山西证券研究早观点

Group 1 - The core viewpoint of the report indicates that the June CPI was lower than expected at 0.2% year-on-year, while the PPI was -0.8%, both showing weaker seasonal performance [6][18][19] - The report highlights that the PPI was primarily supported by low base effects and tight supply of certain products, with production material prices declining significantly [7][19] - The report notes that the prices of various sectors were affected by different factors, such as international oil prices leading to a 2.9% decrease in domestic oil and gas extraction prices, while supply tightness in non-ferrous metal smelting led to a 1.6% increase in prices [7][19] Group 2 - The report discusses the impact of Kazakhstan's unexpected increase in uranium mining taxes, which may suppress the country's uranium concentrate production growth [9][21] - The new tax law is expected to limit annual uranium production for large mining companies if uranium prices exceed $110 per pound, potentially providing strong support for natural uranium prices due to limited supply [9][21] - Kazakhstan's uranium concentrate production accounts for approximately 35% of global supply, and any restrictions on this supply could significantly influence uranium pricing dynamics [9][21]