1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View of the Report The convertible bond market declined this week. It is recommended that investors track market supply, policy rhythm, and geopolitical conflict disturbances, and make comprehensive judgments based on convertible bond terms and underlying stock conditions to select bonds in a refined manner [3]. 3. Summary by Relevant Catalogs Market Conditions - From March 9 to March 13, 2026 (5 trading days), the CSI Convertible Bond Index had a change of -1.10% (last week's change was -2.07%), and the CSI All-Share Index changed by -0.51% (last week's change was -2.28%). Since 2026, the CSI Convertible Bond Index has changed by +3.41%, and the CSI All-Share Index has changed by +5.09% [1]. - By rating, high-rated bonds (AAA), medium-high-rated bonds (AA+), medium-rated bonds (AA), medium-low-rated bonds (AA-), and low-rated bonds (AA- and below) had weekly changes of +0.02%, -0.79%, -1.83%, -2.55%, and -1.97% respectively. High-rated bonds rose, while the rest declined [1]. - By convertible bond scale, large-scale convertible bonds (bond balance > 2 billion yuan), medium-large-scale convertible bonds (balance between 1.5 and 2 billion yuan), medium-scale convertible bonds (balance between 1 and 1.5 billion yuan), small-medium-scale convertible bonds (balance between 0.5 and 1 billion yuan), and small-scale convertible bonds (balance < 0.5 billion yuan) had weekly changes of -0.27%, +0.02%, +0.05%, -2.11%, and -2.75% respectively. Medium-large-scale and medium-scale convertible bonds rose, while the rest declined [2]. - By parity, ultra-high parity bonds (conversion value > 130 yuan), high parity bonds (conversion value between 120 and 130 yuan), medium-high parity bonds (conversion value between 110 and 120 yuan), medium parity bonds (conversion value between 100 and 110 yuan), medium-low parity bonds (conversion value between 90 and 100 yuan), low parity bonds (conversion value between 80 and 90 yuan), and ultra-low parity bonds (conversion value < 80 yuan) had weekly changes of -6.78%, -3.29%, -0.36%, -1.46%, -1.71%, -0.88%, and +0.07% respectively. All except ultra-low parity bonds declined [2]. Current Convertible Bond Valuation Levels As of March 13, 2026, there were 377 outstanding convertible bonds (382 at the end of last week), with a balance of 527.921 billion yuan (532.506 billion yuan at the end of last week). Specifically: - The average convertible bond price was 139.04 yuan (139.31 yuan at the end of last week), with a percentile of 96.49% (from the beginning of 2023 to March 13, 2026, the same below). - The average convertible bond parity was 108.59 yuan (106.74 yuan at the end of last week), with a percentile of 97.79%. - The average convertible bond conversion premium rate was 29.05% (31.15% at the end of last week), with a percentile of 22.76% [3]. Convertible Bond Increase Situation The top 15 convertible bonds in terms of increase this week are as follows: | Serial Number | Convertible Bond Abbreviation | Underlying Stock Abbreviation | Industry | Latest Closing Price (yuan) | Convertible Bond Increase (%) | Underlying Stock Increase (%) | | --- | --- | --- | --- | --- | --- | --- | | 1 | Wankai Convertible Bond | Wankai New Materials | Basic Chemicals | 262.02 | 19.61 | 22.58 | | 2 | Baichuan Convertible Bond 2 | Baichuan Co., Ltd. | Basic Chemicals | 200.58 | 16.16 | 18.06 | | 3 | Hebang Convertible Bond | Hebang Biotechnology | Basic Chemicals | 185.67 | 16.15 | 13.10 | | 4 | Xinfu Convertible Bond | SANGFOR Technologies | Computer | 116.60 | 10.24 | 2.21 | | 5 | Lianrui Convertible Bond | Lianrui New Materials | Basic Chemicals | 228.18 | 10.20 | 21.33 | | 6 | Dazhong Convertible Bond | Dazhong Mining | Steel | 412.99 | 8.68 | 10.30 | | 7 | Tongyu Convertible Bond | Tongyu Heavy Industry | Power Equipment | 153.00 | 7.59 | 28.35 | | 8 | Rong 23 Convertible Bond | Rongsheng Environmental Protection | Light Industry Manufacturing | 143.52 | 7.05 | 7.65 | | 9 | Jinlang Convertible Bond 02 | Jinlang Technology | Power Equipment | 182.17 | 6.53 | 16.03 | | 10 | Zhoubang Convertible Bond | Shenzhen Capchem Technology | Power Equipment | 184.40 | 5.93 | 8.61 | | 11 | Huati Convertible Bond | Huati Technology | Electronics | 124.09 | 5.32 | 9.43 | | 12 | Hengyi Convertible Bond 2 | Hengyi Petrochemical | Petroleum and