｜2026年1月21日星期三｜ 1月21日，中信建投研报称，铜价受供应扰动、需求增长及贸易流向变化推动大涨，后续走势存不确定 性。供应端，去年印尼、智利矿山事故致供应中断，智利铜矿罢工加剧短缺，南美铜矿产量占比下滑、 新项目审批滞后，加工费低迷使冶炼厂削减产能。需求端，新能源转型、AI基建带动铜消费，电动汽 车、数据中心对铜需求高于传统领域。贸易端，美国拟加征铜关税的预期，促使交易商向美出口铜，推 高其他地区供应紧张程度。后续美国关税政策、库存流向的实际变化节奏不明，"铝代铜"短期难替代， 再生铜供应增长的影响待观察，这些变量使走势存在不确定性。 NO.3华泰证券：2026年是全球L4级自动驾驶产业化关键一年 NO.1中信建投：看好固态电池板块春季行情 1月21日，华泰证券研报称，2026年1月13日，美国众议院审议《SELF DRIVE Act of2026》，拟将 FMVSS豁免上限从2500辆提升至9万辆并确立联邦优先权，两党罕见达成共识，近十年立法僵局有望打 破。与此同时，Waymo周订单已达45万次、Tesla Cybercab预计4月量产，美国Robotaxi商业化进入规模 扩张期。华泰证券认为， ...

Core Viewpoint - The U.S. House of Representatives is set to review the "SELF DRIVE Act of 2026" on January 13, 2026, which proposes to increase the FMVSS exemption limit from 2,500 vehicles to 90,000 and establish federal priority, indicating a rare bipartisan consensus that may break a decade-long legislative deadlock [1] Group 1: Legislative Developments - The proposed legislation aims to enhance the framework for autonomous driving, potentially accelerating the commercialization of Level 4 (L4) autonomous driving technology [1] - The bipartisan agreement in Congress is seen as a significant step towards resolving long-standing legislative issues in the autonomous vehicle sector [1] Group 2: Industry Trends - Waymo has reached a weekly order volume of 450,000, while Tesla's Cybercab is expected to begin mass production in April, marking a period of scale expansion for Robotaxi commercialization in the U.S. [1] - 2026 is identified as a critical year for the global L4 autonomous driving industry, with the clarification of the federal legislative framework in the U.S. and the rollout of Level 3 (L3) pilot programs in China [1] Group 3: Investment Recommendations - The report suggests focusing on key players within the autonomous driving industry chain, given the anticipated acceleration in commercialization and legislative support [1]