社会服务行业：多地出台鼓励生育政策，母婴板块受益

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report highlights that the market expectations for infant formula companies are likely to improve, leading to a valuation uplift. Key companies to watch include China Feihe, Mengniu Dairy, Yili, New Hope Liuhe, and Miaokelando in the Hong Kong and A-share markets. Additionally, the report notes a potential recovery in the upstream raw milk cycle, with a focus on Modern Dairy [5] - The report emphasizes the benefits of recent fertility policies, which are expected to boost the mother and baby market. The introduction of substantial birth subsidies in cities like Hohhot is anticipated to enhance birth rates and positively impact related sectors such as children's clothing, home textiles, and educational products [7] - The report suggests that the dairy industry will benefit from initiatives like the "One Cup of Milk" policy, which provides electronic vouchers for milk purchases to pregnant women, thereby stimulating milk consumption and aiding dairy companies in managing excess supply [7] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown an absolute return of 11.88%, with a relative return of -0.38% compared to the CSI 300 index [2] Investment Highlights - The report identifies four key sectors for investment: 1. Dairy products, focusing on infant formula companies 2. Baby products retail chains, with a focus on Kid King and Aiyingshi 3. Toy and stationery companies, highlighting Blokus and Morning Glory [5][7] - The report anticipates that the mother and baby market size will continue to grow due to supportive fertility policies [7]