（文章来源：每日经济新闻） 广发证券指出，AI+编程商业前景广阔，产业推进迅速。当前以Cursor、GitHub Copilot为代表的AI辅助 编程工具已体现出较好的商业化落地效果，相关产品营收快速增长。AI大模型赋能代码编程和软件开 发场景的环节正逐步拓展，从编码开发向需求分析、架构设计等环节延伸，显著抬升编程效率。在国产 化趋势下，以DeepSeek为代表的国产AI大模型持续提升代码生成能力，驱动SnapDevelop、EasyDevelop 等国产AI辅助编程工具商业化落地呈现出较好前景。国产工具调用主流国产大模型比例较高，且具有 性价比优势。 计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数聚焦于计算机行业，从沪深市场中选 取涉及软件开发、IT服务、硬件制造等业务的上市公司证券作为指数样本，以反映计算机相关上市公司 证券的整体表现。 AI+编程商业前景广阔，2月3日，计算机ETF（512720）收涨近2.5%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve significant growth in net profit, with a forecasted net profit of 83 million yuan for 2025, representing a year-on-year increase of 153.1%. The net profit for 2026 and 2027 is projected to be 158 million yuan and 297 million yuan, respectively [4][7] - The company has a strong positioning in the AI programming sector, with the launch of two AI programming products, SnapDevelop and EazyDevelop, which are expected to enhance development efficiency and attract a wide user base [5] Financial Summary - The company’s revenue is projected to grow from 418 million yuan in 2025 to 785 million yuan in 2027, with year-on-year growth rates of 29.4%, 35.8%, and 38.1% respectively [7] - The gross profit margin is expected to improve from 48.8% in 2025 to 58.0% in 2027, indicating enhanced profitability [10] - The earnings per share (EPS) is forecasted to increase from 0.69 yuan in 2025 to 2.45 yuan in 2027, reflecting strong earnings growth [7][10]

Group 1: Large Model + Code Intelligence Core - iFlyCode by iFLYTEK is the first domestic intelligent programming tool with voice interaction features, supporting code generation, explanation, bug correction, unit test generation, and intelligent Q&A across major programming languages [1][18] - StarRing Technology focuses on AI code generation for big data development, achieving over 90% accuracy in code generation and serving over 200 paying enterprise clients by 2025 [1][19] - Tuya Technology integrates NLP capabilities with AI programming solutions for government and financial sectors, enhancing system development efficiency and reducing maintenance costs [2][20] Group 2: IDE + AI Programming Tools Core - ZTE Information has developed SnapDevelop, an AI-assisted programming tool that increases software development efficiency by 2-3 times and supports multiple programming languages [3][22] - Wanjing Technology targets lightweight development scenarios with AI programming tools, significantly lowering the development barrier for small and medium enterprises [4][23] - CaiXun Co. provides AI programming solutions tailored for the financial sector, enhancing software development efficiency and compliance risk management [5][24] Group 3: Low-Code + AI Programming Integration - Puyuan Information integrates AI programming capabilities into its low-code development platform, improving enterprise application development efficiency by over 40% [7][24] - Jinxianda focuses on the electric power industry, utilizing a proprietary model to enhance development efficiency and customer advantages in AI programming and low-code applications [8][26] - Zhiyuan Interconnect's low-code platform has served over 10,000 enterprise clients, reducing development cycles by over 50% through AI programming capabilities [9][27] Group 4: Industry Solutions + AI Programming - Hengsheng Electronics has developed a low-code platform that integrates AI programming for the financial sector, improving development efficiency by over 60% [11][28] - Saiyi Information focuses on the manufacturing sector, providing AI programming tools that enhance software development efficiency by over 50% [12][29] - Keda Guochuang integrates AI programming into its software development for the electric power and government sectors, reducing development costs by approximately 30% [13][30] Group 5: Enterprise-Level AI Programming Solutions - New Jue Network combines AI programming with intelligent operation and maintenance services, achieving a customer repurchase rate of 83% in 2024 [15][31] - Yonyou Network integrates AI programming into its ERP systems, enhancing development efficiency by over 50% for various enterprise scenarios [16][32]

