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]