Changjiang Securities(SZ:000783) Changjiang Securities·2026-01-21 11:16Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [8]. Core Insights - The AI coding market is rapidly expanding, with predictions from Spherical Insights indicating that the market size may exceed $29.5 billion by 2032. The penetration rate of AI programming tools is currently 30% in China, with potential for rapid growth, while 91% of developers in the U.S. are already using such tools [6][10]. - The evolution of AI coding capabilities, particularly through models like Claude and GPT-4, has significantly improved long-context understanding, complex reasoning, and code generation quality, transforming the software development ecosystem from a tool-based approach to a decision-making one [6][10]. Summary by Sections Industry Overview - The AI coding industry is witnessing a paradigm shift from tools to decision-making agents, enhancing productivity and reducing marginal costs of code generation [6][10]. Market Trends - The AI coding market is projected to grow significantly, with a forecasted market size of over $29.5 billion by 2032. The current penetration rate in the U.S. is 91%, while China's is at 30%, indicating room for growth [6][10]. Technological Advancements - The report outlines the development stages of Anthropic's Claude model, highlighting its progression from basic coding capabilities to advanced reasoning and project analysis, culminating in the Claude 3.5 and Claude 4 models that support entire development cycles [10]. Product Launches - Anthropic's recent product, Cowork, designed for non-programmers, showcases the maturity of AI coding capabilities, with its underlying code generated by Claude Code in just 10 days [4][10]. Recommendations - The report suggests focusing on companies involved in AI coding technologies, given the rapid advancements and market potential [6][10].