证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 5 日 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q4 Honeymoon 生产情况 2025Q4，U3O8 桶装产量达到创纪录的 45.6 万磅，环比 增长 18%，IX 产量达到 40.6 万磅，环比增长 8%。产量增长 得益于四个井场的完整季度产量，而上一季度仅包含 B4 井场 的部分季度产量。 2025Q4， PLS 与 IX 的 U3O8 浓度比为 77 mg/L，而 上一季度为 81 mg/L。尽管现有井场平均品位下降且本季度没 有新井场投产符合预期，但由于浸出剂优化计划取得了积极成 果，平均期限有所提高。 预计 2026 年第一季度桶装铀产量将低于 2025 年第四季 度，主要原因是 PLS 至 IX 铀平均品位下降以及回路期初库存 减少，但随着 4 号井于 2026 年 3 月投产，产能提升将部分抵 消上述影响。预计 2026Q2 产量将再次增加，因为 B5 井场将 记录一个季度的完整产量，而 B6 井场将在 2026Q2 末投产。 [Table_Tit ...

证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 5 日 [Table_Title] 2025Q4 Honeymoon 矿区桶装 U3O8 产量环比增长 18%至 45.6 万磅，现金成本环比下降 9%至 20 美 元/磅 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q4 Honeymoon 生产情况 2025Q4，U3O8 桶装产量达到创纪录的 45.6 万磅，环比 增长 18%，IX 产量达到 40.6 万磅，环比增长 8%。产量增长 得益于四个井场的完整季度产量，而上一季度仅包含 B4 井场 的部分季度产量。 2025Q4， PLS 与 IX 的 U3O8 浓度比为 77 mg/L，而 上一季度为 81 mg/L。尽管现有井场平均品位下降且本季度没 有新井场投产符合预期，但由于浸出剂优化计划取得了积极成 果，平均期限有所提高。 预计 2026 年第一季度桶装铀产量将低于 2025 年第四季 度，主要原因是 PLS 至 IX 铀平均品位下降以及回路期初库存 减少，但随着 4 号井于 2026 年 3 月投产，产能提升 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining (01164) saw its stock price increase by over 10%, currently trading at 4.98 HKD with a transaction volume of 402 million HKD, driven by a report from CCB International highlighting a 44% average increase in four covered uranium stocks year-to-date, benefiting from rising spot prices and overall strength in the metal mining sector [1] Group 1: Market Performance - The average increase of 44% in the four uranium stocks is attributed to the rise in spot prices and the robust performance of the metal mining sector [1] - CGN Mining's stock price rose by 9.21% at the time of reporting, indicating strong investor interest [1] Group 2: Future Expectations - CCB International anticipates several catalysts that could further boost investor sentiment in the short term, with a strong fundamental outlook for uranium [1] - The firm expects a rebound in long-term contract signings in 2026 after two years of low volumes, which could drive both spot and long-term prices to historical highs [1] - The projected spot prices for uranium have been raised to 120 USD per pound for the end of 2026 and 150 USD per pound for the end of 2027 [1] Group 3: Upcoming Events - Key upcoming events include the fourth-quarter operational update from Huran Mining on February 2, which is expected to provide production guidance for 2026, with a forecasted slight increase in production of 7% [1] - Cameco is set to release its fourth-quarter results for 2025 on February 13, which will be closely watched for production guidance and market updates [1] Group 4: Market Dynamics - The expansion of the U.S. strategic uranium reserve and additional federal funding are expected to remove more effective supply from the market [1] - The U.S. government may also establish a floor price for uranium imports, benefiting domestic producers [1]

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [4]. Core Insights - In Q4 2025, the company achieved record production of 1.23 million pounds of U₃O₈, representing a 15% quarter-on-quarter increase and a 93% year-on-year increase. The sales volume reached 1.43 million pounds, with a quarter-on-quarter increase of 168% and a year-on-year increase of 186% [1][2]. - The average realized price for U₃O₈ in Q4 2025 was $71.8 per pound, reflecting a 7% increase both quarter-on-quarter and year-on-year [1]. - The unit production cost decreased to $39.7 per pound, down 5% from the previous quarter and 6% year-on-year [1]. Summary by Sections Production and Operations - The mining activities at LHM accelerated, with total mined volume reaching 5.53 million tons, leading to an increase in ore and low-grade ore stockpiles. The processing plant achieved an average ore feed grade of 524 ppm and a recovery rate of 91% [2][6]. - The company expects to complete its capacity enhancement plan by mid-2026, aiming for an annual production target of 4 to 4.4 million pounds of U₃O₈ [2]. Financial Performance - On October 16, 2025, the company successfully completed a share purchase plan (SPP) with overwhelming support, receiving subscription applications totaling over AUD 138 million. The company accepted AUD 100 million of these applications [3]. - A debt restructuring was completed with lenders, reducing the overall debt from $150 million to $110 million, enhancing liquidity following successful equity financing [5]. Financial Metrics - The average realized price for U₃O₈ was $71.8 per pound in Q4 2025, compared to $67.4 in Q3 2025 [6]. - The total capital expenditure for the quarter was $1.9 million, with exploration expenditure at $0.5 million [6].

