Market Overview - The Hong Kong stock market opened slightly lower, with the Hang Seng Index down 0.2% at 27,210.56 points, the Hang Seng Tech Index down 0.47% at 5,474.25 points, and the National Enterprises Index down 0.19% at 9,250.27 points [1] - Major tech stocks mostly opened lower, with Alibaba down 1.37%, Tencent down 2.01%, and Meituan down 2.48%, while AI application stocks showed strength, with Zhihui up 8.77% and MINIMAX-WP up 5.65% [1] Company Performance - NetEase reported strong performance, with a net revenue of approximately 112.63 billion yuan, a year-on-year increase of 6.96%, and a net profit of approximately 33.76 billion yuan, up 13.68% [2] - NetEase Cloud Music saw a significant profit increase of 75.4%, with a revenue of 7.76 billion yuan and a profit of 2.75 billion yuan, confirming a turning point in performance [2] Industry Trends - The hard technology and manufacturing sectors showed signs of recovery, with Qiu Tai Technology reporting a 22.8% year-on-year increase in camera module sales and an 18.4% increase in fingerprint recognition module sales, driven by demand in IoT and smart automotive sectors [3] - The renewable energy sector also saw growth, with China Resources Power reporting a 28.4% year-on-year increase in electricity sales, and solar power sales soaring by 72.3% [3] Biopharmaceutical Sector - The biopharmaceutical sector experienced significant positive developments, with Rebio Biotech announcing a global exclusive licensing agreement worth up to 4.4 billion USD, leading to a substantial increase in stock price [4] - Heng Rui Pharmaceutical's product was included in a breakthrough therapy list, with projected global sales exceeding 6.5 billion USD in 2024 [4] Capital Market Activity - Industrial capital is actively engaging in buybacks to stabilize the market, with Geely Automobile repurchasing shares worth approximately 20.30 million HKD and other companies like Kingsoft and Bai Rong Cloud also participating in buybacks [5] - Huili Group is expected to see a profit increase of over 20 times in 2025, indicating a strong performance reversal [5] Institutional Insights - There is a divergence in institutional views regarding market fluctuations, with some suggesting that the recent pullback is a liquidity shock, while others believe that valuation recovery is nearly complete [6] - Specific sectors like AI computing and surgical robots are highlighted for potential growth, with expectations for high performance in 2025 and 2026 [6]