Petrochemicals | 150.47 | 5.30 | -1.16 | | 13 | Yiwei Convertible Bond | EVE Energy | Power Equipment | 168.80 | 4.99 | 13.13 | | 14 | Shangtai Convertible Bond | Shangtai Technology | Power Equipment | 155.00 | 4.74 | 14.25 | | 15 | Lanfan Convertible Bond | Bluestar Medical | Medical Biology | 113.75 | 4.21 | 14.83 | [19]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - The current credit growth situation in February 2026 is better than the same period last year, as the credit increment in February 2026 was basically the same as that in the same period last year despite fewer working days due to the Spring Festival holiday [1][8]. - In February 2026, financial institutions may have been "pressuring" rather than "rushing" for credit volume, as indicated by the rising 3M national - share transfer discount rate in the second half of the month and the negative growth of bill financing in RMB loans [2][8]. - Credit growth should create a suitable monetary and financial environment for stable economic growth and high - quality development. Unreasonable credit growth during the "good start" period in recent years has been curbed [2][10]. - Abandoning the meaningless "involution" of credit scale helps improve credit quality. The proportion of medium - and long - term corporate loans in new RMB loans reached 98.9% in February 2026, which is significantly higher than 53.5% in the same period last year and has shown a trend of improvement since October last year [3][11]. 3. Summary by Relevant Catalogs 3.1 New Credit Consists Almost Entirely of Medium - and Long - Term Corporate Loans - In February 2026, new RMB loans were 90 billion yuan, basically the same as 101 billion yuan in the same period last year, indicating a better credit growth situation [1][8]. - The 90 - billion - yuan credit increment in February 2026 may have been reserved. The rising 3M national - share transfer discount rate in the second half of the month and the negative growth of bill financing in RMB loans suggest that financial institutions may have been "pressuring" credit volume [2][8]. - Credit growth should match economic growth and price level expectations. Unreasonable credit growth during the "good start" period in recent years has been curbed, and it is recommended that financial institutions focus more on serving the real economy [2][10]. - The proportion of medium - and long - term corporate loans in new RMB loans reached 98.9% in February 2026, much higher than 53.5% in the same period last year, reflecting a trend of improvement in credit growth quality [3][11].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding the market benchmark index by over 15% in the next 6-12 months [9]. Core Insights - The price of optical fibers and cables has significantly increased since early 2026, driven by rising demand from AI data centers, a shortage of raw materials, and the growing need for fiber in drone applications [2][3]. - The demand for optical fibers in AI data centers is projected to be 36 times higher than traditional data centers, with global demand expected to reach 69.6 million core kilometers by 2025 and 127.6 million core kilometers by 2030 [2]. - Major companies in the optical fiber and cable industry, such as Corning and Sumitomo Electric, have seen substantial stock price increases, reflecting positive market signals and order growth [3]. Summary by Sections Optical Fiber and Cable Market - The price of G.652.D single-mode fiber has risen from 18 yuan/km to 85-120 yuan/km, while G.657.A2 prices increased from 35 yuan/km to 210-230 yuan/km [1]. - The competitive bidding for optical fiber projects has been affected by rising prices, leading to some projects failing to secure bids [1]. AI and Data Center Demand - The demand for optical fibers is being driven by the need for high-speed data transmission in AI data centers, which require significantly more fiber than traditional setups [2]. - The production of optical fiber preform rods is constrained, with a long expansion cycle of 1.5 to 2 years, contributing to sustained high prices [2]. Company Performance and Recommendations - Companies like Longi Green Energy are expected to benefit from the ongoing price increases in optical fibers, with recommendations to monitor key players such as Corning, Furukawa Electric, and Sumitomo Electric [4]. - The report