--- title: "Guotai Junan Securities: Maintain Tencent Holdings \"Outperform\" rating, Workbuddy provides high-value direction for model iteration" type: "News" locale: "en" url: "https://longbridge.com/en/news/292007620.md" description: "Guosen Securities released a research report, maintaining Tencent Holdings' \"Outperform\" rating. Tencent launched the Hongyuan 3.0 model, which matches top open-source models with fewer parameters and performs excellently on rankings such as SWE. WorkBuddy provides high-value direction for model iteration. Guosen Securities is optimistic about Tencent's ecological capabilities, expecting adjusted net profits for 2026-2028 to be 275.8 billion, 313.2 billion, and 348.6 billion yuan, respectively" datetime: "2026-07-08T03:32:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/292007620.md) - [en](https://longbridge.com/en/news/292007620.md) - [zh-HK](https://longbridge.com/zh-HK/news/292007620.md) --- # Guotai Junan Securities: Maintain Tencent Holdings "Outperform" rating, Workbuddy provides high-value direction for model iteration According to the Zhitong Finance APP, Guosen Securities released a research report stating that Tencent Holdings (00700) is increasing investments in AI talent and other areas to enhance its capabilities in model research. The Hunyuan 3.0 model competes with top domestic and international open-source models using fewer parameters. On the product side, WorkBuddy provides high-value directions for Tencent's model updates, and the overall ecological capabilities of Tencent are optimistic. The profit expectations are maintained, with adjusted net profits expected to be 275.8 billion, 313.2 billion, and 348.6 billion yuan for 2026-2028. The "outperform the market" rating is maintained. ## Guosen Securities' main points are as follows: **Hunyuan 3.0 model maintains Preview parameter count, with design considerations for model practicality** The total parameter count of Tencent's 3.0 model is 295 billion, with 21 billion activated parameters. The context length is 256K, which needs to be improved compared to the current domestic standard of 1M. The Hunyuan 3.0 model focuses on enhancing post-training quality. After the release of Hunyuan 3.0 Preview at the end of April, it received extensive feedback across more than 50 businesses, fixing various experience issues and further improving post-training quality and scale. Hunyuan 3.0 has further improved the quality and diversity of post-training data based on the Preview and expanded the scale of RL computing power, making significant progress in tasks such as inference, intelligent agents, and long context. **Hunyuan 3.0 model achieves capabilities close to top open-source models with lower parameter counts** From specific rankings, Tencent's Hunyuan scored 57.9 on the SWE list (general agent problem-solving ability), but it performed excellently in practicality indicators such as SkillsBench (skill usage efficiency) and ClawEval (autonomous agent credibility), enhancing its practical value across various products and productivity tasks. Significant progress has been made in productivity tasks such as coding, office work, finance, front-end development, and game production. According to internal evaluations, Hunyuan 3.0 (average score 2.67/4) shows superior performance, especially in categories like front-end, CI/CD, and data and storage. **WorkBuddy provides high-value directions for Hunyuan model iteration** As the most popular AI office assistant in China, WorkBuddy has real and complex scenario requirements such as automated script generation and workflow orchestration, providing high-value directions for the iteration of Hunyuan model capabilities. Significant progress has been made in productivity tasks such as coding, office work, finance, front-end development, and game production. **Tencent leverages its product and ecological advantages, with WorkBuddy becoming the largest Chinese office intelligent assistant platform** WorkBuddy lowers the usage threshold, is ready to use out of the box with zero configuration, and tasks can be issued in pure natural language without coding or API adjustments, making it suitable for ordinary office workers. It comes with over 20 Skill packages (data processing, invoicing, archiving, competitive analysis, public opinion, sales insights, etc.) and integrates with other models outside of Hunyuan (Deepseek, Zhipu, Kimi, Minimax, etc.), binding with WeChat, WeChat Work, QQ, Feishu, DingTalk, etc. According to Analysys, in March, WorkBuddy's PC monthly visits reached 8.85 million. WorkBuddy is an all-scenario office intelligent assistant, including programming/documentation/data/browser automation, and uniquely features the WeChat ecosystem, including remote control of PCs via WeChat and Tencent's entire ecosystem (documents/meetings/WeChat Work/Ima), etc **WorkBuddy adopts a subscription model priced in Credits, with short-term payment habits still being cultivated** WorkBuddy employs a combination commercialization model of "free trial + Credits measurement + subscription packages + private deployment." WorkBuddy is entering the B-end market, with the enterprise version set to launch on June 5, 2026, which includes "project" features, an enterprise management backend, and 24/7 expert digital employees. It also released the WorkBuddy Enterprise+ Office Intelligent Agent Suite, integrating Tencent Docs/Cloud/LeXiang natively. Starting July 1, Buddy AI's domestic personal version will undergo its first subscription upgrade, expanding the paid package from a single professional version (product changed to standard version) to a three-tier system of standard/premium/flagship. **Risk Warning** Policy risks; risks of intense competition in the advertising industry; risks of new games not launching on schedule, etc ### Related Stocks - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [TCEHY.US](https://longbridge.com/en/quote/TCEHY.US.md) - [TCTZF.US](https://longbridge.com/en/quote/TCTZF.US.md) - [002736.CN](https://longbridge.com/en/quote/002736.CN.md) - [80700.HK](https://longbridge.com/en/quote/80700.HK.md) - [HTCD.SG](https://longbridge.com/en/quote/HTCD.SG.md) ## Related News & Research - [Open vs Closed: The debate shaping the future of AI | CNN Business](https://longbridge.com/en/news/295095421.md) - [Xiaomi open-sources embodied-AI foundation model Xiaomi-Robotics-1](https://longbridge.com/en/news/294933346.md) - [UPS announces Q3 2026 dividend of R$ 0.35 per unit, payable Sept. 10](https://longbridge.com/en/news/295130251.md) - [17:00 ETDIVIDEND DECLARATION - Wheaton Precious Metals Announces Quarterly Dividend](https://longbridge.com/en/news/295143412.md) - [CX Institutional Acquires 9,201 Shares of Nucor Corporation $NUE](https://longbridge.com/en/news/294788560.md)