Investment Rating - The report rates the industry as "Outperforming the Market" [5] Core Insights - The global demand for electricity is expected to grow significantly, with a projected increase of 4.0% in 2024, driven by advancements in data centers, electric vehicles, and heat pumps [1][19] - Nuclear power is regaining attention due to its stable, low-carbon, and cost-effective nature, with a forecasted global nuclear power generation of 2,768 TWh in 2024, marking a 2.5% increase from the previous year [2][37] - China's nuclear fuel demand is projected to reach approximately 13,000 tons of uranium (tU) in 2024, accounting for 19.4% of global demand, while its domestic uranium production is only about 3% of the global total [2][78] Summary by Sections Global Uranium Supply and Demand - The global electricity demand is expected to grow robustly, with a 4.0% increase in 2024, surpassing previous years [1][19] - Nuclear power generation is anticipated to reach a record high of 2,768 TWh in 2024, with a 2.5% year-on-year growth [2][37] - The International Atomic Energy Agency (IAEA) predicts that by 2040, natural uranium demand will be between 86,000 to 116,000 tons, with a compound annual growth rate of 1.5% to 3.4% [2][54] China's Uranium Suppliers - China Uranium Industry holds a dominant position in the domestic market, with plans to expand production capacity and a projected output of 4,500 tons of U3O8 in 2024 [3] - China General Nuclear Power Corporation (CGN) has significant uranium resources in Kazakhstan, with a forecasted production of 1,324 tons of uranium in 2024 [4] - Wanli Stone is also expected to benefit from asset injections and technological advancements in uranium resources [4] Investment Recommendations - The report suggests that the uranium supply-demand imbalance will support high uranium prices in the coming years, with financial institutions holding a total of 34,846 tons of physical uranium in 2024, a 4.4% increase from the previous year [2][70]

Group 1 - The A-share power industry is experiencing a significant rise in stock prices, with Huayin Power achieving a remarkable five consecutive trading limits [1] - Several companies, including Shaoneng Co., Shimao Energy, YN Holdings, and Huadian Liaoning, have reached their daily price limits, indicating strong market performance [1] - The surge in electricity demand is attributed to ongoing high temperatures across multiple regions, driving up consumption [1]

Group 1 - Jiangsu New Energy has achieved a three-day consecutive rise in stock prices, indicating strong market performance [1] - Other companies in the power sector, such as Guangdong Electric A and Shenzhen Nanshan Electric A, have also reached their daily price limit, reflecting a broader positive trend in the industry [1] - According to the China Electricity Council's forecast, the national electricity consumption is expected to reach 10.4 trillion kilowatt-hours by 2025, representing a year-on-year growth of approximately 6% [1] Group 2 - The annual regulated maximum electricity load is projected to be around 1.55 billion kilowatts, highlighting the increasing demand for electricity in the coming years [1] - Several other power companies, including Jiangsu Guoxin, Three Gorges Water Conservancy, and Fujian Dong Power, have also seen their stock prices rise, indicating a collective upward movement in the sector [1]

Core Viewpoint - The current national electricity demand is projected to be twice as much as the present levels, indicating a significant need for increased energy production and infrastructure [1] Industry Summary - The statement highlights a critical issue in the energy sector, emphasizing the necessity for expansion in electricity generation capabilities to meet future demands [1]