中信证券：AI驱动商业化加速，2025年智驾拐点正在到来

Core Viewpoint - The report from CITIC Securities indicates that smart vehicles, as a significant application of AI, are expected to demonstrate "non-linear" growth in penetration rates and user experience improvements [1] Penetration Rate - BYD's entry into the market is projected to be the largest variable in the domestic intelligent driving industry by 2025, potentially increasing the sales base of L2+ level vehicles from 1 million to 10 million units [1] - The penetration rate of L2+ vehicles is expected to rise from 14% to 30%, achieving more than double growth [1] User Experience - AI is facilitating a shift in intelligent driving experience from "usable" to "user-friendly," leading to an increase in users' willingness to pay [1] - The turning point for intelligent driving is approaching in 2025, with high-level intelligent driving models expected to create investment opportunities for automakers, domain controller modules, and component manufacturers [1]