天然铀行业事件点评：需求利好叠加供给约束，铀价有望持续上行

Investment Rating - The report maintains a "Buy" rating for the uranium industry, particularly recommending CGN Mining [5][9]. Core Insights - The demand for natural uranium is expected to accelerate due to multiple factors including nuclear energy, geopolitical influences, and rising price expectations, while supply constraints remain rigid [9]. - The U.S. government has included natural uranium in its "strategic minerals" list, which may lead to increased domestic prices and a dual pricing system if import restrictions are implemented [4]. - The SPUT trust plans to issue up to $2 billion in trust shares, which will significantly impact the natural uranium market by increasing secondary demand [7]. Summary by Sections U.S. Policy Impact - The U.S. is initiating negotiations to protect domestic uranium production, potentially leading to higher domestic prices compared to international prices [4]. - The U.S. Department of Energy has allocated $2.7 billion to support domestic uranium enrichment services, aiming to reduce reliance on foreign suppliers [4]. Market Dynamics - The current spot price of uranium is reported at $86.5 per pound, with long-term contract prices also reaching $86.5 per pound, indicating a bullish market outlook [9]. - Japan's nuclear power plants are gradually restarting, which is expected to enhance traditional uranium demand and support price stability [7]. Company Performance - CGN Mining is projected to benefit from rising uranium prices, with expected production and trading performance improving in 2025 and beyond [9]. - The company has adjusted its pricing mechanisms to better align with market conditions, enhancing its earnings potential [9]. Future Outlook - The commercialization of Small Modular Reactors (SMRs) is anticipated to create new demand avenues for uranium, further driving price increases [7]. - The report suggests that the combination of increased primary and secondary demand, along with supply constraints, will likely lead to sustained price growth in the uranium market [9].