中银国际：重申中广核矿业“买入”评级 核电产业链融资进一步加速

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]