Index Performance - HSI closed at 26,924, down 0.3% daily and up 5.0% YTD [2] - HSCEI closed at 9,267, down 0.5% daily and up 4.0% YTD [2] - HSCCI closed at 4,154, up 0.4% daily and up 3.4% YTD [2] - MSCI HK closed at 14,490, up 0.3% daily and up 5.9% YTD [2] - MSCI CHINA closed at 87, down 1.0% daily and up 5.0% YTD [2] - FTSE CHINA A50 closed at 15,340, unchanged daily and up 0.2% YTD [2] - CSI 300 closed at 4,751, up 0.2% daily and up 2.6% YTD [2] - TWSE closed at 30,811, down 0.4% daily and up 6.4% YTD [2] - SENSEX closed at 83,628, down 0.3% daily and down 1.9% YTD [2] - NIKKEI 225 closed at 54,111, down 0.4% daily and up 7.5% YTD [2] - KOSPI closed at 4,798, up 1.6% daily and up 13.8% YTD [2] - ASX 200 closed at 8,821, down 0.1% daily and up 1.7% YTD [2] - DJIA closed at 49,442, up 0.6% daily and up 2.9% YTD [2] - S&P 500 closed at 6,944, up 0.3% daily and up 1.4% YTD [2] - FTSE 100 closed at 10,239, up 0.5% daily and up 3.1% YTD [2] Commodity Price Performance - Brent Crude closed at US$64/bbl, down 4.1% daily and up 4.8% YTD [3] - Gold closed at US$4,616/oz, down 0.2% daily and up 6.9% YTD [3] - Copper closed at US$13,189/t, up 0.2% daily and up 6.2% YTD [3] - Aluminum closed at US$3,203/t, down 0.5% daily and up 7.9% YTD [3] - Nickel closed at US$18,495/t, up 5.8% daily and up 12.1% YTD [3] - CH domestic steel rebar 25 closed at RMB3,244/t, up 0.1% daily and up 0.1% YTD [3] - CH domestic high speed wire closed at RMB3,700/t, unchanged daily and up 0.3% YTD [3] - CH domestic hot rolled steel closed at RMB3,287/t, down 0.1% daily and up 0.5% YTD [3] - CH domestic cold rolled steel closed at RMB3,800/t, down 0.1% daily and down 0.1% YTD [3] - BDI closed at 1,608, unchanged daily and down 14.3% YTD [3] Key Macro and Earnings Releases - China's Retail Sales YoY in January 19th actual was 1.3%, higher than the consensus of 1.1% [4] - China's Industrial Production YoY in January 19th actual was 4.8%, lower than the consensus of 5.0% [4] - China's Fixed Assets Ex Rural YTD YoY in January 19th actual was -2.6%, higher than the consensus of -3.1% [4] - China's Property Investment YTD YoY in January 19th actual was -15.9%, higher than the consensus of -16.5% [4] - China's Residential Property Sales YTD YoY in January 19th actual was -11.2% [4] - China's Surveyed Jobless Rate in January 19th actual was 5.1%, lower than the consensus of 5.2% [4] - China's GDP YoY in January 19th actual was 4.8%, higher than the consensus of 4.5% [4] - China's GDP YTD YoY in January 19th actual was 5.2%, higher than the consensus of 5.0% [4] - China's 1-Year Loan Prime Rate on January 20th remained at 3.0% as expected [4] - China's 5-Year Loan Prime Rate on January 20th remained at 3.5% as expected [4] - US PCE Price Index YoY in January 22nd actual was 2.8% [4] - US Core PCE Price Index YoY in January 22nd actual was 2.8%, in line with the consensus [4] - US Personal Income MoM in January 22nd actual was 0.4%, in line with the consensus [4] - US Personal Spending MoM in January 22nd actual was 0.4%, lower than the consensus of 0.5% [4] - US GDP Annualized QoQ in January 22nd actual was 4.3%, in line with the consensus [4] - US S&P Global US Services PMI in January 23rd actual was 52.5%, lower than the consensus of 52.8% [4] - US U. of Mich. Sentiment in January 23rd actual was 54.0%, in line with the consensus [4] - US S&P Global US Manufacturing PMI in January 23rd actual was 51.8%, lower than the consensus of 52.0% [4] - BOJ Target Rate in January 23rd actual was 0.8%, in line with the consensus [4] New Loans and Monetary Policy - In December, new loans reached RMB910bn, down RMB80bn YoY, narrowing the YoY decline from -32.8% in November to -8.1% [6][8] - Corporate short - term, medium - and long - term loans, and bond financing bounced up YoY in December, while household sector credit demand remained sluggish [6][8] - Monetary policymakers announced incremental loosening policies of structural monetary tools and signaled room for further RRR and policy rate cuts [7][8] TSMC - Rating: BUY (TT & ADR). TSMC's 4Q25 EPS was 8% above consensus, and 1Q26 sales/margins are ahead of expectations [9][13] - The 2026 outlook projects sales growing close to 30% YoY with US$52 - 56bn CAPEX [9][13] - Management lifted long - term guidance, targeting 25% / mid - to - high 50s Group / AI sales CAGR (2024 - 29) and a 56% gross margin [10][13] - Target prices are raised to NT$2,420 / US$445 