截至目前，该平台已上架一级市场拟供存量土地113宗、面积约6567亩，二级市场拟转让土地34 宗、面积约993亩。 德阳市自然资源和规划局相关负责人介绍，该平台整合全市一级市场拟供存量地块和二级市场拟 转让地块信息，全面推行"云上公开"，实现地块信息"一库统管"、企业服务"查选服管"一体化， 大幅提升了土地资源市场化配置效率。 依托平台，德阳对全市存量土地进行全面梳理，建立数字化矢量数据库，接入国土空间规划"一张 图"系统，实现地块坐标、面积、规划用途等信息可视化动态管控，地块信息"一图可视"。 同时，平台开发"一级市场"供应专区与"地图选地"功能，支持按区域、用途、面积等多维度检 索，企业可通过"一地一码"扫码获取地块实景、规划条件、周边配套等信息，线上预约看地、提 交意向报价，实现云上操作"一键通达"。 □四川日报全媒体记者 陈丽霏 近日，记者从德阳市自然资源和规划局获悉，德阳日前创新打造"土地超市"线上平台，破解"传统 土地信息发布方式主要依靠集中公告、媒体刊登等途径，企业难以实时、系统掌握全面信息"这一 痛点，推动土地要素高效配置。 此外，平台还与公共资源交易系统实时联动，同步发布招拍挂公告与成交信息 ...

某地一宗国有建设用地使用权转让后，买受人欲查询原土地受让人的出让合同，遂向当地自然资源 局提出信息公开申请。当地自然资源局认为出让合同属于不动产登记原始资料，依照《不动产登记资料 查询暂行办法》的规定，仅限不动产权利人、利害关系人按权限查询。纠纷由此产生，引发行政复议和 行政诉讼。 分析 案情 笔者就上述类型的案件，从信息性质、制度设计与实践价值三个层面对此进行剖析，并提出制度建 议。 出让合同不只是不动产登记原始资料 国有土地使用权出让，是指市、县人民政府自然资源主管部门代表国家作为土地所有者，依据土地 管理法、城市房地产管理法等法律法规，通过招拍挂或协议方式，将国有土地交由使用者在一定年限内 使用，并收取出让金的行为。该行为并非纯粹的民事交易，而是政府行使土地管理职权、落实国土空间 规划、调控土地市场的重要行政手段。出让合同作为出让行为的行政手段和工作载体，并非仅约定价款 与面积等民事内容，还包含了许多强制性行政管理要素，如土地用途、容积率、建筑密度、绿地率等规 划条件，开竣工时限等开发建设要求，以及配建公共设施、产业准入条件等公益性义务。这些条款来源 于国土空间规划、政府产业政策和城市发展需求，是相关行 ...

Core Viewpoint - The Jiangsu Province Zhenjiang City Natural Resources and Planning Bureau DanTu Branch is focusing on ecological space along the Grand Canal, implementing a "one case, one file" management approach to rectify illegal land use and achieve zero growth in new illegal land use this year [1] Group 1: Regulatory Actions - The bureau is utilizing technology for enforcement, combining human and technical measures to explore smart law enforcement and monitoring [1] - A total of 11 high-definition enforcement cameras and drones have been installed along an 8-kilometer section of the canal in Xin Feng Town, enabling 24-hour precise monitoring [1] - This year, 15 new illegal encroachments have been halted through these measures [1] Group 2: Collaborative Enforcement - The bureau is collaborating with multiple departments to conduct joint enforcement actions, requiring five illegal wharves along the canal to rectify their operations [1] - Approximately 200 acres of illegally occupied arable land have been returned to compliance through targeted actions against disordered planting and illegal dumping [1] Group 3: Public Awareness and Education - A "Legal Education Group" has been organized to conduct sessions in the evening lecture hall of the town government, educating over a hundred grassroots leaders on "Arable Land Protection and Land Law Enforcement" [1] - The sessions analyze enforcement issues and propose rectification plans [1]

