A股迎来两大重磅。 首先，长期资金入市方面，7月11日，财政部印发《关于引导保险资金长期稳健投资 进一步加 强国有商业保险公司长周期考核的通知》，自印发之日起施行。此次考核方式的变化主要体现 在三个方面：一是考核周期进一步拉长，新增5年周期指标考核；二是当年指标在考核中所占 权重降低、长周期指标所占权重更大，当年度指标权重从50%降至30%，而5年和3年指标所占 权重合计达到70%；三是在对"净资产收益率"长周期考核的同时，对"国有资本保值增值率"也 实施长周期考核。 其次，科创板"1+6"政策配套业务规则发布。7月13日，上交所正式发布实施进一步深化科创板 改革配套业务规则，根据配套业务规则，科创板存量32家未盈利企业将自《科创成长层指引》 发布实施之日起进入科创成长层，新注册的未盈利企业将自上市之日起进入；借鉴境外市场的 经验，在科创板试点引入IPO预先审阅机制，开展关键核心技术攻关或者符合其他特定情形的 科技型企业，因过早披露业务技术信息、上市计划可能对其生产经营造成重大不利影响，确有 必要的，可以申请预先审阅；针对第五套标准企业引入资深专业机构投资者制度，相关投资机 构投资的科技型企业中，需近5年有5 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 7 月 13 日 DoD 入股 MP 以加速美国稀土磁体独立，但 短期全球稀土永磁体生产仍高度集中于中国 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周沪镍价格环比下跌，国内 NPI 冶炼厂成本倒挂依 然严重 截止到 7 月 11 日，LME 镍现货结算价报收 14955 美元/ 吨，较 7 月 4 日下跌 1.09%，LME 镍总库存为 206178 吨，较 7 月 4 日增加 1.83%；沪镍报收 12.14 万元/吨，较 7 月 4 日下 跌 0.83%，沪镍库存为 25,047.00 吨，较 7 月 4 日增加 0.50%；截止到 7 月 11 日，硫酸镍报收 27,900.00 元/吨，较 7 月 4 日价格下跌 2.11%。根据 SMM，从供给端来看，菲律宾 主产区矿区降雨影响较小。进入 7 月，预计整体三季度发运量 都将维持较高水平，矿到港量将继续增加，供应充足。截止到 7 月 11 日，中国镍矿港口库存增加至 720 万湿吨。前期发运 船只陆续到港，库存增加。受于超长雨 ...

苏学斌："国铀一号"以二氧化碳加氧气原地浸出采铀工艺为核心，省去了传统采矿中爆破、挖巷 道、运输矿石以及地表破碎浸出环节，减少了工序，降低了成本。 "国铀一号"示范工程是我国铀矿采冶技术三次迭代升级、创新发展的智慧结晶，是典型的绿色矿山 和数字矿山。中核集团中国铀业股份有限公司总工程师苏学斌介绍，随着"第一桶铀"的成功生产下线， 标志着我国天然铀领域千吨级绿色智慧矿山建设取得了关键性突破。 苏学斌："国铀一号"作为我国掌握的具有完全自主知识产权的最先进地浸采铀技术，突破了复杂砂 岩型铀资源开采的世界性难题，解锁了大批传统技术无法开采的大埋深、多层分布或地质条件复杂的铀 矿床，开创了行业发展的新格局，大幅提升了我国铀资源自主保障能力。 央广网北京7月13日消息（记者王泽华）据中央广播电视总台中国之声《新闻和报纸摘要》报道， 我国规模最大的天然铀产能项目"国铀一号"示范工程，昨天（12日）成功生产下线"第一桶铀"，标志着 我国天然铀生产取得关键性突破，将有力保障国家能源资源安全的自主可控。 去年7月12日，"国铀一号"示范工程开工建设，仅仅一年时间，"第一桶铀"已成功生产下线，使示 范工程成为我国产能规模最大、建 ...

