A research report by China Securities reveals that AI Coding is revolutionizing software development through the utilization of large language models and retrieval-enhanced generation techniques. These advancements automate tasks such as code generation, completion, and debugging, thereby dramatically boosting development efficiency, cutting labor costs, and fostering the democratization of software creation. This shift allows non-technical individuals to participate in the development process. In international markets, AI Coding has emerged as a key driver for large model subscriptions, with GitHub Copilot amassing over 20 million users and Cursor achieving an annual recurring revenue (ARR) exceeding $500 million. In China, the market is experiencing initial success, thanks to supportive artificial intelligence policies, with leading vendors seeing subscriptions from both individual and corporate users. The AI Coding market is projected to expand rapidly, with an estimated market size of $27.17 billion by 2032, at a compound annual growth rate (CAGR) of 23.8%.