Fueling the Uranium Demand With URNM The Sprott Uranium Miners ETF (URNM) can help investors gain focused exposure to the uranium industry. URNM provides exposure to both physical uranium and its miners, all within a singular ETF wrapper. This approach could very well pay off if the supply-demand gap for uranium further widens in the years to come. URNM's investments in miners and physical uranium provide multiple avenues to capitalize on growing demand. In the meantime, the fund is still posting compelli ...

（原标题：前三季度纳沃伊铀业净利润同比增长近30%） 乌报纸网11月11日报道，2025年前三季度乌兹别克斯坦纳沃伊铀业公司净 利润为3.7万亿苏姆（约合3.08亿美元），同比增长28.6%；产品产值10.6万亿 苏姆（8.82亿美元），同比增长37.7%；资产16.4万亿苏姆（13.6亿美元），同 比增长73.5%；向国家预算缴纳税款3.8万亿苏姆（3.17亿美元）；通过成本优 化将生产成本降低了3816亿苏姆（3180万美元）。 报道分析，利润增长与国际铀价上涨密切相关。9月底，纽约商品交易所 铀价升至每磅83.45美元，达年内峰值。受核燃料需求上升及美国扩大铀储备计 划影响，市场信心得到提振。世界核能协会预测，到2030年全球核能用铀需求 将增长28%，为价格持续上升创造条件。 报道提到，2025年6月，纳沃伊铀业公司在伦敦证券交易所发行了3亿美元 的5年期欧元债券，票面利率6.7%，并计划于2026年下半年在国内外市场公开 发行10%至15%的股份。 ...

AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 当外交官们正为俄乌冲突和平协议的核心条款争得不可开交时，草案中有一个细节却鲜有人注意：那就 是基于美俄商业关系未来可能"遍地开花"的设想而抛出的"甜头"。 这些提案主要由俄罗斯主权财富基金负责人德米特里耶夫（Kirill Dmitriev）与美国特使威特科夫 （Steve Witkoff）共同敲定，设想在两国间达成一项涵盖能源、稀土和数据中心的"长期经济合作协 议"。双方还计划设立一个用于联合项目的美俄投资基金，以此作为"不再重返冲突的强有力激励"。 这事儿还有另一种解读：这两位由商人转型为外交官的角色，正试图精心炮制一个让美国总统特朗普无 法拒绝的理由，好让他继续留在这个谈判局里。 将宏大的外交政策与商业机会捆绑在一起，已成为这位美国总统处理国际事务的一大特色。 在促成加沙停火之前，特朗普就曾勾勒过将该地区打造成"中东里维埃拉"度假胜地的蓝图。在他的第一 个任期内，在寻求与金正恩缓和关系时，他也曾高声畅想过朝鲜那"很棒的海滩"以及在那儿开发海景公 寓的潜力。 前中情局（CIA）中欧亚分部负责人Rob Dannenberg认为，和平提案中类似的论调背后 ...

在全球能源转型与脱碳浪潮推动下，一场"核能复兴"正在酝酿。 据追风交易台消息，瑞银11月24日发布的报告《铀101：助力核能复兴》显示，作为核能关键燃料的铀——其市场正处于一个关键 的转折点。一场由"核能复兴"驱动的结构性需求浪潮，正与一个高度集中且供应受限的供给格局迎面相撞，这为铀价开启一个长 达十年的牛市周期奠定了基础。 随着全球对低碳、高基荷电力的需求日益增长，核能正重新回到各国能源政策的中心舞台。以COP28气候大会上"到2050年将核能 发电能力提高两倍"的宣言为标志，全球核电部署的强劲势头，正在从根本上改变铀的长期需求前景。瑞银预测，到2035年，全球 铀消费量将增长超过50%。 需求的地理版图正在发生深刻变化。虽然目前美国、法国等西方国家仍是核电发电量的主要贡献者，但未来的增长引擎将明确转 向东方。报告预计，到2035年，仅中国和印度就将贡献未来十年全球约四分之三的需求增长，两国在全球核能发电中的份额将从 目前的约18%翻倍至35%。 此外，以小型模块化反应堆（SMRs）为代表的新兴技术，正为铀需求开辟新的想象空间。尽管SMRs的大规模商业部署可能要到 2030年代，但其在满足人工智能数据中心等 ...

Australia’s mining industry is set to enter a period of steady, production-led expansion through 2030, supported by a strong resource base, competitive project pipeline, and a stable regulatory framework. Despite price pressures affecting several commodities over the past two years, new supply additions and replacement projects across iron ore, gold, copper, uranium, and select battery minerals are expected to drive medium-term growth. Conversely, output is projected to weaken in commodities approaching mi ...