作为我国核地矿事业70年来规模最大的天然铀产能项目，第一桶铀成功下线标志着我国铀资源开 发正式迈入绿色安全、智能高效的新阶段。 ●"国铀一号"示范工程是我国产能规模最大、建设标准最高的天然铀产能基地 ●这一项目引领了我国铀资源开发产业模式的全面升级，实现了铀矿开采的可预测、可控制 ●"国铀一号"技术将全面应用、加速推广到我国北方盆地铀资源开发 据新华社电 中核集团7月12日宣布，当天，位于内蒙古自治区鄂尔多斯市的"国铀一号"示范工程 顺利生产出第一桶铀产品。 "国铀一号"示范工程是我国产能规模最大、建设标准最高的天然铀产能基地。该项目于2024年7月 12日开工建设，一年时间即生产出产品，创国内天然铀产能项目建设新速度。 据介绍，这一项目引领了我国铀资源开发产业模式的全面升级。 "国铀一号"示范工程是我国第三代铀矿采冶技术体系的重大实践成果，成功打造了新一代智慧矿 山标杆。工程通过采矿全流程的数字化与智能化分析，实现了铀矿开采的可预测、可控制。 天然铀是核工业发展的物质基础。以往我国铀矿开发主要集中在南方火山岩型、花岗岩型铀矿。 近20年来，北方砂岩型铀矿找矿取得重大突破，"中国铀都"开启了由南向北的大迁移。 ...

机构：华源证券 背靠中广核集团，全球资源布局领先，具备长期成长潜力。中广核矿业是东亚唯一的纯铀业上市公司， 作为中广核集团旗下海外铀资源开发与投融资的唯一平台，承担着保障国家核燃料安全的重要使命。截 至2024 年底，公司参股哈萨克斯坦四座铀矿，权益资源量合计约3.4 万吨U，主要采用原地浸出法，开 采成本低于全球平均水平，具备长期稳定供矿与成本优势。中广核集团持股超56%，为公司提供稳定的 下游消纳与项目协同平台。未来集团旗下铀矿等优质资产或将注入，公司资源保障能力和业绩成长性有 望持续提升。 铀价驱动盈利弹性释放，"自产+国际贸易"双轮模式稳定增长。公司通过自产贸易与国际贸易双轮驱动 构建稳健盈利模式：国际贸易板块采取"两端锁定"模式，稳定获取价差利润；自产部分则依托参股矿山 享有49%权益产量，按与现货价联动的定价机制供货中广核集团，具备价格上涨带动利润扩张的弹性。 在铀价逐步上行背景下，公司盈利能力有望持续释放。2024 年，公司实现营业收入86.24 亿港元，同比 增长17%，归母净利润为3.42 亿港元，虽受税率调整等因素影响有所回落，但来自谢公司与奥公司的投 资收益依然贡献逾10 亿港元。近两年 ...

Core Insights - The successful production of the "first barrel of uranium" from the "Guo Uranium No. 1" demonstration project marks a significant breakthrough in China's natural uranium production, enhancing energy resource security and self-sufficiency [1][4]. Group 1: Project Overview - "Guo Uranium No. 1" is the largest and fastest-built natural uranium production base in China, located in Ordos, Inner Mongolia, characterized by its green, economical, intelligent, and efficient features [4]. - The project has transitioned from the construction phase to trial production, indicating its operational readiness and potential to significantly increase China's uranium production capacity [4]. Group 2: Innovative Technology - The project utilizes a leaching technology that differs from traditional mining methods, employing carbon dioxide and oxygen dissolved in water to extract uranium from ore without bringing it to the surface [3]. - This method not only reduces costs but also promotes environmental sustainability, with a medium-sized uranium mine capable of utilizing 30,000 tons of carbon dioxide annually [3]. Group 3: Industry Impact - The successful production of uranium enhances China's international influence in uranium resource development and revitalizes complex sandstone-type uranium resources in the northern basin, transforming previously unproductive mines into valuable assets [4]. - Experts highlight five major innovations in the natural uranium industry, including breakthroughs in resource utilization, improved safety levels, expanded production capacity, enhanced production efficiency, and a greener, smarter approach [6].

和传统的开采方式不同，"国铀一号"的地浸采铀技术颠覆了传统矿山井下开采模式，无需将矿石提升到地表处理，它是通过将二氧化碳和氧气 溶于水，注入含矿层，与矿层中的铀发生反应，再将含铀溶液抽取到地表，输送至水冶厂进行铀金属的提取与回收。采用二氧化碳和氧气作为 原料，不仅成本低，还环保，一个中等规模铀矿山，每年可利用消耗3万吨二氧化碳。 中核集团首席科学家 中国铀业总工程师 苏学斌：结合我国北方砂岩型铀矿的特点，采用二氧化碳和氧气作为浸出剂，浸出效果理想，实现了 天然铀产业的"五大革新"，一是资源利用的突破，二是安全水平的提高，三是产能规模的扩大，四是生产功效的提升，五是更加绿色智能。 中核集团中国铀业股份有限公司党委书记 董事长 袁旭：未来，该技术将在我国北方盆地多个产能项目中应用落地，加快北方千吨级铀矿大基 地建设，满足国内核电发展的需求。 来源丨央视新闻 编辑丨黎雨桐 千万人口大城杭州，落户接近"零门槛" Manus清空微博、小红书！官网显示"地区不可用"，总部已迁至新加坡 SFC 21君荐读 据央视新闻报道，7月12日，记者从中核集团获悉，我国规模最大的天然铀产能项目"国铀一号"示范工程，成功生产下线"第一桶 ...

