Macro and Strategy - The macro review highlights a significant increase in PPI month-on-month, with January 2026 CPI showing a year-on-year increase of 0.2% and PPI down by 1.4% compared to the previous year [5][6] - The Hang Seng Technology Index has faced a downturn, failing to experience the expected post-Lunar New Year rally, with a notable shift in investment from high-growth tech stocks to dividend-paying assets [5][6] - The report discusses the performance of various asset classes, indicating a decline in equity indices and mixed results in commodity prices, with WTI crude oil rising by 2.75% [5][6] Industry and Company - The internet industry report emphasizes the growth potential of AI applications, with major companies like SpaceX and Meta making significant advancements in AI technology [13][14] - The pharmaceutical industry report suggests a focus on undervalued sectors, particularly in medical services and consumer-related segments, anticipating a recovery in 2026 [15][16] - China Uranium Industry (001280.SZ) is highlighted for its strong position in the natural uranium market, with a projected production of 3,955 tons in 2024, accounting for 6.4% of global output [17][18] - Bilibili (09626.HK) is expected to benefit from increased advertising revenue in 2026 due to the gaming industry's growth and the rise of AI applications [19][20] - Semiconductor company SMIC (00981.HK) reported a revenue of $2.489 billion in Q4 2025, exceeding guidance, with expectations for growth in 2026 to surpass industry averages [21][22] - Lianchuang Optoelectronics (600363.SH) is focusing on high-temperature superconductors and laser technology, with a projected net profit growth of 19.4% in 2025 [25][26]

Investment Rating - The report assigns an "Outperform" rating for the company [4] Core Views - The company is a subsidiary of China National Nuclear Corporation, focusing on the comprehensive utilization of natural uranium and radioactive associated mineral resources [1][12] - The company plans to raise 4.4 billion yuan through its IPO, with 2.2 billion yuan allocated for natural uranium capacity projects and 700 million yuan for the comprehensive utilization of radioactive associated mineral resources [22] - The company is expected to produce 2,659 tons of U3O8 (equivalent to 2,255 tons of metal) from overseas sources in 2024, with an estimated domestic production of 1,700 tons, totaling 3,955 tons, which represents 6.4% of the global production of approximately 61,615 tons in 2024 [1][12] Summary by Sections Natural Uranium Business - The company has a dominant position in domestic natural uranium production, holding 17 mining rights for domestic natural uranium or uranium-molybdenum mines [1][59] - The natural uranium business is divided into self-produced uranium product sales, purchased uranium product sales, and international uranium trade [1][38] - The demand for natural uranium is expected to grow steadily, with supply constraints leading to a long-term bullish price outlook [1][39] Comprehensive Utilization of Radioactive Associated Mineral Resources - The company focuses on the comprehensive utilization of monazite, uranium-molybdenum, and tantalum-niobium [2] - The comprehensive utilization of monazite produces rare earth chlorides and sodium phosphate/carbonate as by-products, while uranium-molybdenum and tantalum-niobium processing yield ammonium paratungstate and tantalum/niobium oxides, respectively [2][27] Financial Forecast and Valuation - The company is projected to achieve net profits of 1.66 billion yuan, 3.49 billion yuan, and 4.87 billion yuan for the years 2025, 2026, and 2027, respectively, representing growth rates of 14%, 110%, and 40% [3][4] - The estimated reasonable valuation for the company is between 108.3 and 120.9 yuan, indicating a premium of 17% to 31% over the current stock price of 92.59 yuan [4]

Group 1 - The company, China Uranium Industry, announced that its 28th meeting of the first board of directors was held on February 10, 2026, in Beijing, combining both in-person and remote participation [1] - The meeting reviewed documents including the proposal to adjust the members of the company's specialized committees [1]

证券代码：001280 证券简称：中国铀业 公告编号：2026-012 中国铀业股份有限公司 关于完成补选非独立董事 及调整专门委员会委员的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、完成补选非独立董事情况 中国铀业股份有限公司（以下简称"公司"或"中国铀业"）于 2026 年 1 月 22 日召开第一届董事会第二十七次会议，审议通过了《补选公司第一届董事会 非独立董事的议案》，经公司控股股东提名，董事会提名委员会资格审查通过， 公司董事会同意补选姜宏先生为公司第一届董事会非独立董事候选人。具体内容 详见公司于 2026 年 1 月 24 日刊登于巨潮资讯网（www.cninfo.com.cn）的《关于 公司董事辞职及补选董事的公告》。 二、调整董事会专门委员会委员的情况 鉴于公司董事会成员调整，为保证董事会各专门委员会正常有序开展工作， 公司于 2026 年 2 月 10 日召开第一届董事会第二十八次会议，审议通过了《关于 调整公司董事会专门委员会委员的议案》，同意对第一届董事会专门委员会委员 1 进行调整，调整后的第一届董事会各专门委员会组成 ...

