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<Research>HSBC Research: TENCENT's HY3 Preview Trims Gap with CN Top-tier Models in Coding & Agent Capabilities
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TENCENT (00700.HK) released the preview version of the HY3 model last Thursday (23rd), marking its first model since rebuilding its pre-training and reinforcement learning infrastructure in February, according to a report by HSBC Research. This model adopts a MoE architecture with a total of 295 billion parameters (21 billion activated parameters) and a 256k context window. It demonstrates significant improvements over HY2 in complex reasoning, instruction following, in-context learning, coding, and agent tasks, while offering higher cost efficiency. Believing that this model has narrowed the gap with China's top-tier models in coding and agent capabilities and delivered competitive performance across multiple coding and search agent benchmarks, HSBC Research has kept a Buy rating on TENCENT, with a target price of HKD750. Auto-translated by AI AASTOCKS Financial News |
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