Dongwu Securities: In AI programming, the focus is on platform-level workbenches in the mid-term and long-term layout of the industry ecology.

Dongwu Securities released a research report stating that in the short term, attention should be focused on "killing apps" that can solve specific pain points and provide an ultimate product experience. In the medium term, as the market consolidates, simple tools will face growth bottlenecks. Looking at the long term, when general AI programming capabilities become commercialized, the highest value will be reflected in specific industry applications. The investment focus at that time should shift to: 1) vertical domain champions who deeply integrate AI programming with industry knowledge; 2) suppliers providing enterprise-level services to the open source ecosystem; 3) "shovel sellers" in the industrial chain upstream, namely top AI chip companies and large model manufacturers.