机构：招银国际 研究员：Wayne FUNG Risk factors: (1) unexpected trading loss; (2) pullback of spot uranium price; and (3) delay of sulphuric acid capacity commencement in Kazakhstan. We maintain our construction stance on the uranium price, given the strong demand from nuclear power but uncertain uranium supply arising from the commencement of new mines (for details please refer to our sector report "Tight uranium supply continues to support a multi-year upcycle"). We revise up our 2026E-27E earnings forecast by 9-11%, ...