三大世界级城市群要来了！城市投资逻辑迎来重大转变

Core Viewpoint - The article emphasizes the importance of the recently issued "Opinions on Promoting High-Quality Urban Development" as a roadmap for urban development and investment opportunities in China over the next decade, shifting focus from quantity to quality in urbanization [1] Investment Directions - The primary investment focus should be on three world-class city clusters: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, which together account for over 40% of the national economic output, with opportunities in cross-border financial infrastructure and industrial chain collaboration [2] - The development logic of mega cities is shifting from "expansion" to "strengthening," with cities like Beijing focusing on technological innovation and Shanghai on financial openness, creating investment hotspots in related national laboratories and high-end research platforms [2] - Emerging growth areas like Chengdu and the middle reaches of the Yangtze River will focus on urban integration, enhancing efficiency through cross-city commuting networks and industrial cooperation parks [2] Potential in Smaller Cities - Smaller cities and counties are also seen as significant investment opportunities, with some experiencing rapid population inflow, leading to high demand for schools, hospitals, and public services, ensuring high investment certainty [3] - Towns near urban clusters, such as Huqiao in Kunshan, are benefiting from industrial spillover from larger cities, presenting opportunities in supporting facilities like factories and talent housing [3] - Even shrinking cities, like Fuxin in Liaoning and Yichun in Heilongjiang, are exploring green transformation projects, such as wind power and eco-tourism, which, while slow in short-term returns, hold long-term value [3] Investment Logic Reconstruction - Future urban investments will not rely on land finance and scale dividends but will focus on "functional adaptation + efficiency enhancement," assessing projects based on their ability to improve urban capabilities [3] - Each investment must align with the "high-quality development" theme to find its place in the trillion-level urban investment market, whether through urban integration projects or public service enhancements in counties [3]