十八世纪人类已经开启了工业化进程并逐步进入城市时代。在我国的城市化进程中，为了推动城市建设发展，国家金融资本提供了强大支持，国资城投公司应运而生。除此之外，在这场城市化运动中还诞生了以市场化资本为主体的城市投资发展企业——“类城投公司”。该新型企业在发展中探索了诸多商业模式，通过对土地进行巨量投资获取超额利润。然而，当城市化进入到后半场，城市化所消耗的金融资源逐步收紧，同时基于生态文明理念引导的自然资源管理政策，一个粗放的土地开发模式已经无法支持陈旧的商业模式，类城投企业面临着新一轮的战略转型与变革。因此，本研究基于市场化转型的背景，以产业新城运营商华夏幸福为案例，研究中国类城投行业的企业当前所面临的政策环境、经济形势及市场机会，为行业下一步转型探索可能的路径。 首先，本文在对国内外文献研究的基础上，阐明了城市资本发展规律、中国城市化进程和企业发展战略的理论，共同建构了一个类城投行业的认识框架。针对企业战略转型中可能遇到的情境，以陈威如等的“平台战略”理论作为商业模式设计的依据，引入朱恒源“战略节奏”理论为后续如何设计盈利路径奠定基础。 其次，本文以华夏幸福基业为研究对象，尝试阐释类城投企业这个新概念，然后对典型案例华夏幸福的业务模式和财务表现进行了定性和定量的描述，透射出当今中国城市化进程中类城投企业以土地为核心的商业模式本质。基于宏观环境分析法，通过政治、经济、社会、技术外部环境的分析，结合当前中国城市化的进程和阶段，分析类城投企业战略转型的时代背景与历史必然性。 最后，探讨了类城投企业战略转型的方向和实施路径。通过案例分析法，分析类城投企业核心能力的构成、市场客户和需求的演变，指出了战略转型的主要方向;以战略节奏的PRE-M模型为基础，用小米作为案例，从核心产品的选择、资源市场的建立、资本市场的布局探讨了盈利模式和路径，从而得出研究的主要结论。 通过对案例企业华夏幸福基业的深入研究，本文期望对市场化背景下类城投公司战略转型的必然性、可能性和操作性提供理论依据和实践指导，帮助类城投公司在城市化发展的新阶段中持续成长。

In the eighteenth century, mankind had already begun the process of industrialization and gradually entered the urban era. In the process of urbanization in China, in order to promote the development of urban construction, the national financial capital has provided strong support, and the state-owned urban investment company has come into being. In addition, in this urbanization movement, there is also the birth of urban investment and development enterprises with market-oriented capital as the main body - "quasi urban investment companies". The new venture has explored many business models in its development, making huge investments in land to obtain excess profits. However, when urbanization enters the second half, the financial resources consumed by urbanization are gradually tightened, and based on the natural resource management policy guided by the concept of ecological civilization, an extensive land development model can no longer support the old business model, and city-like investment enterprises are facing a new round of strategic transformation and change. Therefore, based on the background of market-oriented transformation, this study takes China Fortune Land Development, the operator of industrial new city, as a case study, studies the current policy environment, economic situation and market opportunities faced by enterprises in China‘s urban investment industry, and explores possible paths for the next transformation of the industry. First of all, based on the research of relevant literature, the paper explains the laws of urban capital development, China‘s urbanization process and the theory of enterprise development strategy, and jointly constructs a cognitive framework of similar urban investment industry. In view of the situations that may be encountered in the strategic transformation of enterprises, the "platform strategy" theory of Chen Weiru and others is used as the basis for the design of business models, and Zhu Hengyuan‘s "strategic rhythm" theory is introduced to lay the foundation for how to design profit paths in the future.Secondly, this paper takes China Fortune Land Development as the research object, tries to explain the new concept of quasi urban investment enterprises, and then qualitatively and quantitatively describes the business model and financial performance of typical cases of China Fortune Land Development, which reflects the essence of the business model of quasi urban investment enterprises with land as the core in the process of urbanization in China today. Based on the macro environment analysis method, through the analysis of the political，economic and social environment, as well as and technological issues, combined with the current process and stage of China‘s urbanization, this paper analyzes the era background and historical inevitability of the strategic transformation of urban investment enterprises.Finally, it discusses the direction and implementation path of strategic transformation of similar urban investment enterprises. Through case analysis, this paper analyzes the composition of core competence of similar urban investment enterprises, the evolution of market customers and demands, and points out the main direction of strategic transformation; Based on the PRE-M model of strategic rhythm, and taking Xiaomi as a case, this paper discusses the profit model and path from the selection of core products, the establishment of resource markets, and the layout of capital markets, and then draws the main conclusions of this paper.Based on the analysis and exploration of the industry of quasi urban investment companies and China Fortune Land Development, the author hopes to provide theoretical direction and suggestion for the strategic transformation of quasi urban investment companies in the context of marketization, and help quasi urban investment companies better serve the economic and social development of China.