Changes in Hong Kong stocks | Tencent Holdings (00700) rose more than 5%, the latest hybrid model, Hy4, launched, and became one of the strongest open source models

The Zhitong Finance App learned that Tencent Holdings (00700) is moving high today. As of press release, it rose 5.18% to HK$422.4, with a turnover of HK$6.952 billion.

According to the news, on November 4, Hyangyuan released the latest generation of the big language model Hy4. The model has 770B parameters (B is 1 billion), improving the ability to follow instructions, understand long texts, and long-range agents. The weight of the open source model will be opened in the near future, and the scale of the number of parameters for the next generation Hy5 model will be further expanded. According to the mixed yuan team, Hy4 is currently one of the strongest open source models. On the same day, the domestic and international versions of WorkBuddy were simultaneously connected to HY4 to launch a two-day limited-time free trial.

According to the CICC Research Report, maintaining Tencent Holdings' “outperforming the industry” rating and target price of HK$666 corresponds to the 2026 and 2027 non-IFRS price-earnings ratios of 20 times and 19 times, respectively. There is 68% room for growth compared to the current stock price. Model iteration is only one of the competitive dimensions. The focus of Tencent's strategy is shifting to agent context accumulation, and the superposition advantages of horizontal integration on the ecological side and positive contextual accumulation may be more definitive.