External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We believe the share price pullback since Feb has, to a certain extent, priced in the policy change in Kazakhstan uranium industry as well as the high sulphur price arising from the Middle East conflict.</li><li>We see several near-term positive catalysts: (1) a resilient trend of spot uranium price, supported by strong contract price; (2) the easing tension in the Middle East to help stabilize the price of sulphur; (3) the commencement of Kazatomprom’s (KAP LN, NR) sulphuric acid plant in early 2027 will help reduce the cost of sulphuric acid.</li><li>We continue to like the favourable demand/supply profile of uranium, driven by tight mine output but higher nuclear power demand fuelled by AI. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We believe the share price pullback since Feb has, to a certain extent, priced in the policy change in Kazakhstan uranium industry as well as the high sulphur price arising from the Middle East conflict.We see several near-term positive catalysts: (1) a resilient trend of spot uranium price, supported by strong contract price; (2) the easing tension in the Middle East to help stabilize the price of sulphur; (3) the commencement of Kazatomprom’s (KAP LN, NR) sulphuric acid plant in early 2027 will help reduce the cost of sulphuric acid.We continue to like the favourable demand/supply profile of uranium, driven by tight mine output but higher nuclear power demand fuelled by AI. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CGN Mining (1164 HK) - Buying opportunity supported by near-term catalysts