[Table_Page] 投资策略|点评报告 2026 年 1 月 27 日 证券研究报告 [Table_Title] 晨会精选 ——观点全追踪（1 月第 6 期） [Table_Summary] 报告摘要： | [分析师： Table_Author]郑恺 | | | --- | --- | | SAC 执证号：S0260515090004 | | | SFC CE No. BUU989 | | | 021-38003559 | | | zhengkai@gf.com.cn | | | 分析师： | 张力月 | | SAC 执证号：S0260524040004 | | | 021-38003727 | | | zhangliyue@gf.com.cn | | | 请注意，张力月并非香港证券及期货事务监察委员会的注 | | [联系人： Table_Contacts] 戴亚敏 daiyamin@gf.com.cn 联系人： 毕露露 bilulu@gf.com.cn 识别风险，发现价值 请务必阅读末页的免责声明 1 / 3 册持牌人，不可在香港从事受监管活动。 ⚫ 计算机：国产 AI 大模型性能的提升有望推动 AI ...

广发证券主要观点如下： AI+编程前景广阔，商业化进展迅速 智通财经APP获悉，广发证券发布研报称，AI+编程前景广阔，商业化进展迅速，代码编程利好驱动， DeepSeek 预计将发布强大编程能力的V4 版本（信息来源：The Information），将进一步刺激市场想象 空间，建议关注卓易信息(688258.SH)。 与海外AI 辅助编程工具相比，国产AI 代码辅助工具产品具有以下两个特点：（1）调用国产AI 大模型 的比例较高；（2）性价比更高：尽管国产AI辅助编程工具在功能性上与Cursor 等海外产品有一定差 距，但其使用价格相对更低。后续，若DeepSeek V4 在模型能力提升、算力成本下降方面有较好的进 展，有望加速包括AI 辅助编程工具在内的AI 大模型相关应用商业化落地的节奏。 以卓易信息为例，布局AI+IDE，发力AI 编程 卓易信息旗下艾普阳在IDE 领域拥有多年的技术积累和产品打磨经验，其凭借低代码、智能化的特点， SnapDevelop 让复杂项目快速成型，使开发效率提升至传统方法的2-3 倍，助力企业高效构建现代化应 用。 风险提示：AI 大模型竞争加剧，生态体系存在不确定性；下 ...

[Table_Page] 投资策略|点评报告 2026 年 1 月 27 日 证券研究报告 [Table_Title] 晨会精选 ——观点全追踪（1 月第 6 期） [Table_Summary] 报告摘要： | [分析师： Table_Author]郑恺 | | --- | | SAC 执证号：S0260515090004 | | SFC CE No. BUU989 | | 021-38003559 | | zhengkai@gf.com.cn | | 分析师： 张力月 | | SAC 执证号：S0260524040004 | | 021-38003727 | | zhangliyue@gf.com.cn | | 请注意，张力月并非香港证券及期货事务监察委员会的注 | [联系人： Table_Contacts] 戴亚敏 daiyamin@gf.com.cn 联系人： 毕露露 bilulu@gf.com.cn 972918116公共联系人2026-01-27 09:07:40 识别风险，发现价值 请务必阅读末页的免责声明 1 / 3 册持牌人，不可在香港从事受监管活动。 ⚫ 计算机：国产 AI 大模型性能的提 ...

Investment Rating - The report maintains an "Buy" rating for the computer industry [2] Core Insights - The commercialization of AI programming is accelerating, with significant efficiency improvements in software development driven by AI models like Claude and IDE tools like Cursor [6][11] - Domestic AI programming tools are gaining traction, with companies like DeepSeek and卓易信息 showing promising commercial outcomes [6][11] - The competitive landscape is shifting, with domestic AI models increasingly utilized in local programming tools, offering better cost-performance ratios compared to foreign counterparts [6][25] Summary by Sections AI + Programming Commercial Prospects - AI significantly enhances programming efficiency, potentially lowering the migration barriers for CUDA ecosystems [11] - The integration of AI models into various stages of software development is expanding, with notable improvements in code generation accuracy and flexibility [12][18] Acceleration of AI Programming Industrialization - Domestic players are rapidly advancing in the AI + programming sector, with tools like Cursor and GitHub Copilot demonstrating effective commercial applications [32] - Cursor's approach focuses on holistic software development processes, enhancing overall business efficiency compared to traditional tools [32][33] Competitive Landscape and Market Dynamics - The market share of AI models in programming is dominated by Anthropic's Claude, which has a significant presence in tools like Cursor [39][41] - The revenue growth of companies like Cursor reflects the increasing adoption of AI-assisted programming tools among major enterprises [43][47] - Domestic AI models are expected to benefit from the market opportunities left by the withdrawal of foreign models, enhancing their commercial viability [53]

