CGN MINING (01164) surged more than 9% again. At the time of writing, the stock was up 9.21%, trading at HK$4.98, with a turnover of HK$240 million.

On the news front, it was learned on January 27 that during the 14th Five-Year Plan period, China General Nuclear Power Group (CGN) received state approval for a total of 16 nuclear power units, commenced construction on 10 new units, and successfully commissioned 4 units.

As of now, CGN has 28 nuclear power units in operation and 20 units under construction, with a total installed capacity exceeding 56 million kilowatts.

It is reported that CGN is the largest nuclear power operator in China and the second largest globally; aside from its operational units, it holds the top position worldwide for the number of approved units under construction.

Guolian Minsheng Securities released a research report stating that, looking ahead to 2026, CGN MINING's performance is expected to accelerate, driven by rising uranium prices, production growth expectations, and an improved pricing mechanism.

According to the company's new sales framework agreement, the contracted sales volume for 2026-2028 is projected to be 1,438/1,617/1,598 tU, representing year-on-year growth rates of +8.7%/+12.4%/-1.2%, with the growth primarily stemming from production increases at the overseas company's mines.

Furthermore, the new sales framework agreement increases the base price in the pricing formula from $61.78 to $94.22 per pound of U3O8, raises the annual escalation factor from 3.5% to 4.1%, and increases the spot price weighting from 60% to 70%, thereby further enhancing the company's earnings flexibility and positioning it to continually benefit from future uranium price increases.