Nuclear power stocks rallied today. As of press time, CNNC INT'L (02302) jumped 9.67% to HK$4.31, while CGN MINING (01164) gained 7.84% to HK$3.3.

On the news front, a recent JPMorgan report revealed an increasingly tight market reality: explosive demand driven by the nuclear renaissance and AI revolution on one side, while facing production cuts from major producers and supply bottlenecks triggered by geopolitical tensions on the other. Uranium spot and futures prices have risen approximately 5% year-to-date.

Behind the price surge, major global producers such as Kazatomprom and Cameco have been cutting production, while China's rapid nuclear power construction and massive electricity demand from AI data centers are driving robust demand growth.

Additionally, a Morgan Stanley report noted that the global uranium market is currently experiencing significant changes. The evolving supply-demand dynamics and multiple driving factors have made uranium's market outlook highly noteworthy. Against the backdrop of tightening supply and strong demand, the price outlook remains optimistic.

Morgan Stanley expects uranium prices to reach $87 per pound by the fourth quarter of 2025. Intensifying supply challenges, stable spot demand, rising potential contract volumes, combined with structural support from the "nuclear renaissance," have solidified uranium market fundamentals with further upside potential for prices.