短期需求正常的恢复节奏，全年需求不悲观。从调研的 7 家企业反映的情况看，需求属于正常恢复中，节奏较以往正常年份基本一致；对于全年需求的判断，企业普遍反映不悲观。

2017 年 1-2 月我国水泥行业产量 2.4 亿吨，同比下降 0.4%，增速较 2016年同期上升 7.9 个百分点，环比 2016 年 1-12 月回落 2.1 个百分点。2017 年 1-2月我国平板玻璃产量 1.3 亿重量箱，同比增长 5.7%，增速较 2016 年同期上升7.6 个百分点，环比 2016 年 1-12 月回落 0.1 个百分点。整体看建材行业下游需求仍较疲弱，水泥及玻璃产量增速较低，基建投资拉动与房地产投资回升是需求基本持平或同比增长主因。

目前水泥提价进行时，考虑区域涨价空间及股价弹性，A 股推荐华新水泥、万年青、冀东水泥及龙头海螺 A；H股推荐金隅 H、海螺 H 及中国建材；钢铁方面，短期随着两会召开限产以及地条钢出清持续发酵，供给需求均具有较多催化；中期来看，我们看好上半年钢企吨毛利扩张带来的估值修复，其中长材占比较高的公司将享受到更大幅度盈利改善。推荐马钢 A/H，建议关注河钢、方大特钢、三钢闽光、太钢不锈及新钢。

我们维持水泥行业“增持”评级，重申推荐水泥板块性机会，水泥股的投资逻辑的演绎，正沿着我们预判的供给逻辑——需求逻辑——涨价逻辑的链条，2 月下旬的倒春寒，不改 3 月春暖花开，随着下游市场需求不断恢复，水泥开启上半年涨价模式。

The global antibacterial glass market is forecast to grow at a CAGR of 6.75% during 2016-2020. This growth is attributed to the increase in the application of antibacterial glass in various end-user industries, such as hospital, food and beverage, military equipment, household, construction, and electronics.The global antibacterial glass market using silver as a material type had the largest market share in 2015, accounting for 90.76% of the overall market, and is expected to grow at a CAGR of 6.87% during the forecast period. It is the fastest growing antibacterial glass market by material type. The dominance of silver type antibacterial glass is mainly due to its exceptional antibacterial properties, which have applications in various end-user segments. Among the various end-users of antibacterial glass, hospitals accounted for 42.33% of the global market share in 2015. It is expected to grow at a CAGR of 7.04%, which is the fastest among all the end-user segments. The essentiality of sterile and hygienic conditions in the hospital premises has resulted in the high market share of this segment.  In the global antibacterial glass market by geography, Europe had the leading market share of 48.41% in 2015. This region will also have the highest CAGR of 7.09% during the forecast period. The main reason for Europe's dominance is the high awareness of European consumers regarding health and the presence of many key vendors of antibacterial glass in Europe.

The global bulletproof glass has a positive outlook because of the growing demand from the financial service sector in Asia-Pacific (APAC). Emerging economies like China will help drive the demand for bulletproof glass in APAC, which contributed about 25.04% of the global market revenue.The market is witnessing increased expenditure by vendors on their R&D activities.Rapidly changing technology and consumer preferences are forcing vendors to deliver innovative bulletproof glass to survive in the market. The market is witnessing many innovative applications and solutions such as the development of transparent metallic clay, called spinel. The market is expected to witness the development of innovative bulletproof security glass during the forecast period.In this report, Technavio covers the present scenario and growth prospects of the global bulletproof glass market for 2016-2020. To arrive at the market size, the study considers the revenue generated from the sales of bulletproof security glass widely used worldwide in various end-user applications.

In this market research report, Technavio covers the present scenario and growth prospects of the global automotive paints and coatings market for 2017-2021. The report also presents the vendor landscape and corresponding detailed profiles of the five key vendors operating in the market. The base year is taken to be 2016 for the whole report and forecasts are made with respect to the base year.

The global market for ceramic coating is growing at a considerable rate. This healthy growth rate is attributed to the increase in the use of ceramic-coated metals in automotive parts, aerospace and defense components, power generation equipment, medical equipment, and other industrial equipment. In 2015, the automotive end-user industry accounted for the highest segment followed by the aerospace and defense industry.Ceramic coatings are mainly based on compositions of oxides, carbides, and nitrides. In 2015, the oxide-based ceramic coatings segment dominated the global ceramic coatings market with over 58% market share and is expected to grow at a CAGR of over 8% during the forecast period. Zirconium oxide is used in molten metals for thermal barrier coating. Aluminum oxide is used for nonconductivity and wear and corrosion resistance. Titanium dioxide is used for wear resistance caused by abrasive grains and hard surfaces.In this report, Technavio covers the present scenario and growth prospects of the global ceramic coatings market for 2016-2020.

Composite materials are made of two or more materials with distinct physical and chemical properties, which when combined form a material that has characteristic properties different from the individual materials. GFRP composites are fiber-reinforced polymers that are made of plastic and reinforced with glass fibers (GFs) in a continuous stranded manner. The plastic used for producing GFRP composites may be a thermoplastic or a thermoset plastic (mostly epoxy, polyester, or vinyl ester).

Windows in aircraft passenger cabins are smaller in size to maximize the areas of the hull between them and to increase the mechanical strength of the airframe. From a technical point of view, an aircraft fuselage would be much stronger if it could completely remove cut-outs for windows and windshields. In the 1970s, there were incidents in several De Havilland Comets (UK-built commercial jet aircraft), where large windows caused issues with integrating the windows to the aircraft. Furthermore, commercial jet airliners are pressurized, which creates a strain on the hull. There are also chances of metal fatigue in the areas between windows which, in extreme cases, can lead to failure of the metal. Due to this, cargo aircraft fuselage designs are mostly windowless.

尽管我们对中国水泥的长期供求结构关系依然谨慎，但对于 2017 年的水泥基本面我们的看法是积极的。我们相信水泥的需求增长将在 2%，而新供给同比增速将在 1.3%左右，所以水泥的毛利将会有一个周期性的复苏。我们自下而上的分析得出 2017 年全国将增加新产线 17 条，对比 2016 年的 19 条和 2015 年的 22 条。