Group 1 - China General Nuclear Power Corporation (CGN) Mining (01164) has seen its stock price increase by over 5%, currently trading at 5.19 HKD with a transaction volume of 97.61 million HKD [1] - YCA announced on February 12 that it will increase its total placement from the previously planned minimum of 75 million USD to approximately 110 million USD to expand natural uranium procurement [1] - YCA holds an option to purchase 1.16 million pounds of natural uranium from the Hayan mine for 26 years [1] Group 2 - The state-owned natural uranium platform is resuming overseas mine acquisitions, with China Uranium Industry planning to acquire a 45% stake in BMN UK, a subsidiary of BMN [1] - Huayuan Securities released a report stating that in the context of rising electricity demand from AI, nuclear power and uranium are transitioning from "optional energy" to "strategic necessities," which is expected to enhance their long-term pricing power, cash flow stability, and capital attractiveness [1] - It is noteworthy that although CGN Mining sells all its mined uranium products to its parent company, the pricing is linked to market prices, allowing it to benefit from the positive factors of rising uranium prices due to increased global nuclear power demand [1]

探索建立体现核电低碳价值的制度，鼓励煤电机组在重污染天气预警期间降低交易电量。 国际能源署2月6日发布的报告预测，从现在到2030年，全球电力需求年均增速将超过3.5%，到2030 年，全球电力结构中可再生能源与核电的合计占比将升至50%。 国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》。 核电产业链相关港股： 其中提出，推动分布式电源公平承担系统调节成本，支持分布式新能源以聚合交易、直接交易等模式参 与市场。进一步优化煤电机组运营模式，合理确定机组开机方式和调峰深度，上网电量全部参与电力市 场，通过多种交易类型获得收益以覆盖建设运营成本。在保障能源安全的基础上，分品种有节奏推进气 电、水电、核电等电源进入电力市场。 中广核电力(01816)、中核国际、中广核矿业(01164) 中信证券研报认为，AI需求引发全球核电行业全面复兴，高利润率高成长的核电制造业估值有望重 估。国内核电已进入常态化核准及建设高峰期，预计零部件将于2026年起进入交付高峰，带来行业利润 加速释放。 同时先进反应堆、核技术应用、出口、乏燃料后处理等多维需求贡献显著增量。远期来看，核聚变带来 的估值基准切换有望大幅提升板块估值 ...

国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》。 其中提出，推动分布式电源公平承担系统调节成本，支持分布式新能源以聚合交易、直接交易等模式参 与市场。进一步优化煤电机组运营模式，合理确定机组开机方式和调峰深度，上网电量全部参与电力市 场，通过多种交易类型获得收益以覆盖建设运营成本。在保障能源安全的基础上，分品种有节奏推进气 电、水电（核心股）、核电（核心股）等电源进入电力市场。 探索建立体现核电（核心股）低碳价值的制度，鼓励煤电机组在重污染天气预警期间降低交易电量。 智通财经获悉，国际能源署2月6日发布的报告预测，从现在到2030年，全球电力需求年均增速将超过 3.5%，到2030年，全球电力结构中可再生能源与核电（核心股）的合计占比将升至50%。 中信证券研报认为，AI 需求引发全球核电（核心股）行业全面复兴，高利润率高成长的核电制造业估 值有望重估。国内核电已进入常态化核准及建设高峰期，预计零部件将于 2026 年起进入交付高峰，带 来行业利润加速释放。 同时先进反应堆、核技术应用、出口、乏燃料后处理等多维需求贡献显著增量。远期来看，核聚变带来 的估值基准切换有望大幅提升板块估值，对核电（核心 ...

