---
title: "Citigroup: Tencent Holdings HY 3.0 preview has been integrated into a wide range of product lines, maintaining a \"Buy\" rating"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/284135506.md"
description: "Citigroup released a research report stating that Tencent Holdings launched the new model HY3.0 preview version on the 23rd. This is a MoE (Mixture of Experts) architecture language model with a total parameter count of 295 billion and a context window of 256k, showing significant improvements in complex reasoning and agent capabilities. HY 3.0 adopts a \"pragmatic\" approach, focusing on real-world applications rather than laboratory scoring, and claims a 40% improvement in reasoning efficiency with competitive pricing. Citigroup maintains a \"Buy\" rating on Tencent with a target price of HKD 783. The firm believes that although it is called a \"preview version,\" the model has already been integrated into Tencent's extensive product line, including Yuanbao, ima, CodeBuddy, WorkBuddy, QQ, Tencent Docs, Tencent Maps, WeChat Official Accounts, and Peace Elite, indicating that the model is ready to address real-world problems. The model focuses on practical and cost-effective deployment, which is a positive strategic direction. The firm believes that with the official release of HY3.0 or subsequent versions 3.1/3.2, the model's capabilities are expected to further improve"
datetime: "2026-04-27T01:29:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/284135506.md)
  - [en](https://longbridge.com/en/news/284135506.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/284135506.md)
---

# Citigroup: Tencent Holdings HY 3.0 preview has been integrated into a wide range of product lines, maintaining a "Buy" rating

According to Zhitong Finance APP, Citigroup released a research report stating that Tencent Holdings (00700) launched the new model HY3.0 preview version on the 23rd. This is a MoE (Mixture of Experts) architecture language model with a total parameter count of 295 billion and a context window of 256k, showing significant improvements in complex reasoning and agent capabilities. HY 3.0 adopts a "pragmatic" approach, focusing on real-world applications rather than laboratory scoring, and claims a 40% improvement in reasoning efficiency with competitive pricing. Citigroup maintains a "Buy" rating on Tencent with a target price of HKD 783.

The bank believes that although it is called a "preview version," the model has already been integrated into Tencent's extensive product line, including Yuanbao, ima, CodeBuddy, WorkBuddy, QQ, Tencent Docs, Tencent Maps, WeChat Official Accounts, and Peace Elite, indicating that the model is ready to address real-world problems. The model focuses on practical and cost-effective deployment, which is a positive strategic direction. The bank believes that with the official release of HY3.0 or subsequent versions 3.1/3.2, the model's capabilities are expected to further improve

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