铀行业专题报告：从政策预期到执行兑现：铀产业链迎来系统性重估

Investment Rating - The report maintains a "Positive" investment rating for the uranium industry [1] Core Insights - The report highlights a significant shift in the U.S. nuclear energy policy, transitioning from "policy expectations" to "execution realization," indicating a critical turning point for the nuclear industry chain [4][15] - The report emphasizes the importance of three recent executive orders that reshape the nuclear fuel supply, testing, and regulatory frameworks, which are expected to drive the industry forward [19][23] Summary by Sections 1. U.S. Nuclear Energy Policy Restructuring - The restructuring of U.S. nuclear energy policy is marked by the implementation of three executive orders that address the supply of nuclear fuel, testing and deployment of advanced reactors, and regulatory reforms [19][23] - The "Revitalizing the Nuclear Industry" executive order establishes a comprehensive policy framework for the production, procurement, and strategic reserve of HALEU/LEU/HEU, aiming to enhance domestic nuclear fuel capabilities [16][17] - The "Reforming Energy Department Reactor Testing" order aims to eliminate regulatory bottlenecks for advanced reactors, facilitating faster deployment and commercialization of new technologies [19][20] - The "Reforming the Nuclear Regulatory Commission" order focuses on reducing approval times for new reactors to under 18 months, significantly improving project timelines and investment returns [22][23] 2. Performance of Key Segments - The report identifies three main segments within the nuclear industry: SMR (Small Modular Reactors), Enriched Uranium, and Uranium Mining, each exhibiting distinct growth trajectories and investment characteristics [6][12] - The SMR segment shows strong price elasticity driven by significant investments from tech giants and supportive policies, suggesting a robust growth outlook [6][12] - The Enriched Uranium segment is positioned for growth due to domestic production incentives and geopolitical factors, with companies like Centrus Energy at the forefront [6][12] - The Uranium Mining segment, while less volatile, is expected to benefit from long-term supply-demand dynamics, with key players maintaining a stable investment profile [6][12] 3. Market Dynamics and Future Outlook - The report outlines the recent performance of the U.S. nuclear sector, highlighting the dual drivers of AI and policy support that have propelled stock prices in the sector [10][27] - It notes that the nuclear industry is entering a new policy-driven cycle, with significant implications for investment strategies and market valuations [12][24] - The report suggests that the ongoing policy changes and market dynamics will create substantial opportunities for investors in the nuclear energy space, particularly in segments with strong growth potential [6][12]