金吾财讯 | 招银国际认为中广核矿业（01164）自2月份以来的股价回调在一定程度上已经反映了哈萨克铀矿行业的政策变化，以及中东冲突引发的高硫磺价格。该机构认为短期内存在多个正面催化因素：(1) 在强劲的长期合同铀价支撑下，现货价格走势强韧；(2) 中东紧张局势缓和有助于稳定硫磺价格；(3) 哈原工（KAP LN，未评级）的硫酸厂预计将于2027年初投产，将有助于降低硫酸成本。该机构继续看好铀行业良好的供需格局 — 供应偏紧的矿山产量以及AI驱动的核电需求。该机构维持“买入”评级，基于净现值（NPV）的新目标价为 3.37 港元（NPV 估值倍数从 3.5 倍下调至 2.5 倍，以反映矿业权的政策变化）。
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