The construction industry is highly dynamic, and numerous factors, such as overall economy, budgets, and global economic scenario, are influencing the market’s growth. Volatility in these aspects affects the businesses of construction equipment OEMs, as well as construction rental equipment. This, in turn, is leading to price fluctuations of new, used, and rental equipment. The ASEAN region holds significant oppor tunities for the growth in demand for construction machinery. With the prospects of large infrastructure projects and shifting labor dynamics, the construction equipment rental market is expected to witness growth post-2020 during the forecast period. With a sudden outbreak of COVID-19 pandemic across the world, many economic sectors, including the construction industry, have been under lockdown for a few weeks/months in the first quarter of 2020. In the ASEAN countries, the construction sector is expected to grow at a rate of more than 6% post-2020. It is estimated that over the next five years, the combined value of all the megaprojects in the ASEAN region is expected to be valued at USD 2.9 trillion. Of this value, about USD 1.5 trillion is invested in the planning/pre-planning phase.

尽管 Q1 受疫情影响较大，但受益于逆周期调控政策，Q2 建材需求恢复较为强势，从而使得多数建材行业及公司2020H1 收入同比仍保持稳定或增长，而部分行业同时受益于原材料成本下行，利润提升幅度更大。分板块而言，2020H1，B 端品牌建材（特别是早周期建材）增速普遍较高，C 端Q2 仍承压。此外，各细分板块龙头企业也在逆周期调控中表现出优异的韧性，中报业绩普遍略超市场预期。

9 月4 日，住建部、教育部、科学技术部等九部门联合发布《关于加快新型建筑工业化发展的若干意见》, 文件主要内容包括：1）加强系统化集成设计；2）优化构件和部品部件生产；3）推广精益化施工；4）加快信息技术融合发展；5）创新组织管理模式；6）强化科技支撑；7）加快专业人才培育；8）开展新型建筑工业化项目评价；9）加大政策扶持力度。

建材行业2020 年中报公布完毕，包括防水、涂料、瓷砖等泛B 端建材上半年在原料价格下滑和行业集中驱动下业绩增速亮眼。玻璃行业上半年受疫情冲击影响较大。水泥和玻纤行业业绩保持稳健，后续业绩复苏可期。新材料中，抗震材料表现亮眼。

投资建议：装配式推广有望加强央企竞争优势，加速提升行业集中度。下半年基建投资有望继续上行，当前建筑蓝筹估值处于历史底部区域，有望迎来估值修复。重点推荐装配式领军企业中国建筑及旗下中国建筑国际、中国中铁旗下装配式平台中铁装配、长三角建工龙头上海建工、钢结构技术领先的中国中冶，其他关注中国中铁、中国铁建、中国交建等。

2020 年上半年我们重点覆盖建材行业上市公司合计实现营业收入2730 亿元，同比下滑1%；实现归母净利润合计330 亿元，同比下滑4%；行业毛利率为29.19%，同比降低1.3 个百分点；净利率为12.10%，同比降低0.4 个百分点。各项指标均出现小幅下滑，同疫情影响有关。