新型城镇化系列之区域一体化篇：区域一体化的主线思路、建设进展及未来机遇

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report emphasizes that regional integration is a key trend in optimizing urban spatial structures and is a driving force for regional economic development in China. It highlights the importance of accelerating regional integration as part of the new urbanization strategy [21][22]. Summary by Sections 1. Regional Integration Enters a New Stage - The report notes that the collaborative development of large, medium, and small cities has made progress, but there is still a gap in achieving deep integration. The urban development is characterized by a dual challenge of rapid expansion of large cities and insufficient development momentum in small cities [22][31]. - The focus is on modern urban agglomeration construction as a critical breakthrough for advancing regional integration [23][29]. 2. Progress and Trends in Major Urban Agglomerations - Infrastructure: The report states that infrastructure integration is a primary task, with significant improvements in transportation, energy, and communication networks. The average road network density in cities reached 19.7 square meters per person in 2023 [46][47]. - Industrial Development: Urban agglomerations are experiencing a layer-based diffusion of industries, with a clear trend of industrial gradient transfer from central cities to surrounding areas. The report highlights the strong momentum for building modern industrial clusters [60][63]. - Ecological Environment: The report indicates that ecological governance has improved, with urban agglomerations achieving a 100% waste treatment rate and a 98.84% sewage treatment rate by 2023 [71][74]. - Market Elements: The integration of market elements is still in the exploratory stage, with a focus on optimizing the flow of capital, technology, and labor within urban agglomerations [83][89]. - Public Services: The report notes that while public service capabilities are improving, there are still structural mismatches that need to be addressed, particularly in education, healthcare, and elderly care services [38][45]. 3. Key Driving Paths and Opportunities - The report identifies that the next five years will likely see breakthroughs in regional integration, driven by major projects, mechanisms, and platforms [4][5].