[Institution: Tencent's Hy3 Model Expected to Be a Step in the Right Direction] According to a report by Jinse Finance on July 7, Bernstein analysts stated in a research report that Tencent's newly launched Hy3 model is a step in the right direction. They noted that while Hy3 is not at the cutting edge, it possesses the capabilities needed for Tencent to build intelligent services across its entire ecosystem. They highlighted that the improvements in the latest model affirm the efforts of Tencent's newly reorganized AI team. Bernstein analysts believe that the next iteration of Tencent's model, expected by the end of 2026 or early 2027, represents a reasonable baseline for the next step forward. Bernstein anticipates that Tencent's intelligent AI services will be rolled out gradually, with monetization achieved through merchants subscribing to the new intelligent AI services to drive more traffic. The stock recently rose 2.7%, closing at HKD 464.20.