highlights the stability and cost control capabilities of companies like Kingboard Laminates, which are positioned to benefit from the rising prices of copper-clad laminates [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [4]. Core Insights - The company achieved a revenue of $5.003 billion in 2025, representing a year-on-year growth of 12.4%. The net profit was $156 million, with a slight increase of 1.5% year-on-year [5][4]. - The cloud data center business saw a significant revenue increase of 37.6% year-on-year, driven by the demand for AI server-related products and an increase in shipments of copper-based components [2]. - The automotive (EV) business experienced a remarkable growth of 94% year-on-year, primarily due to the consolidation of Auto-Kabel's contributions [3]. Summary by Relevant Sections Revenue and Profitability - In 2025, the company reported revenues of $5.003 billion, with a gross profit of $946 million, resulting in a gross margin of 18.9%. The net profit was $156 million, reflecting a net margin of 3.1% [5][4]. - The revenue breakdown for 2025 included: smartphones at $824 million (down 13%), cloud data centers at $813 million (up 38%), computers and consumer electronics at $869 million (up 7%), electric vehicles at $932 million (up 94%), and system terminal products at $1.355 billion (down 4%) [1]. Business Segments - The cloud data center segment is expected to continue its double-digit growth, with projections indicating that its revenue contribution will exceed 30% by 2028 [2]. - The automotive segment is anticipated to maintain double-digit growth, supported by the integration of Auto-Kabel's technology and resources [3]. - The system terminal products segment is expected to stabilize in 2026, with revenue growth projected between -5% to +5% [3]. Financial Forecasts - The company forecasts revenues of $5.981 billion in 2026, with a net profit of $297 million, and anticipates continued growth in subsequent years, reaching a net profit of $502 million by 2028 [5][4]. - The estimated P/E ratios for 2026, 2027, and 2028 are projected to be 17x, 13x, and 10x, respectively, indicating a favorable valuation trend [4].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company reported a revenue of 3.45 billion yuan in 2025, a year-on-year decrease of 0.8%, and a net profit attributable to shareholders of 570 million yuan, down 8.8% year-on-year. The cash dividend for 2025 will reach 598 million yuan, with a dividend payout ratio of 105.3% [5][6] - The company's internal business faced pressure, while external acquisitions contributed to incremental growth. Online channels performed well, with significant revenue growth [6][7] - The company is focusing on product optimization and international expansion, with plans to issue H shares and enhance its retail and customized business segments [9][10] Revenue Performance - In 2025, the revenue from hot pot condiments was 1.229 billion yuan, down 2.9% year-on-year, while the revenue from Chinese cuisine condiments was 1.767 billion yuan, down 0.2% year-on-year. The revenue from sausage and cured meat seasonings was 288 million yuan, down 12.5% year-on-year [6] - Online channel revenue reached 936 million yuan in 2025, up 56.9% year-on-year, driven by the growth of specific product lines [7] Financial Metrics - The gross profit margin for 2025 was 40.7%, an increase of 0.9 percentage points year-on-year, attributed to lower raw material costs and supply chain optimization [8] - The net profit margin for 2025 was 16.5%, down 1.4 percentage points year-on-year [8] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2026 and 2027 is 661 million yuan and 743 million yuan, respectively, with corresponding EPS of 0.62 yuan and 0.70 yuan [10][11] - The current stock price corresponds to a PE ratio of 21x for 2026, 18x for 2027, and 17x for 2028 [10]

