Core Insights - 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 [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 [2] - Emerging growth poles like Chengdu-Chongqing and the Yangtze River middle reaches will concentrate on urban integration, enhancing efficiency and sustainable returns through cross-city commuting networks and industrial collaboration parks [2] Urban Development Trends - 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] - Secondary provincial cities, such as Xiangyang in Hubei and Luoyang in Henan, are expected to receive more resource allocation during the 14th Five-Year Plan period [2] Potential in Smaller Cities - Small and medium-sized cities, particularly those experiencing rapid population inflow, present significant investment opportunities, especially in public service facilities like schools and hospitals [3] - Towns surrounding metropolitan areas, such as Huqiao in Jiangsu, are benefiting from industrial spillover from major cities, creating demand for supporting infrastructure [3] - Even shrinking cities can offer long-term value through projects aligned with green transformation, such as wind power in Fuxin, Liaoning, and eco-tourism in Yichun, Heilongjiang [3] Investment Logic Reconstruction - Future urban investments will focus on "functional adaptation + efficiency enhancement," moving away from reliance on land finance and scale dividends [3] - The key to evaluating investment projects is their ability to enhance urban capabilities, such as collaborative capacity in city clusters and public service capabilities in smaller towns [3] - The restructuring of urban systems represents a fundamental shift in investment logic, with all investments needing to align with the theme of "high-quality development" to succeed in the trillion-yuan urban investment market [3]