CITIC Securities: The mother and baby chain sector will directly benefit from the rebound in the birth rate.

CICC Securities research report pointed out that the childcare subsidy plan was announced, with a basic standard of 3600 yuan per child per year, funded by the central government. In addition, local governments can appropriately increase the standards based on their financial capabilities. The National Health Commission estimates that the childcare subsidy will benefit over 20 million infant and young children families each year, helping to boost the willingness to have more children. It is expected that the mother and baby chain sector will directly benefit from the increase in the birth rate, and the performance elasticity under the continuous recovery of same-store sales data is worth paying attention to.