2017 年 8 月，因多地受暴雨台风等极端天气影响，建筑业景气度高位回落，建筑业商务活动指数为 58.0%，建筑业新订单指数为 54.5%。2017 年 1～ 8 月，对外承包工程完成营业额 885亿美元，同比下降 1.6%，新签合同额 1495.7 亿美元，同比增长 12.7%。对外承包工程大额项目占八成，带动出口作用明显。成本方面，受钢铁、有色金融价格超预期上涨影响，带动建筑业原材料成本上升，8 月建筑材料工业生产者购进价格指数为 107.6。2017 年 1～ 8 月，建筑业投资降幅重新扩大，同比增长-25.1%。

过去 15 年内，我国城镇居民人均可支配收入 CAGR 达 10.78%，人均消费性支出 CAGR 达 9.73%。消费与支出水平的同步提升驱动以个性化、定制化、智能化、绿色健康等为代表的消费升级；2）1999-2015 年，我国房屋住宅平均销售价格 CAGR 达 8.12%，过去 10 年，我国 90 平方米以下住宅占整体房地产住宅开发投资完成额比例由 15.94%提升至 30.99%，2016 年上海、深圳 90 平米以下住宅成交套数所占份额分别达 49.1%、70.5%，高房价推动小户型占比提升，驱动空间利用率最大化需求；3）在消费升级与优化空间利用的驱动下，我国定制家具行业有望持续较高速增长。

The global PPE market in the construction industry is expected to be driven by the increasing demand for fall protection by many construction companies. Rising awareness due to increasing on-site training and demonstration is also a factor that is driving the market growth. However, provision of comfortable and women-specific PPE is a challenge in the market. This also creates an opportunity for vendors to offer PPE of proper fitting size for women workers at a construction site. Advances in head protection such as patented suspension and adjustable straps can contribute to the PPE market in the construction industry during the forecast period. Technavio forecasts the global PPE market in the construction industry to grow at a CAGR of 7.80% during the 2015-2020 period.

A diesel engine is an internal combustion engine (ICE) in which air is compressed inside the cylinder to ignite the fuel. Two main types of diesel engines are available in the market. They are two-stroke and four-stroke engines.

Cement additives are used to improve various properties of cement such as chemical resistance, strength, color, water reduction, waterproofing, and others.These additives are used in both residential and non-residential building andconstruction applications The global cement additives market is segmented based on end-user segment(residential and non-residential), product type (chemicals, minerals, and fibers), and geography (Asia-Pacific — APAC), North America, Europe, and rest of the world —ROW).The global cement additives market, while constituting a small portion of global industry output, has been growing at a promising rate.Sustainability has become an important consideration in urban areas. With the increase in the disposable income of individuals in developing countries such as India,China, and others we expect the increase in the demand for affordable, energyefficient housing, and effective transport systems, thereby fostering the market growth.Developing economies tend to have more subdued residential and infrastructure sectors. Therefore, the world’s largest cement producers such as CEMEX,LafargeHolcim, and others are confronting declining growth rates in their home markets and are forced to seek opportunities in emerging countries such as India,Malaysia, Brazil, Russia, South Africa, and others.

经济稳健/利率上行/政策打压三大担忧有望消除，PPP 推进超市场预期，央企优势明显，将持续收益；一带一路/国改对央企利好亦被市场低估，H2 业绩确定性较强。 

近期房地产调控继续升级，多地出台调控“限售”新政；此外，多地表态要严查消费贷等违规资金进入房地产市场，可以预见房地产销售将受到明显影响，地产投资增速下行是大概率事件，基建加码预期继续升温，PPP 或将再次受益。同时，从宏观、政策、资金、公司等层面来看，我们认为 PPP 个股估值低，业绩增长快，配置空间较大。

在我国建筑行业产能过剩、供给侧改革持续深化、行业结构逐步从 “量”向“质”转变的大背景下，建筑设计的费用虽仅占项目总投资额的1%左右，但对项目顺利实施的影响因子高达 70%。设计品质的优劣，直接影响“建筑产品”的核心竞争力。优秀的设计能力，将显著提升建筑企业的竞标能力、产业链议价能力以及获取更多的行业资源。