Investment Rating - The report recommends a positive investment outlook for the nuclear power industry, indicating a recovery in global nuclear power and an upward trend in uranium prices [1]. Core Insights - Nuclear power technology is continuously upgrading, providing a clean and efficient energy solution. The electrification process and the demand for high-quality electricity driven by AI are reinforcing the strategic position of nuclear power [1][7]. - The global nuclear power sector is experiencing a revival, with increasing uranium demand anticipated due to renewed interest in nuclear energy following geopolitical tensions and the need for energy independence in Europe [7][24]. - Supply constraints are evident, with short-term increases in uranium supply relying on the resumption of production from idled mines. A significant supply gap may emerge around 2030 if new projects do not come online [7][55]. - The report predicts a sustained upward trend in uranium prices, supported by a historical supply-demand gap and recent adjustments in production by leading suppliers [7][68]. Summary by Sections 1. Clean and Efficient Energy Source - Nuclear power primarily relies on fission reactions using U235 as fuel, generating significant energy compared to traditional sources [11]. - Current commercial nuclear projects are mostly based on second and third-generation technologies, with ongoing advancements towards fourth-generation designs [7][16]. 2. Global Nuclear Revival and Growing Uranium Demand - The global nuclear power capacity is approximately 397 GW, with 72 GW under construction. Projections suggest that by 2040, capacities could reach between 552 GW and 966 GW depending on various scenarios [24][53]. - The demand for uranium is expected to increase by 118% by 2040, driven by the resurgence of nuclear power and the need for stable energy sources amid rising electricity consumption from AI technologies [7][53]. 3. Supply-Demand Gap and Rising Uranium Prices - The report highlights that the uranium supply is primarily dependent on newly mined resources, with a significant portion of the current supply coming from existing stockpiles [55]. - The cumulative supply-demand gap from 2015 to 2024 is estimated at around 100,000 tons, with uranium prices rising from approximately $20 per pound in 2016 to around $80 per pound currently [68]. - Future projections indicate that if production does not meet demand, uranium prices are likely to continue their upward trajectory, supported by strategic resource management and market dynamics [68].

证券研究报告|行业研究报告 [Table_Date] 2025 年 11 月 19 日 [Table_Title] Cameco 2025Q3 自产铀环比减少 4%至 440 万磅， 自产铀单位现金生产成本环比下降 4%至 25.2 加元 /磅 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q3 生产经营情况 1、铀业务 1）自产量 2025Q3 自产铀 440 万磅（1996 吨，权益量），同比增长 2%，环比下降 4%。 2）外采铀 2025Q3 公司外采铀 140 万磅（635 吨），同比下跌 22%， 环比增长 100%。并根据产品贷款融资额度借入了 200 万磅。 3）销量 2025Q3 铀销量为 610 万磅（2767 吨），同比下跌 16%， 环比下跌 30%。 4）库存 截至 2025 年 9 月 30 日，公司铀库存为 1000 万磅，平均 库存成本为 47.56 加元/磅。 5）单位生产成本 2025Q3 销量为 1900 吨铀，同比下降 46%，环比下降 评级及分析师信息 [Table_IndustryRank] 推荐 [Ta ...

Group 1: Industrial Metals - The price of copper is expected to remain elevated due to the suspension of operations at the Grasberg mine, with a projected global copper shortage of approximately 1% in 2026 and 0.5% in 2027, primarily due to the anticipated resumption of production at Grasberg and Panama mines [2][3] - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, leading to potential shortages if supply decreases or demand increases [2][3] Group 2: Precious Metals - The long-term outlook for gold remains positive, driven by multiple factors including weakening U.S. non-farm data, manageable inflation, and dovish signals from the Federal Reserve, which is expected to lower interest rates [3] - Central banks globally are increasing their gold reserves, with the People's Bank of China having added gold for 12 consecutive months [3] Group 3: Energy Metals - The introduction of a quota system in the Democratic Republic of Congo (DRC) is expected to lead to a long-term increase in cobalt prices, with export quotas significantly lower than market expectations [4][5] - The global lithium industry is anticipated to enter a new cycle of prosperity, driven by strong demand from the rapidly growing electric vehicle and energy storage sectors [6] Group 4: Minor Metals - China's dominance in rare earth resources is solidified, with the country controlling approximately 50% of global reserves and 90% of oxide production, leading to a potential increase in prices [7] - Tungsten prices may rise due to recovering overseas demand and the easing of export controls, while antimony prices are rebounding following recent export control relaxations [8][9] Group 5: Uranium - The demand for natural uranium is expected to rise in line with increasing nuclear power generation, with projections indicating that China's nuclear power capacity could become the largest in the world by 2030 [10] Group 6: Recommended Stocks - A selection of companies is recommended for investment across various metals, including copper, aluminum, precious metals, energy metals, and minor metals [11]