Core Viewpoint - The document outlines a plan by the Enshi Tujia and Miao Autonomous Prefecture in Hubei Province to revitalize state-owned land and mineral resources, aiming for asset management reform through the goals of asset capitalization, securitization, and leveraging state funds [1] Group 1: Objectives and Strategies - The plan emphasizes the need to clarify the status of state-owned enterprises' land and mineral resources, focusing on understanding the baseline, clarifying property rights, and realizing value [1] - Specific measures include conducting natural resource surveys and confirming land rights for state-owned enterprises, establishing a management ledger for land assets, and integrating these into a dynamic management system [1] Group 2: Implementation Measures - The plan encourages the acceleration of the disposal of existing construction land and supports the securitization of land assets, enhancing liquidity and value realization [1] - It promotes the construction of multi-layer industrial buildings that can accommodate various production services, with a requirement that industrial space must constitute at least 50% of the total area [1] - The plan allows for the increase of floor area ratio for legally obtained industrial land without additional land price charges, provided the land use remains unchanged and is aimed at expanding production capacity [1]

Group 1 - The State Council has approved a pilot program for the market-oriented allocation of factors in ten regions, including Beijing's sub-center and the Guangdong-Hong Kong-Macao Greater Bay Area, to enhance economic vitality and consumption [1] - The pilot areas are characterized by strong economic foundations and growth potential, covering key urban clusters and metropolitan areas in China [1] - The overall structure of the pilot program is consistent but tailored to local conditions, focusing on stimulating innovation in technology, efficient land allocation, and enhancing the flow of human resources and capital [1][2] Group 2 - The pilot program aims to deepen reforms in land management, granting greater autonomy to pilot regions in managing land resources and matching new construction land with population trends [2] - It includes innovative land supply mechanisms such as long-term leasing and flexible supply periods, as well as revitalizing underutilized land [2] - A unified regulatory framework is essential for a high-level socialist market economy, which will enhance market efficiency and ensure fair competition [3] Group 3 - The construction of a unified national market requires the implementation of "Five Unifications and One Openness," which includes standardizing market systems and infrastructure, and ensuring consistent government actions [4] - The initiative emphasizes the importance of resource allocation and reducing waste through the free flow of factors [4] - Expanding both domestic and international openness is crucial for building a unified national market and gaining a competitive edge in the global economy [4]

Core Viewpoint - The State Council has approved a comprehensive reform pilot program for market-oriented allocation of ten factors in selected regions, aiming to enhance the efficiency of resource allocation and promote a high-level socialist market economy [1][7]. Group 1: Pilot Regions and Objectives - The pilot program will be implemented in ten regions including Beijing's urban sub-center, key cities in Jiangsu, Hangzhou-Ningbo-Wenzhou, Hefei metropolitan area, Fuzhou-Xiamen-Quanzhou, Zhengzhou, Chang-Zhu-Tan, nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area, Chongqing, and Chengdu [1][3][4]. - The program aims to break down institutional barriers that hinder the free flow and efficient allocation of production factors, ensuring equal legal protection for various ownership economies [1][6]. Group 2: Focus Areas of Reform - The reforms will focus on technology, land, human resources, data, and capital factors, with an emphasis on improving collaborative allocation efficiency [5][10]. - Specific initiatives include accelerating the construction of a global wealth management center in Beijing and promoting digital transformation in Suzhou and Wuxi [5][10]. Group 3: Implementation and Evaluation - Local governments are required to take primary responsibility for the implementation of the pilot programs, adapting strategies to local conditions and new business developments [6][10]. - The National Development and Reform Commission will oversee coordination and guidance, aiming to summarize and promote successful practices from the pilot programs [6][10]. Group 4: Sector-Specific Strategies - In the technology sector, the program will enhance the transformation of scientific and technological achievements and promote the integration of technology and capital [12][24]. - For land management, the program will explore reforms to optimize land use and promote mixed-use development [14][39]. - In human resources, the program will facilitate the smooth flow of labor and talent, including reforms to the household registration system [16][28]. - The data sector will see the establishment of rules for data circulation and the promotion of data sharing and application [17][43]. - Capital markets will be enhanced to better serve the real economy, including support for small and medium-sized enterprises [20][30].

