GPT5前瞻之AI编程：Coding-Agent无招胜有招，万物应用皆破局

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a potential increase in stock prices relative to benchmark indices by over 15% within the next 12 months [5]. Core Insights - The AI programming sector is rapidly evolving, with significant advancements in AI coding products, particularly with the anticipated release of GPT-5, which is expected to accelerate the development of AI programming [2][15]. - Domestic AI programming has become a core direction for AI application development, with major companies launching innovative products that enhance coding capabilities and streamline software development processes [3][4]. - The digital economy in China is transitioning from an "Internet+" phase to an "AI+" phase, with AI programming emerging as a key application area, suggesting a high potential for growth similar to the previous internet boom [4][34]. Summary by Sections 1. International Developments - AI coding products are continuously improving, with the release of Claude 4 series models, particularly Claude Opus 4, which leads in performance benchmarks such as SWE-bench (72.5%) and Terminal-bench (43.2%) [2][10]. - OpenAI's GPT-5 is expected to be released soon, with features that allow developers to generate websites and modify games more efficiently [15]. - Cursor has launched version 1.0, introducing significant features like a code review tool and a backend agent for efficient coding tasks [16]. 2. Domestic Developments - AI coding has become a mainstream focus for major models, with Tencent's CodeBuddy IDE integrating multiple advanced models to enhance software development [21]. - The Qwen3-Coder model has been released, showcasing advanced capabilities with 480 billion parameters and support for extensive context [22][23]. - TRAE SOLO has introduced a comprehensive solution for software development, enabling a full-cycle process from requirement gathering to deployment [26][28]. - EazyDevelop by 卓易信息 aims to automate the entire software development process, leveraging AI and multi-agent technology [30][31]. 3. Investment Recommendations - The report suggests focusing on leading domestic companies such as 卓易信息, 普元信息, 商汤-W, and 金现代, as they are well-positioned to capitalize on the growth of AI programming [4][34].