Core Viewpoint - China Uranium Industry (001280.SZ) experienced a significant decline of 7.57% in its stock price, with a turnover rate of 32.27% and a transaction volume of 4.777 billion yuan [1] Trading Activity Summary - The net selling by the Shenzhen Stock Connect amounted to 90.38 million yuan, with purchases of 291 million yuan and sales of 382 million yuan [1] - Institutional investors showed a net selling of 340 million yuan, buying 211 million yuan and selling 551 million yuan [1] - The "quantitative fund" was the largest seller, with a net selling of 66.35 million yuan [1] Top Buying and Selling Firms - The top five buying firms included: - Shenzhen Stock Connect with a purchase amount of 291.49 million yuan, accounting for 6.10% of total transactions [1] - Institutional investors with purchases of 68.86 million yuan and 65.80 million yuan, representing 1.44% and 1.38% respectively [1] - Other notable buyers included a securities firm with 59.01 million yuan [1] - The top five selling firms included: - Shenzhen Stock Connect again led with a selling amount of 291.49 million yuan, also 6.10% of total transactions [1] - Institutional investors sold 68.86 million yuan and 65.80 million yuan, accounting for 1.44% and 1.38% respectively [1] - China International Capital Corporation's Shanghai branch sold 15.84 million yuan [1]

[Table_Title2] 有色金属-海外季报 证券研究报告|行业研究报告 [Table_Date] 2026 年 1 月 27 日 [Table_Summary] 季报重点内容: ►公司 2025Q4 生产经营情况 2025Q4，公司铀矿生产了创纪录的 123 万磅 U₃ O₈ ，环 比增长 15%，同比增长 93%。本季度 U₃ O₈ 产量高于预期主 要系本季度破碎机处理量为 121 万吨，平均矿石品位为 524ppm，表明送入选矿厂的矿石品位较高。平均回收率为 91%。 2025Q4，公司售出 143 万磅 U₃ O₈ ，环比增长 168%，同 比增长 186%。 2025Q4，公司平均实现价格为 71.8 美元/磅，环比上涨 7%，同比上涨 7%。 [Table_Title] LHM 项目 2025Q4 U3O8 产销量分别环比增长 15%/168%至 123/143 万磅，平均实现价格环比上 涨 7%至 71.8 美元/磅 2025Q4，公司单位生产成本为 39.7 美元/磅，环比下降 5%，同比下降 6%。 ►采矿 本季度，LHM 的采矿活动持续加速，钻孔、爆破和装卸 运输作业主要集中在 G 和 ...

