After the Fourth Paradigm (06682.HK) recently released Q1 results, Huatai Securities also released a performance review report. It continues to be optimistic that the company will use major customers as the fulcrum, open up new industries, and increase penetration in the covered industries. In addition, Huatai Securities also pointed out that the fourth paradigm relies on a stable enterprise service software foundation to restructure enterprise software with generative AI to improve customer experience and development efficiency. As a result, the Huatai Securities research team gave the company a target price of HK$80.25 and upgraded its rating to “buy”.