Tencent’s Hy4 model scored 35 on version 5 of the Artificial Analysis Intelligence Index, ranking second among models from Chinese laboratories. It outperformed DeepSeek V4.1 Flash on a 579-task finance evaluation but remains behind Moonshot AI’s Kimi K3.1 Pro, which scored 46, as well as the leading closed-source models developed outside China. Its approximate price of $0.834 per million input tokens and $2.501 per million output tokens provides a favorable cost-to-capability ratio, despite generating 160 million output tokens during testing. The full release, launched on November 4, 2026 following an August 28 preview, adds image processing, tool calling and computer use, while its context window expands to 1,048,576 tokens. Tencent is also preparing to publish the model weights and system cards, and Goldman Sachs considers its product-feedback loop a key differentiator.
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