Group 1: Macro Analysis - The February US inflation data remains stable, indicating a mild transmission of tariffs. With recent tariff rate reductions and the time lag of previous transmission effects, it is expected that the impact of tariffs will peak in the first half of this year. However, the current data does not reflect the recent surge in oil prices, leading to market concerns about future inflation performance. If oil prices remain high at $80-90 per barrel for the next three months, it is projected to push the US CPI up by 0.3-0.4 percentage points, raising the reading to 3%-3.2%, which may restrict the Federal Reserve's rate cut operations in the short term [2]. Group 2: Industry Research - The demand for PCB drilling needles is expected to increase significantly due to the introduction of orthogonal backplane solutions in Nvidia's upcoming Rubin Ultra NVL576 architecture, replacing traditional copper cable connections. The core proposed solution currently involves "78-layer M9 resin + HVLP3/4 copper foil + Q cloth." The impact on PCB drilling needles includes: 1) a noticeable increase in consumption, 2) a rise in demand for high aspect ratio drilling needles, and 3) an increase in demand due to stringent back-drilling processes. Companies to watch in the high-end PCB drilling needle sector include Ding Tai High-Tech and World [3]. Group 3: Company Research - Tianqi Materials (002709.SZ) is expected to see a significant increase in lithium battery material demand, leading to an upward revision of profit forecasts for 2026-2028. The projected net profits for 2026, 2027, and 2028 are 6.179 billion (up 325%), 7.525 billion (up 277%), and 9.684 billion yuan, respectively, translating to EPS of 3.04, 3.70, and 4.76 yuan per share. The company maintains a "buy" rating [4]. - Jitu Express (1519.HK) is in a phase of scale expansion and accelerated profitability. The company has a solid foundation in Southeast Asia, with emerging markets (Latin America, Middle East) replicating its success, becoming a second growth engine. Strategic improvements in the Chinese market and the "anti-involution" policy are expected to boost single-ticket revenue, reinforcing the trend of profit recovery. The adjusted net profit forecasts for 2025-2027 are $4.12 million, $6.54 million, and $8.67 million, respectively, leading to a "buy" rating [5]. - Taiji Group (600129.SH) is focusing on its pharmaceutical core business, emphasizing "technological innovation" and "marketing innovation" as dual engines. The adverse effects of pharmaceutical policies and inventory digestion are expected to diminish, with the company's operating performance having bottomed out and beginning to recover. The net profit forecasts for 2025 and 2026 have been adjusted to 111 million and 213 million yuan, respectively, with a new forecast of 377 million yuan for 2027, leading to a downgrade to "hold" rating [7].

Investment Rating - The report assigns a rating of "Accumulate" to the company, reflecting a downward adjustment from previous ratings [4][6]. Core Insights - The company is expected to experience a significant rebound in its operating performance, with a projected net profit of approximately 110 million yuan for 2025, representing a year-on-year increase of about 313% [4]. - The company is focusing on its core pharmaceutical business while enhancing management efficiency and innovation through the disposal of non-core assets and subsidiaries [3][4]. - Recent policies promoting the development of traditional Chinese medicine are anticipated to benefit leading companies in the industry, enhancing compliance and quality control [2]. Summary by Sections Company Overview - The company is undergoing a transformation by divesting non-core assets and subsidiaries, including the liquidation of certain subsidiaries and the management of stakes in other companies [3]. Financial Performance - The company forecasts a net profit of 110 million yuan for 2025, with a significant increase in net profit margin expected [4]. - The anticipated non-recurring gains of approximately 62 million yuan will impact the overall financial results [4]. Market Position and Strategy - The company is committed to innovation in both technology and marketing, aiming to strengthen its industrial marketing system and enhance product development [3]. - The focus on core competencies and operational efficiency is expected to stabilize and improve the company's market position [4]. Future Outlook - The company is projected to return to a growth trajectory, with net profit estimates for 2026 and 2027 at 213 million yuan and 377 million yuan, respectively [4]. - The ongoing reforms in the healthcare sector and the reduction of social inventory for certain products are expected to positively influence sales and revenue in the coming years [4].

