0412 GMT - Tencent's latest AI model arrives early than expected, Bernstein analysts say in a note. They had expected Tencent's next upgrade, with around 750 billion parameters, to arrive by end-2026. "Hy4-preview feels significant in the sense that it's probably the first Tencent model that's a serious near-frontier release," they say. The upgrade should benefit WorkBuddy, Tencent's broader ecosystems, and internal productivity in areas such as video game development and ad recommendations. While debate over capex growth and depreciation costs is likely to continue, Tencent's model-development efforts deserve more recognition, Bernstein says. Shares are last at HK$449.00.