Investment Rating - Investment rating: None [4] Core Insights - The report highlights that CCJ has updated its 2025 production plan, lowering its annual uranium production guidance to 14-15 million pounds U3O8, significantly below the previous expectation of 18 million pounds. This indicates a trend of "production reduction to control prices" among industry leaders, aiming to stabilize market expectations and support uranium prices [4][16] - The report notes that the uranium market is currently in a traditional off-season, with limited short-term trading activity. However, the upcoming World Nuclear Symposium is expected to refocus market attention on the industry's fundamentals, potentially acting as a catalyst for the second half of the year [4][16] - The report emphasizes that leading companies are actively adjusting supply rhythms and strengthening market pricing power, suggesting that the medium to long-term investment logic remains unchanged and may see renewed market interest due to event catalysts and policy expectations [4][16] Market Performance Review - The report indicates that during the week of August 25 to August 29, 2025, the Hang Seng Technology Index closed at 5674.3, up 0.5%, outperforming the Hang Seng Index by 1.5 percentage points. In contrast, the Philadelphia Semiconductor Index fell by 1.5%, underperforming the Nasdaq 100 and S&P 500 indices [7][9] - The top five gainers in the week included SenseTime (+16%), Trip.com (+14%), SMIC (+10%), Energy Fuels (+9%), and Centrus Energy (+8%). Conversely, the top five losers were Marvell Technology (-14%), Meituan (-13%), Xpeng (-11%), Kuaishou (-11%), and Duolingo (-10%) [9][14] Web3 and Cryptocurrency Market - The report states that the total market capitalization of cryptocurrencies decreased to $3.75 trillion as of August 29, 2025, down from $3.97 trillion the previous week. The total trading volume for cryptocurrencies was $191.39 billion, accounting for 5.1% of the total market capitalization [18][22] - The report notes that the sentiment in the cryptocurrency market is currently neutral, with the Fear and Greed Index at 47, indicating a balanced market emotion [22] - The report highlights that mining-related stocks performed well, with the top five gainers being Iris Energy, Cipher Mining, HIVE Blockchain Technologies, Hut 8 Mining, and Ebang International Holdings [25][26] Recent Important Events - The report mentions that Bitcoin Asia 2025 was held in Hong Kong, featuring over 200 speakers from the global industry. Notable comments included Binance's founder suggesting that asset tokenization is making significant progress and that AI is likely to become a major driving force in the cryptocurrency sector [32]

Investment Rating - Investment rating: None [4] Core Insights - The report highlights the U.S. Department of Energy's (DOE) pilot program aimed at accelerating advanced nuclear reactor development and strengthening the domestic nuclear fuel supply chain. This initiative is part of a broader strategy to reduce reliance on imported enriched uranium and key materials, fostering a domestic nuclear fuel industry [4][16] - The report emphasizes that the U.S. is accelerating the self-sufficiency layout of critical resources, with nuclear fuel being a vital component of national energy security. The transition from heavy reliance on imports to rebuilding a domestic system is underway, supported by a comprehensive mechanism from policy guidance to financial support [4][16] - The report notes significant market movements, particularly in the uranium sector, with top-performing companies experiencing substantial gains, reflecting heightened market focus on energy and critical resources [4][9] Summary by Sections 1. Overseas AI - The report indicates that Hong Kong and U.S. tech stocks saw an increase, with the Hang Seng Tech Index rising by 5.5% and the Philadelphia Semiconductor Index increasing by 0.6% during the week of July 14 to July 18, 2025 [7][8] - The uranium sector experienced a notable surge, with top companies like ENERGY FUELS and ASP ISOTOPES seeing increases of 42% and 39% respectively, indicating strong market interest in energy self-sufficiency [9][14] 2. Web3 and Cryptocurrency Market - The global cryptocurrency market capitalization rose to $3.86 trillion as of July 18, 2025, up from $3.61 trillion the previous week, indicating a positive market trend [18][22] - The report highlights that the core assets in the cryptocurrency market saw a net inflow of $2.386 billion during the week, reflecting strong investor interest [28] - Key legislative developments in the U.S. regarding cryptocurrency, including the passage of the GENIUS Act, have bolstered market expectations, contributing to a rise in core asset prices [32][32]

