Core Viewpoint - The company, Ruina Intelligent (301129), is leveraging core technologies such as modular heat exchange units, intelligent temperature control products, and energy consumption analysis systems to create a comprehensive smart heating solution that integrates AI algorithms for management and network balancing [1] Group 1: Technology and Solutions - The company is developing a full-stack smart heating solution that includes AI load forecasting, intelligent operation and maintenance control, and a collaborative control algorithm group [1] - The solution aims to achieve comprehensive coordination across the entire system from source to network to station to building to household, significantly reducing energy consumption and carbon emissions while enhancing energy efficiency [1] Group 2: Market Strategy - The company plans to capitalize on the opportunities presented by the smart heating transformation policy by increasing investment in technology research and development [1] - The focus will be on upgrading heating facilities and renovating outdated pipeline networks to steadily consolidate and expand market share [1]

Core Viewpoint - The company emphasizes its core competitive advantage in the smart heating sector, which is built on a comprehensive "algorithm-hardware-data-scenario" closed-loop capability system that is interdependent and difficult to replicate [1] Group 1: Technology and Innovation - The company has developed a full-link intelligent control technology core tailored to the heating industry, supported by multiple patented inventions that are challenging to imitate [1] - The company possesses a full-stack independent core technology encompassing OT, IT, and AI, with both software and hardware being self-developed and deeply adapted for efficient end-to-end integration [1] - Continuous investment in R&D will be made to deepen integration across various dimensions, reinforcing the company's core barriers [1] Group 2: Data and Experience - The company has accumulated vast amounts of real operational data from various heating regions across the country, which, combined with practical project experience involving orders ranging from millions to billions, facilitates a positive feedback loop for algorithm and solution iteration [1] - The company offers a one-stop service capability for the entire heating system process, which cannot be achieved through short-term technological imitation or data acquisition [1] Group 3: Future Outlook - The company aims to contribute value to industry development and the achievement of "dual carbon" goals by continuously enhancing its core capabilities [1]

证券日报网讯1月30日，瑞纳智能（301129）在互动平台回答投资者提问时表示，公司智能制造团队具 有智能制造自主规划、设计以及实施能力，通过机器人、AGV、ioT、AI视觉等技术的应用，结合 CRM/PLM/ERP/MES/EMS等系统，打造内部端到端数字化运营闭环。公司也在积极提炼生产运营过程 中AI智能体(Agent)的应用落地场景，以先进制造技术的应用，助力公司在效率、质量等方面在市场竞 争中取得优势。 ...

Investment Rating - The report assigns an "Overweight" rating for the computer industry [1] Core Insights - The establishment of a closed-loop system for data elements, combined with the catalysis of AI, is expected to accelerate the release of data value and the blossoming of the industry in 2026 [2][32] - The demand for AI applications is creating a significant supply gap in the data market, with daily token consumption for AI applications in China skyrocketing from 100 billion at the beginning of 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just a year and a half [37] Summary by Sections Investment Recommendations - The report emphasizes the importance of focusing on various segments of the data supply chain, including data supply, data trading, data application development, data services, data security, computing power, and network infrastructure [7][8] The Fifth Production Element - Data has been officially recognized as the "fifth production element" by the Chinese government, alongside labor, capital, land, and technology, highlighting its critical role in modern production activities [11] - The top-level design and policy framework for data elements have become increasingly refined, with a focus on activating the potential of data elements and establishing a sound market environment [13][14] Recent Policy Developments - Since 2024, the pace of policy implementation regarding data elements has accelerated, transitioning from top-level design to actionable policies, thereby establishing a solid institutional foundation for the industrialization of data elements [18] - Key policies include the promotion of public and enterprise data resource development, the establishment of a high-efficiency data circulation market, and the enhancement of data infrastructure [19][20][24] AI and Data Market - The report highlights the emergence of a trillion-dollar blue ocean market in the data industry, with the industry value surpassing 2 trillion yuan in 2023 and expected to maintain a growth rate of over 20% annually in the coming years [43][44] - The integration of AI applications is expected to further stimulate the demand for high-quality data, creating a reciprocal relationship that enhances both AI performance and data value [39] Future Policy Outlook - The year 2026 is designated as the "Year of Data Element Value Release," with a focus on improving data flow and resource allocation channels, thereby enhancing the overall market ecosystem [32][33]