Group 1 - The report highlights a "spring excitement" market entering a phase of high volatility and structural differentiation, focusing on the dual main lines of metals and technology (AI applications and commercial aerospace) [2][12] - The non-ferrous metals industry is expected to benefit from both industrial trends and financial attributes in 2026, driven by Fed rate cut expectations and geopolitical tensions, particularly in rare earths and strategic metals [12][21] - The report notes a significant decline in the allocation of active equity funds to Hong Kong stocks, dropping to 15.9% in Q4 2025 from an average of 19.3% in the previous three quarters, indicating a weakening of overall pricing power [22][28] Group 2 - The AI application market is not finished but is expected to become more differentiated and focused, particularly on clear business models and rapid implementation in AI marketing, healthcare, and programming [33][34] - Major companies are accelerating their entry into the AI healthcare sector, which shows strong commercial potential due to its essential consumption characteristics and high payment willingness from both consumers and enterprises [36] - The report indicates that the global satellite launch and low-orbit constellation construction are accelerating, leading to an upward expectation for space photovoltaics, with potential for customized development in the materials sector [12][38]

Group 1: AI Programming Sector Performance - The AI programming sector in the A-share market experienced a significant surge, with stocks like Zhuoyi Information and Puyuan Information hitting their daily limits [1] - Elon Musk's announcement on X platform regarding the upcoming upgrade of xAI's Grok Code, which will support complex programming tasks, contributed to the sector's strong performance [1] - Zhuoyi Information's business aligns closely with the AI programming field, focusing on integrated development tools and advancing a dual strategy of "IDE+AI" and "AI+IDE" [1] Group 2: Zhuoyi Information's Product Launches - Zhuoyi Information plans to launch two AI programming products, SnapDevelop and EazyDevelop, in 2025, with EazyDevelop already generating orders since October 2025 [2] - SnapDevelop has 20,000 trial users and a subscription fee of 3,800 yuan per year, with potential discounts during the promotional period [2] - The company anticipates a significant increase in paid users for both products in 2026, with revenue targets set at no less than 145 million yuan in 2025 and 280 million yuan in 2026 [2] Group 3: Puyuan Information's Focus - Puyuan Information is concentrating on AI-enhanced low-code development platforms, integrating large model capabilities to improve developer efficiency and quality [3] - The company has not yet confirmed user numbers for its standard products, and revenue from related businesses will be monitored in future reports [3] Group 4: Industry Trends and Projections - The AI programming field has evolved from auxiliary tools to independent technologies capable of handling complex tasks, with notable performance metrics from various models [3] - Tencent's report indicates that over 90% of its engineers use AI programming assistants, with 50% of new code generated by AI [4] - The AI Coding industry is currently valued at $3 billion, projected to reach $23 billion by 2030, with a potential long-term market space of nearly $700 billion [4]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 卓易信息(688258.SH) 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] ➢ 低门槛开发，全面提升开发效率。SnapDevelop 致力于降低企业应用 开发门槛，通过可视化设计与 AI 辅助协同，帮助开发团队显著减少手 工编码工作量，缩短开发周期。1）相较于低代码平台来说，产品直接 生成用户可以维护的代码，用户可根据自己的实际情况对模块或者功能 进行扩展和修改。2）内嵌 AI 编程助手，目前支持 Deepseek、通义千 问、豆包等主流 AI 模型，可自动生成 50%-80%的代码，实现 3-5 倍的 效率提升。 ➢ 面向云原生应用开发，鸿蒙专项能力支持。与传统 IDE（微软的 VisualStudio、JetBrains 的 IntelliJIDEA 等）相比，SnapDevelop 在云 原生领域具有明显优势，主要支持.NET 平台的云原生开发，拥有专门 为云原生开发设计的开发组件和模板。同时 SnapDevel ...