银河证券：

Galaxy securities:

　　新型城镇化的憧憬与机会

The new urbanization of hope and opportunity

　　新型城镇化作为我国最大的内需潜力和实现现代化的重要任务，被决策层定为战略选择，也受到了资本市场的高度关注，但市场对城镇化的争议很多。我们认为，新型城镇化的三个命题，可以更加清楚的认识城镇化的本质：（1）城镇化是经济与社会发展的结果，也是实现现代化必须完成的任务；（2）城镇化是长期推进的过程，也是渐进实现的蓝图；（3）城镇化是经济社会发展改革的载体，是联系农业现代化、新型工业化和制度改革的纽带。

New urbanization as China's largest potential of domestic demand and the main task of modernization,By the management team as a strategic choice,Is the height of the capital market attention,But the market of urbanization a lot of controversy.We think that,New type of urbanization of the three propositions,Can be more clear understanding of the essence of urbanization:(1)Urbanization is the result of the economic and social development,Is to realize modernization must complete the task;(2)The process of urbanization is pushing for a long time,Also is the realization of incremental blueprint;(3)Urbanization is the carrier of economic and social development and reform,Is contact the agricultural modernization/The reform of the new type industrialization and link.

　　新型城镇化将带来经济与社会生活方式的重大变化：（1）农民市民化、农业现代化与土地、户籍制度变革；（2）新型工业化的发展；（3）服务业大发展；（4）城市空间布局优化与城市群大发展；（5）基础设施完善与公共服务水平提升；（6）融资与地方财政体制变化。

New type of urbanization will lead to major change in the pattern of economic and social life:(1)Urbanization of farmers/Agricultural modernization and land/The household registration system reform;(2)The development of new industrialization;(3)Service industry development;(4)City space layout optimization and urban agglomeration development;(5)Perfect infrastructure and public service level of ascension;(6)Financing and local financial system changes.

　　新型城镇化的投资机会：房地产、城市基础设施建设、城市服务业发展、城市消费提升、农业现代化。

New urbanization of investment opportunities:The real estate/Urban infrastructure construction/Urban service industry development/Promoting consumption city/The agricultural modernization.

　　国海证券(000750,股吧)：

GuoHai securities(000750,Shares!):

　　三层面探寻城镇化投资机会

Three levels for urbanization investment opportunities

　　从推进机制来看，推进城镇化的动力则大体分为三种：政府动力、市场动力与民间动力，中国新型城镇化以政府主导，这也是我国城镇化区别于欧美国家最主要的区别，未来随着市场化力量的加入，自下而上的民生、就业需求、经济结构和发展阶段也对城镇化模式有所影响。

From the point of promoting mechanism,Urbanization of the power can be divided into three kinds:The government power/Market power and private power,- new urbanization of China,This is also our country urbanization from the main difference between the European and American countries,Along with the market forces to join in the future,Bottom-up the livelihood of the people/The employment demand/Economic structure and stage of development of the urbanization pattern.

　　政府主导下通过制度层面、硬设施和软设施三个层面选择投资方向。我们的行业配置思路是寻找政府主导下的城镇化带来的机遇，分别从自上而下的制度层面、自下而上的从民生就业相关的硬设施、软环境三个层面寻找相关的投资机遇。

Guided by the government through the system/Hard and soft facilities three levels to choose investment direction.The industry configuration of our idea is to find the opportunities brought by the urbanization under the guidance of the government,Respectively from the top-down system level/Bottom-up employment related hardware facilities from the people's livelihood/Soft environment related to the three levels to find investment opportunities.

　　制度层面，中国城镇化表现出政府主导、大规模整体推进的特征，针对目前劳动、资源要素流动受阻、城乡二元结构失衡、社会福利不公平及公共事业服务的不完全覆盖，我们认为制度改革可以通过土地的集约使用，增强土地利用率和农民收入分配，加快农村转移人口市民化，让全民分享改革发展成果。

System level,Show the government leading China's urbanization/Large scale characteristic of whole advancement,According to the present work/Flow of essential factors of resources/Urban and rural dual structure imbalance/The unfair social welfare and public service is not completely covered,We think can through the intensive use of land system reform,Enhance land use efficiency and farmers income distribution,To speed up the urbanization of the rural population transfer,Let all the people share the achievements of reform and development.

　　硬设施层面，由于中国城镇化面临着大城市和中小城市、小城镇经济结构和发展定位的差距，我们从传统投资和城市配套规划两个层面分析投资机会：对于中小城市及小城镇的发展以及城镇扩大化的初期，我们认为传统的投资和产业转移仍然会受到重视，与之配套的基础设施建设、房地产和金融将持续带动就业和收入增加；对于三大东部产业群而言，智慧城市、绿色低碳则顺应了产业升级和信息化、节能环保的发展方向。

Hardware facilities level,Because of China's urbanization is facing big cities and small and medium-sized cities/The gap of the economic structure and development orientation in small towns,We from two aspects: traditional investment and supporting urban planning analysis of investment opportunities:For the development of small and medium-sized cities and small towns and urban expansion of the early,We think that the traditional investment and industrial transfer will still be taken seriously,With the supporting infrastructure/Real estate and finance will continue to promote employment and increase income;For three industrial clusters in the east,Wisdom city/Green low carbon is comply with the industrial upgrade and the information/The development direction of energy conservation and environmental protection.

　　软环境层面，突出新型城镇化以质量和效益为中心，看好随着居民收入水平的提高，民生改善、消费升级带来的相关行业机会。

Soft environment level,Highlight the new urbanization centered on the quality and efficiency,Values with the improvement of income level of resident,Improve people's livelihood/Consumption opportunities related to the upgrade of industry.

　　东方证券：

Orient securities:

　　新型城镇化助推轨交建设

The new urbanization thrusting rail construction

　　新型城镇化加速轨道交通发展。轨道交通可有效缓解城市交通拥堵，提高城市运行效率和人口容纳力，促进居住区的延伸和新商业圈的形成，提升城市公共服务水平；同时也可以拉动内需、消化过剩产能，将成为未来政府主导投资的主要发力点。根据规划，未来几年或将进入新一轮轨交建设高峰期，每年平均投入超过2500亿元，相关领域有望迎来一波长足的发展契机。

New urbanization accelerating rail transportation development.Rail transit can effectively alleviate the urban traffic congestion,Improve the efficiency of urban operation and population capacity,Residential area in the promotion of elongation and the formation of new business circle,Urban public service level of ascension;At the same time can also be stimulating domestic demand/Digest excess capacity,Will become a government-led investment mainly the swimmer in the future.According to the plan,The next few years or will enter into a new round of rail construction peak,In an average of more than 250 billion yuan a year,Related field is expected to usher in a wave of great opportunity of development.

　　建议关注受益程度最大、业务占比较高、业绩弹性较大的相关受益公司。由于轨道交通建设周期较长，按照建设进程主要关注规划设计、基建施工和相关材料等企业。

Suggest that attention to benefit the most/Business accounts for a higher/Performance of elastic larger benefit related company.Because of the rail transit construction cycle is long,Focusing on planning and design in accordance with the construction process/Infrastructure construction and relevant materials.