国泰海通晨报 2026 年 01 月 16 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【固定收益研究】：综合考虑四个要点：银行一级买债久期加长，负债端存款置换，一级资本 补充和大行一二级机构行为变化。 2、【金属新材料研究】中国铀业：中国铀业 90%以上收入来自于天然铀业务，是实控人中核集团 天然铀产品独家供应商。作为天然铀采冶企业，公司承担国家铀供应使命，随着国内产能建设和 海外铀资源布局的扩张，公司规模将进一步增长。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 唐元懋(分析师) 0755-23976753 tangyuanmao@gtht.com S0880524040002 汤志宇(分析师) 021-38031036 tangzhiyu@gtht.com S0880525070031 专题研究：《考虑政府债久期拉长与存款置换：大行 EVE 指标 空间再测算的四个要点》2026-01-15 ...

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 80 CNY [5][11][15]. Core Insights - China Uranium Industry (001280) derives over 90% of its revenue from natural uranium business and is the exclusive supplier of natural uranium products for its controlling shareholder, China National Nuclear Corporation (CNNC) [2][11]. - The company is expected to benefit from the growing demand for nuclear energy and the ongoing global uranium supply-demand gap, which is projected to persist in the long term [11][39]. Financial Summary - The total revenue is projected to grow from 14,801 million CNY in 2023 to 31,422 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.5% [4][16]. - Net profit attributable to the parent company is expected to increase from 1,262 million CNY in 2023 to 4,428 million CNY in 2027, with a significant growth rate of 87.8% in 2026 [4][11]. - Earnings per share (EPS) is forecasted to rise from 0.61 CNY in 2023 to 2.14 CNY in 2027 [4][11]. Revenue Breakdown - The revenue from natural uranium sales is expected to grow from 13,234.90 million CNY in 2023 to 28,500 million CNY by 2027, with a growth rate of 43.94% in 2024 [16]. - The radioactive co-mineral resource business is projected to see revenue growth from 1,164.08 million CNY in 2023 to 2,672.00 million CNY by 2027, with a notable increase of 39.51% in 2025 [16]. Industry Position - China Uranium Industry is a leading player in the uranium sector, with a strong historical presence and a comprehensive resource layout both domestically and internationally [19][24]. - The company controls significant uranium resources, ranking among the top ten global uranium producers, and has a robust operational footprint in key strategic areas [33][39]. Supply-Demand Dynamics - The global uranium market is characterized by a high concentration of resources, with the top five countries holding 68% of the total uranium reserves [39][40]. - The report highlights a persistent supply-demand gap in the uranium market, driven by increasing nuclear energy requirements and a recovery in global uranium production expected to reach 60,213 tons in 2024 [40][41].

1月14日，港交所发布公告称，沪深300ETF中金(510320)、A500ETF中金(512080)等共53只基金和中力 股份(603194.SH)、联芸科技(688449.SH)等共计4只股票获纳入沪股通名单，自由现金流ETF(159201)、 创业板ETF东财(159205)等共43只基金和海安集团(001233.SZ)、中国铀业(001280.SZ)共3只股票获纳入 深股通。以上变动2026年1月19日生效。 相关调整信息如下： 沪股通： | 上海證券 中央結算 | | | | | | --- | --- | --- | --- | --- | | 交易所 | 系統 | | 股票面值 中央結算系統內使用的 | 預計開始 | | 公司名稱 股票代碼 股票代碼 (人民幣) | | | 英文證券簡稱 | 交易日 | | (備註 1) (備註 2) (備註 2) | | | (備註 3) | | | 24. 招商中證銀行 AH 價格優選 517900 31192 | | | 1 CN MERCHANTS-A | 19/01/2026 | | 交易型開放式指數證券投資 | | | | | | 基金 | | | ...

1月14日，港交所发布公告称，沪深300ETF中金(510320)、A500ETF中金(512080)等共53只基金和中力 股份（603194）(603194.SH)、联芸科技(688449.SH)等共计4只股票获纳入沪股通名单，自由现金流 ETF(159201)、创业板ETF东财(159205)等共43只基金和海安集团（001233）(001233.SZ)、中国铀业 （001280）(001280.SZ)共3只股票获纳入深股通。以上变动2026年1月19日生效。 相关调整信息如下： 沪股通： | 上海證券 中央結算 | | | | | --- | --- | --- | --- | | 交易所 | 系統 | 中央結算系統內使用的 | 預計開始 | | 公司名稱 | 股票代碼 股票代碼 (人民幣) | 英文證券簡稱 | 交易日 | | (備註 1) | (備註 2) (備註 2) | (備註 3) | | | 中金漏深 300 交易型開放 510320 31176 | | | 19/01/2026 | | 式指數證券投資基金 | | | | | 中金中證 A500 交易型開放 512080 31180 | | ...

证券日报网讯1月8日，中国铀业（001280）在互动平台回答投资者提问时表示，公司的天然铀业务包括 国内外采冶、销售和贸易业务，天然铀产品有重铀酸盐、八氧化三铀两种产品形态。天然铀是保障核能 事业发展的重要物质基础，应用于核电及国防等领域。 ...

