CITIC Construction Investment: The third bull market in metal uranium will continue for a long time.

CICC research report believes that under the dual carbon target, energy security, and the AI boom, global nuclear energy is reviving. Nuclear power countries such as China, the United States, France, and Japan are actively promoting the approval and construction of nuclear power projects. Financial institutions continue to make purchases, and uranium demand is expected to increase steadily. The long-term depression of uranium prices has caused capital expenditure on mines to shrink, new mine supply is limited, and existing mines are highly concentrated in geographical distribution and vulnerable. A ten-year mismatch in supply and demand has led to continuous destocking. The elasticity of secondary supply has decreased, and the natural uranium price is more likely to rise than fall. The third bull market is expected to continue in the long term. The regulatory role of stocks on uranium prices continues to decline. The spot price of natural uranium will be more sensitive to supply and demand disturbances, but the direction is more likely to rise than fall.