Group 1 - The State Council issued implementation opinions to improve the national unified electricity market system, promoting distributed energy sources to fairly bear system adjustment costs and participate in the market through aggregation and direct trading models [1] - The report from the International Energy Agency predicts that global electricity demand will grow at an average annual rate of over 3.5% until 2030, with renewable energy and nuclear power together accounting for 50% of the global electricity structure by 2030 [1] - CITIC Securities research indicates that AI demand is driving a revival in the global nuclear power industry, with high-profit and high-growth nuclear manufacturing industry valuations expected to be reassessed [1] Group 2 - Domestic nuclear power has entered a peak period of normalization in approval and construction, with component deliveries expected to peak in 2026, leading to accelerated profit release in the industry [1] - Advanced reactor technologies, nuclear technology applications, exports, and spent fuel reprocessing are expected to contribute significantly to incremental demand [1] - Long-term prospects for nuclear fusion are anticipated to substantially enhance sector valuations, leading to a strong recommendation for the nuclear power industry [1] Group 3 - Related Hong Kong stocks in the nuclear power industry include China General Nuclear Power (01816), China National Nuclear Corporation International, and China General Nuclear Mining (01164) [2]

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies [2][3]. Core Insights - The report highlights a positive outlook for the coal market post-Chinese New Year, driven by supply constraints and inventory depletion, with expectations of significant price increases [9][11]. - Domestic coal prices are stabilizing with slight fluctuations, while port coal prices are accelerating upward [12][11]. - The report anticipates that coal prices will return to a balanced supply-demand state in 2023-2024, with prices expected to fluctuate between 750-1000 RMB/ton [11][12]. Summary by Sections Company Earnings Forecast, Valuation, and Ratings - Recommended companies include: - Jinko Coal Industry (601001): EPS forecast of 1.68 RMB for 2024, with a PE of 10 [2]. - Shanxi Coal International (600546): EPS forecast of 1.14 RMB for 2024, with a PE of 10 [2]. - Lu'an Environmental Energy (601699): EPS forecast of 0.82 RMB for 2024, with a PE of 17 [2]. - Huayang Co., Ltd. (600348): EPS forecast of 0.62 RMB for 2024, with a PE of 15 [2]. - Yancoal Energy (600188): EPS forecast of 1.44 RMB for 2024, with a PE of 12 [2]. - China Shenhua Energy (601088): EPS forecast of 2.95 RMB for 2024, with a PE of 14 [2]. - Shaanxi Coal and Chemical Industry (601225): EPS forecast of 2.31 RMB for 2024, with a PE of 10 [2]. - China Coal Energy (601898): EPS forecast of 1.46 RMB for 2024, with a PE of 10 [2]. - CGN Mining (1164.HK): EPS forecast of 0.04 HKD for 2024, with a PE of 108 [2]. - Xinji Energy (601918): EPS forecast of 0.92 RMB for 2024, with a PE of 8 [2]. - Huaibei Mining (600985): EPS forecast of 1.80 RMB for 2024, with a PE of 7 [2]. - Lanhua Sci-Tech (600123): EPS forecast of 0.49 RMB for 2024, with a PE of 13 [2]. Market Performance - The coal sector outperformed the broader market, with a weekly increase of 1.9% compared to the 0.4% increase in the CSI 300 index [20][17]. - The thermal coal sub-sector showed the highest increase of 3.0%, while the coking coal sub-sector experienced a decline of 3.9% [20][17]. Industry Dynamics - The report notes that domestic coal supply is tightening due to the Chinese New Year holiday, with a significant decrease in port inventory levels compared to the previous year [11][9]. - The report emphasizes the importance of high spot market exposure and recommends focusing on companies with strong balance sheets and high cash flow [12][11].

Investment Rating - The report maintains a "Buy" rating for the stock of Huaneng Uranium (KAP LN) with a target price of 108.00 [9][12]. Core Insights - The acquisition of the Etango project by China Uranium Industry is expected to enhance China's self-sufficiency in uranium supply, with the project anticipated to reach first production by 2028 and a long-term production target of 6.7 million pounds per year [2][5]. - The global uranium market is expected to shift from destocking to restocking in 2026, driven by supply-side constraints and increasing demand for uranium, particularly from nuclear power generation [1][12]. - The report highlights the increasing willingness of market participants to invest in uranium, with financial institutions ramping up their uranium purchases, indicating a bullish sentiment in the market [4][5]. Summary by Sections Section 1: Acquisition Details - China Uranium Industry plans to acquire a 45% stake in BMN UK, which corresponds to a 42.75% indirect stake in the Etango uranium mine, for a maximum consideration of $322 million [1]. - The Etango project has confirmed and inferred resources totaling 80,000 tons of uranium, with a confirmed resource of 23,000 tons [2]. Section 2: Market Dynamics - The report notes that the supply-side vulnerabilities in the uranium market are becoming a consensus among countries, with production from existing mines nearing the end of their life cycles and exploration activities stagnating [1]. - The report emphasizes that the financial strength of uranium purchases is expected to accelerate the price increase of uranium in the spot market [12]. Section 3: Recommended Companies - Companies that are likely to benefit from the acquisition and the overall market dynamics include China Uranium Industry and China General Nuclear Power Group, as well as U.S. companies like Cameco and UEC, which are expected to benefit from domestic supply policies [5][12].