证券代码：001280 证券简称：中国铀业 公告编号：2026-010 中国铀业股份有限公司 2026年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会无否决提案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 （一）会议召开情况 1、召开时间 （1）现场会议时间：2026 年 2 月 10 日（星期二）14:30。 （2）网络投票： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2026 年 2 月 10 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00； 通过深圳证券交易所互联网投票系统投票的开始时间为：2026 年 2 月 10 日 9:15-15:00 的任意时间。 2、召开地点：北京市朝阳区和平西桥樱花西街 18 号贵州大厦 4 层遵义厅。 3、召开方式：本次股东会采用现场表决与网络投票相结合的方式召开。 一、会议召开和出席情况 4、召集人：公司董事会。 5、主持人：董事长袁旭先生。 1 6、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 中国铀业股份有限公司（以下简称"公司"或"中国铀业"）第一届董事会 第二十八次会议通知已于 2026 年 2 月 3 日通过通讯方式向公司全体董事发出， 会议于 2026 年 2 月 10 日在北京市朝阳区和平西桥樱花西街 18 号贵州大厦 4 层 遵义厅以现场和通讯相结合的方式召开。本次会议由董事长袁旭先生主持，应出 席董事 12 人，实际亲自出席董事 12 人（肖林兴先生、张绍坤先生和王俊仁先生 以通讯方式出席会议），公司部分高级管理人员、相关部门负责人列席了本次会 议。本次会议符合《公司法》等法律法规以及《公司章程》的有关规定。 二、董事会会议审议情况 会议审议通过了如下议案： 证券代码：001280 证券简称：中国铀业 公告编号：2026-011 中国铀业股份有限公司 第一届董事会第二十八次会议决议公告 中国铀业股份有限公司董事会 2026 年 2 月 11 日 2 1、审议通过《关于调整公司董事会专门委员会委员的议案》 表决结果：12 票同意、0 票反对、0 票弃权。 鉴于公司董 ...

国浩律师（北京）事务所 关于中国铀业股份有限公司 2026 年第一次临时股东会律师见证 之 法律意见书 北京 上海 深圳 杭州 天津 昆明 广州 成都 宁波 福州 西安 南京 南宁 济南 重庆 香港 巴黎 马德里 硅谷 地址：北京市朝阳区东三环北路38号泰康金融大厦9层 邮编：100026 电话：010-65890699 传真：010-65176800 网址：http://www.grandall.com.cn 2026 年 2 月 法律意见书 国浩京证字[2026]第0019号 根据中国铀业股份有限公司（下称"公司"）的委托，并依据《中华人民共和 国公司法》（下称"《公司法》"）、《中华人民共和国证券法》（下称"《证券 法》"）和中国证券监督管理委员会发布的《上市公司股东会规则》（下称"《股 东会规则》"）、《上市公司治理准则》（下称"《治理准则》"）等法律、行政 法规、规范性文件以及《中国铀业股份有限公司章程》（下称"《公司章程》"） 的规定，国浩律师（北京）事务所（下称"本所"）指派律师出席了公司2026年第 一次临时股东会（下称"本次股东会"），现就公司本次股东会的有关事宜出具本 法律意见书。 为出具 ...

