上周建杅行业上 2.83%，建筑行业下跌 1.72%，环俅及兑用行业下跌1.46%。上周市场呈现回落调整状态，投资热点呈现分化，建筑、建杅、环俅兑用行业涨跌亏现。国家统计局发布 2018 年 1-2 月宏观经济数据，1-2 月固定资产投资同比增长 7.9%，基建投资同比增长 16.1%，房地产投资同比增长 9.9%。

前期 PPP 规范政策不断出台，市场逐渐受到规范，市场更加有序，政策收紧可能性不大，长远来看，政府违约风险降低，利于 PPP 模式的可持续发展。

The adoption of interior doors has increased across residential and non-residential sectors of European countries, owing to factors such as population boom and rapid urbanization. In addition, increase in the number of residential and non-residential buildings is expected to provide lucrative growth opportunities to the Europe interior doors market players. Interior doors are used for creating appropriate and well-designed functional space with adequate access points and effective circulatory ventilation in a room. Interior doors are available in different types such as swinging doors, sliding doors, bypass doors, bifold doors, and others. Factors such as increase in government investments in commercial infrastructure and surge in residential sector are expected to drive the Europe interior doors market during the forecast period. In 2016, the European Commission launched an initiative known as “Smart Finance for Smart Buildings”, which was aimed at offering incentives for public and private investments in energy efficiency of buildings as well as use of insulation materials and modern windows and doors in their residences.

近期建材板块整体行业表现较为平淡，运行数据无太多亮点，主要由于春节季节性影响，各地施工企业尚未正式复工。水泥年初以来价格出现季节性走弱，春节后库容比较节前有一定提升，不过目前仍然处于历史同期低位水平；玻璃淡季价格表现更为强势，高位稳中略升，生产线库存出现季节性较明显增长，主因经销环节补库所致。随着假期结束，施工企业、加工企业等陆续复工，需求有望得到陆续回暖，行业运行将恢复至正常水平。

我们认为随着环保限产的结束、施工旺季的到来，基建项目有望出现赶工，我们建议加大对基建的配臵力度；我们对地产仍较为乐观，建议逢低吸纳房建、装饰；同时我们继续推荐化学工程。我们3月A股投资组合为中国建筑、中国化学、金螳螂、苏交科；H股投资组合为中国交建、中国建筑国际、中国中冶。

去年末中央政治局提出的 2018 年三大攻坚任务与我国步入高质量发展阶段的要求高度匹配，我们认为在下周即将召开的两会中三大攻坚任务将依旧被划作重点提及，其中精准脱贫、污染防治均与园林企业密切相关，预计各地政府将加快相关项目落实，园林板块有望迎来新一轮政策催化，维持较长时期的高景气度。

建筑材料申万一级行业指数上涨0.29%；细分行业指数中，水泥制造指数下跌0.87%；玻璃制造指数下跌0.92%，管材指数上涨0.67%，耐火材料指数上涨3.03%，其他建材指数上涨1.72%。