中国核工业集团投资者日：铀市场更多积极因素

Investment Rating - The industry view for Greater China Materials is rated as Attractive [6]. Core Insights - The potential for a second batch of nuclear power plant approvals in the second half of 2025 remains uncertain, but may increase if economic growth requires stimulus [3]. - China National Nuclear Power (CNNP) has sufficient sites to meet an approval speed of 10 nuclear units per year, with a budgeted capital expenditure for nuclear power expected to show significant growth in 2025 [3][9]. - The commercial application of fusion reactors is projected to be a long-term endeavor, around the 2050s, while small modular reactors (SMRs) are not expected to be built on a large scale in China [4][9]. - China Nuclear Engineering Corporation (CNEC) has a strong track record, having built 64 nuclear power units and currently constructing 32 units, indicating potential for accelerated construction starts [5][9]. Nuclear Supply and Uranium Insights - China National Uranium Co., the mining arm of the group, owns domestic resources and international assets, including the Rossing mine in Namibia and a greenfield mine in Mongolia [10]. - The group is actively exploring for uranium in various countries, including Uzbekistan, Namibia, and Zimbabwe, to secure more resources [10]. - Despite some growth in domestic supply, China is expected to continue relying primarily on overseas uranium resources to fuel its expanding nuclear fleet [10].