行业分散，龙头市占率低，21 个细分行业 “山头林立”。模式、管理、资质等导致行业割裂。国际巨头的发展历程就是一部外延拓展史。整合大势所趋，龙头优势明显。重点推荐：苏交科、华设集团、勘设股份等。风险提示 固定资产投资下滑，应收账款坏账，行业整合不及预期等。

Autoclaved aerated concrete (AAC), also known as aircrete, foam concrete, autoclaved cellular concrete, autoclaved light-weight concrete, or porous concrete, is a light-weight construction material, which weighs around 1/6th to 1/3rd of conventional concrete. The report on the global autoclaved aerated concrete (AAC) market presents a detailed analysis of the trends, future estimations, and thorough study of the market, depending on product type, application, end user, and region. The product type covered in the study include blocks and others. The report further provides information on end user, which include residential and non-residential. Moreover, it provides details about applications related to AAC, including walls, floors & roofs, and others.

“碳达峰、碳中和”目标下，我们认为支撑未来建筑业转型的双主线为“节能”和“产能”，以装配式建筑为主抓手的建筑工业化和BIPV（建筑光伏一体化）为具体实现路径，建议重点关注装配式板块，关注未来有望受益BIPV 的相关建筑类标的；根据当前时点统计，21 年省级重大项目投资金额同比高增13.6%，建议重点关注估值绝对底部、新签&在手订单充足的基建央企。

3 月12 日，住建部标准定额司发布了《关于2020 年度全国装配式建筑发展情况的通报》，我们总结要点如下。