based on 24x 2026 - 27 P/E and a 16% premium [11][14] Li Ning - Rating: HOLD. Li Ning's 4Q25 retail sell - through was down LSD YoY, affected by weak consumer sentiment [15][17] - The full - year 2025 results were in line with guidance, with revenue achieving marginal growth and NPM approaching the upper end of HSD [15][17] - The inflection point may take longer due to athleisure adjustment and Olympic marketing investment lag [16][17] - The current 2025/2026 P/E valuation of 17x/16x appears full [16][17] Uranium Sector - Uranium spot price rose to US$83.5/lb, and major uranium ETFs rallied 22% YTD [18][20] - The White House's proclamation on critical materials may lead to supportive policies for uranium [19][20] - Positive outlook for the uranium sector in 2026, with top pick Kazatomprom, also recommending CGN Mining and Cameco [19][20] CMOC Group - Rating: HOLD. CMOC expects 2025 net profit of RMB20.0 - 20.8bn, up 48 - 54%, and 2025 copper output grew 14% YoY to 741k tonnes [21][23] - 2025 profit was 4 - 8% below forecast, though copper output was 5% above forecast; 2026 copper output target is 6 - 14% above forecast [22][23] - Forecasts and HOLD rating remain unchanged, and the market may react positively to output guidance [22][23]

Group 1: Long-term Capital Inflow - The Ministry of Finance issued a notification on July 11 to guide insurance funds for long-term stable investments, introducing a new 5-year assessment cycle for state-owned commercial insurance companies [1][8] - The weight of annual indicators in assessments has been reduced from 50% to 30%, while the combined weight of 3-year and 5-year indicators now accounts for 70% [1][8] - The notification emphasizes the importance of enhancing asset-liability management and investment management capabilities for state-owned commercial insurance companies [8] Group 2: Science and Technology Innovation Board Reforms - On July 13, the Shanghai Stock Exchange released new business rules to deepen reforms on the Science and Technology Innovation Board, allowing 32 existing unprofitable companies to enter the "growth tier" [2][7] - A pre-review mechanism for IPOs has been introduced, allowing technology companies to apply for pre-review if early disclosure could harm their operations [2][7] - The new rules also establish a system for professional institutional investors, requiring them to have a significant investment history in the relevant companies [2][7] Group 3: Market Developments - The Shenzhen Stock Exchange announced an optimization of the Growth Enterprise Market Composite Index, introducing mechanisms to remove stocks under risk warning and those with low ESG ratings [9] - The China Securities Association issued 28 measures to promote high-quality development in the securities industry, focusing on self-regulation and key tasks [16] - The upcoming week will see the release of important economic data, including industrial output and retail sales, which may impact market sentiment [19][21]

Summary of the Conference Call for China General Nuclear Power Corporation (CGN) Industry Overview - The global nuclear power sector is benefiting from the demand for clean energy, energy security considerations, AI computing power needs, and advancements in Small Modular Reactor (SMR) technology. It is projected that by 2050, global nuclear power installed capacity will triple, with a compound annual growth rate (CAGR) of 4.2% [2][3][4]. - Global uranium resources are abundant but unevenly distributed, with low-cost resources concentrated in a few countries. In 2022, global uranium production reached 49,400 tons, with Kazakhstan accounting for 43% as the largest producer. The expected production increase from 2025 to 2030 will fall significantly short of new demand, leading to a widening long-term supply gap [2][5][6]. Key Points on Supply and Demand - The demand for natural uranium is driven by the rapid growth of nuclear power needs, influenced by four main factors: 1. Nuclear power's clean, low-consumption, and efficient characteristics compared to traditional fossil fuels, with 22 countries committing to tripling nuclear energy by 2050 [3]. 2. The Russia-Ukraine conflict has heightened global energy security risks, prompting countries to support nuclear power development [3]. 3. The demand for stable electricity from data centers, expected to exceed Japan's total electricity consumption by 2030, aligns with nuclear power's capabilities [3]. 