我市入选的2个典型案例，分别是璧山区大成广场片区综合开发案例和万州区天生成片区综合提质改造案例。 璧山大成广场片区改造后的效果 1月4日，重庆市自然资源和规划局消息，自然资源部近日发布低效用地再开发试点第三批典型案例，全国共26个项目入选，涉及浙江、山东、江苏、重庆等 14个省（市）。我市有2个项目成功上榜，入选典型案例，为全国存量土地盘活与城市高质量发展提供"重庆样本"。 据介绍，自然资源部自2023年9月部署开展低效用地再开发试点工作以来，已先后发布了三批累计62个典型案例。第三批典型案例的发布，旨在充分发挥低 效用地再开发试点的示范作用，引导各地因地制宜、探索创新，进一步推动盘活存量土地和低效用地，增强经济发展动能，促进高质量发展。 万州天生城片区综合提质改造项目 璧山大成广场片区是璧山"母城"核心，曾面临设施陈旧、停车难等民生痛点。如今，该片区已成为"母城文化会客厅"与网红打卡地，璧山更以此为契机推进 城市治理，全域建设海绵城市，居民幸福指数持续攀升。 万州天生城片区综合提质改造项目，以天生城遗址公园为核心，构建"一核两区"发展格局，通过遗址保护与文旅融合激活片区活力。截至2025年11月，遗址 公园 ...

■王丽新 12月22日至23日，全国住房城乡建设工作会议在北京召开。会议提出，2026年要着力稳定房地产市场。 在这方面重点之一是：结合城市更新、城中村改造盘活利用存量用地。 在笔者看来，如何打破存量土地沉睡僵局，让其真正"动起来"，是当前房地产行业与城市建设亟待破解 的关键命题。但盘活存量土地绝非单一主体的独角戏，而是需要政府、金融机构、企业与社会资本多方 协同，打出一套精准施策的"组合拳"。 加大专项债收储存量土地力度，是地方政府层面撬动沉睡土地的"先手棋"。近年来，地方政府专项债券 在稳投资、补短板中发挥着重要作用，将其投向闲置土地收储领域，既能缓解房企的资金压力，又能为 城市规划腾出空间。 AMC可通过收购房企的存量土地相关债权，帮助房企剥离不良资产，引入新的金融机构乃至新投资主 体，带来可以启动项目的首笔增量资金；在此之后，联合具备优质开发能力的房企或者代建公司，对闲 置土地进行重新评估与建设开发。这种模式目前已发展成为可灵活复制、可推广的范式。比如，对于区 位条件较好的土地，可加快推进住宅与配套设施建设，激活区域市场；对于周边有产业基因的土地，则 可调整开发用途，转向开发运营保障性住房、人才公寓、 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [5][11]. Core Views - The company achieved a net profit of 2.7 billion yuan in the first half of 2025, a year-on-year decline of 63.5%, indicating potential pressure on future revenue growth and a bottoming out of gross profit margins [1][2]. - Despite the challenges, the company remains the industry leader in sales, with an increased proportion of sales from new projects and enhanced land acquisition efforts [1][9]. - The company is actively revitalizing its existing resources through various measures, including land swaps and financial restructuring, which have shown some progress [1][10]. - Financing costs are decreasing, with a higher proportion of direct financing, and the successful issuance of the first cash-based convertible bond in China [1][10]. - The company's asset management is steadily developing, with a continuous expansion of its property service scale [1][10]. Financial Performance Summary - In the first half of 2025, the company reported total revenue of 116.9 billion yuan, a year-on-year decrease of 16.1%, and a gross profit margin of 14.6%, down 1.4 percentage points from the previous year [2][4]. - The company plans to start construction on 8 million square meters and complete 25.4 million square meters in 2025, which is a significant reduction from the previous year's actual completion [3][4]. - The company's total liabilities as of the first half of 2025 were 333.6 billion yuan, with a revenue guarantee multiple of 1.07 for the full year of 2024 [3][4]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.36 yuan, 0.38 yuan, and 0.53 yuan, respectively [1][11]. - The company is expected to experience a decline in revenue and profit in the coming years, with a forecasted total revenue of 280.5 billion yuan in 2025, down 10% from the previous year [4][17]. Market Position - The company maintains its position as the top seller in the industry, with a sales area of 7.14 million square meters in the first half of 2025, despite a year-on-year decline of 25.2% [9][10]. - The proportion of sales from new projects has increased to 65%, reflecting a strategic shift towards newer developments [9][10].