建材行业：行业底部修复，配置价值逐步显现－2025年夏季投资策略

建筑行业：行业营收／业绩表现承压，海外业务快速发展，2025年经营指标有望改善

建材行业：老旧小区更新及“好房子_有望提振建材换新需求－定期报告

Green building materials are sustainable materials that are durable and recyclable and are used in the construction of highly energy-efficient buildings. The application of green building materials in construction helps in improving indoor air quality and resource conservation and provides many other benefits.

A concrete pump is a construction machine used to transfer liquid concrete efficiently from a mixing truck to the desired location on a job site. It uses hydraulic pressure to deliver concrete through pipes or hoses, enabling precise placement in hard-to-reach areas such as high-rise buildings, tunnels, or large slabs. Concrete pumps are essential for modern construction projects due to their speed, accuracy, and reduced labor requirements compared to manual pouring methods.

Construction scaffolding rental refers to the service of providing temporary structures used to support workers and materials during the construction, maintenance, and repair of buildings and other structures. These scaffolds are essential for ensuring safety and accessibility at various heights and locations on a construction site. Rental services typically include delivery, assembly, and disassembly of scaffolding, as well as periodic inspections to ensure compliance with safety standards.

The construction equipment rental market offers varied products and services, ranging from machinery, equipment, and tools of all designs for a limited period to end-users. The market is operated by suppliers that purchase or provide used equipment on lease to construction companies for a certain period.

我们预计：1）建筑：2Q 施工淡季整体实物量表现平淡，除个别专业工程外，预计多数公司营收略降；2）消费建材：工程端压力仍在，零售需求逐月改善；3）水泥&玻璃：实物量整体偏弱，水泥价格松动，浮法玻璃价格震荡转弱；光伏抢装收尾，光伏玻璃需求或有承压；4）玻纤&碳纤：玻纤高端需求景气，企业盈利持续改善；碳纤价格持稳，2Q 企业收入同比降幅有限。

据国家统计局，25年1-5月基建（不含电力、热力、燃气及水生产和供应业）/地产/制造业投资累计同比+5.6%/-10.7%/+8.5%，较1-4月速 -0.2/-0.4/-0.4pct，投资增速均有所回落，不同领域景气度有所分化,其中水利、电力等高基数领域增速回落，铁路、交通运输等投资增速延续提升。短期建筑建材行业处于需求淡季，水泥玻璃等材料价格环比呈回落趋势，但地产政策端有望进一步发力促进市场止跌回稳，短期建议关注供给端产能出清力度及高景气细分领域，重点推荐四川路桥、中材国际、隧道股份、中国核建、中国建筑国际、华新水泥 H、中国联塑、海螺创业、兔宝宝、三棵树。