Market Overview - U.S. stocks experienced an upward trend, with the Dow Jones index increasing by over 500 points on Monday [1] Company Highlights - Altimmune Inc (NASDAQ:ALT) saw a significant increase of 23.6%, reaching $4.34, following the FDA's grant of Breakthrough Therapy Designation for Pemvidutide in MASH [1] - GH Research PLC (NASDAQ:GHRS) surged by 33.8% to $17.72 after the FDA lifted the clinical hold on its Investigational New Drug Application for GH001 [2] - Vicor Corp (NASDAQ:VICR) rose by 20.7% to $141.08 [2] - Critical Metals Corp (NASDAQ:CRML) increased by 19.6% to $9.71 [2] - Kosmos Energy Ltd (NYSE:KOS) gained 19.3% to $1.06 after issuing an operational and financial update [2] - TRON Inc (NASDAQ:TRON) increased by 16.9% to $1.59 [2] - Nuscale Power Corp (NYSE:SMR) rose by 15.7% to $18.88 [2] - Regencell Bioscience Holdings Ltd (NASDAQ:RGC) increased by 15.4% to $23.71 [2] - Rayonier Advanced Materials Inc (NYSE:RYAM) gained 14.1% to $6.68, with the appointment of Scott M. Sutton as President and CEO [2] - Aduro Clean Technologies Inc (NASDAQ:ADUR) rose by 14% to $12.05 [2] - Gyre Therapeutics Inc (NASDAQ:GYRE) increased by 12.7% to $7.67, announcing alignment with China's CDE on conditional approval pathway for hydronidone [2] - Endeavour Silver Corp (NYSE:EXK) gained 12.5% to $10.16 [2] - Allegro MicroSystems Inc (NASDAQ:ALGM) surged by 11.9% to $30.12 [2] - United States Antimony Corp (NYSE:UAMY) rose by 11.7% to $6.69 [2] - Oklo Inc (NYSE:OKLO) gained 11.5% to $86.82 [2] - Figure Technology Solutions Inc (NASDAQ:FIGR) increased by 11.3% to $48.66 [2] - Valero Energy Corp (NYSE:VLO) rose by 9.6% to $181.21 [2] - AeroVironment, Inc. (NASDAQ:AVAV) increased by 8.6% to $278.31 [2] - Coeur Mining Inc (NYSE:CDE) gained 8.5% to $19.05 [2] - Halliburton Co (NYSE:HAL) rose by 7.8% to $31.92, with U.S. energy stocks trading higher amid news of potential investments in Venezuela's oil industry [2] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) gained 7.7% to $85.39 [2] - Slb NV (NYSE:SLB) increased by 7.4% to $43.19 [2] - Amkor Technology Inc (NASDAQ:AMKR) rose by 7.3% to $46.05, with Needham analyst Charles Shi maintaining a Buy rating and raising the price target from $37 to $50 [2]

Market Performance - The US stock market continued its post-Christmas pullback, with all three major indices closing lower, marking a subdued end to 2025. The S&P 500 index fell by 0.74% to 6845.5 points, the Nasdaq Composite dropped by 0.76% to 23241.99 points, and the Dow Jones Industrial Average decreased by 0.63% to 48063.29 points [1]. - For the year, the S&P 500 recorded an annual increase of 16.39%, while the Nasdaq managed a 20.36% rise, achieving over 20% growth for three consecutive years. The Dow Jones also rose by 12.97%, marking a similar performance for the third year in a row [3]. Individual Stock Performance - Among the top performers in the S&P 500, four storage giants—SanDisk, Western Digital, Micron Technology, and Seagate Technology—led the annual gains. Semiconductor stocks like Lam Research, AI application leader Palantir, and Comfort Systems, which provides HVAC solutions for data centers, also featured prominently [3]. - In the tech sector, only Google and Nvidia among the "Big Seven" tech companies outperformed the benchmark index in 2025 [8]. Commodity and Sector Movements - US silver futures experienced a significant drop of 9% due to a second margin increase by the CME Group within a week, negatively impacting the mining sector. Companies like Endeavour Silver and Silvercorp Metals saw declines of over 4% and 2.8%, respectively [11]. Chinese Stocks - The Nasdaq Golden Dragon China Index closed down 1.13% but recorded an annual increase of 11.33%. Notable Chinese stocks included Alibaba, which rose over 75%, and Netease, which increased by 58.28% [12]. Corporate News - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025, after a long tenure, although he will remain as chairman of the board [13]. - Tesla achieved a milestone with a driver completing a coast-to-coast journey using full self-driving technology, marking a significant advancement in autonomous vehicle capabilities [15]. - Nvidia and AMD are expected to enter a "year-long price increase cycle" for GPUs, driven by rising memory costs, with flagship models potentially reaching prices as high as $5000 [16]. - Trump Media & Technology Group announced plans to issue a new cryptocurrency to shareholders, despite a significant annual decline in stock value [17]. - Brookfield Asset Management is launching a cloud computing business to challenge tech giants like Amazon, aiming to reduce AI development costs [18]. - Uber is in talks to acquire the parking app SpotHero, which could create synergies between ride-hailing and parking services [19].

