大公国际：城投公司布局乡村振兴：林下经济领域研究

Investment Rating - The report indicates a positive investment outlook for the urban investment companies engaging in the development of the under-forest economy, highlighting the supportive policies and market opportunities available in this sector [1][2]. Core Insights - The under-forest economy, which includes activities such as under-forest planting, breeding, and product processing, is recognized as a crucial driver for green development and rural revitalization, transforming ecological advantages into economic benefits [2][4]. - Urban investment companies are positioned to play a significant role in the under-forest economy by leveraging government policies and their own resources to facilitate industrial transformation and capitalize on market opportunities [1][6]. Summary by Sections Opportunities for Urban Investment Companies - Recent policies at both national and local levels have provided strong support for the development of the under-forest economy, creating favorable conditions for urban investment companies to engage in this sector [1][2]. - The total area utilized for under-forest economic activities exceeds 6 million acres, generating over 1 trillion yuan in output value, indicating substantial market potential [1]. Pathways for Urban Investment Companies - Land Rights Consolidation: Urban investment companies can address the fragmentation of land rights by consolidating land use rights through various methods such as leasing and partnerships, which will facilitate future industrial integration and capital operations [7][8]. - Industry Development: Companies can enhance the under-forest industry by focusing on variety cultivation, diversified operations, and building a complete industrial chain, thus addressing issues like homogenization and low brand premium [9][10]. - Financial Empowerment: Utilizing diverse financial tools such as green bonds and industry funds, urban investment companies can meet the significant funding needs of under-forest projects, which often require substantial initial investments and have long payback periods [10][11]. Challenges for Urban Investment Companies - Urban investment companies face challenges such as high capital pressure, technical barriers, price volatility of products, and potential policy changes, necessitating a strategic focus on areas with high policy support and quick cash flow [12][13].