进入7 月份以来，受高温和强降雨天气影响，建筑业生产经营活动有所放缓，本月商务活动指数为59.5%，建筑业景气度高位回落。

India is the second-largest producer and consumer of cement in the world after China, with 451mn tonnes per year (tpa) of cement production capacity as of March 31, 2018. India’s cement production is mostly dependent on residential and infrastructure construction, both of which are the subject of much investor interest. The industry is structured in unevenly distributed clusters, located close to raw material deposits of limestone and fly ash. Many cement manufacturers operate their own wind farms or thermal generation capacity units to insulate themselves from possible energy supply failure. Over the years, most thermal coal supply has shifted to the electricity generation sector, making cement manufacturers resort to petcoke. The latter, in turn, is known for its high carbon footprint and its use has, on multiple occasions, been subject to severe restriction by the authorities.

Construction is the sixth-largest economic sector in Colombia, accounting for 6.8% of the country’s GDP, 3% of total FDI inflow and 6.3% of formal employment in 2017. Over the 2012-2016 period, the construction sector emerged as one of the main driving forces of the Colombian economy, expanding its GVA at a strong CAGR of 5.4%, favoured by high government spending on transport infrastructure, the launch of social housing programmes and robust demand for modern office and logistics buildings. Nevertheless, in 2017, the sector entered into a correction, due to the overall economic slowdown, a decrease in the purchasing power of households and high borrowing costs. However, construction activity is set to pick up in 2018 in line with the acceleration of the economy, an enhanced regulatory framework, and renewed interest of investors towards large infrastructure projects in the country implemented under the 4G programme.

India’s infrastructure sector grew exponentially between FY2013 and FY2017, primarily due to the government’s focus on sector development. The infrastructure sector struggles with complex regulations that the government has recently tried to ease while engaging private companies in PPP projects, perceived as less capital-intensive compared to projects carried out by single players. According to theGlobal Competitiveness Report 2017-2018 published by WEF, India has moved up by 40 positions from 2012 to its current ranking of 46 in 2018 in infrastructure quality. Strong pipeline projects in the infrastructure sector, significant investment from international companies, and the large size of the Indian market provide a strong base for sector growth.

Real estate is the leading application for global civil engineering market. The rapid increasing global population is expected to be expected to generate huge demand for residential construction. Moreover, increasing disposable income in emerging economies such as India and China are expected to further drive the real estate segment.

The Indian real estate industry, which currently accounts for 5.2% of the Asia-Pacific real estate market and 5-6% of India’s GDP, has a huge multiplier effect on the economy, and is poised to account for around 13% of GDP by 2028. It is the second-largest employer (after agriculture) and is expected to grow by 30% over the next decade. In terms of inward FDI, construction is the fourth-largest sector and is projected to receive USD 25bn by FY2022. Due to the short-term disruptive effects of changes in real estate laws and other policy changes, the real estate industry witnessed a considerable slowdown in 2017. However, in 2018, this industry is experiencing a gradual recovery, which is expected to gain traction in the second half of the calendar year, as the Indian economy continues to expand – driven by the strong performance of the manufacturing and services sectors.

Foreign financing, especially from Chinese sources, will remain an important contributor of growth in Cambodia's construction industry. Foreign participation will be facilitated by Cambodia's growing investment appeal as a manufacturing hub and by the limited industrial capacities of local companies. Cambodia's infrastructure sector presents few positives in terms of attracting investment. As a market in its infancy, Cambodia is beleaguered by an opaque and infantile operating environment; however this also means that it is filled with development needs and growth opportunities.

在补短板的政策指导下，西部基建和具有重要价值的重大工程稳步推进，工程审批简化，资金面改善政策逐步传导，根据目前披露的情况来看，专项债已发行 6094 亿元，已发行量占本年度预算 45.1%，我们认为在政策难以跟踪与把握的情况下，资金面的情况将作为提前的信号验证本轮基建反弹。此外，建筑行业作为劳动密集型行业，社保政策的变化将造成一定影响，国常会要求抓紧研究适当降低社保费率，确保总体不增加企业负担，将修复市场情绪。 重点推荐四川路桥、岭南股份、东珠生态和中国化学等。

2018H1 八大建筑央企营业收入与归母净利润分别占板块的 81.5%/75.9%，是建筑行业的龙头支柱。营业收入方面，8 家建筑央企中除了葛洲坝因 PPP 新政、融资监管等复杂环境因素影响导致营收同比增速有所下滑之外，其他 7 家建筑央企 18H1 营业收入均实现稳定增长。