Group 1 - The core viewpoint of the article highlights a pre-market rebound in gold and silver stocks, with notable increases in share prices for several companies [1] - AngloGold Ashanti (AU.US) saw a rise of over 3%, while Hycroft Mining (HYMC.US) and First Majestic Silver (AG.US) both increased by 3% [1] - Other companies such as Endeavour Silver (EXK.US) and Coeur Mining (CDE.US) experienced a rise of 2.4%, and Newmont Corporation (NEM.US) rose by over 2% [1] Group 2 - In the pre-market, spot gold increased by over 1.2%, reaching $4,385.7 per ounce [1] - Spot silver surpassed $76, with a daily increase of over 5% [1]

Group 1 - Zijin Mining (02899) rose nearly 3% after announcing the completion of the main construction and core equipment installation for the second phase of the Xizang Julong Copper Mine, marking a key step before production [1] - Asia Pacific Satellite (01045) increased over 5.4%, with a cumulative rise of nearly 30% over the past five trading days, as it operates multiple satellites under China Satcom [1] - Zhaoyan New Drug (06127) fell over 6% following an announcement that its actual controller plans to reduce holdings by up to 14.98 million shares, representing 20.0466% of his holdings and 1.99873% of the company's total share capital [1] - Zhongwei New Materials (02579) surged nearly 7% after signing a strategic cooperation framework agreement with Xinwanda for solid-state batteries [1] Group 2 - Dongyue Group (00189) rose nearly 5% as the long-term contract prices for refrigerants were confirmed, with R32 priced at 61,200 yuan/ton (+1,000 yuan) and R410A at 55,100 yuan/ton (+1,900 yuan) [2] - MicroPort Scientific Corporation (02252) increased over 1.2%, reporting that its core products' cumulative order volume exceeded 230 units [2] - Oil stocks saw gains, with CNOOC (00883) up 4.17%, PetroChina (00857) up 2.91%, and Sinopec (00386) up 1.31%, driven by a rise in international crude oil prices due to geopolitical tensions [2] - Baidu Group (09888) rose nearly 7% after announcing a partnership with Uber and Lyft to launch a robotaxi pilot project in the UK by 2026 [2] Group 3 - NIO (09866) rose over 2.4% after announcing that it successfully delivered over 40,000 units of its new ES8 model within 100 days of the official delivery start [3] - Damai Entertainment (01060) increased nearly 5%, with the total box office for the 2025 New Year’s season reaching 5.245 billion yuan as of December 28 [3] Group 4 - Copper mining stocks collectively declined, with Hudbay Minerals (HBM.US) down 4.01%, Taseko Mines (TGB.US) down 3.1%, and Ero Copper (ERO.US) down 1.64%, as international copper futures fell over 4% [5] - Some cryptocurrency-related stocks fell, with IREN Ltd (IREN.US) down 2.21% and Circle (CRCL.US) down 0.94% [5] - NIO (NIO.US) rose 4.71% in the US market, echoing its performance in Hong Kong [6] - The Nasdaq Golden Dragon Index fell nearly 1%, with major Chinese concept stocks declining, including Alibaba (BABA.US) down 2.46% and Xpeng Motors (XPEV.US) down 1.35% [6]

Group 1 - The core viewpoint indicates that gold and silver stocks experienced a significant decline in pre-market trading, with notable drops in several companies [1] - Hycroft Mining (HYMC.US) and First Majestic Silver (AG.US) both fell over 6%, while Endeavour Silver (EXK.US) dropped over 5% [1] - Other companies such as Coeur Mining (CDE.US) and AngloGold Ashanti (AU.US) also saw declines of 5% and nearly 4% respectively, with Newmont Corporation (NEM.US) down over 3% [1] Group 2 - The spot price of gold fell below $4410 per ounce, marking a daily decrease of 2.69% [1] - The spot price of silver dropped below $73 per ounce, experiencing a significant daily decline of 7.86% [1]

Group 1 - Precious metal stocks experienced a pre-market rally, with Hycroft Mining (HYMC.US) rising over 5% [1] - Coeur Mining (CDE.US) increased by more than 2.8%, while AngloGold Ashanti (AU.US) and Newmont Corporation (NEM.US) saw gains of over 1.4% and 1%, respectively [1] - First Majestic Silver (AG.US) rose over 3%, and both Endeavour Silver (EXK.US) and Dolly Varden Silver (DVS.US) increased by more than 2.8% [1] Group 2 - Spot gold prices increased by over 1%, reaching $4,526.64 [1] - Spot silver prices surged by over 4%, hitting $74.75, both marking new historical highs [1]

