Citi flag: reiterate the "buy-in" rating and the Hy4 Preview benchmark is even outranked

On 31 August, Citi released a report indicating that the launch of the Hy4 Preview model was launched last Friday, slightly earlier than the Bank had originally anticipated in September. Although its total parameter volume of 770 billion and its activated parameter volume of 49 billion appears to be smaller than many industry models, it still more than doubles the $295 billion and $21 billion of the Hy3 model and is clearly ranked higher in programming and intelligent benchmarking tests. Despite the small size of the model, Hy4 Preview ' s benchmark ranking is comparable to and even out of line, especially in the Toolathlon-Verified, PostTrainBench, BioMysteryBench and HorizonMath tests. As a result of the deeper coordination and joint design between Hy4 Preview and CodeBuddy and WorldBuddy, the Bank believes that Hy4 has further enhanced its ability to accomplish its tasks in a real work productivity scenario. The Bank expects that the release of the official version of Hy4 in the coming months will further enhance the availability and usefulness of Hy4 in the environment of telecommunication ecosystems and the productivity of the work of outside firms. The Bank reiterated its “buy-in” rating for the call at a target price of HK$765。