Core Viewpoint - Zijin Mining announced an expected net profit attributable to shareholders for 2025 of 51-52 billion yuan, representing a year-on-year increase of 59%-62% [1] Financial Performance - The projected non-GAAP net profit is approximately 47.5-48.5 billion yuan, reflecting a year-on-year increase of 50%-53% [1] - The previous year's net profit was 32.051 billion yuan, and the non-GAAP net profit was 31.693 billion yuan [1] Production and Sales - The increase in performance is primarily due to a year-on-year rise in the production of major mineral products and an increase in sales prices for gold, copper, and silver [1] - The company has set production targets for 2026, including 105 tons of gold, 1.2 million tons of copper, 120,000 tons of lithium carbonate equivalent, and 520 tons of silver [1]

Market Overview - U.S. stock futures showed mixed performance after declines on Monday, with major indices fluctuating between gains and losses [1] - The Santa Claus rally, which started on December 24, appears to have resumed after a brief setback [1] Economic Context - President Donald Trump intensified his conflict with Federal Reserve Chair Jerome Powell, threatening legal action over alleged incompetence, raising concerns about central bank independence [2] - Investors are facing a quiet week for economic data, with markets closed on Thursday for New Year's Day [2] Treasury Yields and Market Projections - The 10-year Treasury bond yielded 4.12%, while the two-year bond was at 3.45% [3] - The CME Group's FedWatch tool indicates an 83.9% probability that the Federal Reserve will keep interest rates unchanged in January [3] Stock Performance - TEN Holdings Inc. shares rose 16.31% after announcing a $2.25 million private placement [5] - Fonar Corp. surged 24.49% following a definitive agreement for a "take private" sale [5] - Boeing Co. increased by 0.58% after receiving an $8.6 billion contract from the Pentagon [5] - Dermata Therapeutics Inc. was up 6.45% after closing a $12.4 million private placement [11] - Freeport-McMoRan Inc. rose 1.36% as copper prices reached a new record high of $12,000 [11] Sector Performance - Consumer discretionary, materials, and financials experienced the largest losses on Monday, while energy and real estate stocks closed higher [6] Analyst Insights - Comerica Wealth Management expresses cautious optimism for the U.S. economy, citing infrastructure spending, AI adoption, and resilient consumer demand as growth drivers [8] - The firm notes that recession risks remain below 30%, but inflation is expected to stay above the Federal Reserve's 2% target [8] - Investors are advised to adopt a defensive stance and consider small and micro-cap companies for potential outperformance [9]

Market Overview - U.S. stock futures showed mixed performance after declines on Monday, with major indices fluctuating between gains and losses [1] - The Santa Claus rally, which started on December 24, appears to have resumed after a brief setback [1] Economic Context - President Trump intensified his conflict with Federal Reserve Chair Jerome Powell, threatening legal action over alleged incompetence, raising concerns about central bank independence [2] - Investors are facing a quiet week for economic data, with markets closed on Thursday for New Year's Day [2] Treasury Yields and Market Projections - The 10-year Treasury bond yielded 4.12%, while the two-year bond was at 3.45% [3] - The CME Group's FedWatch tool indicates an 83.9% probability that the Federal Reserve will keep interest rates unchanged in January [3] Stock Performance Highlights - TEN Holdings Inc. shares rose 16.31% following a $2.25 million private placement at $2.27 per share [5] - Fonar Corp. surged 24.49% after announcing a definitive agreement for a "take private" sale [5] - Boeing Co. increased by 0.58% after receiving an $8.6 billion contract from the Pentagon for the F-15 Israel Program [5] - Dermata Therapeutics Inc. was up 6.45% after closing a $12.4 million private placement [11] Sector Performance - Consumer discretionary, materials, and financials experienced the largest losses on Monday, while energy and real estate stocks closed higher [6] Analyst Insights - Comerica Wealth Management expresses cautious optimism for the U.S. economy, citing infrastructure spending, AI adoption, and resilient consumer demand as growth drivers [8] - The firm notes that recession risks remain below 30%, but inflation is expected to stay above the Federal Reserve's 2% target [8] - Investors are advised to adopt a defensive stance and consider small and micro-cap companies, as well as traditional value sectors like financials [9] Upcoming Economic Data - Key economic indicators to watch include October's S&P Case-Shiller home price index and December's Chicago Business Barometer, both scheduled for release on Tuesday [10]

