AI Series #55: Hy3 Official Version Release; Token Trends; Lock-Up Expiry

Research evidence excerpt

AI Series #55: Hy3 Official Version Release; Token Trends; Lock-Up Expiry

China (PRC) | Internet EquityJulyResearch6, 2026

Exhibit 1 - Weekly token consumption over theAI Series #55: Hy3 Official Version Release;

past 12 months as of 6 Jul (tn)

50Token Trends; Lock-Up Expiry 45

Highlights (1) Tencent released Hy3 with further enhancements (e.g. 3530

success rate, cost efficiencies, long horizon tasks). API price is competitive 2520

(Exhibit 4) to support more users and scenario; (2) Token Expenditure 1510

Index: The week of 28 Jun remains soft and behind May level; (3) 50

3/10/20253/17/20253/24/20253/31/20254/7/20254/14/20254/21/20254/28/20255/5/20255/12/20255/19/20255/26/20256/2/20256/9/20256/16/20256/23/20256/30/20257/7/20257/14/20257/21/20257/28/20258/4/20258/11/20258/18/20258/25/20259/1/20259/8/20259/15/20259/22/20259/29/202510/6/202510/13/202510/20/202510/27/202511/3/202511/10/202511/17/202511/24/202512/1/202512/8/202512/15/202512/22/202512/29/20251/5/20261/12/20261/19/20261/26/20262/2/20262/9/20262/16/20262/23/20263/2/20263/9/20263/16/20263/23/20263/30/20264/6/20264/13/20264/20/20264/27/20265/4/20265/11/20265/18/20265/25/20266/1/20266/8/20266/15/20266/22/20266/29/2026OpenRouter: Token usage is stable vs prior week; (4) Lock-up expiry for . Source: OpenRouter, Jefferies

Zhipu / MiniMax this week; (5) new measures aim to protect users from AI

virtual intimate relationship. Exhibit 2 - Sillicon Data LLM Token Expenditure Index

2.50

In this report, we provide investors with over 50 data points on token consumption in OpenRouter, 2.00

pricing for different models, model intelligence in Artificial Analysis, user trends by sub-sector 1.50

and other industry data for analysis. 1.00

0.50

-Hy3 official version has a number of enhancements following user feedback.