战略性矿产系列报告：铀，天然铀 价值重估，长牛征程进行时 五矿证券研究所 有色金属行业 分析师：王小芃 登记编码：S0950523050002 联系电话：021-61102510 邮箱：wangxiaopeng@wkzq.com.cn 证券研究报告|行业深度 2026/1/16 | 有色金属行业 | | | --- | --- | | 投资评级 | 看好 | Contents 目录 01 核燃料循环概览 02 天然铀价格复盘及预测 03 04 天然铀供需格局 风险提示 核燃料循环产业链概览 Nuclear Fuel Cycle Overview 1.1 天然铀的物理、化学性质及放射性（1/2） 资料来源：中国核工业地质局，五矿证券研究所 珍惜有限 创造无限 图表2：铀元素主要以铀-238同位素形式存在在地壳中 资料来源：IAEA，五矿证券研究所 4 铀的物理性质：铀位于第七周期第ⅢB族，属于锕系元素之一，其化学符号为U。1）原子性质：铀原子序数为92，原子量为238，是自然界至 今发现的最重的元素。铀原子呈椭圆形，原子体积为12.59cm3/mol，密度与黄金密度相似（常温下为19.05g/cm3），硬度稍低 ...

Group 1: AI Data Centers - The AI data center sector is experiencing a "valuation bubble + geopolitical risk" pricing logic, with rising supply chain costs due to Trump's tariff policies[1] - Major tech companies plan to invest over $345 billion in AI infrastructure in 2025, with Microsoft alone investing $80 billion[16] - NVIDIA's Blackwell chip production is accelerating, with four major public cloud vendors purchasing 3.6 million units, capturing 92% of the global AI GPU market[18] Group 2: Industrial and Energy Equipment - The price index for aircraft engines and components in the U.S. was 273.188 in February 2025, stable month-on-month and up 6.2% year-on-year[2] - The price index for gas turbines increased by 5.35% year-on-year and 0.22% month-on-month in February 2025[63] - The price index for electric and special transformers was 433.246 in February 2025, stable month-on-month and up 1.07% year-on-year[48] Group 3: Infrastructure Investments - The U.S. is expected to invest an average of $44 billion annually in the power grid from 2023 to 2030, with total investment in distribution networks reaching $581.5 billion[21] - In 2025, China's State Grid and Southern Grid are projected to invest over 825 billion yuan, a significant increase from 2024[31] Group 4: Defense and Aerospace - The U.S. government defense price index was 117.187 in Q4 2024, stable quarter-on-quarter and up 3.2% year-on-year[44] - Raytheon Technologies (RTX) continues to benefit from increased defense spending, particularly in missile systems and aerospace electronics[5]