Core Viewpoint - Hunan Yongke New Materials Co., Ltd. has been established with a registered capital of 100 million yuan, focusing on hazardous waste management, non-coal mining, rare earth metal smelting, and sales of metal ores and rare earth functional materials [1] Company Summary - The legal representative of Hunan Yongke New Materials Co., Ltd. is Wang Chao [1] - The company is co-owned by Hunan Rare Earth Industry Group Co., Ltd. and China Uranium Corporation's subsidiary, China Nuclear Resources Development Co., Ltd. [1] Industry Summary - The company's business scope includes hazardous waste management, which indicates a focus on environmental sustainability and resource recovery [1] - The involvement in rare earth metal smelting and sales highlights the company's position in the critical materials sector, which is essential for various high-tech industries [1]

- Theoretical new stock yield for Class A accounts with a scale of 2 billion is 3.80%[2][10] - Theoretical new stock yield for Class B accounts with a scale of 2 billion is 2.88%[2][10] - Theoretical new stock yield for Class A accounts with a scale of 10 billion is 1.74%[2][10] - Theoretical new stock yield for Class B accounts with a scale of 10 billion is 1.03%[2][10] - The average first-day increase for STAR Market stocks is 258.09%[2][20] - The average first-day increase for ChiNext stocks is 231.27%[2][20] - The number of valid quotation accounts for the latest STAR Market new stock is 4687 for Class A and 2065 for Class B[2][26] - The number of valid quotation accounts for the latest ChiNext new stock is approximately 3879 for Class A and 2610 for Class B[2][26] - The number of valid quotation accounts for the latest Shanghai Main Board new stock is 5200 for Class A and 2944 for Class B[2][26] - The number of valid quotation accounts for the latest Shenzhen Main Board new stock is 4683 for Class A and 2918 for Class B[2][26] - The highest first-day increase among newly listed stocks in the past month is 600.07% for Muxi Shares-U[37] - The highest fundraising amount among newly listed stocks in the past month is 80 billion for Moore Threads-U[37] - The highest full subscription yield among newly listed stocks in the past month is 671.65 thousand yuan for Moore Threads-U[41][43] - The full subscription yield for Muxi Shares-U is 343.75 thousand yuan[41][43] - The full subscription yield for Angrui Micro-UW is 42.24 thousand yuan[41][43] - The full subscription yield for China Uranium Industry is 36.49 thousand yuan[41][43] - The full subscription yield for Baiao Saitu is 14.67 thousand yuan[41][43] - The full subscription yield for Youxun Shares is 24.68 thousand yuan[41][43] - The full subscription yield for Tiansu Measurement is 5.54 thousand yuan[41][43] - The full subscription yield for Nabai Chuan is 7.86 thousand yuan[41][43] - The full subscription yield for Xihua Technology is 4.51 thousand yuan[41][43] - The full subscription yield for Jianxin Superconducting is 12.53 thousand yuan[41][43] - The full subscription yield for C Shuangxin is 12.56 thousand yuan[41][43] - The full subscription yield for C Yufan is 2.35 thousand yuan[41][43] - The full subscription yield for C Qiangyi is 40.15 thousand yuan[41][43] - The full subscription yield for C Xinguangyi is 9.93 thousand yuan[41][43] - The monthly offline new stock yield for Class A accounts with a scale of 2 billion in December 2025 is 195.55 thousand yuan[48][49] - The monthly offline new stock yield for Class B accounts with a scale of 2 billion in December 2025 is 94.99 thousand yuan[53][54] - The cumulative offline new stock yield for Class A accounts with a scale of 2 billion in 2025 is 3.80%[48][49] - The cumulative offline new stock yield for Class B accounts with a scale of 2 billion in 2025 is 2.88%[53][54]

Group 1 - The report indicates that while the number of IPOs and fundraising amounts in 2025 increased compared to 2024, the overall profitability of offline subscription has reached a new low since 2019, with A1/B class products yielding only 2.7% and 2.4% respectively [4][10][5] - In 2025, 87 new stocks were issued in the A-share market, raising a total of 1,235 billion yuan, with 64% of the new stocks having an initial fundraising scale of less than 1 billion yuan [19][20][27] - The average initial price-to-earnings (PE) ratio for new stocks in 2025 was 23x, marking a new low since 2019, with an average discount of 39% compared to comparable companies [36][34][36] Group 2 - The report forecasts a rebound in offline subscription profitability in 2026, with expected yields for A1/B class products projected to be 4.05% and 3.23% respectively, driven by an increase in the number of IPOs and stable pricing [4][10][4] - The report highlights that the strategic allocation of new stocks is expected to remain attractive in 2026, with an increase in external strategic investors and a significant average return on unlocked shares [4][4][4] - The report notes that the number of offline inquiry products has significantly increased, with a year-on-year growth of 18%, indicating a heightened interest in new stock subscriptions [64][64][64]

Group 1 - The core viewpoint of the article highlights that China Uranium Industry (001280) has stated that the "Guo Uranium No. 1" demonstration project is the largest natural uranium production base in China, featuring the highest construction standards and the most advanced technology [1] - The project is characterized by its green, economical, intelligent, and efficient attributes [1]

（文章来源：证券日报） 证券日报网讯 12月31日，中国铀业在互动平台回答投资者提问时表示，公司环保投入情况详见本公司 公告的招股说明书"第五节业务与技术/七、发行人环境保护与安全生产情况/（一）环境保护情况"。 ...