| 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 02302 | 中核国际 | (0) | 17.96% | 6.370 | 31.16亿 | 279.17% | | 01164 | 中广核矿业 | | 5.04% | 3.540 | 269.06亿 | 118.11% | | 01811 | 中广核新能源 | | 4.48% | 3.030 | 129.98亿 | 33.05% | | 01816 | 中广核电力 | | 3.78% | 3.020 | 1525.06亿 | 9.95% | 格隆汇10月3日｜港股核电股集体走强，其中，中核国际涨近18%，中广核矿业涨5%，中广核新能源涨 超4%，中广核电力找那个超3%。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01164 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,000 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限 ...

现货抢购热潮 中银国际发布研报称，重申对中广核矿业(01164)的买入评级，继续视其为现货价格上涨和估值提升的 关键受益者。自9月初的WNA后，该行看到整个核电产业链的融资进一步加速，上游燃料环节尤甚。无 论是实物铀基金还是绿地铀矿开发商均获得越来越多的投资者青睐，近期筹集资金的规模就是明证。 中银国际主要观点如下： 据媒体报道，全球最大的铀生产商哈原工正考虑新的上市地以提升估值。在天然铀投资情绪升温至新高 之际，该行认为哈原工潜在的再次上市不仅会为自身，还会为整个板块带来更好的流动性和更高估值。 考虑到中国铀业即将登陆A股，该行认为在强劲情绪和充足流动性支撑下，铀矿商估值将再获提振。 天然铀长贸价格突破80美元关口 至9月底升至83美元每磅。在以较优惠的价格与绿地项目签约的选项用尽后，核电公司正转向以更高的 价格与在产主流天然铀生产商签订长贸合同。在今年春季现货价跌至60多美元时主流生产商仍坚绝挺 价，到现在天然铀进入卖方市场的格局已十分清晰。任何绿地项目的进一步延迟都将使主流生产商在谈 判桌上处于更有利的地位。 亚洲新签约核电项目 在需求端，俄原工在上周的世界原子能周(9月25-28日于莫斯科举行)上签订 ...

Core Insights - 中银国际 maintains a "buy" rating for China General Nuclear Power Corporation (CGN) and views it as a key beneficiary of rising spot prices and valuation increases in the uranium market [1] Group 1: Spot Market Activity - Sprott's physical uranium fund has successfully raised funds on 18 out of the last 22 trading days, reaching a fundraising scale not seen since 2021-22, with over $300 million raised since September 1 and more than 380,000 pounds of U3O8 purchased in the spot market [1] - The spot uranium price increased from $76.03 to $83 per pound during September [1] Group 2: Greenfield Uranium Projects - NexGen raised CAD 400 million and AUD 400 million for its Rook I project, which is one of the largest greenfield uranium projects currently [2] - The investment interest in greenfield uranium projects has surged following the WNA conference, with a growing consensus on supply-demand gaps in the 2030s [2] Group 3: Long-term Contract Pricing - The long-term price of natural uranium has surpassed $80 per pound, reaching $83 by the end of September [3] - Nuclear companies are now turning to mainstream uranium producers for long-term contracts at higher prices, as options for signing at lower prices with greenfield projects have been exhausted [3] Group 4: New Nuclear Power Projects in Asia - Several new reactor agreements were signed at the World Nuclear Association conference, including a $25 billion deal between Iran and Rosatom for four reactors (5GW) [4] - Uzbekistan signed agreements with Rosatom for two pressurized water reactors and two small modular reactor projects, totaling 2.1GW [4] - These new projects are expected to consume approximately 1,300 tons of natural uranium annually, equivalent to CGN's current annual sales volume [4] Group 5: Market Liquidity and Valuation - Kazatomprom, the world's largest uranium producer, is considering a new listing location to enhance its valuation, which could improve liquidity and valuations across the sector [5] - The upcoming listing of Chinese uranium companies on the A-share market is expected to further boost valuations in the uranium mining sector [5]

机构：中信建投证券 研究员：覃静/王介超/邵三才 核心观点 1、国际贸易业务毛利下降及天然铀价格回落致公司上半年亏损。 2、公司自产贸易端，谢、奥公司均实现生产经营正常，且2025H1公司所得税已回归正常计提水平。 3、新销售框架协议已获股东特别大会表决通过，相比上一期的销售框架协议，此次基价大幅提高且现 货指数比例由60%调整为70%，公司业绩弹性可期。 4、天然铀价格易涨难跌，持续看好天然铀第三轮牛市。 事件 公司发布2025 年中期报告 2025 上半年，本集团实现营业额17.09 亿港元，同比下降58%；本集团录得亏损0.68 亿港元，同比下降 160%。 简评 1、国际贸易业务毛利下降及天然铀价格回落致公司上半年亏损 （1）受天然铀国际贸易合约价格大幅波动，叠加存货按加权平均成本法核算的影响，公司旗下中广核 国际销售公司的天然铀销售业务中的单位销售成本高于当期执行的单位销售价格，叠加上半年天然铀国 际贸易市场冷清，中广核国际销售公司销售量同比下降，共同导致本集团天然铀贸易毛利较2024 年同 期下降；（2）受天然铀价格回落影响，自产贸易业绩较2024 年同期下降。 2、公司整体生产经营尤其是矿山端保 ...