Summary of China General Nuclear Power Corporation Mining Conference Call Company Overview - China General Nuclear Power Corporation Mining (CGN Mining) operates under the China General Nuclear Power Group and is listed on the Hong Kong Stock Exchange with the code 1164. The company focuses on overseas uranium resource development, financing, investment, and operations management due to limited domestic uranium resources in China. The business model is primarily "investment plus off-take" to acquire overseas mines and expand resources [3][4]. Industry Insights - The global nuclear power sector is experiencing a resurgence, driven by the need for energy security and carbon neutrality, leading to increased demand for natural uranium. The demand for natural uranium is expected to grow by 4-5% annually until 2030 due to new reactor constructions [9][10]. - The uranium market is currently facing a supply shortage due to insufficient capital expenditures over the past decade, with existing production capacity unable to meet current demand [12][13]. Key Financial Highlights - In 2025, CGN Mining's total production is projected to reach 2,699 tons, with approximately 1,300 tons from off-take agreements. The company holds stakes in several overseas mines, including four in Kazakhstan [2][4]. - A new three-year sales agreement effective from January 1, 2026, sets a base price of $94 per pound, increasing by 4.1% annually, significantly enhancing profitability and market competitiveness [2][7]. - The company reported a loss of HKD 68 million in mid-2026, primarily due to accounting methods that resulted in paper losses amid rising market prices and the execution of low-price contracts signed between 2021-2025 [2][8]. Production and Growth Expectations - CGN Mining anticipates an increase in off-take volumes to over 1,400 tons in 2026 and 1,600 tons in 2027, driven by the recovery of existing mines to full capacity and the ramp-up of the Zhabak mine in Kazakhstan [6]. - The company is actively participating in the global spot market, contributing significantly to trade volumes through partnerships with trading firms [6]. Market Dynamics - The nuclear power industry's revival post-Fukushima has led to a renewed focus on uranium, with countries like France relying heavily on nuclear energy for stable power supply, contrasting with Germany's reliance on natural gas [9][10]. - AI technology's growth is expected to increase demand for stable energy sources like natural uranium, further driving nuclear energy development plans globally [11]. Challenges and Risks - The uranium market is expected to experience significant volatility, but the long-term outlook remains bullish due to solid fundamentals [18]. - The industry faces challenges such as a lack of new mining projects and the lengthy ramp-up periods for new mines, which can take 8-12 years to reach full production capacity [16][15]. Financial Market Influence - Financial institutions, including Sprott Physical Uranium Trust (SPUT), have entered the uranium market, providing liquidity and driving prices upward. This financialization has created new investment channels for both retail and institutional investors [22]. - Rising capital costs since 2022 have led to reduced industry activity, but investor interest remains strong, with CGN Mining planning a $2 billion offering to enhance financing flexibility [23]. Conclusion - CGN Mining is positioned to benefit from the increasing demand for uranium driven by nuclear power's resurgence and AI technology's energy needs. However, the company must navigate challenges related to production capacity and market volatility while capitalizing on new sales agreements and financial market dynamics [2][7][18].

库尔代矿区坐拥世界级富铀资源，铀矿储量位居全球前列，是国际铀矿开发领域的优质标的。尤为可贵 的是，该矿区铀矿石品位高达3%，资源品质优势突出。值得关注的是，该矿区与我国新疆伊犁谷地铀 矿带同属同源成矿带，地质构造一脉相承，天然构成连片分布的优质铀资源富集区域，这为两地资源联 动开发、技术协同赋能奠定了先天基础。 此次库尔代矿区重启开发，是相关合作方深化战略矿产资源开发利用的重要举措，而新疆作为我国西部 重要的能源产业基地，成为推动相关合作落地的重要纽带。2025年6月，在相关工业和投资合作交流活 动期间，萨特巴耶夫地质科学研究所、中国地质大学（北京）、厦门万里石股份有限公司及中国核工业 集团公司，共同签署《关于联合开展跨境战略资源成矿带对比研究的框架协议》，明确将相关成矿带纳 入重点研究范畴。新疆伊犁、准噶尔盆地的铀矿勘探数据与开发经验，成为协议落地的核心技术支撑。 来源：环球网 近日，厦门万里石股份有限公司携手哈富矿业等相关公司，在哈萨克斯坦库尔代矿区铀矿开发项目上取 得里程碑式进展，这座世界级富铀矿区的重启开发正式进入实质性推进阶段。这一成果，将有力支撑国 内战略矿产资源保障体系建设，与新疆能源枢纽的布局 ...

Group 1 - The stock of China Uranium Industry Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase of over 20% over three consecutive trading days (January 15, 16, and 19, 2026) [2] - The company's board confirmed that there are no undisclosed significant matters that could impact the stock price, and the company's operational situation remains normal without major changes in the internal and external business environment [3][4] - The company has not found any recent media reports that could have significantly influenced the stock price, and there are no undisclosed major matters related to the company [3][4] Group 2 - The company plans to disclose its 2025 annual report on April 29, 2026, and is currently conducting annual financial accounting [5] - The company emphasizes that all information should be verified through designated media outlets, including China Securities Journal and Shanghai Securities Journal [5] - The board of directors will strictly adhere to legal and regulatory requirements for information disclosure and will ensure timely communication with investors [5]

Core Viewpoint - The company, China Uranium Industry, announced that its stock price has deviated significantly, with a cumulative increase of over 20% in the last three trading days, indicating abnormal volatility [1] Summary by Relevant Sections - **Stock Performance** The stock (security code: 001280) has experienced a cumulative price increase of over 20% in three consecutive trading days, which is classified as abnormal volatility [1] - **Company Verification** After verification, the company confirmed that there is no need for additional disclosures or corrections regarding previous information. No significant undisclosed information was found, and both the operational and external environments are normal [1] - **Insider Trading** During the period of abnormal volatility, the controlling shareholders and actual controllers did not engage in any buying or selling of the company's stock [1] - **Future Reporting** The company plans to disclose its 2025 Annual Report in 2026 and advises investors to rely on information from designated media sources for rational investment decisions [1]