[CMB International: Tencent's Hunyuan Hy3 Joins the First Tier, Accelerating AI Product Ecosystem] Jin10 News, July 7 – CMB International released a report stating that Tencent (00700.HK) has officially launched the Hunyuan Hy3 large model. On the cost side, the 21B activation parameters enable Hy3 to operate at a computing cost far lower than flagship models of similar capability, with API input prices reduced to 1 yuan. WorkBuddy data shows that token consumption in actual business scenarios is approximately 47% to 49% lower compared to GLM-5.2, directly reducing the marginal cost of Tencent Cloud AI services. This also provides scalable and controllable conditions for large-scale consumer-facing applications such as Yuanbao, ima, and WeChat Reading. CMB International maintains an 'Outperform' rating for Tencent with a target price of HK$632. The official release of Hy3 validates Tencent's execution capability in improving model reliability through post-training optimization, prompting the market to reassess the implicit value of Tencent's AI assets.