Citi: Reiterates "Buy" Rating for Tencent, Hy4 Preview Benchmark Ranking Comparable to or Surpassing Peers

According to a report by Jinse Finance, on August 31, Citi published a report stating that Tencent's Hy4 Preview model was released last Friday, slightly earlier than the bank's original expectation of September. Although its total parameter count of 770 billion and activated parameter count of 49 billion may appear smaller than several peer models, it still more than doubles the Hy3 model's 295 billion and 21 billion parameters, and has shown significant ranking improvements in programming and intelligence benchmarks. Despite the smaller model size, the benchmark ranking of Hy4 Preview is already comparable to or even surpassing its peers, particularly excelling in tests such as Toolathlon-Verified, PostTrainBench, BioMysteryBench, and HorizonMath. Due to deeper coordination and co-design between Hy4 Preview and CodeBuddy and WorkBuddy, the bank believes Hy4 has further enhanced its task completion capabilities in real-world productivity scenarios. The bank expects that after the official version of Hy4 is released in the coming months, it will further improve Hy4's usability and practicality within Tencent's ecosystem as well as in external enterprise productivity environments. The bank reiterates its "Buy" rating for Tencent, with a target price of HK$765.