腾讯发布混元Hy4预览版，早于摩根士丹利预期的9月，兑现年内亮相承诺。自2025年Q4姚顺雨加入后，腾讯模型更新提速：4月Hy3预览版、7月正式版，如今Hy4预览提前登场，市场预计原定Q4的Hy4正式版大概率提前落地。
8月28日，腾讯WorkBuddy首发接入混元开源旗舰大模型Hy4preview，国内外版同步上线。Hy4preview限时免费两周，Hy3免费期延至9月30日。该模型总参数770B、激活49B，上下文1M，面向代码、办公、科学等生产力场景，已开源至HuggingFace等平台。
腾讯新一代大模型Hy4内部测试界面曝光，发布在即。界面显示腾讯延续自研与开源并行策略，提供三项选择：专家级大模型Hy4、新升级适用大部分场景的Hy3、专注推理理解的DeepSeek。Hy4是此次升级焦点。
腾讯二季度财报显示，AI成核心主线：混元大模型快速迭代，从Hy3preview到正式版，并计划推出参数更大的Hy4；办公智能体初步建立优势，多产品发力；微信AI助手“小微”6月上线扩大灰测。基本面稳健，营收2047.9亿元，同比增长。
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