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According to a report released by China Merchants Securities International, Tencent has released the Hybrid Hy3 model, which reduces computing power costs through the activation of the 21 billion parameter. The API input price has dropped to 1 yuan, and WorkBuddy data shows that token consumption is 47% to 49% lower than GLM-5.2. China Merchants Securities International maintains Tencent's overweight rating and a target price of HKD 632.