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<Research>Citi Keeps Buy on BABA-W/ TENCENT; CN AI Model Tech Gap Narrowing
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Citi has published a research report highlighting the differences in China's AI model approaches. For instance, TENCENT (00700.HK)'s Hunyuan large model HY 3.0 focuses more on real-world application scenarios, while BABA-W (09988.HK)'s Qwen 3.6-Max model excels in more complex coding and reasoning tasks.

The report also underscored that the advanced architecture demonstrated by DeepSeek-V4 is pointing to a broader trend, indicating that the technological gap is narrowing. China's leading models are becoming viable alternatives to top global competitors, a trend that is further intensifying competition.

Related News Citi Bullish on TENCENT (00700.HK) as AI Strategy Gradually Materializes; Core Profit Continues to Grow
Citi has maintained Buy ratings on BABA-W and TENCENT.
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