable to buy on dips [18]. - **Industrial Silicon and Polysilicon**: Industrial silicon has no prominent supply - demand contradictions and can be bought on dips or sell out - of - the - money put options. Polysilicon is expected to continue to fluctuate, influenced by policy expectations and supply - demand relationships [19]. Agricultural Products - **Cotton**: The supply pressure is large, and the demand is weak. The price is undervalued compared to the spot, which limits the decline. It is expected to oscillate at a low level [23][24]. - **Sugar**: The domestic sugar supply - demand situation is expected to be bearish. Before the large - scale arrival of new sugar, it is advisable to wait and see. In the long - term, there is still supply pressure [25][27]. - **Eggs**: The spot price is weak, and the futures price may oscillate. The in - production laying - hen inventory is high, but it is expected to decline. It is recommended to short the near - term contracts [28]. - **Apples**: The price is expected to be strong in a volatile manner. The inventory is low, and the price is high. The future consumption trend will be the focus [30]. - **Corn**: The spot price has rebounded, but the supply pressure is still accumulating. It is necessary to pay attention to the new - grain sales progress and the release of policy wheat [31]. - **Red Dates**: Temporarily wait and see. The weak spot market in the sales area has a negative impact on the new - date ordering price [32]. - **Pigs**: The supply pressure continues, and the demand is average. The spot price is likely to oscillate weakly. It is recommended to short the near - term contracts [33]. Energy and Chemicals - **Crude Oil**: In the short - term, it is expected to be strongly volatile, but the long - term downward trend of oversupply remains unchanged. The price is affected by geopolitical conflicts and supply - demand forecasts [35]. - **Fuel Oil**: The price will follow the oil price, with a supply - abundant and demand - weak structure. The short - term focus is on supply concerns after the sanctions on Russia [36]. - **Plastic**: The supply pressure is large, and it is expected to be weakly volatile. The current price provides some support for producers [36][37]. - **Rubber**: Pay attention to the strategy of expanding the ru - nr spread. The price may oscillate in the short - term, with supply in the peak season and support at the bottom [37]. - **Methanol**: The near - term contracts are expected to be weakly volatile, and the far - term contracts can be moderately long after the rebound drive appears. The supply pressure is large, and the inventory is high [38][39]. - **Caustic Soda**: Wait for long - position opportunities after a significant decline. Pay attention to the cost support. The spot price is falling, and the futures price is weak [40]. - **Asphalt**: The price fluctuation is expected to increase, and the focus is on the price bottom after the winter - storage game [41]. - **Polyester Industry Chain**: It is expected to continue to be strong in the short - term, driven by improved supply - demand and market sentiment [42]. - **Liquefied Petroleum Gas**: Although there are short - term positive factors, it is not advisable to chase the rise. Consider shorting at high prices in the medium - to - long - term [43]. - **Paper Pulp**: The fundamentals are relatively stable, and it is expected to maintain a wide - range oscillation. Observe the digestion of old warehouse receipts and spot transactions [45]. - **Logs**: The fundamentals are weakly oscillating, and the price is under pressure. The inventory is expected to increase, and the market is in the off - season [46]. - **Urea**: Wait and see, subject to specific policies. The spot price is falling, and the futures price is oscillating [47]. - **Synthetic Rubber**: The short - term price will oscillate within a range. Be cautious when going long and consider selling call options after the rebound [48].

据央视报道，第五届中国人口与发展论坛11月14日在北京举行。国家卫生健康委主任雷海潮介绍，"十四五"以来，我国不断完善生育政策体系和激励机制。2025年9 月开始申领育儿补贴，目前全国累计提交3170多万条申领信息，各地已经于本月中旬陆续开始发放育儿补贴。 今年7月，全国性的重要民生政策——国家育儿补贴制度实施方案（下称"方案"）公布：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。方案明确，育儿补贴按年发放，中央财政按比例对东部、中部、西部地区予以补助，地方可根据财力适当提标，提标部分所需资金由地方财政自行承 担。 ★ 宏观动态 ★ 上海航运交易所：本周中国出口集装箱运输市场总体平稳 据上海航运交易所消息，本周，中国出口集装箱运输市场总体平稳，远洋航线市场运价继续出现分化走势，综合指数小幅下跌。11月14日，上海航运交易所发布的 上海出口集装箱综合运价指数为1451.38点，较上期下跌2.9%。 各地育儿补贴陆续开始发放 瑞士宣布美国对其商品关税从39%降至15% 据央视新闻报道，当地时间14日，瑞士联邦委员会宣布，美国对瑞士产品征收的关税从目前的39%降至15%。 ...

