Huatai Securities: Uranium price and uranium zone experienced pullback, optimistic about the bottoming Rebound in the second half of the year

Jinshi Data News on August 21st, Huatai Securities stated that the global uranium price and uranium mining zone have been volatile in the past quarter, mainly due to the industry's off-season and adjustments in tax policies in Kazakhstan. Looking ahead to the second half of the year, as the market digests the above factors, we are optimistic about the accumulation of positive factors in the industry: 1) On August 23rd, Kazakhstan Atomic Energy disclosed its interim report, which may simultaneously or downward adjust the output guidance for 2025, leading to expectations of a contraction in uranium mining supply; 2) If the US interest rate cut is implemented in September, it will boost the participation of financial capital and traders in the uranium mining zone; 3) Natural uranium trade has inherent seasonality, especially in the second half of the year, with the peak of long-term contract fulfillment coming in the fourth quarter, and the participation of uranium mining companies in the spot market may increase seasonally.