Company Overview - Pan American Silver is a leading Canadian mining company operating across the Americas, extracting silver and gold, with significant presence in Canada, Mexico, and Peru [1] - The company has been operational for three decades and currently holds a market capitalization of approximately $24.77 billion, reflecting its robust position in the mining industry [2][4] Financial Performance - The company is expected to see a 66% increase in earnings in 2026, following a remarkable 180% surge in 2025, supported by extensive mining operations and strategic joint ventures [2][4] - Pan American Silver recently reported record free cash flows, which enabled an increase in its dividend in 2025, indicating strong financial health [2][4] Stock Performance - As of January 26, 2026, the stock price of Pan American Silver is $67.31, with a recent increase of 4.74% [1][3] - The stock has fluctuated between $66.72 and $69.90 on the same day, with a 52-week high of $69.81 and a low of $20.55, indicating strong investor interest with a trading volume of 6.91 million shares [3] Strategic Ventures - The company holds a 44% interest in the Juanicipio mine in Mexico and has a 100% interest in the Escobal mine in Guatemala, although the latter is not operational [2][3] - Pan American Silver is engaged in various exploration and development projects, positioning itself for future growth [3]

Group 1 - The stock of Canada-based Pan American Silver Corp. (PAAS) has increased significantly alongside rising prices of silver and gold [1] - The rally in precious metals is attributed to various market factors, indicating a strong demand for these commodities [1] Group 2 - Investors are advised to build a diversified portfolio with a core foundation in a high-quality low-cost S&P 500 fund [1] - For those willing to accept short-term risks, an overweight position in the technology sector is recommended, as it is believed to be in the early stages of a long-term bull market [1] - Large oil and gas companies that offer strong dividend income and growth are suggested for dividend-focused investors [1] - A top-down capital allocation approach is recommended, tailored to individual investor situations, including factors like age, risk tolerance, and financial goals [1]

Core Viewpoint - Precious metal stocks experienced a significant pre-market rally, with notable increases in share prices for several companies as gold and silver prices reached historical highs [1] Group 1: Company Performance - First Majestic Silver (AG.US) rose over 5% [1] - Pan American Silver (PAAS.US) increased by over 4% [1] - Endeavour Silver (EXK.US) saw a nearly 4% rise [1] - Newmont Corporation (NEM.US) gained over 2% [1] - Harmony Gold Mining (HMY.US) was up over 1% [1] Group 2: Market Trends - On January 26, London spot gold prices briefly surpassed $5,100 per ounce, marking a historical peak [1] - London spot silver also strengthened, with prices rising over 5% to exceed $110 per ounce [1]

Group 1 - China Aluminum International (02068) saw a mid-day increase of over 2.4% after announcing a joint venture to undertake a new electrolytic aluminum project with an annual capacity of 394,000 tons, with the first phase set at 294,000 tons [1] - CGN Mining (01164) rose over 8.3% following the submission of a preliminary prospectus for a trust that plans to issue up to $2 billion in transferable, non-redeemable trust shares over 25 months, with annual uranium procurement not exceeding 9 million pounds [1] - China Shengmu Organic Milk (01432) increased nearly 6% after a joint announcement regarding a potential conditional cash offer to acquire all issued shares of the company [1] Group 2 - Yijun Group Holdings (02442) surged over 18%, with a cumulative increase of nearly 500% since its resumption of trading in December, following the sale of shares by its controlling shareholder [2] - China Rare Earth Holdings (03788) rose over 10%, reaching a historical high of 5.49 HKD, after announcing the termination of its gold spin-off plan to focus on gold business [2] - Laopuqin Gold (06181) increased over 7.3% as consumer demand is expected to rise during the upcoming Spring Festival, driven by higher gold prices and anticipated price increases [2] Group 3 - Oil stocks continued to rise, with CNOOC (02883) up 4.19%, Sinopec (00386) up 2.54%, and PetroChina (00857) up 3.68%, amid escalating geopolitical tensions in Iran and Cuba [3] - Changfei Optical Fiber (06869) saw a rise of over 15.4% due to significant price increases and supply tightness in the G.652.D optical fiber market, with major manufacturers unable to meet their own orders [3] Group 4 - Nanshan Aluminum International (02610) increased over 2.6% after announcing plans to start construction on a 250,000-ton electrolytic aluminum project in 2026, with an investment of $437 million [4] - Xindong Company (02400) saw a slight increase of 0.43% as its mobile game "Xindong Town" surpassed 10 million downloads, indicating strong user growth [4] Group 5 - EquipmentShare.com (EQPT.US) debuted on the US stock market with an IPO price of $24.5, closing up 32.9% on its first day [5] - The solar energy sector saw initial gains, with JinkoSolar (JKS.US) up 9.03% and Canadian Solar (CSIQ.US) up 4.57%, following discussions at the Davos Forum [5] - Silver-related stocks experienced gains, with First Majestic Silver (AG.US) rising 5.04% as spot silver prices surpassed $100 [5] Group 6 - Lithium mining stocks mostly rose, with Sigma Lithium (SGML.US) up 17.54% after announcing additional sales of high-purity lithium powder [6] - Bank stocks declined, with Goldman Sachs (GS.US) down 3.75% amid legal issues involving President Trump and JPMorgan [6] - Redwire (RDW.US) increased by 4.51% following comments from Elon Musk about SpaceX's plans for reusable rocket technology [6] Group 7 - Semiconductor stocks showed strength, with AMD (AMD.US) up 2.35% and Nvidia (NVDA.US) up 1.53%, as Nvidia's CEO visited China to discuss future plans [7] - Ericsson (ERIC.US) rose 8.87% after reporting strong fourth-quarter earnings, with adjusted EBITA reaching 12.7 billion SEK, a 24% increase year-over-year [8] - Intel (INTC.US) fell 17.03% due to disappointing performance outlooks and manufacturing issues [8]