Group 1: European Market Performance - The pan-European Stoxx 600 index increased by 0.4% to surpass 590 points, marking a new record [1] - European stocks gained momentum, particularly in a holiday-shortened trading week [1] - Mining stocks led the blue-chip index, with Fresnillo rising by 5.3%, while peers Anglo American, Antofagasta, and Glencore saw increases between 2.3% and 2% [1] Group 2: Precious Metals Market - Gold futures rose by 1.4%, trading at $4,403.10 per ounce, while silver surged by 5.6% to $74.42 per ounce [2] - Silver experienced volatility, reaching a record high before experiencing its worst day since 2021 [2] Group 3: Defense Sector Performance - Defense stocks rebounded by midday Tuesday, with Renk and Rheinmetall each rising about 2%, and year-to-date gains approaching 200% [3] - The sector faced initial losses due to peace talks between President Trump and President Zelenskyy, but showed recovery as discussions continued [3] Group 4: Asia-Pacific Market Trends - Asia-Pacific markets mostly declined following a tech sell-off on Wall Street, driven by concerns over an AI bubble [4] - Notable declines were observed in major tech stocks, including Nvidia, Palantir Technologies, Meta Platforms, and Oracle [4] - U.S. stocks were slightly lower in premarket trading, with minimal movements from big tech names [4]

Core Viewpoint - The Chinese stock market is on track for its best performance since 2017, driven by a broad rally across various sectors, particularly technology, materials, and healthcare [3][4][7]. Group 1: Market Performance - The MSCI China Index has risen approximately 28% this year, indicating a potential consecutive annual increase [4][7]. - The materials sector, led by gold mining companies, has seen the most significant gains, with the MSCI China Materials Index up about 108%, marking its best annual performance since 2003 [7][8]. - The healthcare sector has rebounded, with the MSCI China Healthcare Sub-Index rising around 50%, expected to achieve its best performance since 2020 [11]. Group 2: Sector Analysis - The technology sector has been a primary driver of the market rally, with significant contributions from artificial intelligence and popular commodities [4][7]. - The entertainment sector has also thrived, with the MSCI China Communication Services Index increasing over 40%, benefiting from a shift in consumer spending towards home entertainment [14]. - In contrast, the utilities and real estate sectors have lagged, with the MSCI China Utilities Sub-Index showing little change and the real estate sector only increasing by 1.4% [17][18]. Group 3: Key Drivers and Challenges - The rally is supported by global themes such as artificial intelligence and rising commodity prices, while a potential stimulus measure addressing housing issues could further enhance market performance [4][7]. - The ongoing housing crisis and deflationary pressures in China remain significant challenges, as evidenced by the poor performance of major real estate developers like Vanke Group, which has seen a 36% decline in stock price this year [17][18].

Market Overview - The S&P 500 and NASDAQ experienced a rebound in December after being down approximately 7% from their peak a month prior, driven by increased liquidity in the market [2] - The Federal Reserve is actively injecting liquidity into the stock market on a weekly basis, contributing to a favorable market environment [3] Commodities Insights - Gold prices have seen a significant drop of $131, raising questions about whether this presents a buying opportunity; generally, it is viewed as such despite potential volatility [4][5] - The demand for commodities, particularly copper, is expected to rise significantly due to its essential role in AI infrastructure, with copper prices projected at $12,000 per ton [8][9] AI and Technology Sector - The AI trade is anticipated to expand in 2026, with a focus on second and third derivative plays as liquidity flows into various sectors [11] - Companies like MEI, which operates in the fintech and AI space, are seen as potential investment opportunities, especially as they are currently down about 20% from their highs [12] Stock Picks and Predictions - Microsoft and Google are favored over Amazon in the "MAG 7" stocks due to their growth potential, particularly in cloud services and chip infrastructure [14] - Blue Owl Capital is highlighted as a bullish asset management firm, benefiting from a lower rate environment and strong liquidity for acquisitions [15] - Coreweave, a high beta name in the AI space, is noted for its potential to benefit from strong liquidity, although it carries significant risk [17] Market Forecast - The S&P 500 is projected to end the year close to 7,000, with an expected increase of 5-10% from current levels, although the MAG 7 may not perform as well as other stocks [18][19]

