Cameco and UEC, these two stocks benefit from the independence of policy. The supply and demand of the uranium market do not follow the same cycle as copper and oil, with policy-driven factors carrying more weight. However, the widening of credit spreads is a hidden risk—rising financing costs for small miners like UEC will directly compress capital expenditures, slowing down the pace of production realization. The lengthening of the narrative's realization cycle itself is a risk. The contango structure of the uranium futures curve is the core support for this narrative; once it loosens, it's a clear sell signal🤔