据英国金融时报：西屋电气公司正与美国官员及行业合作伙伴就部署十座大型核反应堆进行磋商，以实 现特朗普政府的相关目标。 ...

特朗普政府近日暂停美国核设备供应商向中国发电厂出售产品的许可证，美国商务部已向相关公司发出 禁令。核设备供应商如西屋电气和艾默生受到影响，业务价值数亿美元。美国商务部正在审查具有战略 意义的出口产品，期间暂停现有出口许可证。中方回应称，美方应取消消极措施，并承认中方在协议执 行中的进展。此举发生在国际核能格局变革之际，中国核能技术与产业体系已领先全球。特朗普签署行 政令推动核能发展，但美欧政策连贯性面临挑战。(观察者网) ...

Core Viewpoint - The company has signed a three-year natural uranium sales agreement with its parent company, China Uranium Development, for the years 2026-28, with benchmark prices and annual increment factors exceeding market expectations, indicating a positive outlook for the global nuclear energy revival and the company's profitability and valuation [1] Pricing and Sales Agreement - The benchmark price for the new agreement is set at $94.22, $98.08, and $102.1 per pound of U3O8 for the years 2026, 2027, and 2028 respectively, which is significantly higher than the market average of $80 per pound since February [1] - The annual increment factor for the new agreement is increased to 4.1%, up from 3.5% in the previous agreement, reflecting a positive industry outlook on global uranium supply and demand tightening [2] - The proportion of spot price in the pricing formula has been raised from 60% to 70%, enhancing the company's profit elasticity and aligning future sales prices more closely with spot market trends [2] Sales Capacity and Growth Potential - The annual sales cap in the new agreement considers potential resource increases, with expected annual sales volumes of 1,438, 1,617, and 1,598 tons of U3O8 for the years 2026, 2027, and 2028, plus an additional buffer of 600 tons per year [2] - This clause reinforces the company's role as a platform for overseas uranium asset development under China General Nuclear Power Group, highlighting its growth potential in seeking uranium resource investment opportunities [2] Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2026-27 upwards by 15% and 10% to 1.028 billion and 1.135 billion yuan respectively, with corresponding EPS of 0.14 and 0.15 yuan [2] - The target price has been raised to HKD 2.43 from HKD 1.88, reflecting a clearer expectation of volume and price for 2026, with a P/E ratio of 18.0x for 2026 [2]

Group 1 - The company signed a sales framework agreement with China General Nuclear Power Group, establishing a pricing mechanism for uranium procurement from 2026 to 2028, consisting of 30% fixed price and 70% spot price [1] - The fixed price for 2026 is set at $94.22 per lb U3O8, increasing annually by a factor of 1.041, resulting in prices of $94.22, $98.08, and $102.10 per lb U3O8 for 2026, 2027, and 2028 respectively [1] - The expected sales volume for uranium is projected to be 1438 tons in 2026, 1617 tons in 2027, and 1598 tons in 2028 based on the company's current capacity and business plans [1] Group 2 - The new three-year uranium trade long-term contract features a significant increase in fixed prices compared to the previous cycle, with fixed prices for 2026, 2027, and 2028 rising approximately 42%, 48%, and 55% respectively compared to 2025 [2] - The proportion of spot price in the new contract has increased from 60% to 70%, enhancing the company's earnings elasticity [2] - The company has revised its net profit forecasts for 2025-2027 to HKD 630 million, HKD 950 million, and HKD 1.1 billion, respectively, up from previous estimates of HKD 635 million, HKD 785 million, and HKD 836 million [2]

