双节假期叠加雨水导致发货环比略降，库存保持低位运行，价格继续上涨。区域政策陆续出台，相关区域城镇化及基础设施建设或向好发展。需求继续强劲，库存低位运行，全国价格已进入上行通道；国内水泥市场已进入旺季，行业景气料持续至明年春节前。需求继续强劲，库存低位运行，全国价格已进入上行通道；国内水泥市场已进入旺季，行业景气料持续至明年春节前。全年看预计全国整体需求将保持韧性；在供给端仍有较强控制力下，预计全年价格仍将保持高位区间，销量小幅增长，行业整体盈利保持稳健。

国庆节后首个交易日（本周五），市场迎来普涨，前期回调较为明显的装配式产业链龙头表现亮眼，如鸿路钢构上涨8.35%、亚厦股份上涨6.74%、华阳国际上涨5.05%、精工钢构上涨4.42%。我们在此前装配式产业链标的普遍回调之际曾提到，决定企业合理价值的因素包括盈利水平、市场流动性所带来的风险偏好及未来的业绩预期增速（确定性）等因素，随着国内经济逐渐步入正轨，流动性边际宽松状态难以持续，风险偏好提升所带来的估值溢价正在消退，但从本轮表现较好的其他行业龙头来看，市场对于具备较高确定性的标的给予更高的估值溢价，而装配式产业链的β（景气度）和龙头企业的α（经营质量）正是奠定了其业绩的高确定性，从而助力相关标的估值迎来修复。

（1）年初以来股价涨幅巨大，中观行业7-8 月份三个利好政策、微观公司中报业绩和订单同比环比大幅改善等超预期利好因素，充分反映到短期股价中。（2）行业和公司层面处于信息真空期，宏观和市场因素暂时成为核心变量，一是宏观上经济复苏逐步明朗后，部分投资者预期宏观货币财政政策将逐步转向收紧或者难以进一步边际宽松；二是欧洲疫情二次爆发和中美技术摩擦压低了市场风险偏好，大盘承压回调，装配式强势股顺势技术性补跌。

上周建材行业跑输主要源自于市场对于地产融资趋紧的担忧，进而影响到地产产 业链上相关公司估值。近期南方雨水对水泥需求形成短暂扰动，不改水泥旺季提 价。龙头巨石已进行第二轮玻纤提价。

中国经济将逐渐形成以国内循环为主体，国内国际双循环相互促 进的发展新格局。在这新格局下，展望十四五，我们认为建材行业有 三个方面值得关注：（1）调结构。（2）新业态。（3）打造隐形冠军。

建筑装饰板块周跌幅-5.63%，跑输沪深 300 2.1 个百分点。上周沪深 300 环比下跌-3.53%；建筑装饰（申万） 板块整体下跌-5.63%，涨幅在 28 个行业中排第 24 名。子板块中， 其中园林工程、专业工程、房屋建设、基础建设、装修装饰子板块分 别变动-5.09%、-4.11%、-5.76%、-8.55%、-6.32%。

在全球疫情的影响下，供应链断裂与大面积停工导致 2020 年初美国建筑业 市场需求大幅缩减，建筑商股价持续跳水，标普房屋建筑商行业精选指数 （HBSI）一度跌破 3000。然而，从四月初开始，房地产市场和建筑股却出 现了强劲的回升趋势，HBSI 指数持续上升，甚至超过了 2019 年的高点，最 高达到 5361.3。建筑行业龙头企业霍顿房屋（DHI.N）、莱纳房屋（LEN.N） 等过去 120 日股价涨幅超 90%。全国 7 月所有房屋类型的全国现房价格中位 数为 304,100 美元，较 2019 年 7 月（280,400 美元）增长 8.5％。NAHB 住 房市场指数（HMI）表明，建筑商对新建独户住宅市场的信心在 8 月份增加 了 6 点，至 78 点，超过了市场预期的 73 点。整个美国新建筑预计支出从 2019 年的 1.3 万亿美元变动到 2023 年的 1.45 万亿美元，市场涨幅可观。

Roofing offers protection from heat, rain, and other atmospheric conditions. Bitumen, ceramic coated granules, clay, sand, fiberglass, concrete, and polycarbonate are used for the construction of roofs in residential and commercial buildings, such as offices, hotels, and educational institutes. The report on the global roofing market offers a detailed analysis of the trends, future estimations, and thorough study of the market on the basis of material type, type, application, and region. By material type, the market is divided into bitunumous, metal, tile, and others. By type, the market is bifurcated into flat roof and slope roof. By application, it is classified into residential, commercial, and other buildings. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA to understand their regional trends. This report highlights the drivers, restraints, opportunities, and growth strategies adopted by the key players to understand the dynamics and potential of the market. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

High-strength concrete has a specified characteristic cube strength between 40 and 100 N/mm2 and is highly used in columns for high-rise buildings. The main advantage of usage of high-strength concrete in high-rise buildings is the reduction in size of compression elements and in the amount of longitudinal reinforcements required. Highstrength concrete plays a vital role in completing the projects with utmost strength, increased stability, and reduced deflections. With the increasing construction activities, the demand for such high-strength concrete has been increasing. High-strength concrete, owing to its superior compressive strength, low shrinkage, low permeability, high modulus of elasticity, discontinuous pores, and the resulting smooth fracture surface, is hugely preferred in the construction of high-rise buildings. Additionally, due to the decreasing availability of free land, increase in the construction of various multi-storied buildings has been on a rapid rise to cater to the required demand in a limited area. The demand for high-rise residential buildings in major metropolitan cities around the world, such as New York, Shanghai, Dubai, and Hong Kong, is on the rise, to accommodate the respective city's burgeoning population in the limited land available. According to the Council on Tall Buildings and Urban Habitat (CTBUH), 26 supertall building ,i.e., buildings of 300 meters or taller were completed in 2019, compared to 18 supertall buildings in 2018. Moreover, in 2019, 126 buildings of at least 200 meters were completed and at least one 500 meter and above building was completed. The tallest building was the Tianjin CTF Finance Centre, at 530 meters, which was completed in 2019. It is now tied for the third-tallest building in China with its sister tower, Guangzhou CTF Finance Centre (also 530 meters), and it is also ranked as the seventh-tallest building in the world.

Geogrid is a type of geosynthetic material made from polymers such as polyester, polyethylene, polypropylene, and others. Geogrid is increasingly used in the civil applications as a reinforcing or stabilizing material. Retaining walls, dams, steep slopes, and other structures are the areas of soil reinforcements where geogrid is used. It can be used for stabilizing material in the pavements of the roads, railroads, and other areas. In addition, geogrid can also be used as a separator layer reducing the inclusion of the material into a soft sub-grade. The global geogrid market is segmented into application and region. Depending on application, the geogrid market is categorized into road industry, railroad stabilizations, soil reinforcement, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.