Investment Rating - The report assigns a "Buy" rating for J&T Express (1519.HK) as a global growth-oriented logistics company [4][6]. Core Insights - J&T Express is positioned as a leading global logistics service provider, benefiting from the growth of e-commerce in Southeast Asia and the expansion of Chinese e-commerce platforms [1][4]. - The company has established a comprehensive logistics network across 13 countries and regions, with significant market shares in Southeast Asia (28.6%) and China (11.3%) [1][4]. - The report highlights the company's strong growth trajectory, with adjusted net profits projected to reach $412 million, $654 million, and $867 million from 2025 to 2027, reflecting year-on-year growth rates of 106%, 58.8%, and 32.4% respectively [4][5]. Summary by Sections Company Overview - J&T Express was founded in 2015 and has rapidly expanded its logistics network, becoming a key partner for major e-commerce platforms like TikTok Shop and Pinduoduo [1][16]. - The company has a stable and concentrated ownership structure, with a management team experienced in international operations and local market execution [19][20]. Southeast Asia Market - The Southeast Asian e-commerce market is experiencing high growth, with a projected total parcel volume of 15.98 billion pieces in 2024, a year-on-year increase of 25.2% [2][55]. - J&T Express has maintained its leading position in the Southeast Asian logistics market, with a parcel volume growth of 57.9% year-on-year in the first half of 2025 [2][4]. New Markets - J&T Express is focusing on expanding into Latin America, particularly Brazil and Mexico, where e-commerce penetration is still low [3][4]. - The company expects to achieve profitability in new markets by the second half of 2025, with adjusted EBIT projected to turn positive [3][4]. Financial Performance - The company is forecasted to achieve significant revenue growth, with total revenue expected to reach $10.26 billion in 2024, a 15.9% increase from the previous year [5][44]. - J&T Express achieved its first annual adjusted net profit in 2024, amounting to approximately $200 million, with a substantial improvement in gross margins [4][45].

Inflation Data Overview - February CPI year-on-year increased by 2.4%, matching market expectations and previous values[2] - Core CPI year-on-year also rose by 2.5%, consistent with market expectations and prior figures[2] Price Trends - Food prices saw a month-on-month increase of 0.4%, up from 0.2% in January, driven by higher fruit and vegetable prices[5] - Energy prices increased by 0.6% month-on-month, reversing a decline of 1.5% in January, with gasoline prices rising by 0.8%[5] Core Inflation Insights - Core goods prices rose by 0.1% month-on-month, a slight increase from 0% in January, influenced by a narrowing decline in used car prices[6] - Medical care services prices increased by 0.6% month-on-month, up from 0.3% in January, although some components showed a downward trend[8] Oil Price Impact - Current geopolitical tensions have not yet reflected in the February inflation data, but oil prices are expected to remain high, potentially impacting future CPI readings[3] - If oil prices stay between $80-$90 per barrel for the next three months, CPI could rise by 0.3-0.4 percentage points, pushing the reading to a range of 3%-3.2%[3] Federal Reserve Outlook - The market anticipates the first interest rate cut to be delayed until September, with only one cut expected this year[9] - The Fed is likely to maintain a cautious stance in March due to inflationary pressures from rising oil prices, despite weak employment data[10]

行业研究 从正交背板的特性出发分析对 PCB 钻针的需求影响 ——PCB 设备系列跟踪报告（四） 要点 2026 年 3 月 12 日 英伟达正交背板方案的推出与应用计划：2025 年 3 月，英伟达在 GTC 大会上公 布其产品路线图，预期在其 2027 年下半年计划量产的 Rubin Ultra NVL576 架 构中引入正交背板方案以替代传统铜缆连接，截至目前该应用方案仍在验证过程 中。英伟达正交背板架构通过高性能 PCB 实现计算板与交换板的垂直直连—— 两者在空间上呈 90 度正交排列，相较于传统铜缆连接方式，该技术在信号速率、 布线密度及散热效率等维度均展现出更优的工程特性。 英伟达正交背板 PCB 基材要求与方案：1）正交背板 PCB 基材要求：板材层数 预计达 78 层，需采用三块 26 层以上 PCB 压合而成；线宽线距需≤25μm，远 低于传统 PCB 约 50μm 的线宽标准；介电常数（Dk）≤3.0，介电损耗（Df） ≤0.0007，热膨胀系数（CTE）≤7ppm/℃。2）正交背板 PCB 材料方案：Rubin Ultra 正交背板拟采用 M9 级覆铜板，目前 M9 复合材料具体方案仍 ...