Group 1 - Pan American Silver Corp. (NYSE:PAAS) is recognized as one of the 15 best performing silver stocks to buy [1] - Jefferies has maintained a Hold rating on Pan American Silver Corp. and increased its price target from $42 to $50, reflecting optimism about gold stocks and anticipated margin increases in 2026 [2] - The company provided a year-end exploration update for 2025, highlighting successful drilling results at various sites, including Jacobina and El Peñon, with a total of 333,830 meters drilled, representing 70% of the planned 540,000 meters for the year [3]

Market Performance - On January 23, US stock indices showed mixed results with the Dow Jones down 0.58%, the Nasdaq up 0.28%, and the S&P 500 up 0.03% [1] - The precious metals sector led gains, with Pan American Silver rising over 4% [1] - Technology stocks had varied performances, with Microsoft and Netflix up over 3%, while Intel fell 17%, marking its largest single-day drop since August 2024 [1] Chinese Stocks - The Nasdaq Golden Dragon China Index decreased by 0.26%, with notable declines in stocks such as Xpeng down over 3% and NIO and Alibaba down over 2% [1] - Conversely, Youdao rose over 4%, New Oriental increased over 2%, and Trip.com was up over 1% [1] Precious Metals - International precious metal prices reached new highs, with gold briefly surpassing $4,990 and silver crossing the $100 mark [1]

Group 1: Stock Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones down 0.58%, the Nasdaq up 0.28%, and the S&P 500 up 0.03% [2] - Technology stocks showed mixed results, with Microsoft and Netflix rising over 3%, while AMD and Amazon increased over 2% [2] - Intel experienced a significant drop of 17%, marking its largest single-day decline since August 2024 [2] Group 2: Chinese Stocks and Indices - The Nasdaq Golden Dragon China Index fell by 0.26%, with notable declines in stocks such as Xpeng down over 3%, NIO and Alibaba down over 2%, and Weibo down over 1% [3] - Conversely, stocks like Youdao rose over 4%, New Oriental increased over 2%, and Trip.com gained over 1% [3] - The FTSE China A50 Index futures rose by 0.41%, closing at 14,843 points [4] Group 3: Precious Metals - Spot silver surged by 7.34%, reaching $103.21 per ounce [5] - New York silver also increased by 7.17%, priced at $103.28 per ounce [6] - Silver saw a substantial annual increase of approximately 147%, driven by strong demand, limited refining capacity, and ongoing supply shortages [6] - Analysts noted that geopolitical tensions, a generally weaker dollar, and expectations of a shift to monetary easing by the Federal Reserve are influencing gold demand [6] - Spot gold rose by 1.01%, reaching $4,986.02 per ounce [7]

