Goldman Sachs noted in its August 31 report that Tencent's Hunyuan Hy4 preview version was released earlier than analysts expected, with significant improvements in its coding and Agent capabilities, jumping to 6th place globally on the Code Arena WebDev leaderboard (Hy3 was 28th). The total number of model parameters increased to 770 billion, and the context length expanded to 1 million tokens. Goldman Sachs believes that the progress of Hunyuan Hy4 will be one of the key drivers for Tencent's stock price over the next 12 months, and views its unique "product + model closed-loop" strategy as the core path to establishing a differentiated competitive advantage in the AI Agent era.