"十四五"以来，我国不断完善生育政策体系和激励机制。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称《建议》）提出，倡导积极 婚育观，优化生育支持政策和激励措施，发挥育儿补贴和个人所得税抵扣政策作用，有效降低家庭生育 养育教育成本。《建议》明确，完善生育保险制度，落实生育休假制度，实施早孕关爱行动、孕育和出 生缺陷防治能力提升计划。深入开展托育服务补助示范试点，发展普惠托育和托幼一体化服务，逐步完 善相关制度。 据央视报道，第五届中国人口与发展论坛11月14日在北京举行。国家卫生健康委主任雷海潮介绍，"十 四五"以来，我国不断完善生育政策体系和激励机制。2025年9月开始申领育儿补贴，目前全国累计提交 3170多万条申领信息，各地已经于本月中旬陆续开始发放育儿补贴。 王金营分析称，"十五五"时期，需将提升生育率纳入人口发展全局，通过短期任务落地与长期战略推进 的有机结合，为中国式现代化筑牢人口根基。包括构建全链条生育成本分担机制，完善生育友好型公共 服务体系，培育塑造积极的婚育社会文化。其中，在构建全链条生育成本分担机制方面，针对孕育、托 育、教育、医疗、住房等直接成本过高问题，"十五五" ...

国家卫生健康委主任雷海潮：在时间支持方面，各省份普遍延长产假至158天或以上，设立了15天左右 的配偶陪产假，5到20天不等的育儿假，全社会支持生育的氛围日益浓厚。 第五届中国人口与发展论坛14日在北京举行。国家卫生健康委主任雷海潮介绍，"十四五"以来，我国不 断完善生育政策体系和激励机制。2025年9月开始申领育儿补贴，目前全国累计提交3170多万条申领信 息，各地已经于本月中旬陆续开始发放育儿补贴。 （文章来源：央视新闻） 国家卫生健康委主任雷海潮：在经济支持方面，将三岁以下婴幼儿的照护费用纳入个人税收抵扣范围， 扣除标准提高到2000元，免除公办幼儿园大班的保教费，扩大生育保险的覆盖面，推动实现生育津贴直 接发放到个人，建立实施育儿补贴制度，对符合法律法规规定生育的三周岁以下婴幼儿，每年发放3600 元的补助，这是惠民生投资于人的重要制度性安排。 国家卫生健康委主任雷海潮介绍，在服务支持方面，截至目前，全国共有托育服务机构12.6万家，托位 总数达到665.7万个，其中普惠托位数明显增长，千人口的托位数已经达到4.73，超额完成"十四五"规划 中提出的千人口托位数4.5的目标。 ...

Core Points - The first local detailed guidelines for the national childcare subsidy system have been introduced in Ordos City, Inner Mongolia, which implements differentiated subsidy policies based on the national standard [1] - The subsidy follows the principle of "higher not lower," meaning that it does not allow for stacking of subsidies [1] - For one-child and two-child families, the national subsidy standard of 3600 yuan per year remains in effect, while for three-child families, the subsidy exceeds the national standard, amounting to 10,000 yuan per year (3600 yuan national + 6400 yuan local) until the child turns three [1] - The national childcare subsidy system was announced on July 28, with a plan to provide 3600 yuan annually for all children until they reach three years old starting January 1, 2025 [1] - The plan specifies that subsidies will be distributed annually, with central government funding supporting eastern, central, and western regions proportionally, while local governments can adjust the subsidy levels based on their financial capabilities [1]

