CGN MINING (01164) surged more than 7% again. At the time of writing, the stock was up 7.44% to HK$4.62, with a turnover of HK$229 million. On the news front, on January 20, the physical uranium trust SPUT filed a preliminary short-form prospectus, proposing to issue up to US$2 billion in transferable, non-redeemable trust units irregularly within 25 months, with annual physical uranium purchases on the spot market not exceeding 9 million pounds. Guolian Minsheng Securities released a research report stating that the procurement volume corresponding to the issuance amount accounts for approximately 12.4% to 15.9% of natural uranium demand, indicating sustained growth in secondary demand. The report pointed out that both primary and secondary demand for natural uranium is accelerating, while the production increase speed of operating mines falls short of expectations and supply remains inelastic. Compounded by geopolitical factors catalyzing short-term inventory replenishment demand, uranium prices are expected to continue strengthening. In terms of investment targets, uranium mining and trading companies are anticipated to benefit from rising uranium prices, with CGN MINING being recommended.