4. The development of SMRs enhances economic viability and safety, with CGN holding a total resource of 24,000 tons of uranium and an equity capacity of 1,899 tons [3][4]. Financial Institutions' Role - Financial institutions are increasing their holdings of physical uranium, creating secondary demand. For instance, SPUT physical trust holds 22,000 tons of natural uranium and has plans to increase its holdings [7]. - Commercial inventories are steadily declining, and government stockpiles are decreasing, exacerbating supply tightness [7]. Company-Specific Insights - CGN holds stakes in four uranium mines in Kazakhstan and has signed a new sales framework agreement with its controlling shareholder, which is expected to improve profitability due to a better pricing mechanism [2][8]. - The company’s core advantages include the anticipated rise in uranium prices and the new sales agreement, which is expected to turn around the current losses from asset trading by 2026 [8][9]. - The company’s production capacity is projected to maintain steady growth, with a total equity resource of 24,000 tons of uranium and an equity capacity of 1,899 tons [12]. Financial Performance and Projections - The company’s revenue is primarily derived from self-produced trade and international trade, with an overall growth trend. However, self-produced trade has led to a decline in gross profit due to pricing structures [11]. - The company expects to see significant profit growth starting in 2026, driven by improved pricing mechanisms and increased demand from its controlling shareholder [19]. Regulatory and Market Dynamics - Kazakhstan's resource tax will increase from 6% to 9% in 2025, which may raise overall industry costs but will not significantly impact CGN's profitability due to its low-cost mining operations [14]. - The new sales framework agreement will adjust the base price from $61.78 to $94.22, with a higher proportion of spot pricing, which reflects market expectations for rising uranium prices [15]. Conclusion - CGN is well-positioned to benefit from the overall positive trends in the nuclear power industry and the expected increase in uranium prices. The company's strategic agreements and operational efficiencies are likely to enhance its profitability and market valuation in the coming years [9][19].

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The global technology sector experienced a decline during the week of February 24 to February 28, 2025, with the Hang Seng Technology Index falling by 5.0% and the Philadelphia Semiconductor Index dropping by 7.2% [4][7] - The report highlights a significant net outflow from cryptocurrency core asset ETFs, totaling $2.614 billion for the week, influenced by U.S. trade policy announcements [20][25] - The report emphasizes the potential for investment opportunities in gold, cryptocurrency, and natural uranium sectors, despite current market weaknesses [4][20] Summary by Sections Section 1: Market Overview - The global technology sector saw a downturn, with notable declines in major indices, including a 5.0% drop in the Hang Seng Technology Index and a 7.2% drop in the Philadelphia Semiconductor Index [4][7] - Key individual stock performances included significant gains for companies like Xpeng Motors (+16.8%) and declines for companies like Weishi Jiajie (-29%) [9][10] Section 2: Cryptocurrency Market - The total market capitalization of cryptocurrencies decreased significantly, from $3.24 trillion to $2.81 trillion within a week, indicating a bearish market sentiment [20][21] - The cryptocurrency fear and greed index indicated a state of fear, with a score of 21 as of February 28, 2025 [21] - The report notes that the price of core cryptocurrency assets experienced a sharp decline due to trade policy announcements from the U.S. government, which raised concerns about potential trade friction [27] Section 3: Natural Uranium Sector - Company UUUU reported a net loss of $47.84 million for 2024, with revenues of $78.11 million, primarily due to one-time transaction costs and operational expenses [15][16] - For 2025, UUUU expects to sell between 200,000 to 300,000 pounds of uranium, with projected production of 730,000 to 1,170,000 pounds [16] - The company has secured additional long-term contracts for uranium sales, indicating a strategic move to mitigate inflation risks [15][16]