Core Viewpoint - The Hong Kong stock market shows a slight upward trend but remains weak overall, with the Hang Seng Index and Hang Seng Tech Index experiencing minor gains [1][2]. Company Performance - Baidu Group (HK09888) reported a total revenue of 129.1 billion yuan for 2025, with AI business revenue reaching 40 billion yuan; in Q4 2025, total revenue was 32.7 billion yuan, with AI business income accounting for 43% of general business revenue, exceeding market expectations [4]. - BeiGene (HK06160) achieved its first annual profit, with total revenue of 38.205 billion yuan, a year-on-year increase of 40.4%; product revenue reached 37.77 billion yuan, up 39.9%, driven by sales growth of drugs like Zebrutinib and Tislelizumab, with sales from licensed products from Amgen amounting to 3.471 billion yuan, a 33.6% increase [4]. - Tencent Holdings (HK00700) saw a slight rebound in early trading, with a gain of 1.07% [4]. Market Trends - Tencent's app, Tencent Yuanbao, re-entered the top 10 of the Apple App Store free app rankings, indicating a recovery in user demand post-Spring Festival [5]. - The technology sector stocks collectively rebounded, with Alibaba and JD.com showing slight increases, while the automotive sector weakened, with NIO dropping nearly 1% [5]. IPO Market Outlook - Multiple institutions express optimism regarding the Hong Kong IPO market for 2026, with UBS predicting a financing scale exceeding 300 billion HKD and around 150-200 listings [6]. - Huatai Securities estimates the main board IPO financing scale at approximately 310 billion HKD, with around 100 new companies [6]. - Deloitte forecasts about 160 new listings in the Hong Kong stock market, with a financing amount not less than 300 billion HKD [6]. - PwC anticipates around 150 new listings, with total fundraising between 320 billion to 350 billion HKD, potentially ranking among the top three globally [6]. - Analysts from China Merchants Securities note that the current valuation of the Hong Kong technology sector is at a historical low, suggesting it is undervalued in the context of the AI development and technology-driven growth era [6].