2020 年1-9 月全国固定资产投资累计为43.65 万亿元，累计同比增长0.8%，2020 年前三季度增速实现由负转正。其中9 月单月固定资产投资同比下降4.8%，降幅较8 月单月扩大0.7 个百分点；基建投资1-9 月同比增长0.2%，累计增速同样实现年内首次转正。2020 年1-9 月，我国新增专项债规模总计3.365 万亿元，占全年新增额度的89.7%，各地发行新增地方政府债券4.30万亿元，完成已下达债务限额的95.0%。2020Q4 上半年新增重大投资项目将进入密集开工期，顺周期建材的投资机会依然是值得关注的主线之一。

A bridge is a super-structure that spans horizontally between supports. The major function of a bridge is to carry vertical loads. It provides a way over an obstacle without closing the way under the bridge. These obstacles include a valley river, a railway, or a road. The report on the global bridge construction market presents a detailed analysis of the trends, future estimations, and thorough study of the market based on type, material, application, and region. The market segmentation based on type includes beam bridge, truss bridge, arch bridge, suspension bridge, cable-stayed bridge, and others. By material, the market is segmented into steel, concrete, and composite materials. Based on application, the market is bifurcated into road & highway and railway. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA to understand their regional trends. This report highlights the drivers, restraints, opportunities, and growth strategies adopted by the key players to understand the dynamics and potential of the market. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

双节假期叠加雨水导致发货环比略降，库存保持低位运行，价格继续上涨。区域政策陆续出台，相关区域城镇化及基础设施建设或向好发展。需求继续强劲，库存低位运行，全国价格已进入上行通道；国内水泥市场已进入旺季，行业景气料持续至明年春节前。需求继续强劲，库存低位运行，全国价格已进入上行通道；国内水泥市场已进入旺季，行业景气料持续至明年春节前。全年看预计全国整体需求将保持韧性；在供给端仍有较强控制力下，预计全年价格仍将保持高位区间，销量小幅增长，行业整体盈利保持稳健。

国庆节后首个交易日（本周五），市场迎来普涨，前期回调较为明显的装配式产业链龙头表现亮眼，如鸿路钢构上涨8.35%、亚厦股份上涨6.74%、华阳国际上涨5.05%、精工钢构上涨4.42%。我们在此前装配式产业链标的普遍回调之际曾提到，决定企业合理价值的因素包括盈利水平、市场流动性所带来的风险偏好及未来的业绩预期增速（确定性）等因素，随着国内经济逐渐步入正轨，流动性边际宽松状态难以持续，风险偏好提升所带来的估值溢价正在消退，但从本轮表现较好的其他行业龙头来看，市场对于具备较高确定性的标的给予更高的估值溢价，而装配式产业链的β（景气度）和龙头企业的α（经营质量）正是奠定了其业绩的高确定性，从而助力相关标的估值迎来修复。

（1）年初以来股价涨幅巨大，中观行业7-8 月份三个利好政策、微观公司中报业绩和订单同比环比大幅改善等超预期利好因素，充分反映到短期股价中。（2）行业和公司层面处于信息真空期，宏观和市场因素暂时成为核心变量，一是宏观上经济复苏逐步明朗后，部分投资者预期宏观货币财政政策将逐步转向收紧或者难以进一步边际宽松；二是欧洲疫情二次爆发和中美技术摩擦压低了市场风险偏好，大盘承压回调，装配式强势股顺势技术性补跌。

上周建材行业跑输主要源自于市场对于地产融资趋紧的担忧，进而影响到地产产 业链上相关公司估值。近期南方雨水对水泥需求形成短暂扰动，不改水泥旺季提 价。龙头巨石已进行第二轮玻纤提价。

中国经济将逐渐形成以国内循环为主体，国内国际双循环相互促 进的发展新格局。在这新格局下，展望十四五，我们认为建材行业有 三个方面值得关注：（1）调结构。（2）新业态。（3）打造隐形冠军。

建筑装饰板块周跌幅-5.63%，跑输沪深 300 2.1 个百分点。上周沪深 300 环比下跌-3.53%；建筑装饰（申万） 板块整体下跌-5.63%，涨幅在 28 个行业中排第 24 名。子板块中， 其中园林工程、专业工程、房屋建设、基础建设、装修装饰子板块分 别变动-5.09%、-4.11%、-5.76%、-8.55%、-6.32%。

在全球疫情的影响下，供应链断裂与大面积停工导致 2020 年初美国建筑业 市场需求大幅缩减，建筑商股价持续跳水，标普房屋建筑商行业精选指数 （HBSI）一度跌破 3000。然而，从四月初开始，房地产市场和建筑股却出 现了强劲的回升趋势，HBSI 指数持续上升，甚至超过了 2019 年的高点，最 高达到 5361.3。建筑行业龙头企业霍顿房屋（DHI.N）、莱纳房屋（LEN.N） 等过去 120 日股价涨幅超 90%。全国 7 月所有房屋类型的全国现房价格中位 数为 304,100 美元，较 2019 年 7 月（280,400 美元）增长 8.5％。NAHB 住 房市场指数（HMI）表明，建筑商对新建独户住宅市场的信心在 8 月份增加 了 6 点，至 78 点，超过了市场预期的 73 点。整个美国新建筑预计支出从 2019 年的 1.3 万亿美元变动到 2023 年的 1.45 万亿美元，市场涨幅可观。

Roofing offers protection from heat, rain, and other atmospheric conditions. Bitumen, ceramic coated granules, clay, sand, fiberglass, concrete, and polycarbonate are used for the construction of roofs in residential and commercial buildings, such as offices, hotels, and educational institutes. The report on the global roofing market offers a detailed analysis of the trends, future estimations, and thorough study of the market on the basis of material type, type, application, and region. By material type, the market is divided into bitunumous, metal, tile, and others. By type, the market is bifurcated into flat roof and slope roof. By application, it is classified into residential, commercial, and other buildings. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA to understand their regional trends. This report highlights the drivers, restraints, opportunities, and growth strategies adopted by the key players to understand the dynamics and potential of the market. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.