Goldman Sachs: The release of Hy3 preview is a key development following the comprehensive restructuring of the Hun Yuan team, maintaining Tencent's "Buy" rating

Jinse Finance reported that on April 24, Goldman Sachs issued a research report stating that Tencent released the open-source Hy3 preview language model, which is the first concrete outcome after the group’s AI strategy reshuffle. The model’s performance metrics and emphasis on intelligent agent functions are largely in line with expectations. The model was developed under the leadership of Chief AI Scientist Yao Shunyu, a former OpenAI researcher, with 2,950 billion parameters and 21 billion activated parameters; its overall scale is smaller than that of its industry peers, with a focus on practicality, agent functions, complex reasoning, and coding capabilities. Goldman Sachs believes that following the release of the HY-World 2.0 3D model last week, the Hy3 preview release is a key milestone after the Hunyuan team’s comprehensive reorganization, and it expects the Hy3 official version and larger-parameter models to be rolled out successively. The firm maintains a “Buy” rating on Tencent with a target price of HKD 700. Although Tencent’s full-year profit growth is expected to slow this year, the firm continues to forecast that the company’s adjusted operating profit will rise by 10% year-on-year in the first quarter of this year and 8% for the full year. (Dongxin News)