在 2019 年新开工装配式建筑中，装配式混凝土（PC）结构建筑占比接近 2/3。我们本次以筑友智造科技南京工厂为例，简要介绍 PC 工厂的运营方 式，这是投资者进一步了解工厂经营情况和前景的必备知识。

1—5 月份，全国固定资产投资（不含农户）199194 亿元，同比下降 6.3%，降幅比 1 —4 月份收窄 4.0 个百分点。其中，民间固定资产投资 112232 亿元，下降 9.6%，降幅收 窄 3.7 个百分点。从环比速度看，5 月份固定资产投资（不含农户）增长 5.87%。

纵观建筑历史行情表现：需求决定行情方向，需求体现为产品技术创新和 政策拉动两个角度，供给决定超额收益来源，供给体现为商业模式和竞争 优势两个思考维度。需求来看：2008 年 4 万亿、2014 年一带一路分别是 历史上典型的国内和国际政策拉动需求逻辑的爆发，当下市场对建筑整体 需求的理解是中长期无增长持续性和短期无弹性，细分方向装配式（钢结 构和装饰）是目前建筑细分子方向成长性最好赛道，产品渗透率远低于国 际市场，政策推动力大，有短期弹性和中线增长持续性。

近期南方区域水泥市场进入淡季，价格将会出现季节性的回调， 北方尤其是西北区域水泥需求延续相对旺盛的态势。水泥板块 建议关注三条主线：一是长期推荐综合竞争优势显著的海螺水 泥；二是关注基建需求旺盛，全年量价弹性充足的北方水泥品 种祁连山、宁夏建材、天山股份、冀东水泥；三是关注区域景 气度持续向好或因低基数原因显著改善的上峰水泥、塔牌集团、 万年青等标的。同时建议关注受益于基建投资增长的防水标的 东方雨虹、科顺股份。

政策护航，精装修渗透率快速提升。近年来，多省市涉及精装修政策累计达到90次， 政策支持下，精装修渗透率提升迅速，2019年我国精装修项目总规模达到322万套， 同比增长27.6%，其中渗透率达到32%，提前完成国家要求的2020年全国精装修比例 达到30%的水平，而根据AVC数据，预计2020年精装修规模超过360-400万套；到2029 年，精装修渗透率有望达到80%，未来地产精装修的成长空间依旧广阔。

The demand for the raised access flooring stems from both new construction and from building undergoing renovation. To decide on the suitable raised access floor system, the specific application of the same is of utmost importance. The commercial buildings, workspaces, data centers, and others will have different requirements with respect to flooring height, load-bearing capacity, and traffic density. The highly industrialized countries of Europe and North Americas such as Germany, France, the UK, the US, and Canada will drive the need for raised access flooring as these industrialized nations seek to increase the productivity and efficiency of their work environment, and reduce costs

The arrangement of definite and planned openings in a building such as windows, doors, louvers, vents, wall panels, skylights, storefronts, curtain walls, or slope- glazed systems, as per the building functionality, is known as fenestration. The fenestration arrangement in any building helps to develop a visual connection between the indoor and outdoor environment, improves the visual appeal of the building, and influences the image and purpose of the built environment or the constructed space. Fenestration is an integral part of building design and considers various aspects such as energy efficiency, aesthetics, and eco-friendly nature of development.

Wall coverings protect the wall surface from accidental marks or scratches, besides imparting an air of quality and grandeur to uncovered walls. They further help in interior décor while customizing it with the help of various colors and patterns. Also, these coverings are cost effective. The two common areas of applications of wall coverings include residential and commercial. Residential wall coverings are mainly used in homes and small businesses to add attractiveness to rooms and to express individual style. Many qualities of wallpaper, including color, texture, and design can drastically change the appearance of any room. Commercial wall coverings are used by interior designers, architects, and to enhance the interiors of offices, restaurants, hotels, hospitals, schools, stores, and many other public spaces. Several types of commercial wall-covering products implement high design, while protecting the walls from scuffs, etc.

Seal coating, also known as pavement sealing, is a process of applying a protective layer/coating to asphalt-based road pavements for providing a layer of protection against elements, such as water, oils, and UV damage. Seal coating protects and prolongs the life expectancy of asphalt pavement by filling surface damage and providing a protective layer to keep out damaging UV rays, vehicle fluids, and water. Apart from the above-mentioned, appearance is a big advantage of sealing an asphalt driveway. Using a sealer will ensure that the driveway looks much cleaner, with a smooth and sleek finish. Road construction is rising moderately, owing to the increasing population sizes and GDP, particularly in developing nations. By the end of 2018, there were around 200 strategic projects under construction in Germany. The total investments in value of the projects stood at USD 129.6 billion. The largest infrastructure project under execution in Germany is the expansion of Brandenburg Airport in Berlin, which is valued at USD 7 billion. The German federal government has focused on the infrastructure growth in the country. Under the 2030 FTIP (Federal Transport Infrastructure Plan), the government has planned to invest USD 147.6 billion in the development of roads in the country, between 2016 and 2030.

装配式产业链与基建产业链，β与α。我们统计了从 2019 年 12 月2020 年 5 月的建筑版块以及部分个股市场表现，SW 建筑装饰版块期 间下滑 1.8%，跑输上证指数 1pct。但部分股票具有比较明显的相对收 益，分别为亚厦股份/鸿路钢构/精工钢构/杭萧钢构/东南网架，这 5 家 公司均为装配式产业链。其中，又属亚厦股份和鸿路钢构相对收益最为 明显。从阶段性行情看，3 月基建公司普遍存在相对收益，尤其是基建 前端设计公司，设计龙头中设集团相对走势明显好于中国铁建。