Core Viewpoint - The global uranium mining industry is entering a favorable cycle driven by policy, industry dynamics, and supply-demand factors, particularly due to the resurgence of nuclear power strategies in multiple countries, which will be a key driver of demand [1] Demand Side: Five Driving Factors - Global uranium demand is expected to continue strong growth, with a projected annual increase of 3% in uranium demand for nuclear reactors from 2026, surpassing the 2% average growth rate from 2020 to 2025 [2] - The growth in demand is driven by five interrelated factors: policy changes, industry dynamics, inventory replenishment, and activation of existing assets, all of which have sustainability [2] - U.S. nuclear power policies are a core engine for global demand growth, with several initiatives aimed at accelerating nuclear power development, leading to significant increases in uranium procurement needs [2] - The expansion of AI computing capacity is creating new demand for nuclear energy, as AI data centers require stable and large-scale energy sources, with nuclear power being a key option [2] - Several countries, including South Korea, are reversing previous decisions to slow or halt nuclear projects, accelerating their nuclear development plans, which opens up long-term demand for uranium [2] Supply Side: Multiple Bottlenecks - The global uranium supply faces rigid bottlenecks, with challenges in new capacity development, rising costs, and project delays, leading to a long-term tight balance between supply and demand [4] - Inflation in key uranium mining regions, such as Canada, is driving up production costs, affecting the economic viability of some low-grade, high-cost uranium projects [5] - Core projects from leading uranium companies are facing various issues, including delays and cost overruns, which hinder the expected release of new capacity [5] - The concentration of uranium supply in a few countries and companies, combined with increasing geopolitical risks, adds to the uncertainty in supply [5] Price Forecast: Significant Price Increase Expected - UBS has significantly raised its short-term and long-term price forecasts for uranium, with short-term prices expected to average $95 per pound from 2026 to 2028, and a projected price of $90 per pound in 2026, up 13% from previous estimates [6] - Long-term prices have also been adjusted, with the actual long-term uranium price for 2025 raised from $77 per pound to $100 per pound, and the nominal long-term price for 2030 increased from $85 per pound to $110 per pound, a 30% increase [6] - Current spot prices for uranium have reached $85 per pound, reflecting a year-on-year increase of approximately 25%, with further upward potential driven by demand [6] Core Company Analysis: Cameco - Cameco is one of the largest uranium mining companies globally, listed on the Canadian exchange, and holds a significant share of the global uranium supply, making it a core supplier for nuclear power companies [7] - The target price for Cameco has been raised by 9% to CAD 152 per share, with a valuation method based on a price-to-earnings ratio (PE) of 45 times for 2028, aligning with industry conditions and the company's leading position [7] - As an industry leader, Cameco has significant advantages in production scale, cost control, and customer resources, providing resilience against uranium price fluctuations [7]

Group 1 - The small metals sector increased by 4.94% on February 3, with Dongfang Tantalum leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Notable performers in the small metals sector included Dongfang Silver Industry, which rose by 10.01% to a closing price of 43.21, and Zhong Rare Metals, which increased by 8.72% to 83.39 [1] Group 2 - The small metals sector saw a net inflow of 625 million yuan from main funds, while retail funds had a net inflow of 364 million yuan, and speculative funds experienced a net outflow of 989 million yuan [2] - The top stocks by main fund inflow included Beifang Rare Earth with a net inflow of 347 million yuan, and Dongfang Aluminum with 286 million yuan [3] - The overall trading volume for the small metals sector was significant, with stocks like Xiamen Tungsten Industry achieving a trading volume of 715,100 shares and a transaction value of 3.954 billion yuan [1][2]

Group 1 - On January 27, a total of 47 stocks were involved with institutional investors, with 20 stocks showing net buying and 27 stocks showing net selling [1] - The top three stocks with the highest net buying by institutions were Dongli Xinke, Hongjing Technology, and Xiexin Integration, with net buying amounts of 281 million, 231 million, and 218 million respectively [1][2] - The top three stocks with the highest net selling by institutions were China Uranium Industry, Laplace, and Tianqi Co., with net outflow amounts of 340 million, 245 million, and 189 million respectively [1][4] Group 2 - Dongli Xinke had a daily increase of 7.89% with a net buying of 281.02 million [2] - Hongjing Technology experienced a daily increase of 20.00% with a net buying of 231.31 million [2] - Xiexin Integration saw a daily increase of 6.96% with a net buying of 217.83 million [2] Group 3 - The stock with the highest net selling, China Uranium Industry, had a daily decrease of 7.57% with a net outflow of 340.24 million [4] - Laplace had a daily increase of 18.33% but still faced a net outflow of 244.57 million [4] - Tianqi Co. had a daily increase of 10.00% with a net outflow of 189.07 million [4]