在5月的美股市场舞台上，散户投资者继续扮演主角，趁着市场流动性低迷，主导价格走势并推动一轮 轮行情。 摩根大通最新发布的报告显示，5月散户投资者净买入230亿美元，较3月和4月减少约170亿美元，但仍 与年均水平250亿美元基本持平，与2021年散户狂欢时期相当。 与前几个月形成鲜明对比的是，5月散户仅有3天净买入超过20亿美元门槛，而出现了4个净卖出日，主 要集中在最后两周。情绪指标一度跌至-0.7的低点。 与此同时，散户的投资回报在5月录得4.9%的增长，略低于市场整体表现6.1%。年初至今，他们的投资 组合亏损2.6%，而标普500指数上涨1.8%。 特斯拉遭疯抢，英伟达持续被抛售 过去一周，散户交易者净买入68亿美元，较过去一年平均水平高出0.4个标准差。 其中，ETF贡献了40亿美元的净流入，固定收益ETF需求增加，以货币市场和超短期ETF为主导，如 SGOV上涨2个标准差，同时对GLD和IBIT的兴趣依然保持在0.5个标准差。 过去一个月，最活跃的股票包括大型科技股（NVDA、TSLA、AVGO、PLTR）、迷因股（GME、 HOOD、HIMS）以及AI/数据中心新贵（CRWV）。 正面情绪集中在 ...

根据央视新闻的报道，引用了美国全国广播公司（NBC）新闻的消息，伊朗最高领袖哈梅内伊的政治 顾问沙姆哈尼在接受采访时表示，作为解除对伊朗所有经济制裁的条件，伊朗愿意作出让步，愿意永久 放弃核武器，销毁其高浓度铀库存，并将铀浓缩限于民用需要的较低水平，同时同意允许国际机构对这 一过程进行监督。沙姆哈尼还表示，如果这些条件得到满足，伊朗将同意签署相关协议。 有分析认为，双方达成协议的可能性并非为零。贝赫什蒂普尔指出，美方提出的"零浓缩"要求，可能只 是为了在谈判中获取更多的筹码。他认为，双方实际上都有达成协议的意愿，因此短期内谈判破裂的可 能性较低。尽管双方尚未明确如何找到共同的解决路径，但很有可能最终会达成某种解决方案。上海外 国语大学中东研究所副研究员赵军则认为，特朗普政府倾向于"交易型"外交，因此美伊双方基于避免冲 突升级的共同意愿以及各自的现实利益考虑，理论上仍然有可能达成某种形式的"重大交易"。 伊朗为何敢如此强硬？其底气来自多个方面。过去一年，伊朗的导弹计划取得了突破性进展，技术已经 能够发射核弹头。此外，伊朗还囤积了大量的高浓度铀，这令联合国国际原子能机构深感担忧。若伊朗 决心采取行动，它可能在几个 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][8] Core Views - The company has signed a three-year long-term uranium sales framework agreement with China General Nuclear Power Corporation, which is expected to enhance performance due to a significant increase in fixed pricing compared to the previous cycle [3][4] - The fixed prices for 2026-2028 are set at $94.22, $98.08, and $102.10 per lb U3O8, representing increases of approximately 42%, 48%, and 55% compared to the fixed price for 2025 [4][6] - The proportion of spot prices in the pricing mechanism has increased from 60% to 70%, which enhances the company's earnings elasticity [4][6] - The new pricing mechanism is expected to result in a net profit forecast increase for 2025-2027 to HKD 630 million, HKD 950 million, and HKD 1.1 billion, respectively [4][8] Summary by Sections Sales Framework Agreement - The company has established a pricing mechanism for uranium procurement from 2026 to 2028, consisting of 30% fixed price and 70% spot price [3][5] - The fixed price for 2026 is set at $94.22 per lb U3O8, increasing annually by a factor of 1.041 [3][5] Market Outlook - The U.S. government's initiatives to boost nuclear energy, including plans for ten large nuclear power plants by 2030, may increase demand for uranium and exacerbate supply shortages [4] - The weakening U.S. dollar and expectations of Federal Reserve interest rate cuts could lead to an upward trend in uranium prices [4] Financial Projections - The company’s net profit forecasts for 2025-2027 have been revised upwards due to the new long-term agreement, with expected profits of HKD 630 million, HKD 950 million, and HKD 1.1 billion [4][8] - The expected sales volumes for 2026-2028 are projected to be 1438 tons, 1617 tons, and 1598 tons of uranium, respectively [6]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][8] Core Views - The company has signed a three-year long-term uranium sales framework agreement with China General Nuclear Power Corporation, which is expected to enhance performance due to a significant increase in fixed pricing compared to the previous cycle [3][4] - The fixed prices for 2026-2028 are set at $94.22, $98.08, and $102.10 per lb U3O8, representing increases of approximately 42%, 48%, and 55% compared to the fixed price for 2025 [4][6] - The proportion of spot prices in the pricing mechanism has increased from 60% to 70%, which enhances the company's earnings elasticity [4][6] - The new pricing agreement is expected to result in a net profit forecast increase for 2025-2027 to HKD 630 million, HKD 950 million, and HKD 1.1 billion, respectively [4][8] Summary by Sections Sales Framework Agreement - The company has established a pricing mechanism for uranium procurement from 2026 to 2028, consisting of 30% fixed price and 70% spot price [3][5] - The fixed price for 2026 is set at $94.22 per lb U3O8, increasing annually by a factor of 1.041 [3][5] Market Outlook - The U.S. government's initiatives to boost nuclear energy, including plans for ten large nuclear power plants by 2030, may increase demand for uranium and exacerbate supply shortages [4] - The weakening U.S. dollar and expectations of Federal Reserve interest rate cuts could further support rising uranium prices [4] Financial Projections - The company’s net profit forecasts for 2025-2027 have been revised upwards due to the new long-term agreement, with expected profits of HKD 630 million, HKD 950 million, and HKD 1.1 billion [4][8] - The expected sales volumes for 2026-2028 are projected to be 1438 tons, 1617 tons, and 1598 tons of uranium, respectively [6]