Group 1 - Sanhua Intelligent Control (02050) saw a decline of over 3.4% after announcing a share reduction plan involving the actual controller and several directors, with a total of up to approximately 10.2 million A-shares to be sold between February 24, 2026, and May 23, 2026 [1] - Tuo Yun Biotechnology (01332) experienced a significant drop of over 60%, nearly erasing gains since October 2022, following stock movements involving major shareholders [1] - Zhongwei New Materials (02579) increased by over 5% as the company announced securing 5-6 billion wet tons of nickel ore resources and establishing four nickel raw material industrial bases in Indonesia [1] Group 2 - InnoCare Pharma (03696) rose over 6%, reaching a new high of 62.9 HKD, after receiving FDA approval for its oral NLRP3 inhibitor ISM8969 for Parkinson's disease treatment [2] - Solar stocks surged, with Kaisa New Energy (01108) up 17.85% and other companies like Fuyao Glass (06865) and Xinyi Solar (00968) also showing significant gains, driven by a report indicating a new phase in commercial space deployment [2] - Jiangnan Buyi (03306) fell nearly 7% after announcing a placement of 14.535 million shares at a discount to the market price [2] Group 3 - Lithium stocks rose, with Ganfeng Lithium (01772) up 5.22% and Tianqi Lithium (09696) up 2.88%, following a report of a significant increase in lithium carbonate contract prices [3] - Rongchang Bio (09995) increased nearly 2% after UBS expressed a positive outlook on its collaboration with AbbVie, which includes substantial milestone payments [4] - DCH Holdings (00179) fell nearly 7% as it reported a slight decline in revenue for the nine months ending December 31, 2025 [4] Group 4 - Gold stocks rebounded, with Chifeng Jilong Gold Mining (06693) up 6.99% and others also showing gains, as spot gold prices reached a new high of over $4,960 per ounce [4] - Bitgo Holdings (BTGO.US) debuted on the US stock market, rising 2.72% as a leading cryptocurrency custody provider [5] - Rare earth stocks surged, with USA Rare Earth (USAR.US) up 17.49% after announcing partnerships to advance its Round Top project [5] Group 5 - The Nasdaq Golden Dragon China Index opened up 1.6%, with major Chinese stocks like Li Auto (LI.US) and Alibaba (BABA.US) showing gains, supported by comments from the People's Bank of China regarding potential monetary easing [6] - Abbott (ABT.US) fell 10.04% after reporting lower-than-expected sales for Q4 2025, despite a year-over-year increase in adjusted EPS [7] - Alibaba (BABA.US) rose 5.05% as it plans to list its semiconductor division, benefiting from investor interest in competing with Nvidia [7]

Core Insights - Pan American Silver Corp. (PAAS) and SSR Mining Inc. (SSRM) are benefiting from record-high gold and silver prices, with silver prices increasing approximately 207% year over year and gold prices rising around 75% [2][3] Group 1: Company Overview - Pan American Silver operates 11 mines across the Americas and has a significant stake in the Juanicipio project, which has produced 2.5 million ounces of silver since acquisition [4][5] - SSR Mining has assets in the U.S., Turkey, Canada, and Argentina, and recently acquired the Cripple Creek & Victor mine, positioning it as the third-largest gold producer in the U.S. [12][13] Group 2: Production and Financials - PAAS expects silver production of 22.8 million ounces in 2025, an 8% increase from 2024, with a record fourth-quarter output of 7.3 million ounces [6][11] - SSRM's total gold production for 2025 is projected to be between 410,000 and 480,000 gold-equivalent ounces, with a previous production of 399,267 ounces in 2024 [14] - As of December 31, 2025, PAAS had cash and short-term investments of $1.32 billion, while SSRM reported cash and cash equivalents of $409 million [8][16] Group 3: Earnings Estimates - The Zacks Consensus Estimate for PAAS's 2025 earnings is $2.21 per share, reflecting a 179.7% year-over-year increase, with estimates for 2026 at $3.60, indicating a 63.2% rise [17] - SSRM's earnings estimate for 2025 is $1.77 per share, showing a 532.1% increase year-over-year, with 2026 estimates at $3.56, implying growth of 101.3% [18] Group 4: Stock Performance and Valuation - Over the past year, PAAS stock has increased by 166.2%, while SSRM has risen by 196.6% [19] - PAAS is trading at a forward earnings multiple of 15.76X, while SSRM is at 6.53X, both lower than their five-year medians [21] Group 5: Investment Appeal - Both companies are positioned to benefit from rising silver and gold prices, with SSRM showing stronger price performance and a more attractive valuation compared to PAAS [23]

Group 1 - Silver-related stocks experienced a significant increase, with Coeur Mining (CDE.US) rising over 8%, Endeavour Silver (EXK.US) and Hecla Mining (HL.US) up over 4%, and Pan American Silver (PAAS.US) and First Majestic Silver (AG.US) increasing over 3% [1] - Spot silver surged over 3%, approaching $94 [1] - Citigroup raised its price forecast for precious metals due to heightened geopolitical risks, ongoing physical market shortages, and renewed uncertainty regarding the independence of the Federal Reserve, indicating that the bull market is expected to continue in the short term [1] Group 2 - Citigroup's baseline scenario target price for gold is $5,000 per ounce and for silver is $100 per ounce over the next 0 to 3 months [1]