地产链配置价值显现，首推竣工端建材。当前地产景气度缓慢修复，新政策调控预期再起。而地产链相关标的估值已再度回调至较低位置，若后续迎来地产政策发力、市场周期触底，则估值具备较大修复空间。在这一过程中，我们最为看好与地产竣工绑定最深、更具周期属性的玻璃板块，核心在于积压的竣工需求有望在市场回暖和“保交付”的双重作用下迎来释放，确定性更强。消费建材企业主动进行渠道变革，加大零售和小B 渠道占比，同时积极推进扩品类战略，打造公司增长第二曲线，期待再度展露长期成长属性。

Manufacture of wooden goods intended to be used primarily in the construction industry: Beams, rafters, roof struts Glue-laminated or metal connected prefabricated wooden roof trusses Doors, windows, shutters and their frames, whether or not containing metal fittings, such as hinges, locks etc. Stairs, railings Wooden beadings and mouldings, shingles and shakes

建筑央企组织架构接近，近年业务重合度有所提升。建筑央企一般由国家政府部门下属建筑施工单位经过市场化改制得到，具有较为接近的组织架构，单位层级较为明显。建筑央企一般为省部级单位，下设厅局级工程局管理全国各大区域业务。工程局下设县处级分公司。

23Q1 基金持仓建材行业分析：配置比例下降，减仓新材料。根据2023年基金一季报数据，23Q1 基金对于建材行业配置比例1.45%，环比下降0.30pct（主要来自新材料板块下降0.26pct，其余板块变动不大），超配0.03%，接近标配水平。

在经济内生复苏略有走弱之时，基建投资却也在悄然放缓。我们认为，土地出让收入超预期下滑导致财政收入承压是原因之一，而前期经济开门红超预期且稳就业压力较大的情况下，财政主动放缓在基建方面的发力可能是另一个原因。

光伏玻璃产能扩张节奏有望放缓，纯碱价格下滑改善盈利。根据工信部、发改委关于进一步做好光伏压延玻璃产能风险预警的有关通知，重庆市梳理全市光伏压延玻璃项目情况，结合听证意见，对建成和在建项目生产线进行了认真研究，并形成了风险预警信息初步处理意见，重庆市要求武骏光能1900 吨/日项目在冷修期间补充完成产能置换手续，和友光能1900 吨/日项目建议风险预警为低风险。浙江省要求福莱特2400 吨/日项目冷修复产前完成产能置换手续，旗滨集团4800 吨/日项目开展风险预警。风险预警机制的执行，将对光伏玻璃在建及拟建项目的投产节奏形成一定约束，光伏玻璃供给端压力有望边际放缓。成本端来看，截至2023/5/26，重质纯碱全国主流价为2131.25 元/吨，同比下降28.72%，环比上月下降27.75%；纯碱价格降幅明显，光伏及浮法玻璃企业盈利有望改善。

边框是光伏组件的重要辅材之一，其中铝边框市占率达96%，其他材质应用于少数特定场景。近期玻纤复合材料用于光伏边框，有了实质进展。如果能够部分替代铝型材（在光伏边框领域），对玻纤行业是一件大事，按照我们的假设，10%渗透率对应新增需求18.9万吨，拉动2.8%新增需求，25%渗透率对应6.9%新增需求。新应用+传统需求复苏，2024 年玻纤行业供需关系的预期，有望“反转”。

ASEAN member states face a new stage of transformation as they recover from the widespread effects of the COVID-19 pandemic. Where the coronavirus disease brought economic contractions in 2020 for Indonesia, Malaysia, Philippines, Singapore, and Thailand, these countries experienced a revival in 2021. The Indonesian economy contracted 2% y/y in 2020 but grew by 3.7% y/y in 2021. Malaysia saw a 5.5% y/y economic decline in 2020 yet grew 3.1% y/y the following year. A 9.3% y/y decline in GDP in the Philippines in 2020 was followed in 2021 by 5.8% y/y growth. Singapore experienced a 4.1% y/y contraction in its economy during the first year of the pandemic and in 2021 its economy grew by 7.9% y/y. Thailand saw a 6.2% y/y economic contraction in 2020 and experienced the beginnings of a revival with 1.5% y/y GDP growth in 2021.

Africa's infrastructure lag is best illustrated by statistics. The continent has the lowest electricity consumption per capita, at around 370 kWh a year, according to data from the International Energy Agency (IEA). By comparison, in Europe the average consumption is over 17 times higher (6,500 kWh) and in the United States, almost 30 times higher (11,000 kWh). Nearly 600mn Africans have no access to electricity at all. The same applies to other types of infrastructure. According to the latest edition of the Global Competitiveness Index by the World Economic Forum (2019), just four out of 54 countries in Africa are above the world average level in terms of overall infrastructure quality – namely Egypt, Morocco, Mauritius and South Africa. Of the ten countries at the bottom of the Competitiveness Index, seven are African.