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中信建投:金屬鈾第三輪牛市將長期持續
中信建投研報認爲,雙碳目標、能源安全、AI熱潮之下,全球核能復甦,中美法日等核電大國競相推進核電項目審批及建設,疊加金融機構持續採購,鈾需求勢將穩中有增;鈾價長期低迷,礦山資本開支萎縮,新增礦山供給受限,現役礦山地理分佈高度集中,脆弱性強;十年供需錯配導致庫存持續去化,二次供給彈性下降,天然鈾價格易漲難跌,第三輪牛市將長期持續。庫存對鈾價提供的調節作用持續下滑,天然鈾現貨價格將更易受供應、需求端擾動而產生波動,但方向是易漲難跌。
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