To The Moon

Last Week and 2025's Recap

1.The US Market - Gained double-digits for a 3rd straight year in 2025

Indexes: $S&P 500(.SPX)$ recorded a weekly drop of about 1.03%, with technology stocks showing mixed performance and investor sentiment cautious due to Federal Reserve minutes and geopolitical tensions. $Dow Jones(.DJI)$ saw a decline of approximately 0.67%, $NASDAQ(.IXIC)$ fell by around 1.52%.

Triple play: The $S&P 500(.SPX)$ ’s 16.39% total return for 2025 marked the third year in a row that the index generated a double-digit gain. The Mag 7 names contributed 42% of the S&P 500’s total return in 2025 and 55% over the latest three-year period.

Sector stories: For the third year in a row, communication services and information technology were the top-performing sectors in the S&P 500, as they generated total returns of 33.6% and 24.0% in 2025. All 11 sectors delivered positive performance; while real estate was the weakest sector, it generated a 3.2% return.

The year in bonds: The US bond market benchmark generated a return of more than 7% overall for 2025. The yield of the 10-year U.S. Treasury note reached as high as 4.80% in January before briefly slipping below 4.00% in October; it finished 2025 at 4.16%, down from 4.57% at the end of 2024.

2. The US Sectors & Stocks - Energy stocks lead amid mixed sector performance

Sectors: The Energy stocks lead weekly gains, then the utility sector. notable gains, the consumer cyclical sector faced challenges. Top tech stocks show mixed performances.

• $Apple(AAPL)$ saw a decline of about 1.02%. The company faced challenges with its Vision Pro headset, leading to reduced production and marketing efforts due to weak consumer demand.

• $APPLIED DIGITAL CORP(APLD)$ saw a 16.9% rise, it announced a significant business combination with EKSO Bionics.

• $Boeing(BA)$ surged 5.2% as it secured an $8.6 billion contract from the U.S. Department of Defense.

• $Ironwood Pharmaceuticals(IRWD)$ surged nearly 33.4% after reporting better-than-expected revenue projections for 2026, driven by strong sales of Linzess and effective cost management.

• $Tesla Motors(TSLA)$ experienced a 9.75% drop, reflecting a 16% year-over-year decline in Q4 deliveries. TSLA is focusing on its autonomous vehicle technology to regain market momentum.

• $XPeng Inc.(XPEV)$ fell 1.68% even it reported a 2% increase in December deliveries and a 126% year-over-year growth in annual deliveries, driven by strong overseas market expansion.

• $NIO Inc.(NIO)$ saw a modest 0.8% rise, it delivered 48,135 vehicles in December, marking a 54.6% year-over-year increase.

• $Rivian Automotive, Inc.(RIVN)$ experienced a 7.1% drop as it reported a decline in annual deliveries by 18%.

• $Li Auto(LI)$ saw a slight 1.1% decrease as it delivered 44,246 vehicles in December 2025

3. Hong Kong Market - HSI gains 2.01% amid strong tech & industrial performance

$HSI(HSI)$ rose 2.01% and closed at 26,338.47, driven by a strong start to 2026 and optimism in the technology and industrial sectors. $HSTECH(HSTECH)$ surged 4.31%, reflecting robust investor sentiment.

• $ZIJIN MINING(02899)$ gained 5%, supported by a 59%-62% increase in 2025 net profit and strong performance in gold, copper, and silver production.

• $BYD COMPANY(01211)$ gained 5.5%, supported by its dominance in global electric vehicle sales, surpassing Tesla in 2025 with 2.26 million units sold. The company's strong performance in both domestic and international markets underpinned its growth.

• $GEELY AUTO(00175)$ rose 7.57%, driven by a 39% increase in 2025 sales and a 2026 target of 3.45 million units. The company's focus on new energy vehicles and international expansion remains a key growth driver.

• $LI AUTO-W(02015)$ climbed 4.61%, with December deliveries reaching 44,246 units and cumulative deliveries surpassing 1.54 million. The company's expansion into Central Asia and Africa highlights its global ambitions.

• $XPENG-W(09868)$ rose 5.58% weekly, with annual deliveries up 126% in 2025. The launch of the P7+ model and expansion into 60 countries highlight its growth trajectory.

• $XIAOMI-W(01810)$ advanced 2.7%, with its automotive division exceeding 41,000 units in December and achieving 116% of its annual sales target.

• $LEAPMOTOR(09863)$ saw a 0.76% decline despite achieving record-breaking annual sales of over 500,000 vehicles in 2025. Strategic partnerships with FAW Group and capital infusion are expected to bolster its future growth.

