The S&P/ASX 200 Index (ASX: XJO) is off to a positive start in 2026.
The benchmark index is already 1.6% higher than the start of the year.
However that pales in comparison to these two ASX 200 stocks.
Greatland Resources Ltd (ASX: GGP) and Austal Ltd (ASX: ASB) have already increased by 20% and 31% respectively.
The question must be asked if this growth is too good to pass up, or just a fleeting new years rise.
Here's what analysts are saying.
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Greatland Resources Ltd (ASX: GGP)
Greatland Resources operates as a gold and copper mining company.
As you might expect, it's been one of many ASX gold shares that has rocketed over the past year as investors have turned to the safe-haven asset.
Its share price is up more than 72% in the last year.
They enjoyed a 5% rise yesterday and 7% rise on January 7 on the back of a strong quarterly update.
The company reported gold production of 86,273 ounces for the quarter, in addition to copper output of 3,528 tonnes. This marks a big improvement on the September quarter.
The company also reported an impressive balance sheet that included $948 million in cash and no debt.
So what's ahead?
The Motley Fool's Aaron Teboneras reported that the gold price surged to new record highs yesterday.
This has come amidst more global political unrest along with tensions involving Iran, Israel, Venezuela, and the US that have increased fears of broader conflict.
These factors could continue to see investors push towards safe-haven assets like gold.
Despite this, analysts' views on this ASX 200 stock indicate it may be trading at an inflated value.
TradingView has an average 12 month price target of $11.12 which is almost 12% above its current share price.
Austal Ltd (ASX: ASB)
Many of the same geopolitical factors have helped push Austal shares higher to start 2026.
The company is an Australian-based shipbuilder. Its products include naval vessels, defence surface warfare combatants, high-speed support vessels, patrol boats for law enforcement, offshore vessels, as well as passenger and vehicle ferries.
The company also installs and maintains vessel command and control systems, communication and radar technology, and information management systems.
Global defence spending has been on the rise which has contributed to several key contracts being won by this ASX 200 company.
Its share price is now up 183% over the last 12 months.
In recent news, US President Donald Trump also said that the 2027 US defence budget should be US$1.5 trillion, well above the US$901 million so far approved.
This could be further good news for Austal.
At the time of writing, Bell Potter has an $8.00 price target and hold recommendation, suggesting the current share price is close to fair value.