Core Viewpoint - Jinan has issued the "Jinan City Inefficient Land Identification Measures (Trial)" to scientifically and normatively establish standards for identifying inefficient land, providing land element support for urban renewal, industrial upgrading, and rural revitalization [1] Group 1: Identification Standards - The measures create a "qualitative + quantitative" indicator system focusing on land that is scattered, inefficiently utilized, improperly used, has dilapidated buildings, or low output efficiency [1] - A total of 17 identification standards have been detailed, along with requirements for investigation procedures, identification methods, mapping, and results submission to ensure policy execution and implementation [1] Group 2: Investigation Procedures - The identification procedures are standardized, requiring local authorities to conduct baseline surveys in conjunction with national land surveys, property registrations, industrial land investigations, and "acreage output efficiency" evaluations [1] - Methods for investigation include on-site verification, document review, and archive inquiries, leading to the creation of a database for inefficient land identification [1] Group 3: Data Sharing Mechanism - Jinan has established a "district-county leading, multi-department collaboration" work mechanism to enhance data sharing [1] - Various departments, including natural resources, planning, development reform, industry and information technology, and taxation, will integrate data on land use, taxation, and output to improve identification efficiency and accuracy [1]

Financial Data and Key Metrics Changes - In Q4 2024, the company achieved a revenue growth of 109% year-over-year and an adjusted EBITDA growth of 108%, with an adjusted EBITDA margin of 87% [3][12] - For the full year 2024, revenues increased by 51% year-over-year, and adjusted EBITDA grew by 55%, achieving an adjusted EBITDA margin of 88% [3][12] - Free cash flow for Q4 was approximately $26.7 million, with a free cash flow margin of 73%, while for the full year, free cash flow totaled $66.7 million [16][21] Business Line Data and Key Metrics Changes - Surface use royalties and revenues increased by 54% sequentially in Q4, contributing significantly to revenue growth [13] - Non-oil and gas royalty revenue accounted for nearly 90% of overall revenue in Q4, remaining flat from the prior quarter but up about 20% year-over-year [14] - Resource sales and royalties declined by 28% sequentially due to decreased brackish water sales and royalty volumes [13] Market Data and Key Metrics Changes - The company expanded its land holdings from approximately 72,000 surface acres to about 273,000 surface acres, with significant acquisitions in Q4 [4][5] - The acquisition of the Wolf Bone Ranch added 46,000 acres in a strategic location for oil and natural gas production [5] - The company is pursuing growth opportunities in digital infrastructure, renewable energy, and commercial real estate [6][8] Company Strategy and Development Direction - The company is focused on an active land management strategy to create shareholder value, with plans to continue acquiring underutilized and under-commercialized surface [4][18] - Future growth is expected from digital infrastructure and renewable energy projects, including agreements for solar energy project development [6][7] - The company aims to maintain a strong balance sheet while pursuing value-enhancing land acquisitions [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential from digital infrastructure and the need for data centers, particularly in West Texas [8][9] - The company reaffirmed its guidance for 2025, expecting adjusted EBITDA of $170 million to $190 million driven by recent acquisitions and increased surface use royalties [22] - Management noted that the business model allows for significant cash flow growth without substantial capital expenditures [15][18] Other Important Information - The company ended 2024 with $385 million in debt, up from $281.3 million at the end of Q3 2024, and has total liquidity of $107 million [19][21] - A cash dividend of $0.10 per share was declared, with plans to revisit the amount quarterly [21] Q&A Session Summary Question: Surface use economic efficiency growth expectations - Management indicated that there is still room for improvement in surface use economic efficiency, with potential to achieve over $3,000 per acre [25][27] Question: Details on the WES agreement and third-party agreements - The WES agreement is expected to generate low to mid-teens of royalties once operational, with ongoing discussions for additional third-party agreements [29][32] Question: Data center roadmap and revenue expectations - The data center project has a 2-year site selection period followed by a 4-year construction period, with expected revenues ramping up post-construction [35][39] Question: M&A outlook and market fragmentation - The market remains fragmented with many opportunities for M&A, which continues to be a priority for capital allocation [79][82] Question: Impact of oil prices on 2025 guidance - The 2025 guidance does not incorporate significant oil price fluctuations, as the company is insulated from commodity price sensitivity [74][75] Question: Water needs for data centers - Brackish water and produced water require treatment for use in cooling data centers, but the company has abundant resources available [67][70]