4. Singapore Market - STI edges up 0.43% amid positive economic outlook

$Straits Times Index(STI.SI)$ increased 0.43% and close at 4656.12. This rise reflects positive market sentiment, bolstered by Singapore's economy expanding by 4.8% yoy in 2025, as reported by the Ministry of Trade and Industry.

• $ST Engineering(S63.SI)$ saw a slight increase of 0.48% over the week. The company announced expectations of a positive net profit for the second half of 2025, marking a significant financial improvement.

• $Keppel(BN4.SI)$ . and $Keppel DC Reit(AJBU.SI)$ secured a S$350 million lease extension for the Genting Lane Data Centre Campus, ensuring stability for their data centre assets. Keppel's stock rose by 1.17% last week.

• $ULTRAGREEN AI USD(ULG.SI)$ Rose surged by 19.86% this week, driven by strong investor interest and market optimism.

• $NIO Inc.(NIO)$ 's stock increased by 10.89% this week, reflecting positive sentiment in the electric vehicle sector despite mixed market movements.

5. Australian Market - XJO.AU sees slight decline of 0.4%

$S&P/ASX 200(XJO.AU)$ : The Australian stock market, the S&P/ASX 200 Index (XJO.AU), fell by 0.4% and closed at 8727.7. The market faced mixed sentiments due to global economic uncertainties and rising expectations of a 2026 interest rate hike by the Reserve Bank of Australia (RBA), putting pressure on interest rate-sensitive assets.

• $Rio Tinto Ltd(RIO.AU)$ +0.13%: The historic breakout in LME copper directly benefits mining giants, and the resource sector as a whole attracts global capital allocation, continuing its upward trend in the new week.

• $ANZ GROUP HOLDINGS LTD(ANZ.AU)$ +0.33%, marking its fifth consecutive week of gains. Market predictions that the RBA may initiate interest rate hikes in February 2026 directly boost bank valuations. ANZ's share price has risen 32.8% since 2025, leading the four major Australian banks.

• $BOSS ENERGY LTD(BOE.AU)$ +10.99%: driven by UBS's upgrade of lithium mining stocks, the entire resource sector saw a significant inflow of funds, with uranium mining stocks, as core targets of the clean energy transition, benefiting significantly.

• $DEEP YELLOW LTD(DYL.AU)$ +3.73%: same as above, the overall valuation of the resource sector is recovering, and strong uranium price fundamentals support the upward trend in share prices.

• $PALADIN ENERGY LTD(PDN.AU)$ +4.22%: significant rotation within the resources sector, with global capital increasing its allocation to Australian mining companies.

• $ILUKA RESOURCES LIMITED(ILU.AU)$ +0.69%: boosted by the LME copper price breakout and the overall resources sector, but the increase was small, indicating limited direct benefits to the mineral sands business.

• $LYNAS RARE EARTHS LTD(LYC.AU)$ -2.78%: the rare earth sector did not directly benefit from the copper price breakout; institutional funds were more concentrated in traditional metals and uranium mining.

• $BANNERMAN ENERGY LTD(BMN.AU)$ -4.71%: the resources sector performed well overall, but profit-taking occurred after a mid-week surge, indicating a short-term technical correction.

The Week Ahead

1. Macro Factors -Focuses on Venezuela, Jobs Data & Jannuary Effect

As January goes …Historically, January’s stock market performance has been a strong indicator of what may be in store for the rest of the year.

In fact, about 72% of the time since 1929, the $S&P 500(.SPX)$ has posted a positive return for the year after gaining ground in January or has gone on to post an annual loss when the market has declined in the first month, according to S&P Dow Jones Indices. That’s also been the case each of the past four years.

Geopolitics:

• Investors are closely watching geopolitical tensions in Venezuela, amid concerns over potential spillovers to global markets.

U.S. Economic Data – Labor Market Focus:

• Attention will center on jobs data, which should offer fresh insight into the strength and resilience of the U.S. labor market.

Market Implications:

• Market trends are expected to be shaped by a combination of geopolitical developments and incoming labor data.

• Investors will be alert to any material surprises that could shift sentiment.

Other Watch Points:

• Additional economic indicators and global events may also influence market movements as the week unfolds.

Earnings outlook:

• As major U.S. banks prepare to open quarterly earnings season in mid-January, analysts expect that fourth-quarter earnings per share for companies in the $S&P 500(.SPX)$ rose by an average of 8.3%.

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