Core Viewpoint - Ordos City in Inner Mongolia has implemented a differentiated subsidy policy for childcare, exceeding the national standard for families with three children, aiming to reduce the financial burden of raising children [2][4]. Group 1: Subsidy Policy Details - The national childcare subsidy standard is set at 3600 yuan per year for the first and second child, while families with a third child will receive a total of 10000 yuan per year, which includes the national standard plus an additional 6400 yuan from the city [2][4]. - The subsidies will be provided until the child reaches three years of age, with families required to apply through platforms like WeChat and Alipay to receive the national subsidy [2][3]. Group 2: Additional Subsidies - Pregnant women from Ordos City can receive a one-time subsidy of 500 yuan for prenatal check-ups, while families giving birth to a second or third child can receive a one-time delivery subsidy of 2000 yuan [3]. - For children enrolled in local childcare institutions, families will receive a subsidy of 1000 yuan per semester for nursery and 2500 yuan for kindergarten until the child is six years old [3]. Group 3: Future Implementation and Adjustments - Starting from January 1, 2025, the local government will issue subsidies for children under three years old according to the new national guidelines, with the possibility of local governments increasing the subsidy amounts based on their financial capabilities [4][5][6]. - The national standard for childcare subsidies is expected to be uniformly implemented across regions, with local governments allowed to maintain higher standards if they were previously established [6].

Core Viewpoint - The introduction of the national childcare subsidy policy has prompted local governments to align their existing subsidy programs, with Ordos City in Inner Mongolia being the first to implement a "higher not lower" principle for its subsidies [1][2][3] Group 1: Local Implementation of Childcare Subsidies - Ordos City will continue to provide an annual subsidy of 10,000 yuan for families with three children, maintaining its previously announced subsidy standard [1] - The local government has issued a proposal to support families and reduce the costs of childbirth and childcare, aligning with the national policy [1] - The subsidy for the first and second child will be set at the national standard of 3,600 yuan per year, while the third child will receive the local standard [2] Group 2: Policy Coordination and Future Plans - The local government of Hohhot City is also developing a plan to align with national and regional childcare subsidy policies, ensuring that subsidies only increase [3] - Starting from March 1, 2025, Hohhot will provide a one-time subsidy of 10,000 yuan for the first child, 50,000 yuan for the second child, and 100,000 yuan for the third child, distributed annually [3] - The National Health Commission has emphasized the importance of policy coordination to protect the interests of the public [3] Group 3: Expert Insights on Subsidy Policies - Experts suggest that while the central government sets a basic standard for childcare subsidies, local governments can create differentiated additional subsidies based on local economic conditions [4][5] - The new national subsidy policy provides a framework for local governments to establish their own standards, allowing for flexibility in addressing local demographic and economic factors [4][5] - The principle of "higher not lower" should be strictly followed to ensure that residents receive at least the same total subsidy as before or the higher of the national standard [4]

Core Points - Ordos City in Inner Mongolia has introduced a differentiated subsidy policy based on the national childcare subsidy system, providing higher subsidies for families with three children [2][4] - The national standard for childcare subsidies is 3600 yuan per year, while Ordos offers 10000 yuan per year for families with three children, which includes the national standard plus an additional 6400 yuan from the city [2][4] - The initiative aims to support families in reducing the costs of childbirth and childcare, thereby alleviating the financial burden on families [2][4] Subsidy Details - For families with one or two children, the national subsidy standard of 3600 yuan per year applies [2][4] - Families with three children will receive a total of 10000 yuan per year until the child turns three, with the subsidy being non-cumulative [2][4] - The application process for subsidies can be done through various online platforms such as WeChat and Alipay, and families are encouraged to apply for the national subsidy to receive any outstanding amounts [2][3] Implementation Timeline - The new subsidy policy aligns with the national implementation plan set to take effect on January 1, 2025, for children under three years old [4][5] - Families who have previously applied for subsidies can reapply through online channels to streamline the process [4][5] - The local government has the flexibility to adjust subsidy levels based on financial capacity, allowing for differentiated support based on local economic conditions [5]