騰訊發佈混元Hy4預覽版，早於摩根士丹利預期的9月，兌現年內亮相承諾。自2025年Q4姚順雨加入後，騰訊模型更新提速：4月Hy3預覽版、7月正式版，如今Hy4預覽提前登場，市場預計原定Q4的Hy4正式版大概率提前落地。
8月28日，騰訊WorkBuddy首發接入混元開源旗艦大模型Hy4preview，國內外版同步上線。Hy4preview限時免費兩週，Hy3免費期延至9月30日。該模型總參數770B、激活49B，上下文1M，面向代碼、辦公、科學等生產力場景，已開源至HuggingFace等平臺。
騰訊新一代大模型Hy4內部測試界面曝光，發佈在即。界面顯示騰訊延續自研與開源並行策略，提供三項選擇：專家級大模型Hy4、新升級適用大部分場景的Hy3、專注推理理解的DeepSeek。Hy4是此次升級焦點。
騰訊二季度財報顯示，AI成核心主線：混元大模型快速迭代，從Hy3preview到正式版，並計劃推出參數更大的Hy4；辦公智能體初步建立優勢，多產品發力；微信AI助手“小微”6月上線擴大灰測。基本面穩健，營收2047.9億元，同比增長。
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