Thailand’s real estate and construction sector accounted for 8.8% of the country’s GDP in 2017. The real estate sector alone reported GVA of THB 964bn, while the construction sector posted GVA of 399bn in 2017. Real estate and construction together employed 2.36mn persons in 2017, and accounted for 6.3% of total employment in Thailand in that year. Infrastructure construction in particular hinges on public spending and is susceptible to associated risks such as project delays or budget cuts. Property construction is dominated by the housing segment, which in turn is mostly driven by condominium construction, catering to Thailand’s urbanising middle class. The high household debt of Thais is a major challenge for prospective home buyers. That excluded, the sector generally expects bright prospects for the future, reflecting Thailand’s strengthening position as a regional investment hub.

2005 年以来，随着我国基建建设持续升温，尤其是城市轨道、水利工程、过江隧道、穿山隧道等大量工程的开工，使得隧道掘进机市场需求剧增。据不完全统计，2012-2016 年，我国TBM 的生产量逐年上涨，销售额从2012年的70.4 亿元，增加到2016 年的169.4 亿元，CAGR 为24.55%。随着“十三五”基建规划的不断落地实施，隧道掘进机市场将延续高景气。

8 家建筑央企除中国建筑为房建企业、中国化学为化建企业外，其他6 家央企均以基建为主营业务，房建行业下游客户多是大地产商。整体而言，建筑央企相对于下游议价能力稍弱，但是对于上游原材料商具备较强的议价能力。

随着当前紧信用环境改善从政策传导到实体，社融数据回暖，地方专项债发行为基建融资，基建资金面明显改善。从项目上来看，以川藏铁路为代表的一批重大项目快速推进，各地方也相继推出一批重点项目，基建投资从政策逐步落实到项目。综合资金面和项目来看，基建增速反弹预期更加清晰。重点推荐四川路桥、中国铁建、岭南股份、东珠生态和中国化学，另外建议重点关注其他基建央企以及设计公司（苏交科、中设集团等）。