Investment Rating - Investment rating: None [4] Core Insights - The report highlights the ongoing geopolitical tensions in the Middle East, which are driving interest in gold, cash, and volatility indices [3] - The recent awarding of a contract to Oklo for deploying its Aurora micro-reactor at Eielson Air Force Base is seen as a significant step in the U.S. nuclear energy strategy, marking a shift from policy discussions to execution [17] - The report indicates a transition in the nuclear sector towards a growth path driven by policy, military validation, and multi-scenario replication [17] Market Performance Summary - The Hang Seng Technology Index closed at 5239.7, down 0.9%, underperforming the Hang Seng Index by 1.3 percentage points; the Philadelphia Semiconductor Index rose 1.5%, outperforming the Nasdaq 100 and S&P 500 [8][10] - The top five gainers in the nuclear sector included OKLO (+27%), Oracle (+24%), Centrus Energy (+13%), NuScale Power (+13%), and Tongcheng Travel (+10%); the top five losers were ASP Isotopes (-14%), Kuaishou-W (-9%), Wolfspeed (-7%), Geely Auto (-7%), and Xpeng Motors (-7%) [10] Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies remained stable at $3.27 trillion as of June 13, 2025, with a total trading volume of $173.82 billion, accounting for 5.32% of the total market cap [19] - The report notes a net inflow of $1.37 billion into cryptocurrency ETFs during the week, indicating strong investor interest despite geopolitical risks [28] - The report mentions that the cryptocurrency market sentiment is currently neutral, with a fear and greed index reading of 54 [23] Recent Events - The report outlines that Oklo's contract is a direct continuation of the Trump administration's executive order aimed at advancing small reactor deployment for national security [17] - It also highlights the impact of recent geopolitical events, such as Israel's airstrikes on Iran, which have heightened global risk aversion and affected asset prices [33]

Investment Rating - Investment rating: None [4] Core Insights - Nvidia's FY1Q26 revenue reached $44.06 billion, exceeding guidance with a year-on-year growth of 69% but only a quarter-on-quarter growth of 12%. The gross margin has started to decline, falling below previous guidance [6][18] - The core driver for Nvidia's revenue remains the strong growth in data center business, accounting for approximately 89% of total revenue, particularly driven by the demand for generative AI training and inference [6][18] - The overall performance of Hong Kong and US tech stocks was mixed, with the Hang Seng Tech Index down 1.5% and the Philadelphia Semiconductor Index up 1.2% during the week [9][11] Summary by Sections 1. Overseas AI - Nvidia's FY1Q26 revenue was $44.06 billion, with a year-on-year increase of 69% and a quarter-on-quarter increase of 12%. The gross margin was 60.5%, down 12.5 percentage points from the previous quarter [18][19] - The data center business remains the main revenue driver, contributing nearly 70% of the data center computing revenue from the Blackwell platform [18][19] - The Hang Seng Tech Index closed at 5170.4, down 1.5%, while the Philadelphia Semiconductor Index closed at 4758.1, up 1.2% [9][10] 2. Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies decreased to $3.32 trillion as of May 30, 2025, down from $3.46 trillion the previous week [24][40] - The total trading volume for cryptocurrencies was $142.46 billion, accounting for 4.29% of the total market capitalization [24] - The cryptocurrency market sentiment is currently in the greed zone, with a fear and greed index of 61 [28]

Investment Rating - Investment rating: None [5] Core Insights - Coreweave reported a significant revenue increase of 420% year-on-year for Q1 2025, reaching $982 million, exceeding market expectations [6][18] - The company has a backlog of orders totaling $25.9 billion, including a strategic agreement with OpenAI valued at $11.9 billion [18] - The infrastructure expansion has led to increased short-term costs, with capital expenditures of $1.9 billion in Q1, expected to rise to $3-3.5 billion in Q2, and a total of $20-23 billion for 2025 [19] Market Performance - The Hang Seng Tech Index rose by 2.0% and the Philadelphia Semiconductor Index increased by 10.2% during the week of May 12 to May 16, 2025 [9][11] - Notable stock performances included Supermicro (+44%), NUSCALE POWER (+39%), and Dell Technologies (+19%) [11] Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies reached $3.32 trillion as of May 16, 2025, showing an increase from $3.25 trillion the previous week [23] - The cryptocurrency market sentiment is currently in the "greed" zone, with a fear and greed index of 69 [27] Recent Events - Coreweave's Q1 2025 earnings report highlighted a substantial revenue increase and a strategic partnership with OpenAI [18] - Upcoming earnings reports include ASP ISOTOPES on May 21, 2025, and Dell Technologies on May 29, 2025 [20]