证券日报网讯 1月28日，瑞纳智能（301129）在互动平台回答投资者提问时表示，公司依托热网监控、 调度指挥、地理信息系统等技术产品，打造全流程精准调控体系，同时布局智能高效热泵等清洁能源装 备，拓展城市清洁供暖、工业余热回收等多元应用场景，并通过多元的商业模式，全面提升在清洁能源 领域的市场适应性与综合竞争力。公司通过在硬件中嵌入传感器与通信模块，实现设备状态实时感知、 远程监控与智能调控，并迭代升级涵盖热网监控、能耗分析等功能的综合性运维管理平台；在此基础 上，为客户提供从咨询设计、产品定制到运营维护的全生命周期服务，进而增强客户粘性，巩固存量客 户、拓展新市场，推动公司在国内市场的持续增长。 ...

Group 1 - The core viewpoint of the article highlights that national policies are continuously promoting clean heating, energy-saving renovations, and urban renewal, which will drive market demand for the company's smart heating systems and intelligent hardware [1] - The company anticipates a steady expansion into new markets for clean heating and industrial energy-saving solutions, creating new growth points for performance [1] - The benefits from relevant policies are expected to enhance the quality of the company's business and solidify its long-term development [1]

（编辑 楚丽君） 证券日报网讯 1月28日，瑞纳智能在互动平台回答投资者提问时表示，公司紧跟国家"双碳"目标与清洁 取暖政策，围绕城镇集中供热设备智能化改造、多能源互补等核心需求，布局关键技术研发，精准匹配 市场对高效、低碳供热解决方案的需求。同时，依托成熟客户资源，推动技术快速落地，将技术储备转 化为市场优势。公司一方面通过优化生产工艺、提升自动化生产水平等方式，进一步降低生产成本。另 一方面，依托技术标准化带来的成本优势，加大市场开拓力度，以高性价比的产品和解决方案提升市场 竞争力，巩固并扩大公司在智慧供热领域的市场份额。 ...

Core Viewpoint - The company has completed a round of share buybacks in 2023, with all repurchased shares allocated for equity incentives, and plans to adhere to strict review procedures for any future buyback plans while ensuring timely information disclosure [1] Group 1: Share Buyback and Equity Incentives - The company has completed a round of share buybacks in 2023, with all repurchased shares used for equity incentives [1] - Future buyback plans will be subject to strict review procedures and timely information disclosure [1] Group 2: Long-term Incentives - The company has completed two phases of its equity incentive plan, aligning employee interests with long-term company development [1] - The company aims to continuously optimize performance assessment indicators and coverage of the incentive plan to enhance internal motivation [1] Group 3: Information Disclosure - The company will strictly adhere to relevant regulatory rules and ensure timely communication of company value [1]

证券日报网讯1月26日，瑞纳智能（301129）在互动平台回答投资者提问时表示，在激励约束机制方 面，公司已实施两期限制性股票激励计划，上述激励计划严格绑定管理层及核心团队与公司长期发展利 益，设置了以营收、净利润等核心经营指标为导向的业绩考核目标，同时明确了限售期、解除限售安排 和禁售期、回购注销等条款，确保激励对象聚焦长期价值创造而非短期收益。后续，公司将结合行业与 公司发展情况，适时研究推出新的激励计划，并持续优化业绩考核体系，进一步丰富考核维度，强化激 励与约束的双向作用。 ...

证券日报网讯1月23日，瑞纳智能（301129）发布公告称，公司不存在逾期债务对应的担保、涉及诉讼 的担保及因被判决败诉而应承担的担保等。 ...