EBSCN·2026-03-13 01:10Group 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].