董事会亦宣布，自2026年2月13日起：(1)现任非执行董事王先锋获委任为审核委员会成员；(2)现任执行 董事邱斌获委任为授权代表；(3)李杰获委任为执行董事，ESG委员会主席及首席财务官。 格隆汇2月13日丨中广核矿业(01164.HK)公告，自2026年2月13日起：(1)因工作调动，徐军梅辞任公司执 行董事，董事会环境、社会及管治委员会主席及提名委员会成员以及首席财务官。因此，徐亦于同日不 再担任公司于香港联合交易所有限公司证券上市规则第3.05条项下的授权代表；(2)因达到退休年龄，孙 旭辞任非执行董事，董事会审核委员会成员以及ESG委员会成员；(3)因中国国有企业混合所有制改革 基金有限公司不再持有公司股份，刘冠华辞任非执行董事，董事会薪酬委员会成员。 ...

智通财经APP讯，中广核矿业(01164)公布，自2026年2月13日起，因工作调动，徐军梅女士辞任公司执 行董事，董事会环境、社会及管治委员会(ESG委员会)主席及提名委员会成员以及首席财务官。因此， 徐军梅女士亦于同日不再担任公司于香港联合交易所有限公司证券上市规则第3.05条项下的授权代表。 因达到退休年龄，孙旭先生辞任非执行董事，董事会审核委员会成员以及ESG委员会成员。因中国国有 企业混合所有制改革基金有限公司不再持有公司股份，刘冠华先生辞任非执行董事，董事会薪酬委员会 成员。 自2026年2月13日起：现任非执行董事王先锋先生获委任为审核委员会成员; 现任执行董事邱斌先生获 委任为授权代表;及李杰先生获委任为执行董事，ESG委员会主席及首席财务官。 ...

獨立非執行董事 （於開曼群島註冊成立之有限公司） （股份代號：01164） 董事名單與其角色和職能 中廣核礦業有限公司*之董事會（「董事會」）成員載列如下： 非執行董事 王先鋒先生 （主席） 執行董事 邱斌先生 （首席執行官） 李傑先生 香港，2026年2月13日 * 僅供識別 高培基先生 張蘊濤先生 吳英鵬先生 本公司共設立四個董事委員會。下表載列各位董事會成員所任職之該等委員會之成員資料： | | 董事委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | 環境、社會及 | | --- | --- | --- | --- | --- | --- | | 董事 | | | | | 管治委員會 | | 王先鋒先生 | | M | | C | | | 邱斌先生 | | | | | | | 李傑先生 | | | | | C | | 高培基先生 | | | M | M | M | | 張蘊濤先生 | | C | M | M | | | 吳英鵬先生 | | M | C | M | | 關鍵詞： C – 相關董事委員會之主席 M – 相關董事委員會之成員 ...

董事、董事會委員會組成、首席財務官及授權代表變動 董事、首席財務官及授權代表辭任及董事會委員會組成變動 中廣核礦業有限公司*（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會（「董事會」）宣佈， 自2026年2月13日起： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：01164） (2) 現任執行董事邱斌先生獲委任為授權代表；及 (3) 李傑先生（「李先生」）獲委任為執行董事，ESG委員會主席及首席財務官。 李先生簡歷如下： 李傑先生，現年42歲，現任中廣核鈾業發展有限公司總會計師及中咨工程有限公司董事。李先生於 2006年7月至2020年7月任職於中廣核工程有限公司，先後擔任財務部的建安投資控制工程師、預算 管理會計師、預算管理高級主管、預算模塊預算管理主任及預算模塊副經理（主持工作）。李先生於 2020年7月至2024年7月任職於中國廣核集團有限公司，先後擔任財務與資產管理部預算處預算 ...