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Another main theme of AI investment emerges: US hedge funds heavily buy nuclear power stocks as technology giants gather to deploy this technology.
①In Q3, American hedge funds maintained a stable exposure to AI-related investment themes, but reduced their investment in the semiconductor industry for the first time since Q2 2022. ②In OpenAI's latest disclosed "American AI Infrastructure Blueprint," lies its grand nuclear power vision; Huang Renxun also expresses a bullish attitude towards nuclear energy. ③From the trends of tech giants, most of them have chosen small modular reactors (SMR).
[Brokerage Focus] CMB International: It is expected that the supply-demand gap for natural uranium will still be significant before 2028.
King Capital News | Zhongyin International stated that, due to the long-term nature of nuclear power and natural uranium mines, the development on the demand side and supply side has relatively certain plans. The bank determines that the natural uranium price needs to remain high enough to encourage more uranium mine development to meet the significant increase in global electrical utilities demand under factors such as (1) ai, (2) global decarbonization, (3) energy self-sufficiency, and (4) the increasing popularity of Small Modular Reactors (SMRs). CGN Mining (01164, buy) and Cameco (CCJ US, unrated) are expected to be the main beneficiaries. The bank mentioned that global nuclear power is returning to growth.
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Guotai Junan International: Maintains a "buy" rating on cgn mining (01164) with a target price of 2.25 Hong Kong dollars.
Guocai International estimates that CGN Mining's net income attributable to the parent company for 2024-2026 is 0.42 billion/0.85 billion/1 billion Hong Kong dollars.
China Post Securities: Short-term safe-haven sentiment for gold weakens, aluminum oxide prices still have room to rise.
Market concerns about the USA's tax cuts and high tariff policies leading to investment flowing back to the USA, while expectations of import restrictions by the USA are strengthening the US dollar, weakening gold and silver.
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