Yes they will issue you the report card on parents' day, but please note that there will be only Grades per subject, no marks. Also there will be no ranking shown in the report card. But the teachers have the ranking. You may ask her to tell you, I know some teachers will tell, some will not.
The Grade per subject will the average of 複習1 and 複習2.
There are also scholarships such as Top 1 of all 4 classes (start from P1), Top in Chinese (start from P2), Top in Chinese + English (start from P2), Top in Maths (start from P2).
But I am not sure whether it counts as average of First Term and Second Term.