On July 7, CITIC Securities International released a report stating that Tencent (00700.HK) has officially launched its Hy3 large model. On the cost side, the 21B activated parameters allow Hy3 to operate at a computational cost far lower than that of flagship models with similar capabilities, with API input prices dropping to 1 yuan. WorkBuddy data shows that in actual business operations, token consumption is approximately 47% to 49% lower than that of GLM-5.2, which directly reduces the marginal cost of Tencent Cloud's AI services and provides scalable conditions for large-scale applications aimed at consumers, such as Yuanbao, ima, and WeChat Reading. CITIC Securities International maintains a 'Buy' rating for Tencent with a target price of 632 HKD. The official launch of Hy3 validates Tencent's execution capability in enhancing the reliability of post-training driven models, prompting the market to reassess the implied value of Tencent's AI assets.
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CITIC Securities International: Tencent's Hy3 Model Joins Top Tier, Accelerating AI Product Ecosystem
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