Industrial Metals - The supply side of industrial metals is experiencing continuous disturbances, with good downstream demand for copper and aluminum, leading to stable price increases and improved corporate profitability [1] - Copper prices are supported by supply tightness, with a projected global copper shortage of approximately 1% in 2026 and 0.5% in 2027, mainly due to the expected full recovery of Grasberg and Panama copper mines [2] - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, indicating a potential shortage if supply decreases or demand increases [2] Precious Metals - The long-term outlook for gold prices remains positive, driven by multiple factors including weak U.S. non-farm data, controlled inflation, and dovish signals from the Federal Reserve, which has lowered rates twice recently [3] - Central banks globally, including China, have shown a strong willingness to increase gold reserves, with China having added gold for 12 consecutive months [3] Energy Metals - The introduction of an export quota system in the Democratic Republic of Congo (DRC) is expected to lead to a long-term increase in cobalt prices, with a potential supply gap of at least 10% in the global cobalt market over the next two years [4] - The lithium industry is anticipated to enter a new growth cycle, driven by strong demand from the rapidly growing domestic new energy vehicle market and significant increases in energy storage battery shipments [5] Minor Metals - The strategic importance of minor metals such as rare earths, tungsten, and antimony is increasing, with prices expected to rise due to policy adjustments and demand recovery [6][8][9] - China's dominance in rare earth resources is significant, controlling about 50% of global resources and 90% of oxide production, with a projected price increase for praseodymium-neodymium oxide [7] Uranium - The demand for uranium is expected to rise with the growth of nuclear power generation, with projections indicating that China's nuclear power generation capacity could become the largest in the world by 2030 [10] - The supply side remains constrained, with minimal new investments in uranium mines, leading to a potential increase in uranium prices [10] Recommended Companies - For copper: Luoyang Molybdenum, Zijin Mining, Minmetals Resources, China Nonferrous Mining, Jinchuan Group, Tongling Nonferrous Metals, Western Mining [11] - For aluminum: China Aluminum, China Hongqiao, Yun Aluminum, Shenhuo Group, Zhongfu Industrial, Tianshan Aluminum [11] - For precious metals: China Gold International, Zhongjin Gold, Chifeng Jilong Gold, WanGuo Gold Group, Xinyi Silver, Shengda Resources [11] - For energy metals: Zhongjin Resources, Yongxing Materials, Huayou Cobalt [11] - For minor metals and processing: Tin Industry Co., Huaxi Nonferrous, Northern Rare Earth, China Rare Earth, Huaxi Nonferrous, Bowei Alloy [11]

Core Views - The report emphasizes that the metal industry is expected to see a rise in prices and profitability due to supply-demand dynamics and interest rate cuts, with a focus on industrial metals like copper and aluminum [5][6][10]. Industrial Metals - Copper prices are projected to rise as the global copper market faces a supply shortage of approximately 1% in 2026 and 0.5% in 2027, primarily due to the anticipated recovery of the Grasberg and Panama copper mines [5][23]. - The report notes that the Grasberg copper mine's production cut has led to a significant upward adjustment in copper price expectations, with a potential price increase from 79,000 CNY/ton to 82,000-83,000 CNY/ton [21][24]. - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, indicating a tight supply-demand balance that could lead to price surges if demand exceeds expectations [5][30]. Precious Metals - The long-term outlook for gold remains positive, driven by factors such as weakening U.S. non-farm data, manageable inflation, and a dovish stance from the Federal Reserve, which is expected to lower interest rates further [6][10]. Energy Metals - Cobalt prices are anticipated to rise due to policy changes in the Democratic Republic of Congo, which has implemented an export quota system that could create a supply-demand gap of over 10% in the global cobalt market [7]. - The lithium industry is expected to enter a new growth cycle, with demand for energy storage batteries significantly exceeding previous forecasts, leading to a potential supply shortage if production does not keep pace [8]. Minor Metals - The strategic importance of rare earth metals is highlighted, with China maintaining a dominant position in global production and supply, which is expected to strengthen prices further [10]. - Tungsten prices may rise due to recovering overseas demand and relaxed export controls, while antimony prices are also expected to increase following recent export policy adjustments [11][12]. Uranium - The demand for uranium is projected to increase alongside the growth of nuclear power generation in China, with expectations of a significant rise in nuclear capacity by 2035 [13]. Recommended Stocks - The report suggests a selection of stocks across various metal sectors, including copper, aluminum, precious metals, energy metals, and minor metals, indicating a diversified investment strategy [14].