港股午评：恒指涨0.43%、科指涨1.1%，科网股多数走高，黄金股反弹，影视娱乐及半导体股低迷

Market Performance - The Hong Kong stock market showed a strong performance with the Hang Seng Index rising by 0.43% to 27,299.62 points, the Hang Seng Tech Index increasing by 1.1% to 5,510.82 points, and the National Enterprises Index up by 0.41% to 9,280.92 points [1] - Major technology stocks mostly saw gains, with Alibaba up by 0.81%, JD.com up by 0.64%, Xiaomi up by 4.72%, and NetEase up by 1.04%, while Tencent fell by 0.54% [1] Company Earnings - Semiconductor company SMIC reported a significant increase in performance, with projected sales revenue of $9.327 billion for 2025, a year-on-year increase of 16.2%, and a net profit of $685 million, up by 39.1% [2] - SMIC's average capacity utilization rate reached 93.5% for the year, with Q4 utilization hitting 95.7% [2] - PCCW reported a 7% increase in revenue to HKD 40.252 billion, with a 16% reduction in losses [2] Corporate Developments - Minth Group plans to establish a joint venture with Aisin and Toyota to produce aluminum vehicle body frames, strengthening its supply chain in North America [3] - Singlomics completed a placement raising HKD 835 million, with 90% allocated for global Phase III clinical trials of its obesity drug ASC30 [5] - Huatai Securities completed a zero-coupon convertible bond issuance of HKD 10 billion [6] Market Insights - CICC noted that the recent pullback in the Hong Kong market is due to three pressures: hawkish expectations from the Federal Reserve, doubts about AI capital expenditure returns, and lower-than-expected PMI [7] - The market is expected to have limited upward space in the medium term, with a target range for the Hang Seng Index between 28,000 and 29,000 points [7] - Analysts suggest focusing on essential retail and technology hardware sectors for potential growth [7]