CMB International Securities says Tencent (00700.HK) has formally released the Hunyuan Hy3 large model. Hy3’s 21B active parameters allow it to run at materially lower compute cost versus comparable flagship models; API input pricing has been cut to 1 yuan and internal WorkBuddy data show token use about 47–49% lower than GLM-5.2, directly reducing Tencent Cloud AI marginal costs and enabling scalable consumer deployments for Yuanbao, ima and WeRead. CMBI maintains an overweight rating and HK$63

CMB International Securities says Tencent (00700.HK) has formally released the Hunyuan Hy3 large model. Hy3’s 21B active parameters allow it to run at materially lower compute cost versus comparable flagship models; API input pricing has been cut to 1 yuan and internal WorkBuddy data show token use about 47–49% lower than GLM-5.2, directly reducing Tencent Cloud AI marginal costs and enabling scalable consumer deployments for Yuanbao, ima and WeRead. CMBI maintains an overweight rating and HK$632 target, saying the Hy3 release validates Tencent’s execution on post-training reliability improvements and will prompt the market to reassess the implied value of Tencent’s AI assets.