The Zhitong Finance App learned that Morgan Stanley released a research report saying that mixed yuan, a subsidiary of Tencent Holdings (00700), released the official version of Hy4 yesterday (4th). It has more extensive visual and computer operation capabilities, and maintains an “incremental” rating and a target price of HK$550.

Tencent Hybrid has greatly improved its comprehensive capabilities in following instructions, understanding long texts, long-range tasks, and in-depth research, and has added visual and computer operation capabilities. It can handle image details, complex charts, and visual mathematics, and can also operate computers through a graphical interface and command line.

The bank said that Hy4's productivity performance in real scenarios has substantially improved, leading the domestic model in terms of office collaboration, and has a high rating in the financial scenario. It indicates that the Hy4 API price remains unchanged, with 0.3, 6 and 18 yuan per million cached input, uncached input and output tokens, respectively. Tencent plans to soon open source the model weight and expand the training scale to narrow the gap with the closed source model.

Tencent is also planning to launch a faster, lower cost Hy4 Flash. The bank believes that WorkBuddy's wider adoption in various industries and deeper integration with WeCom/Buddy One will help strengthen the feedback loop, speed up model iteration, and support enterprise AI applications.

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