CGN MINING (01164) saw its shares rise more than 5% in late trading. At the time of writing, the stock was up 4.72%, trading at HK$4.44, with a turnover of HK$236 million. A research report from Changjiang Securities stated that against the backdrop of accelerated nuclear power construction and rising global demand for natural uranium, a clear supply-demand imbalance for natural uranium is expected to form. Looking ahead, with demand accelerating and the fragile supply of natural uranium, the primary supply-demand gap is projected to widen continuously in the future. As the primary supply-demand gap is set to expand definitively, the release of secondary demand, such as strategic inventory replenishment and financial speculation, will become a key marginal force driving prices upward. Meanwhile, Huatai Securities noted that the three-year natural uranium buying and selling agreement for 2026-2028, approved by CGN MINING on August 19, 2025, has now taken effect. The implementation of this new three-year agreement signifies that the company is one of the most leveraged uranium mining plays to benefit from rising spot uranium prices. Furthermore, the stable supply capacity from its high-quality overseas mines positions the company to realize earnings growth potential during the uranium price upcycle.