智通财经APP获悉，近期，美股核电股强势上涨；消息面上，主要是行业迎来政策与资金利好，这凸显 出核能行业成为了AI投资的关键方向之一，分析师也开始展望该行业的乐观前景。 核电股再迎催化 周二，美股核电相关概念股强势上涨。 Nine Energy Service (NINE.US)、 Energy Fuels(UUUU.US)涨超 14%，Uranium Energy (UEC.US)涨超11%。与此同时，VanEck铀和核ETF(NLR.US)创下历史新高。 Centrus Energy(LEU.US)、Talen Energy (TLN.US)、NuScale Power(SMR.US)、Oklo(OKLO.US)等热门核 电股均徘徊在历史高位附近。 最新消息的是，大型科技公司加快了与核电行业之间的一系列交易。当地时间周二，用于运行人工智能 的电力需求激增促使Meta Platforms(META.US)与美国最大的核电运营商Constellation Energy(CEG.US)签 订了一份为期20年的购电协议。 这份最新的协议再次印证科技公司对数据中心和AI运算的庞大电力需求。核能因其全天候供电特性及 ...

点击蓝字，关注我们 根据杰富瑞分析师Paul Zimbardo的预测，Meta预计将为来自伊利诺伊州克林顿核电站的能 源支付每兆瓦时约80美元的价格。 用于运行人工智能的电力需求激增促使 Meta Platforms(META.US)与美国最大的核电运营商 Constellation Energy(CEG.US)签订了一份为期20年的购电协议，该协议的电价很可能比其竞争对 手微软(MSFT.US)去年签订的类似协议便宜。 Paul Zimbardo指出，Meta与微软所支付的预期电价不同，是因为三里岛核电站的发电需要重启一 座核反应堆。该核电站曾于2019年因经济原因关闭，而重新启动该设施的成本预计为16亿美元。 相比之下，克林顿核电站当前已在正常运行中。他表示："重启一个核电站和运营一个已经运转的 核电站，两者之间存在差异。" 科技巨头们的行动已经表明，他们愿意为核能支付高额溢价 。虽然核能通常比化石燃料发电更昂 贵，但这些企业认为，核能作为无碳排放的电力来源，将有助于它们在AI浪潮带来用电需求激增 的同时，实现其雄心勃勃的气候目标。数据中心需全天运转，而风能和太阳能并非全天候可用， 核电的稳定供能特性正好 ...