HK Stock Market Move | CGN MINING (01164) rose more than 10% in the afternoon, with institutions pointing out that the underlying fundamentals of natural uranium remain strong and there are more potential catalysts in the market.

CGN MINING (01164) rose more than 10% in the afternoon. As of press time, it rose by 9.21% to 4.98 Hong Kong dollars, with a turnover of 4.02 billion Hong Kong dollars. On the news front, a report from China International Capital Corporation Limited pointed out that the four natural uranium stocks covered have seen an average increase of 44% since the beginning of the year, mainly benefiting from the rise in spot prices and the overall strength of the metal mining sector. The bank expects that there are several catalysts in the short term that may further boost investor sentiment, and the fundamentals of natural uranium remain strong. After two years of low long-term contract volumes, the bank expects long-term contract volumes in 2026 to rebound, driving spot and long-term prices to hit historical highs. The bank has raised its expected spot prices for natural uranium at the end of 2026/27 to $120 and $150 per pound, respectively. China International Capital Corporation Limited also mentioned that market participants should pay attention to more potential catalysts. On February 2nd, Cameco will announce its fourth quarter operating update and highly anticipated 2026 production guidance. The bank currently predicts a slightly increase in production (+7%) in 2026. If the actual guidance is lower than expected, the market could become more nervous. On February 13th, Kazatomprom will announce its fourth quarter performance for 2025, and the market will also focus on its production guidance and market dynamics update. Furthermore, the expansion of the US strategic uranium reserve and further federal funding will take more effective supply from the market. In addition, the US government may also set a minimum import price for natural uranium, which is favorable for domestic companies to expand production.