Core Insights - The metal and mining stocks, particularly silver, gold, and copper, have shown significant performance in 2025, with silver prices surging due to high industrial demand and supply shocks [1][10]. Silver Price Performance - iShares Silver Trust (SLV) has gained 126.3% year-to-date as of December 19, 2025, outperforming SPDR Gold Trust (GLD), which has advanced about 63% [3][10]. - The surge in silver prices is attributed to persistent supply tightness and increased industrial usage [3]. Industrial Demand and Applications - Approximately 50% of silver's total demand comes from industrial applications, with a notable rise in demand driven by green energy initiatives [4]. - The automotive industry is expected to drive higher silver demand due to increased vehicle sophistication and electrification of powertrains [5]. - China's solar boom and the global rollout of 5G technology have positively impacted silver demand [5]. Economic Factors Influencing Silver Prices - The Federal Reserve's three rate cuts in 2025 and a softer labor market have contributed to a weaker U.S. dollar, which typically supports non-yielding assets like silver and gold [6][8]. - The U.S. dollar index (UUP) has decreased by 5.4% in 2025, reflecting trade uncertainties and a trend towards de-dollarization [7]. Safe-Haven Demand - Silver has maintained a safe-haven appeal amid moderate trade tensions, although it is not as strong as gold [11]. ETF Holdings and Market Trends - Holdings in silver-backed ETFs have reached their highest level since 2022, indicating continued investor interest [12]. - Speculative flows have intensified supply pressures, with inventories at the Shanghai Futures Exchange dropping to their lowest point in a decade [12]. Top Performing Stocks in SLVP - Hecla Mining Co has increased by 274% YTD and holds 15.90% of SLVP's basket [14]. - Industrias Peñoles has risen by 217.1% and accounts for 11.84% of SLVP [14]. - Fresnillo plc has surged by 396.7% and represents about 10.35% of SLVP [15]. - First Majestic Silver has gained 180.5% and has an 8.29% weight in SLVP [16]. - Discovery Silver Corp has skyrocketed by 963.3% and constitutes about 4.91% of SLVP [17]. - Endeavour Silver Corp has increased by 138.0% and has a 4.46% weight in SLVP [18]. - Wheaton Precious Metals has risen by 106.1% and holds a 4.08% weight in SLVP [19].

Group 1 - Gold stocks experienced a pre-market surge, with Hycroft Mining (HYMC.US) rising over 21%, Coeur Mining (CDE.US) up over 5%, AngloGold Ashanti (AU.US) increasing over 4%, and Newmont Corporation (NEM.US) gaining over 3% [1] - Silver stocks also saw collective gains in pre-market trading, with First Majestic Silver (AG.US) rising nearly 4%, Endeavour Silver (EXK.US), and Dolly Varden Silver (DVS.US) both increasing over 4% [1] Group 2 - The price of spot gold rose nearly 2% to surpass $4420 per ounce, reaching new highs, with a year-to-date increase of over 68% [1] - Spot silver prices increased by 2.6% to exceed $69 per ounce, also hitting new highs, with a year-to-date rise of over 140% [1]

Core Viewpoint - Endeavour Silver Corp. has successfully closed a US$350 million offering of 0.25% unsecured convertible senior notes due 2031, which includes a full exercise of a US$50 million option granted to initial purchasers [1] Group 1: Offering Details - The offering consists of US$350 million aggregate principal amount of 0.25% unsecured convertible senior notes due 2031 [1] - The initial conversion rate for the notes is 80.2890 common shares per US$1,000 principal amount, translating to an initial conversion price of approximately US$12.4550 per share [1] Group 2: Use of Proceeds - The net proceeds from the offering will be used to repay the senior secured debt facility with ING Capital LLC and Societe Generale [2] - Funds will also be allocated to advance the Pitarrilla project located in Durango State, Mexico, and for general corporate purposes, including strategic opportunities [2] Group 3: Company Overview - Endeavour Silver is a mid-tier silver producer with four operating mines in Mexico and Peru, along with a robust pipeline of exploration projects across Mexico, Chile, and the United States [5] - The company has a proven track record in discovery, development, and responsible mining, aiming to drive organic growth and create lasting value [5]

Core Viewpoint - The silver market experienced a significant decline, with spot silver dropping over 3% in a single day, leading to a downturn in silver-related stocks [1] Company Performance - Endeavour Silver (EXK.US) saw a decline of over 2.9% [1] - First Majestic Silver (AG.US) decreased by more than 2.8% [1] - New Pacific Metals (NEWP.US) fell nearly 5% [1] - Silvercorp Metals (SVM.US) dropped over 1.2% [1] - Dolly Varden Silver (DVS.US) experienced a decline of over 1% [1]