原文标题： Trump's nuclear energy orders would boost uranium prices, investments, experts say 原文连结：https://tinyurl.com/36k4rfe6 发布时间：Tue, May 27, 2025 at 10:04 PM GMT+8 记者署名：Mrinalika Roy 原文内容： (Reuters) -President Donald Trump's latest orders seeking to revitalize the U. S. nuclear energy industry could pull the uranium market out of its current lull and boost investor interest, industry experts said. （路透社）——专家表示，川普总统最新签署的旨在振兴美国核能产业的行政命令 ，可能将铀市场从目前的低迷中拉出，并提振投资者的兴趣。 Spot uranium prices have fallen about 30% from peaks hit in 2023 as institutional investors pulled out, spooked by recession fears and geopolitical instability. 由於机构投资者因担忧经济衰退和地缘政治不稳定而撤资，现货铀价格自2023年高 点以来下跌约30%。 The prices briefly declined to $64.30 per pound this year after they touched a 14-year high of $82 in February last year amid a global clean energy push and expectations of tight supply. 今年铀价格一度跌至每磅64.30美元，此前去年2月因全球清洁能源推动和供应紧张 预期，价格曾触及14年来的高点82美元。 But the latest executive orders, signed on Friday, could reinvigorate uranium production in the U.S. to help meet surging power demand, industry insiders said. 但业内人士表示，上周五签署的最新行政命令可能会重振美国的铀生产，以满足激 增的电力需求。 The demand surge is primarily driven by data centers that require massive energy to power the AI boom, and nuclear energy is an attractive option for Big tech firms such as Amazon, Google, Microsoft and Meta given its reliability and near-zero carbon footprint. 新需求激增主要由数据中心推动，这些数据中心需要大量能源来支持人工智慧热潮， 核能因其可靠性和近乎零碳足迹而成为亚马逊、谷歌、微软和Meta等大型科技公司 的吸引选项。 Nuclear projects, however, have been facing rising costs and competition from natural gas plants. Vogtle, the last U.S. reactor to come online, was $16 billion over budget and delayed by several years. 然而，核能项目正面临成本上升和来自天然气发电厂的竞争。最後一座上线的美国 反应堆Vogtle超支160亿美元，并延迟了数年。 Curtis Moore, senior vice president at Energy Fuels, said the current weakness in uranium has made it difficult to advance new domestic projects, given a lack of investor interest - a sentiment echoed by other firms in the sector. 能源燃料公司（Energy Fuels）高级副总裁柯蒂斯·摩尔（Curtis Moore）表示， 当前铀市场的疲软使得推进新的国内项目变得困难，因为投资者兴趣不足——这一 观点得到该行业其他公司的共鸣。 Stocks of Major uranium-linked companies Energy Fuels, Uranium Energy Corp and Encore Energy plunged 13%, 23% and 53%, respectively, this year. 主要与铀相关的公司能源燃料公司（Energy Fuels）、铀能源公司（Uranium Energy Corp）和Encore能源公司（Encore Energy）的股价今年分别下跌13%、23%和53%。 Their shares rose between 17% and 23% on Friday after the orders were signed. 在行政命令签署後，这些公司的股价在周五上涨了17%至23%。 "(The orders) will provide further confidence that the Federal funds already earmarked to support the domestic nuclear fuel supply chain (will) get deployed quickly which in turn should attract more private investment," said Nick Amicucci of Evercore ISI. Evercore ISI的尼克·阿米库奇（Nick Amicucci）表示：“（这些命令）将进 一步增强信心，确保已分配用於支持国内核燃料供应链的联邦资金能够快速部署 ，进而吸引更多私人投资。” Analysts see further upside, with incentive prices for new uranium production estimated above $100/lb. 分析师预计未来仍有上行空间，新铀生产的激励价格估计在每磅100美元以上。 "Even before the AI boom and SMR (Small Modular Reactors) hype, the uranium outlook was strong," said Robert Crayfourd from Geiger Counter. Geiger Counter的罗伯特·克雷福德（Robert Crayfourd）表示：“即使在人工 智慧热潮和小型模组化反应堆（SMR）热潮之前，铀的前景就已非常强劲。” Spot uranium prices are currently around $70/lb, with term contracts trending around $80/lb. 目前现货铀价格约为每磅70美元，长期合约价格趋势约为每磅80美元。 "(The decision) paves the way for renewed contracting and long-term supply confidence," said Marco Mencini, head of research, Plenisfer Investments. Plenisfer Investments研究主管马可·门奇尼（Marco Mencini）表示： “（这项决定）为重新签订合约和长期供应信心铺平了道路。” Currently, U.S. utilities hold less than two years of inventory, with contracting down 40% in 2024. 目前，美国公用事业公司的铀库存不到两年，2024年的合约签订量下降了40%。 The executive orders include a directive for fast-tracking licenses for new reactors, which would in turn boost contracting by utilities. 行政命令包括一项加速新反应堆许可证审批的指令，这将进一步推动公用事 业公司的合约签订。 "This is essentially a wartime defense measure," said Justus Parmar of Fortuna Investments. "We produce only 1 million pounds of uranium annually against a consumption of 50 million pounds. Nuclear energy is no longer optional - it's essential." Fortuna Investments的贾斯图斯·帕马尔（Justus Parmar）表示：“这基 本上是一项战时防御措施。我们每年仅生产100万磅铀，而消耗量高达5000万 磅。核能不再是可选的——它至关重要。” Industry insiders expect the policy to accelerate deployment of small modular reactors, encourage capital inflows and support reactor life extensions. 业内人士预计，这项政策将加速小型模组化反应堆的部署，鼓励资本流入并支 持反应堆寿命延长。 Travis McPherson of NexGen Energy forecasts "a mad rush to secure uranium sources." NexGen能源公司的特拉维斯·麦克弗森（Travis McPherson）预测：“将出现 一场争夺铀资源的疯狂竞赛。” "It will be like musical chairs where many will be left standing without a chair." “这就像一场大风吹游戏，许多人将无椅可坐。” 心得/评论： 美国铀产业在川普行政命令的推动下，将迎来复苏与增长期，特别是在SMR 和HALEU需求的驱动下。 2025-2030年间，铀价格可能突破100美元/磅，国内生产能力将逐步提升， 企业如Energy Fuels、Uranium Energy Corp.和Centrus Energy将受益於政 策支持和市场回暖。然而，短期内供应缺口、高成本和监管挑战仍将限制快 速扩张。 长期来看，美国铀产业将朝自主化、技术创新和市场整合的方向发展，成为 支持清洁能源转型和国家安全的关键支柱。 --

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