Vacuum insulation panels (VIPs) are high-performing, ultra-thin insulants. They enhance energy efficiency and space benefits for home appliances, refrigerated transportation systems, temperature-controlled packaging, and other applications.The global VIPs market is segmented based on core materials into silica, fiberglass,and others (powder based, recycled material, polyurethanes, and other polymers);by end-user into construction, logistics (transportation and packaging), cooling and freezing devices, and others (other end-users include appliances, industrial and automotive applications); and by region into APAC, North America, Europe, and ROW.

Thermal spraying is a process of coating melted metallic or non-metallic materials on the surface. Materials are melted into a rod, wire, or powder form. They usually form a thick coating over the applied materials.

Vitrified tiles are a type of ceramic tiles with low porosity. They are frequently used as an alternative to marble and granite flooring. This type of tiles is well known for its water and frost resistance. Vitrified tiles are made by hydraulic pressing amixture of ball clay, quartz, feldspar, and silica, which makes the vitreous surface.In this report, Technavio covers the present scenario and growth prospects of the global vitrified tiles market during 2017-2021. The report presents the vendor landscape and a corresponding detailed analysis of the key five vendors in the market as well as a list of the other prominent vendors. In addition, the report discusses the major drivers influencing market growth and the challenges faced by vendors and the overall market. It also examines key emerging trends and their influence on the current and future market scenarios.

1-7 月固定资产投资增速 8.3%，增速回落 0.3 个百分点；基建投资（不含电力）增速 20.9%，虽小幅回落 0.2 个百分点但继续保持高速增长态势。其中，水利管理业投资增速 16.9%，增速回落 0.6 个百分点；公共设施管理业投资增速24.9%，增速回落 0.5 个百分点；道路运输业投资增速 24%，增速提高0.8 个百分点；铁路运输业投资增速 3.3%，增速提高 1.4 个百分点。 

本周我们继续推荐 PPP、央企，关注雄安及国企机会。对于 PPP，近期的一个边际变化是银行自查基本结束，迎来整改期，资金面有望迎来行业层面的边际改善，此外，进入三四季度，PPP 公司业绩和订单预计均将进入加速释放期。

申万建筑组历史上一直关注对国际比较的研究，之前已有较多相关研究报告。站在当前时点，国内建筑行业到了集中度提升的阶段，哪些公司有望在未来获取超过行业的增速，是我们特别关心的问题，所以我们在考察了众多国际建筑企业的基础上，选择了一批国外建筑龙头企业作为研究对象，以他们的发展为切入口，剖析其发展历程、财务变化和成功经验，希望能从这些企业身上，找出成功的路径，从而判断未来哪些国内建筑企业有希望成长为行业龙头。以及通过和国际建筑企业估值的比较，完善我们估值体系的框架。

目前，EPC 项目的会计处理适用《企业会计准则第 15 号----建造合同》，在建造合同的结果能够可靠估计的前提下，按照完工百分比法在资产负债表日确认合同收入和合同费用。

建筑工业化是新常态下的必然选择，全面推动产业链协同工作：1）建筑工业化是以构件预制化、施工机械化为技术手段，设计标准化为特征的建筑生产方式，可以节省材料、减少污染、缩短工期；2）发达国家经过三个阶段的发展基本已到达成熟阶段，政府起主导作用且工业化程度很高，这一阶段环保意识提高，新型工业化建筑向绿色环保建筑发展；3）建筑工业化是新常态下的必然选择，我国建筑工业化仍处初级阶段，建筑工业化发展是必然趋势。

发改委发布下半年工作重点，包括多管齐下加大 PPP 项目推动力度，促进民间资本参与 PPP 项目等；7 月宏观经济数据回落，工业增加值、固定资产投资、房地产开发投资、社会零售等增速均有所回落；保监会副主席表示保险资金直接投资民生工程累计金额超过 4 万亿元。 

建设投资占轨交投资比重在 61%左右，其中土建施工占比达 39%。轨交施工领域呈现明显寡头态势，两铁合计市占率超 80%，地方国企中，华东龙头隧道股份有望受益区域内轨交投资高增长。A 股设计咨询公司中仅中设集团和苏交科有能力参与铁路轨交规划设计，具备标的稀缺性。