Core Viewpoint - Nuclear power stocks have seen a significant rise, driven by strong demand for uranium and supply constraints from major producers [1] Group 1: Market Performance - As of the latest report, China National Nuclear Power (02302) increased by 20.37% to HKD 6.5, while China General Nuclear Power (01164) rose by 5.34% to HKD 3.55 [1] - The Sprott Physical Uranium Trust (SPUT) has successfully raised funds in 18 out of the last 22 trading days, achieving the highest fundraising levels since 2021-22, with over USD 300 million raised since September 1 [1] Group 2: Price Trends - The spot uranium price increased from USD 76.03 to USD 83 during September, reflecting a strong upward trend [1] - Year-to-date, both spot and futures uranium prices have risen by approximately 5% [1] Group 3: Supply and Demand Dynamics - Major uranium producers like Kazatomprom and Cameco are reducing output, creating supply bottlenecks amid rising demand driven by nuclear energy revival and AI-related electricity needs [1] - The upcoming fourth quarter is historically a peak procurement season, with expectations that nuclear power operators will begin purchasing uranium [1]

Core Viewpoint - The Hong Kong nuclear power stocks have experienced significant gains, with notable increases in share prices for several companies in the sector [1] Company Performance - China National Nuclear Corporation International (中核国际) saw its stock price rise by over 17% [1] - China General Nuclear Power Group's mining and renewable energy subsidiaries (中广核矿业、中广核新能源) both increased by more than 5% [1] - China General Nuclear Power Corporation (中广核电力) experienced a stock price increase of over 3% [1]

Group 1 - The core viewpoint of the news is that Hong Kong nuclear power stocks have collectively strengthened, with notable increases in share prices for several companies [1] Group 2 - China National Nuclear Power International (02302) saw a significant increase of 17.96%, reaching a latest price of 6.370, with a total market capitalization of 3.116 billion and a year-to-date increase of 279.17% [2] - China General Nuclear Power Mining (01164) rose by 5.04%, with a latest price of 3.540, a total market capitalization of 26.906 billion, and a year-to-date increase of 118.11% [2] - China General Nuclear Power New Energy (01811) increased by 4.48%, with a latest price of 3.030, a total market capitalization of 12.998 billion, and a year-to-date increase of 33.05% [2] - China General Nuclear Power (01816) experienced a rise of 3.78%, with a latest price of 3.020, a total market capitalization of 152.506 billion, and a year-to-date increase of 9.95% [2]

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 ...

Core Viewpoint - Zhongyin International reaffirms its "buy" rating for China General Nuclear Power Corporation (CGN) and considers it a key beneficiary of rising spot prices and valuation increases in the uranium sector [1] Group 1: Spot Market Activity - The Sprott Physical Uranium Trust (SPUT) has successfully raised funds on 18 out of the last 22 trading days, reaching the highest fundraising levels since 2021-22, with over $300 million raised since September 1 and more than 3.8 million pounds of U3O8 purchased in the spot market [2] - Spot uranium prices increased from $76.03 to $83 per pound during September [2] Group 2: Greenfield Uranium Developer Financing - NexGen raised CAD 400 million and AUD 400 million for its Rook I project, which is one of the largest greenfield uranium projects currently [3] - Investment interest in greenfield uranium projects has surged following the WNA conference, with a growing consensus on supply-demand gaps in the 2030s [3] Group 3: Long-term Contract Pricing - By the end of September, long-term uranium prices surpassed $80 per pound, reaching $83 [4] - Nuclear companies are shifting towards signing long-term contracts at higher prices with mainstream uranium producers as options with greenfield projects at lower prices are exhausted [4] - The current market dynamics favor mainstream producers, especially if further delays occur in greenfield projects [4] Group 4: New Nuclear Power Projects in Asia - New reactor agreements were signed during the World Nuclear Association week, including a $25 billion deal between Iran and Rosatom for four reactors (5GW) [5] - Uzbekistan signed agreements for two pressurized water reactors and two small modular reactor projects with a total capacity of 2.1GW [5] - These new projects are expected to consume approximately 1,300 tons of natural uranium annually, equivalent to CGN's current annual sales volume [5] Group 5: Kazatomprom's Potential Listing - Kazatomprom, the world's largest uranium producer, is considering a new listing location to enhance its valuation [6] - The potential re-listing is expected to improve liquidity and valuations for the entire sector, especially with the upcoming listing of Chinese uranium companies on the A-share market [6]

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]

Core Viewpoints - The company's international trade business gross profit has declined, and the price of natural uranium has fallen, leading to a loss in the first half of the year [1] - The company's self-produced trading segment, including Xie and Ao companies, has maintained normal production operations, and the income tax has returned to normal levels for the first half of 2025 [1][2] - A new sales framework agreement has been approved by the shareholders' special meeting, with a significant increase in the base price and an adjustment of the spot index ratio from 60% to 70%, indicating potential performance elasticity for the company [1][3] - The price of natural uranium is expected to rise rather than fall, with a continued optimistic outlook for the third round of the uranium bull market [1][4] Event Summary - The company released its mid-term report for 2025, reporting a revenue of HKD 1.709 billion, a year-on-year decrease of 58%, and a loss of HKD 68 million, a year-on-year decline of 160% [1] Production and Operations - The company's overall production operations, especially in the mining sector, remain stable. Both Xie and Ao companies achieved normal production operations in the first half of the year [2] - Xie Company exceeded its uranium extraction plan, with an actual extraction of 428 tons against a plan of 407 tons, achieving a completion rate of 105% [2] - Ao Company also exceeded its uranium extraction plan, with an actual extraction of 923 tons against a plan of 818 tons, achieving a completion rate of 113% [2] - The average production costs for Xie and Ao companies were USD 32.49 and USD 25.21 per pound of U3O8, respectively [2] Sales and Contracts - The company signed new contracts for 1,910 tons of natural uranium, with 53% of sales volume coming from Europe, 30% from Asia, and 17% from North America [2] - The total delivery of natural uranium was 812 tons, generating sales revenue of USD 123 million [2] - As of June 30, 2025, the company held 1,569 tons of natural uranium with a weighted average cost of USD 68.77 per pound of U3O8 [2] Tax and Financial Outlook - The company's income tax expense for the first half of the year was HKD 36 million, a year-on-year decrease of approximately 83% [2] - The new sales framework agreement for 2026-2028 has been approved, with base prices significantly increased compared to the previous agreement, indicating a positive outlook for future uranium prices [3] Market Outlook - The global recovery of nuclear energy, driven by carbon neutrality goals and energy security, is expected to increase uranium demand [3] - The long-term low uranium prices and limited new supply due to reduced capital expenditure in mining are likely to support a bullish market for uranium [4]

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]