Citi has released a research report reiterating its "Buy" rating on Tencent Holdings Ltd (00700) with a target price of HK$765. The bank notes that Tencent's Hy4 Preview model was launched last Friday (28th), which is slightly earlier than the bank's original expectation of September. Although the model's total parameter count of 770 billion and activated parameter count of 49 billion appear smaller than those of several peer models, these figures still represent a more than doubling compared with the Hy3 model's 295 billion and 21 billion parameters, respectively. The preview version has also demonstrated notable ranking improvements in coding and intelligence benchmark tests.

Despite its relatively smaller model size, Hy4 Preview's benchmark rankings are already on par with or even surpass those of its peers, particularly showing outstanding performance in evaluations such as Toolathlon-Verified, PostTrainBench, BioMysteryBench, and HorizonMath. The bank expects that the release of the official Hy4 version in the coming months will further enhance the model's usability and practicality within Tencent's ecosystem as well as in external enterprise work productivity environments. Given that Hy4 Preview has been more deeply coordinated and co-designed with CodeBuddy and WorkBuddy, Citi believes Hy4 has already further improved its task-completion capabilities in real-world work productivity scenarios.