Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining reported a production of 644.3 tons of natural uranium in Q3 2025, achieving a completion rate of 96.5% for the quarter [1] Group 1: Production Details - The joint venture Semizbay-U LLP, in which CGN holds a 49% stake, produced 184.5 tons of natural uranium [1] - The other joint venture, Ortalyk LLP, also with a 49% stake, produced 459.7 tons of natural uranium [1] Group 2: Uranium Holdings and Sales - As of September 30, 2025, CGN holds a total of 1,454 tons of natural uranium, equivalent to approximately 3.78 million pounds of U3O8, with a weighted average cost of $71.8 per pound of U3O8 [1] - The company has signed contracts for an undelivered quantity of 3,965 tons of natural uranium, which is about 10.31 million pounds of U3O8, at a weighted average selling price of $81.40 per pound of U3O8 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 2025年第三季度天然鈾產量 | | 計劃產量 | 實際產量 | 計劃完成率 | | --- | --- | --- | --- | | | (tU) | (tU) | | | 謝公司 | | | | | 謝礦(Semizbay Mine) | 91.2 | 74.9 | 82.1% | | 伊礦(Irkol Mine) | 108.1 | 109.7 | 101.5% | | 小計 | 199.3 | 184.5 | 92.6% | | 奧公司 | | | | | 中礦(Central Mynkuduk Deposit) | 407.2 | 400.1 | 98.3% | | 扎礦(Zhalpak Deposit) | 61.2 | 59.6 | 97.4% | | 小計 | 468.4 | 459.7 | 98.1% | | 合計 | 667.7 | 644.3 | 96.5% | 註： 鑒於謝公司 ...

Core Insights - The nuclear energy sector is experiencing significant growth, with leading companies like NuScale Power seeing stock increases of over 120% this year, indicating strong market interest and investment in nuclear fusion technology [2] - Global competition in nuclear fusion is intensifying, with countries like China and the U.S. ramping up investments and strategic initiatives to secure technological and material advantages [4][5] Investment Trends - China has invested at least $6.5 billion in nuclear fusion since 2023, significantly outpacing the U.S. Department of Energy's budget for fusion research [4] - The total investment in the global fusion industry is projected to rise from $1.9 billion in 2021 to $9.7 billion by 2025, reflecting a more than fivefold increase [6] Technological Advancements - The pace of technological development in nuclear fusion is faster than anticipated, with 35 out of 45 surveyed fusion companies expecting to operate commercial demonstration plants by 2030-2035 [6] - China's "Eastern Super Ring" Tokamak device has achieved a world record by maintaining plasma at 1 million degrees Celsius for 1066 seconds [6] Industry Opportunities - The nuclear fusion supply chain is becoming clearer, with key components like superconducting magnets and vacuum chambers showing significant market potential [7][10] - Companies like China National Nuclear Corporation and Dongfang Electric are well-positioned to benefit from the growing demand for nuclear power, especially in the context of AI data centers [12] Market Dynamics - The explosion of AI data centers is driving demand for stable, zero-carbon energy sources, with nuclear power emerging as a preferred option for tech giants [12] - In China, the procurement of nuclear power for AI data centers surged by 120% in the first half of 2025, leading to increased orders for nuclear fuel and equipment [12] Future Outlook - The nuclear energy sector is expected to continue its upward trajectory, with companies that can leverage technological breakthroughs and secure orders likely to see substantial growth [14] - Ongoing monitoring of policy, technology, and market dynamics will be essential for identifying investment opportunities in the complex nuclear fusion landscape [14]

Core Insights - The nuclear energy sector is experiencing significant growth, with leading companies like NuScale Power seeing stock increases of over 120% this year, indicating strong market interest and investment in nuclear fusion technology [1][5] - Global competition in nuclear fusion is intensifying, with substantial investments from countries like China and the U.S. aiming to establish leadership in this emerging energy source [2][3] Global Competition - The U.S. has prioritized nuclear fusion as a national security issue, mandating the start of a demonstration fusion power plant by the end of 2028, while China has invested at least $6.5 billion in fusion technology since 2023, significantly outpacing U.S. funding [1][2] - China dominates the supply of critical materials for nuclear fusion, producing nearly 80% of tungsten and 67% of vanadium globally, which are essential for fusion technology [2] Technological Breakthroughs - The total investment in the global fusion industry is projected to rise from $1.9 billion in 2021 to $9.7 billion by 2025, indicating rapid advancements in technology [3] - Chinese advancements include the "Eastern Super Ring" Tokamak achieving a world record of 1 million degrees Celsius plasma stability for 1066 seconds, showcasing significant progress in fusion technology [3] Industry Chain Opportunities - The nuclear fusion supply chain is becoming clearer, with key components like superconducting magnets and vacuum chambers showing substantial market potential [4] - Companies like Western Superconducting and AnTai Technology are positioned to benefit from the growing demand for materials and components essential for fusion reactors [4] AI Data Center Impact - The explosive growth of AI data centers is driving demand for stable and carbon-free energy sources, positioning nuclear power as a preferred option for tech giants [5] - In China, the procurement of nuclear power for AI data centers surged by 120% in the first half of 2025, leading to increased orders for nuclear fuel and equipment [5] Value Reassessment - The significant stock price increases of recommended companies, such as NuScale and China General Nuclear Power, validate the market's reassessment of their value in the context of nuclear energy advancements [6]

