According to a research report by CITIC Securities, under the dual carbon goals, energy security, and AI boom, the global nuclear energy is recovering, and nuclear power powers such as China, the United States, France, and Japan are competing to promote the approval and construction of nuclear power projects. Coupled with the continuous purchases by financial institutions, the demand for uranium is expected to increase steadily; uranium prices have been depressed for a long time, capital expenditures in mines have shrunk, the supply of new mines has been limited, and the geographical distribution of active mines is highly concentrated and vulnerable; the mismatch between supply and demand over the past decade has led to continuous inventory reduction, and the elasticity of secondary supply has declined. The price of natural uranium is easy to rise but difficult to fall, and the third round of bull market will continue for a long time. The regulatory effect of inventory on uranium prices continues to decline, and the spot price of natural uranium will be more susceptible to fluctuations due to supply and demand disturbances, but the direction is easy to rise but difficult to fall.