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。
騰訊二季報顯示，混元大模型Hy3調用量周增68倍，Hy4將發；AI辦公產品WorkBuddy月訪問量破2000萬，微信AI助手“小微”灰測中。遊戲收入同比增11%，本土遊戲增17%。
Tencent
$1
輸入tokens/百萬
$4
輸出tokens/百萬
32
上下文長度
-
$0.8
$2
$0.5
224
$3
$9
16
4
Alibaba
$6
$6.4
$8
28
$2.4
$9.6
$1.5
$1.6
128
250
30
$3.5
$7
$15
$45
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