According to Citi's report, the Tencent Hy4 Preview model was released last Friday, slightly earlier than the bank's original forecast for September. Although the total number of parameters of 770 billion and the number of active parameters of 49 billion seems smaller than many models in the same industry, it is still more than double the Hy3 model's 195 billion and 21 billion, and recorded a significant ranking increase in programming and intelligence benchmarks. Despite the small size of the model, Hy4 Preview's benchmark ranking is comparable to or even surpassing its peers, with outstanding performance in tests such as Toolathlon-Verified, PostTrainBench, BioMysteryBench, and HorizonMath. Thanks to Hy4 Preview's deeper coordination and co-design with CodeBuddy and WorkBuddy, the company believes that Hy4 has further improved its ability to complete tasks in real work productivity scenarios. The bank expects that after the official version of Hy4 is released in the next few months, the usability and practicality of Hy4 in the Tencent ecosystem and the work productivity environment of external companies will be further enhanced. The bank reiterated its “buy” rating on Tencent, with a target price of HK$765.

According to Citi's report, the Tencent Hy4 Preview model was released last Friday, slightly earlier than the bank's original forecast for September. Although the total number of parameters of 770 billion and the number of active parameters of 49 billion seems smaller than many models in the same industry, it is still more than double the Hy3 model's 195 billion and 21 billion, and recorded a significant ranking increase in programming and intelligence benchmarks. Despite the small size of the model, Hy4 Preview's benchmark rankings are comparable to or even surpass its peers, with outstanding performance in tests such as Toolathlon-Verified, PostTrainBench, BioMysteryBench, and HorizonMath. Thanks to Hy4 Preview's deeper coordination and co-design with CodeBuddy and WorkBuddy, the company believes that Hy4 has further improved its ability to complete tasks in real work productivity scenarios. The bank expects that after the official version of Hy4 is released in the next few months, the usability and practicality of Hy4 in the Tencent ecosystem and the work productivity environment of external companies will be further enhanced. The bank reiterated its “buy” rating on Tencent, with a target price of HK$765.