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1EnergyOVERWEIGHT(Maintain)NonferrousMetalsOVERWEIGHT(Maintain)AnalystLIU JunSAC No. S0570523110003SFC No. AVM464karlliu@htsc.com+(852) 3658 6000AnalystMIAO YufeiSAC No. S0570523120005SFC No. BTM578miaoyufei@htsc.com+(86) 21 2897 2228AnalystQI TengyuanSAC No. S0570524080002SFC No. BVU938qitengyuan@htsc.com+(86) 21 2897 2228AnalystMA Mengchen, CFASAC No. S0570524100001SFC No. BUM666mamengchen@htsc.com+(86) 21 2897 2228Sector performanceSource: Wind, Huatai ResearchStock recommendationsCompanyCodeTP (LocalCurrency)RatingCGN Mining1164 HK1.88BUYSource: Company data, Huatai Research estimates(24)(15)(5)514May-24Sep-24Jan-25May-25(%)EnergyNonferrous MetalsCSI300 This report mustbe read with important disclosures and analyst certifications located on the end of the report.InvestmentadviceFollowing the April tariff exemption, uranium prices have bottomed out:risingfromUSD65/lb toUSD71/lb. Withapositiveglobal nuclear-policy narrative on therisesince late Aprilandearly May, we expectafurther recovery insentiment forspot uraniumpricesandstabilizationinlong-term contract prices at elevated levels.We reiterate our recommendation onCGN Mining, and believeaccelerated globalnuclear-plant construction also presents opportunities for equipment suppliers.Otherkey industry players includeKazatomprom,Paladin Energy,MitsubishiHeavy Industries,Doosan Enerbility,GE Vernova,Oklo, andNuScale.Industryrisks:policy implementation falling short of our expectations;forcemajeure. This report must be read with important disclosures and analyst certifications located onthe end of the report.DisclaimersAnalyst CertificationI/We, LIU Jun, MIAO Yufei, QI Tengyuan, MA Mengchen, hereby certify that the views expressed in thisreport accurately reflectthe personal views of the analyst(s) about the subject securities or issuers; and no part of the compensation of the analyst(s) was,is, or will be, directly or indirectly, related to the inclusion of specific recommendations or views in this report.General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as“HFHL”).The information herein is strictly confidential to the recipient. Thisreport is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report.This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy or completeness of such information.The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referredto herein may fluctuate. Pastperformance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.Huatai makes no warrants that the information in this report be kept up to date. The information contained in this report may bemodified without notice by Huatai, and investors shall pay attention to such updates or modifications when necessary.HFHL is not a U.S. Financial Industry Regulatory Authority(“FINRA”)member firm, and HFHL research analysts are notregistered/qualified as research analysts with FINRA.While every effort has been made by Huatai to ensure the content contained herein is objective and impartial, the views,conclusions and recommendations in this report are for reference only and are not to be construed as an offer or solicitation forthe purchase or sale of any security or financial instrument and in any jurisdiction where such offer or solicitation would be illegal.Such views and recommendations are not intended to providepersonal investment advice and does not take into account thespecific investment objectives, financial situation and the particular needs of any specific person. Investors should give sufficientconsideration to their own particular circumstances, and fully understand and use the contents of this report, which should not beseen as the sole factor to rely on in making investment decisions. Huatai and the report’s authors shall under no circumstance beheld liable for any direct, indirect or consequentiallosses or damages arising from or in connection with the use or reliance of thisreport or its contents. Any form of written or verbal commitment to share the proceeds or losses of any securities investmentshallbe regarded as null and void.Unless otherwise indicated, the data quoted in this report represents past performance, which should not be used as a guide offuture returns. Huatai does not promise or guarantee that any future return will be realized. The forecast made in the reportisbased on corres