Investment Rating - The report suggests a positive investment outlook for the nuclear power sector, particularly focusing on small modular reactors (SMRs) as a key energy solution for AI data centers in the future [4][46]. Core Insights - The Canadian data center market is projected to experience exponential growth, with planned projects nearing 9GW [9]. - The demand for AI computing power is surging, benefiting cloud infrastructure service providers like Oracle, which reported a 54% year-on-year increase in cloud infrastructure revenue [8]. - The U.S. energy market is witnessing significant changes, including the approval of policies to accelerate interconnection for dispatchable generation [1]. Global Infrastructure and Construction Equipment - North America's data center vacancy rates have reached a historic low of 1.6%, indicating strong demand [7]. - The average price for 250 to 500 kW cabinets has increased by 2.5%, while those over 10 MW have seen a 19% rise due to high demand and limited power supply [7]. Global Electrical and Intelligent Equipment - The gas turbine price index in the U.S. increased by 3.43% year-on-year as of August 2025, reflecting a stable competitive landscape [13]. - The production price index for electric and special transformers in the U.S. was stable at 440.55, with a year-on-year increase of 2.5% [24]. Global Energy Industry - The U.S. is experiencing fluctuations in wholesale electricity prices, with a notable decrease of 2.54% in average spot prices [3]. - The NYMEX natural gas futures price was reported at $2.81 per million British thermal units, down 7.9% week-on-week [3]. Global New Materials - The spot price for uranium was $75.13 per pound in August 2025, reflecting a 6% increase month-on-month [3]. - The price index for steel pipes and stainless steel increased by 0.58% month-on-month, with a year-on-year growth of 7.85% [3]. Investment Recommendations - The report highlights the importance of nuclear power in the energy mix for AI operations, recommending companies like Entergy, Talen Energy, and Constellation Energy for investment [4]. - It suggests monitoring companies involved in energy equipment, such as Oklo and NuScale Power, as they are positioned to benefit from the growing demand for nuclear energy solutions [4].

Group 1 - Nuclear power stocks have risen significantly, with increases of over 9% and 7% for specific companies [1] - Major companies such as China National Nuclear Corporation and China General Nuclear Power Corporation have seen notable stock price increases, with China National Nuclear Corporation rising by 9.16% to 4.290 and China General Nuclear Mining rising by 7.19% to 3.280 [1] - The rise in uranium prices, approximately 5% this year, is attributed to production cuts by major suppliers and increasing demand from nuclear power construction and AI data centers in China [1] Group 2 - Morgan Stanley reports that the global uranium market is undergoing significant changes, with a tight supply and strong demand leading to an optimistic price outlook [2] - The forecast predicts uranium prices will reach $87 per pound by Q4 2025, supported by supply challenges, stable spot demand, and potential increases in contract volumes [2] - The structural support from the "nuclear renaissance" is strengthening the fundamentals of the uranium market, indicating further price potential [2]

Group 1 - Hong Kong nuclear power stocks experienced an increase on September 26, with China National Nuclear Corporation International (02302.HK) rising by 9.67% to HKD 4.31 [1] - China General Nuclear Power Corporation Mining (01164.HK) saw a rise of 7.84%, reaching HKD 3.3 [1]

Core Insights - Nuclear stocks have risen significantly, with China National Nuclear Power (02302) up 9.67% to HKD 4.31 and China General Nuclear Power (01164) up 7.84% to HKD 3.3 [1] - A recent report from JPMorgan highlights a growing market tension between the explosive demand driven by nuclear energy revival and AI revolution, and the supply bottlenecks caused by major producers reducing output and geopolitical factors [1] - Uranium spot and futures prices have increased by approximately 5% this year, driven by production cuts from major suppliers like Kazatomprom and Cameco, alongside strong demand from China's rapid nuclear power construction and AI data centers [1] Supply and Demand Dynamics - Morgan Stanley's report indicates significant changes in the global uranium market, with evolving supply-demand dynamics making the market outlook increasingly favorable [1] - The optimistic price outlook is supported by tightening supply, stable spot demand, and an increase in potential contract volumes, alongside structural support from the nuclear energy revival [1] - Morgan Stanley projects uranium prices to reach USD 87 per pound by Q4 2025, reflecting a solid fundamental backdrop for the uranium market with further upward price potential [1]

Core Viewpoint - Nuclear stocks have risen significantly, driven by a combination of increasing demand from nuclear energy revival and AI revolution, alongside supply constraints from major producers [1] Group 1: Market Performance - China National Nuclear Corporation International (02302) increased by 9.67%, reaching 4.31 HKD; China General Nuclear Power Corporation (01164) rose by 7.84%, reaching 3.3 HKD [1] Group 2: Supply and Demand Dynamics - A report from JPMorgan highlights a tightening market reality, with uranium spot and futures prices rising approximately 5% this year due to reduced production from major suppliers like Kazatomprom and Cameco [1] - The rapid construction of nuclear power plants in China and the substantial electricity demand from AI data centers are driving strong growth in uranium demand [1] Group 3: Future Price Outlook - Morgan Stanley indicates that the global uranium market is undergoing significant changes, with a positive price outlook due to tightening supply and strong demand [1] - Uranium prices are expected to reach 87 USD per pound by Q4 2025, supported by supply challenges, stable spot demand, and an increase in potential contract volumes [1] - The structural support from the "nuclear energy revival" contributes to a solid fundamental outlook for the uranium market, indicating further price upside potential [1]