智通财经APP获悉，第一上海发布研报称，铀的新周期由三件事叠加：①需求持续上修;②中游(转化/浓 缩)产能紧&去俄化;③二次供给占比回落。三者共同造成结构性紧平衡。根据缺口测算来看本轮各环节 机会：铀产业链的特点是技术密集且高度集中，其上游和中游环节主要由少数大型企业控制且对下游的 核电站供应具有重要影响。上游持续看好具备北美企业与生产成本较低的企业，将在铀价上行阶段持续 释放业绩弹性。中游来看，去俄化的政策导向持续提升限制区域企业发展空间。 上游：供需平衡角度上WNA认为全球铀精矿2025~2027年勉强平衡，缺口从2026年的-6百万磅走阔到 2029年-14百万磅(-3.5到-6.2%)，如期间价格上涨足够则2030年有望平衡;其中2025年二次供应(库存再释 放/尾料再处理等，不包括金融需求/战略储备)占全球反应堆需求比例13%，但受限于一次供应的预计长 期回落到6%;中游：转化环节持续短缺，浓缩由于欧美去俄化存在区域性缺口，且推高对于铀精矿的需 求。根据测算，考虑去俄化预计到2030年浓缩环节缺口为30%。 报告中称，目前核能贡献了全球10%的发电量，贡献了欧洲25%、美国20%的发电量，成为全球重 ...

Investment Rating - The report does not provide a specific investment rating for the uranium industry [4] Core Insights - Sprott's Physical Uranium Trust (SPUT) announced a financing round totaling $200 million to purchase physical uranium, marking a potential restart of procurement since November 2024 [4] - The expected procurement could lead to a significant market impact, with the potential to purchase approximately 1,200 tons of U3O8, representing about 6.5% of the projected total spot market volume for 2024 [4] - Recent U.S. policy initiatives to accelerate advanced nuclear reactor deployment have catalyzed significant developments in the global nuclear energy sector, enhancing market confidence [4] - The third quarter is anticipated to be a critical period for the nuclear energy sector, driven by increased demand from large tech companies and government agencies [4] Summary by Sections SPUT Financing and Market Impact - SPUT's financing of $200 million is aimed at purchasing physical uranium, which could support the trust's investment goals and re-establish its role as a key buyer in the spot uranium market [4] - The procurement is expected to occur at a spot price of $75 per pound of U3O8, allowing for the acquisition of approximately 1,200 tons [4] Policy Developments and Industry Outlook - Following the U.S. presidential directive on advanced nuclear reactors, several key agreements and contracts have been established, indicating a robust demand for stable clean energy [4] - The nuclear energy sector is expected to see increased transaction orders and long-term cooperation agreements, benefiting midstream and upstream uranium companies [4] Investment Recommendations - The report suggests focusing on companies involved in the enrichment and mining of uranium, as well as those in the nuclear power sector, due to the anticipated positive market dynamics in the third quarter [4]