Vietnam's construction industry will grow by 7.4% in real terms in 2018, 7.2% in 2019 and at an annual average of 7.0% between 2018 and 2027. Despite concerns that rising external debt could dampen infrastructure investment flows, activity in the sector remains strong - real construction growth in 2017 came in at 8.7%. Private and foreign investors are increasingly targeting Vietnam as a destination for commercial and industrial real estate projects, which will help support buildings growth over the coming years. This is being driven by the country's low costs, relatively stable political and economic environment, and strong economic growth. Urbanisation and industrialisation trends in Vietnam will be one of the biggest drivers of construction and infrastructure demand over the next decade. The number of people living in urban areas has ballooned from 19mn in 2000 to 31mn in 2015, according to the World Bank, and by 2040, half of Vietnam is projected to be in cities.

Thailand's construction industry will grow by 2.1% in real terms in 2018, 5.0% in 2019 and at an annual average of 4.3% between 2018 and 2027. Though Thailand continues to have a positive growth outlook for its construction industry, this is considerably slower than growth in the construction sectors of less-developed emerging markets in South East Asia. The military government continues to pursue infrastructure development, partly as a way to stimulate overall economic growth. Positive progress has been made through the first half of 2018, with large-scale rail and airport projects receiving approvals and official support. We have previously highlighted that the military's continued involvement in government, regardless of the results of upcoming elections, will be positive for infrastructure development continuity.

Kazakhstan's transport segment will outperform the country's broader construction sector over the next five years, largely on the back of an influx of Chinese capital aiming to boost the country's logistics capacity. Conversely, the country's energy and utilities sector will grow at a more modest pace owing to a lack of big ticket projects moving through the construction pipeline

Years of political isolation and significant barriers to entry for foreign players have resulted in Myanmar's undeveloped competitive landscape, and we believe changes are on the way. We expect the construction sector to grow at a strong rate as there is substantial infrastructure deficit in the country, while financing for these projects improves. This offers significant opportunities for foreign construction companies as significant reforms started in 2011.

中国银保监会办公厅发布《关于进一步做好信贷工作提升服务实体经济质效的通知》（银保监办发[2018]76 号文）；国家统计局发布7 月固定资产投资、房地产开发投资及销售、规模以上工业增加值等数据。

伴随着消费升级，互联网家装价格也呈上升趋势，基本每年或每两年调整一次价格。互联网家装公司的部分主辅材采购采用OEM 模式，与品牌建立长期合作的关系，从而大大降低材料成本，利润空间更大。互联网家装使用标准化的样板间，并且强调“所见即所得”，虽然降低了客户的可选择性，但是大大降低了设计成本和费用。部分互联网家装公司在对员工进行考核时，更注重员工的接单量，而金螳螂家装是根据产值进行考核，更加接近传统家装考核模式，收费更灵活。互联网家装公司在施工团队上也对工人考核较严格，并且签署长期合作协议，在一定程度上提高施工质量和效率。

一周行情复盘：建筑装饰指数下跌5.08%，跌幅较小子版块为国际工程-1.8%/其他基建-2.8%/园林工程-2.9%，跌幅较大子版块为路桥施工-7.4%/房屋建设-7.1%/水利工程-7.0%。

受7-8 月份高温、降雨等气候季节因素影响，水泥价格季节性小幅回调，但仍处于历史同期高位水平；7 月份至今，玻璃价格逐步趋稳并小幅向上，库存持续减少。目前行业运行平稳，传统销售旺季即将来临，我们预计产品价格有望回升。