Market Performance - The S&P 500 Index closed down -0.35%, the Dow Jones Industrials Index down -0.51%, and the Nasdaq 100 Index down -0.46% on Monday [1] - Stock indexes were led lower by losses in megacap technology stocks, while a plunge in metals prices negatively impacted mining stocks [2] Economic Indicators - November pending home sales rose 3.3% month-over-month, exceeding expectations of 0.9% [3] - The December Dallas Fed manufacturing outlook unexpectedly fell -0.5 to -10.9, against expectations of an increase to -6.0 [3] Commodity Market - Silver and platinum prices fell sharply due to profit-taking after reaching record highs, with technical selling triggered by overbought conditions [4] - Crude oil prices increased by more than +2%, supported by geopolitical tensions and China's commitment to broaden fiscal spending to stimulate economic growth [5] Seasonal Trends - Historical data indicates that the S&P 500 has risen 75% of the time in the last two weeks of December, with an average increase of 1.3% [6] Upcoming Economic News - Market focus will be on upcoming US economic news, including the December MNI Chicago PMI and the minutes from the December FOMC meeting [7]

Group 1 - The stock market experienced a decline, with the Dow losing nearly 250 points, primarily driven by significant drops in stocks like Nvidia and Tesla [9] - Newmont, Albemarle, and Freeport-McMoRan, all major players in the mining sector, were among the top five S&P 500 index losers, with Newmont's stock falling 5.6% to 99.81 [4] - The year-end rally prospects appear to be faltering as major indexes struggle, indicating potential volatility in the market as it approaches the new year [9] Group 2 - The biotech sector showed weakness, with two notable biotech names experiencing significant declines [7] - Precious metal stocks were notably impacted, reflecting broader market trends affecting commodities [9] - The overall market sentiment is cautious as investors assess the implications of recent Federal Reserve minutes on future market movements [7]

Core Insights - Buenaventura Mining (BVN) has successfully produced its first dore bar at the San Gabriel operation, leading to a peak stock price of $30.07 before closing at $29.55, marking a significant increase since the announcement on December 23 [1][7]. Group 1: San Gabriel Operation - The San Gabriel operation, located in Moquegua, is intended to replace production from depleting mines, with full production and commercialization arrangements being finalized with the Ministry of Energy and Mines [2][7]. - The flagship mine is projected to achieve a processing rate of 2,000 tons per day by 2026, within a nameplate capacity of 3,000 tons per day, which is expected to enhance Buenaventura's growth and create long-term value through sustainable operations [3][7]. Group 2: Financial Performance - In Q3 2025, Buenaventura reported adjusted earnings per share of 66 cents, surpassing the Zacks Consensus Estimate of 41 cents, and showing an increase from 29 cents per share in the same quarter the previous year [4]. - Revenues for the quarter rose by 30.2% year over year to $431 million, exceeding the Zacks Consensus Estimate of $363 million [4]. Group 3: Stock Performance - Buenaventura Mining's shares have increased by 153.8% year-to-date, compared to the industry's growth of 201.1% [5].

Group 1 - Tesla CEO Elon Musk has raised concerns about rising silver prices as China plans to impose new export restrictions starting January 1, requiring government licenses for silver exports [1] - Silver prices have surged over 142% in 2025, starting the year at just under $30 per ounce, reflecting increased demand and supply shortages [5][2] - Spot silver prices reached an all-time high of $83.62 per ounce before declining to $75.32, attributed to profit-taking by traders [6][9] Group 2 - The iShares Silver Trust, the largest exchange-traded fund linked to silver, has mirrored the gains of the metal, indicating strong investor interest [5] - Analysts suggest that despite recent price declines, the underlying fundamentals of silver supply constraints remain, with positive prospects anticipated into 2026 [9] - Precious metals, including silver, are contributing to the S&P 500's rise, with mining stocks playing a significant role in driving the index to new highs [13]