Group 1 - The report highlights the resurgence of tariffs between China and the U.S., suggesting an increased allocation towards gold as a safe-haven asset [1][2] - Precious metals continue to show strength, with silver spot prices reflecting insufficient upward momentum, indicating potential risks of a pullback amid trade disputes [1][2] - The long-term trend of de-dollarization is expected to persist, coupled with inflows into ETFs due to short-term interest rate cuts, supporting a positive outlook for the precious metals sector [1][2] Group 2 - Copper prices are anticipated to rise due to supply disruptions, with recent production guidance cuts from Freeport and Teck Resources enhancing the likelihood of a reversal in the global electrolytic copper balance by 2026 [2] - The aluminum market is also waiting for a buying opportunity following recent price increases, with inventory levels showing expected increases without exceeding forecasts [2] - Cobalt prices have surged significantly, with expectations for continued price increases in 2026-2027 due to a projected supply-demand gap of 20,000 to 30,000 tons next year [3][4] Group 3 - Recent export controls on rare earth materials by Chinese authorities are expected to exacerbate supply-demand imbalances, potentially leading to a new upward trend in rare earth prices [4] - The report suggests monitoring specific companies such as Northern Rare Earth, Baotou Steel, and Huayou Cobalt, among others, for investment opportunities in the precious metals and rare earth sectors [5]

Group 1 - The core viewpoint of the article highlights the significant rise in nuclear power stocks in Hong Kong, driven by a report from Goldman Sachs indicating that the key bottleneck for AI development is not capital but electricity supply [1] - Goldman Sachs forecasts that global data center electricity demand will grow explosively, with a projected increase of 50% by 2027, and 60% of this demand will require new capacity [1] - By 2030, the total electricity demand from data centers is expected to surge to 160% [1] Group 2 - Tyler Miller, the global head of power utilities at Goldman Sachs, emphasizes the importance of nuclear power, particularly small modular reactors and nuclear fusion technology, which have received substantial investment [1] - Despite the investment, the long construction periods and high costs of nuclear projects necessitate customized capital solutions and potentially government support to mitigate risks [1] - Rebecca Kruger, a partner in Goldman Sachs' natural resources division, notes that the era of stable electricity demand has ended, with data centers emerging as the primary growth engine for the industry, leading to a large-scale infrastructure investment boom [1]

Core Viewpoint - Nuclear power stocks continue to rise against the market trend, driven by significant advancements in China's nuclear fusion project BEST, which is expected to reach commercial application by 2030 [1] Group 1: Stock Performance - China National Nuclear Corporation International (02302) increased by 7.22 HKD - China General Nuclear Power Corporation Mining (01164) rose by 1.6%, reaching 3.81 HKD - Shanghai Electric (02727) gained 0.99%, trading at 5.08 HKD [1] Group 2: Project Developments - On October 1, a key breakthrough was achieved in the construction of the domestically developed nuclear fusion device BEST, with the successful installation of the first critical component, the dewar base - The project is expected to be completed by the end of 2027, with the goal of lighting the first lamp through nuclear fusion by 2030 [1] Group 3: Upcoming Events and Market Outlook - The International Atomic Energy Fusion Energy Conference (FEC2025) will be held in Chengdu from October 13 to 18, which may announce significant national and international developments in the fusion industry - According to Founder Securities, the fusion industry is experiencing intensified activity compared to July and August, with a second round of intensive bidding for the BEST project expected in Q4, covering high-value products such as the first wall, filter, and power supply - Other fusion devices are also anticipated to initiate, with major players entering the market and significant overseas ignition progress [1]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights the potential for price increases in copper due to supply disruptions and tariff impacts, suggesting that recent price pullbacks may present good buying opportunities [6] - The report emphasizes the strong performance of precious metals, particularly gold, amid renewed tariff concerns between China and the US, recommending an increased allocation to gold [5] - The report notes significant price increases in cobalt intermediate products, forecasting continued price growth in 2026-2027 due to supply-demand imbalances [7] - The report discusses the tightening supply of rare earths due to new export controls, which may lead to price increases in the domestic market [7] Summary by Sections Industry Overview - The closing index for the industry is at 7554.83, with a 52-week high of 7783.14 and a low of 4280.14 [2] Price Movements - Basic metals saw price increases: LME copper rose by 0.76%, aluminum by 2.20%, zinc by 0.95%, and lead by 1.44%. Precious metals also saw gains, with COMEX gold up by 3.80% and silver by 1.44% [21] Inventory Changes - Global visible inventory changes included an increase of 14,579 tons in copper, a decrease of 4,602 tons in aluminum, and an increase of 17,175 tons in lead [30]

Core Viewpoint - Hong Kong nuclear power stocks experienced significant gains, with notable increases in share prices for several companies in the sector [1] Group 1: Company Performance - China Nuclear International saw its stock price rise by over 21% [1] - China General Nuclear Power Corporation's mining segment increased by more than 10.5% [1] - Other companies in the nuclear power sector, such as China General Nuclear Power, also followed suit with price increases [1]

Core Viewpoint - The Hong Kong stock market experienced a decline on October 8, with the Hang Seng Index falling by 1.07% and the Hang Seng Tech Index decreasing by 1.09% [1] Sector Performance - The electrical equipment and metals & mining sectors showed positive performance, while the passenger airline and healthcare technology sectors faced significant declines [1] Individual Stock Movements - Notable gainers included Shandong Gold, which rose by 7.56%, Jiangxi Copper, up by 6.14%, Zijin Mining International, increasing by 5.98%, and Laopu Gold, which gained 5.83% [1] - Conversely, Dazhong Public Utilities fell by 5.92%, and Huilyang Technology dropped by 7.33% [1] - Chifeng Jilong Gold surged by 14.71%, and CGN Mining increased by 9.78% [1]