Core Insights - The "Guoyou No. 1" demonstration project successfully produced its first barrel of uranium on July 12, 2023, marking a significant milestone for China's largest and most advanced natural uranium production base [1][3] - The project represents a major practical achievement of China's third-generation uranium mining and extraction technology, focusing on green environmental protection, remote control, intelligent analysis, and high-quality efficiency [2] Group 1: Project Overview - The "Guoyou No. 1" demonstration project commenced construction on July 12, 2024, and is designed to be the largest uranium production facility in China [1] - The project has overcome key technical challenges in sandstone uranium mining, including issues related to strong reducing mineral bodies and low-grade high-permeability ore beds [2] Group 2: Technological Innovations - The project has developed "digital well construction" technology, which doubles uranium leaching efficiency compared to traditional methods [2] - It has introduced a "visualized efficient uranium extraction" system that revolutionizes traditional in-situ leaching methods, and an innovative "directional" well construction technique that enhances resource recovery rates [2] Group 3: Industry Impact - The focus of uranium mining in China has shifted from southern volcanic and granite types to northern sandstone types, with significant breakthroughs in exploration over the past two decades [2] - The Ordos Basin has emerged as China's largest uranium resource base, with over 2.8 million tons of uranium resources predicted from the top ten exploration results released in 2023 [2] Group 4: Future Prospects - The technology from the "Guoyou No. 1" project will be applied and promoted across various northern basins in China, supporting the establishment of new large uranium mining bases [3] - There are plans for the "Guoyou No. 1" technology to be exported internationally, contributing to the safe and orderly development of global nuclear power [3]

Core Insights - The "Guo Uranium No. 1" demonstration project in Inner Mongolia has successfully produced its first barrel of uranium, marking a significant milestone in China's uranium resource development [1][3] - This project is the largest and most advanced natural uranium production base in China, characterized by its green, economic, intelligent, and efficient features [1][3] - The project represents a major leap in China's uranium mining technology, establishing a new benchmark for smart mining and resource management [3][4] Industry and Company Developments - The successful production of the first barrel of uranium signifies the official entry of China's uranium resource development into a new era of green safety and intelligent efficiency [3][4] - The project has overcome key technical challenges in uranium extraction, significantly improving extraction efficiency and resource recovery rates through innovative technologies [4][7] - The establishment of a remote intelligent control center for the uranium mine has transformed traditional production methods, allowing for centralized management and reduced on-site personnel [4][8] Technological Advancements - The project employs a modernized uranium mining production system focused on green, efficient, and intelligent practices, including digital well construction and visualized efficient leaching [4][7] - Innovations such as directional well construction and intelligent water level measurement have enhanced extraction efficiency and minimized environmental impact [7][8] - The integration of big data analytics for production decision-making has optimized resource management and energy consumption [4][8] Strategic Implications - The "Guo Uranium No. 1" project is pivotal in the strategic shift of China's uranium resource development from southern to northern regions, particularly focusing on sandstone-type uranium deposits [10][12] - The project is expected to significantly enhance China's uranium supply capacity, contributing to national energy security and the development of the nuclear industry [14][15] - The successful implementation of this project sets a precedent for future uranium mining operations in northern China, establishing a unified technical standard and intelligent platform for efficient collaboration [11][12]

Group 1 - The "Guo Uranium No. 1" demonstration project in Inner Mongolia has produced its first barrel of uranium, marking a significant milestone in China's uranium resource development [1] - This project is the largest and most advanced natural uranium production base in China, characterized by green, economical, intelligent, and efficient features [1] - The project commenced construction on July 12, 2024, and achieved production within one year, setting a new speed record for domestic natural uranium capacity projects [1] Group 2 - The "Guo Uranium No. 1" project represents a major practical achievement of China's third-generation uranium mining and metallurgy technology system, focusing on green environmental protection, remote control, intelligent analysis, and high-quality efficiency [1] - The project is expected to significantly enhance China's international competitiveness in the natural uranium industry and provide solid resource support for national energy security and nuclear industry development [1] - The development of uranium resources in China has shifted from southern volcanic and granite types to northern sandstone types, with major breakthroughs in the past two decades [2]