On August 7th, Zhongjin released a research report for the first time, covering Fourth Paradigm(6682.HK) and giving it an "Outperform" rating with a target price of HKD 55.00. Zhongjin claimed that Fourth Paradigm is a leading enterprise-level AI platform and solution provider in China. With its AIOS platform, solution, service model and early cases represented by finance, Fourth Paradigm achieves sustained high revenue growth. Zhongjin pointed out that Fourth Paradigm empowers enterprise digital transformation through its AIOS platform, solution and service model. There is ample space for enterprise digital transformation, and the company's industry model has a card-positioning advantage. In 2022, Fourth Paradigm's market share in the domestic platform-based decision-making AI market is 22.6%, ranking first. In terms of business model, Fourth Paradigm benchmarks against Palantir and hopes to standardize project-based demand with its platform-type products. Fourth Paradigm quickly built benchmark cases for ICBC and CMB, according to the prospectus, and obtained investment from five state-owned banks, driving cases in various industries such as energy, transportation, telecommunications, and manufacturing and bringing first-mover advantages. In addition, Fourth Paradigm's business model of supporting solutions and services through platforms has the potential to bring business expansion and extension.