|2023 03 26/3/20-3/26 2.3%10-30/20-30/3 324/4.75/60.31%1.63pct 1723/1.22%18.8%303(20.105/239 64 78.88%+0.4%78.76%-0.23%6898.3-4.98%+12.14%1 2 PCB 7600-8500/3.6-3.7/REITs C 3 24 REITs REITs REITs REITs REITs C REITs C B%105 2.1 11220 1.3 9177 1.3%1m 6m 12m-5.4 8.8-0.2-4.3 4.4 5.0 1 2023-03-19 2 2023-03-12 3 2023-03-05 S1090517070008-20-1001020Mar/22 Jul/22 Nov/22 Mar/23(%)建材 沪深300 REITs C 2.5 1.5 2.5 1 REITs.5 2 C.7 3.8.9 1.9 2.10 1.10 2.10 3.10 4.11 5.15 6.17 7.19.20 1.20 2.21.23 1.23 1 2022 201.92 2.46%.23 2 2022 79.74 3.93%.23 3 2022 1325.81 22.03%.23 4 2022 86.58 49.71%.23 5 2022 199.34 5.49%.23 6 2022 47.19 3.9%.24 7 2022 54.88 13.07%.24 2.24 1 900 0.97%.24 0YCXyRnQnOmNtNnOmRpQoP7N8QbRsQrRmOtQlOoOnOfQpNqP9PoOyQwMrNnMwMnMnN 3 2 16 0.0052%.24 3.24 4.24 1 2020 2022.7 2 2020M4-2022M12.7 3 P.O42.5/.13 4/.13 5 P.O42.5/.14 6 P.O42.5/.14 7 P.O42.5/.14 8 P.O42.5/.14 9 P.O42.5/.14 10 P.O42.5/.14 11%.15 12/.16 13/.16 14/.16 15/.16 16.17 17/.18 18/.18 19/.18 20.18 21.18 22 PVC PPR HDPE/.19 23/.19 24/.19 25 LNG/.19 26/.19 4 27/.19 28.20 29.20 30.20 31 PE 2022.21 32 PE 2022.21 1 REITs.6 2.11 3.21 5 1 2.3%10-30/20-30/3 8-9 3-4 6-7 324/4.75/60.31%1.63pct 1723/1.22%18.8%303(20.105/239 64 78.88%+0.4%78.76%-0.23%6898.3-4.98%+12.14%1 2 PCB 7600-8500/3.6-3.7/2 REITs C REITs REITs REITs REITs C REITs C B 1 REITs 2023 3 24 REITs 236 REITs REITs REITs 6 1 REITs REITs REITs REITs REITs REITs REITs REITs IRR 5%3 3.8%REITs 8 REITs IRR 5%3 3.8%REITs REITs 8 2 REITs REITs REITs REITs 30%10%REITs REITs 2 75%3 7 REITs 2022 5 8 2 C 2023 1 17 29.95%13.04 A 4.82/62.86 1 2020 2022 Wind 2 2020M4-2022M12 Wind 051015202019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4优 质零售 物业空 置率（%）上海 北京 深圳 广州 南京 成都 重庆 青岛杭州 宁波 西安 武汉 大连 沈阳 天津 2020M4-2022M12/.2020M4 2.63 2022M12 2.25 2.48 2.51 2020M6 7.96 2022M12 6.47 7.38 7.42 2021M5 3.41 2022M12 2.98 3.23 3.23 2020M4 1.92 2022M11 1.50 1.78 1.81 8 REITs 2020 4 REITs 2021 6 REITs C C 3+C/B+2023-2024 EPS 0.93 1.05 PE 25.93 22.87 2023-2024 8.10 9.94 PE 25.38x 20.70 x+B C C 2022-2023 EPS 0.01 1.56 PE 1992 12.77 B BIPV+/2022-2023 EPS 0.38 0.69 PE 30.13 16.59 B B+2022-2023 EPS 0.27 0.59 PE 41.63 19.05+2023-2024 EPS 2.16 2.49 PE 12.82 11.12 9+2000 TPO BIPV 2022-2023 EPS 1.07 1.60 PE 31.11 20.81+2022-2023 EPS 2.61 3.13 PE 5.50 4.59 PC 2022-2023 EPS 1.27 1.70 PE 30.63 22.88 1+N+2022-2023 EPS 0.35 0.45 PE 25.86 20.11 1 1 3 21 50 6 2.20%302 6 2 2025 30%60%3 2022 2023 10 2 1 1 3 22 2023 2 100 51181 2.4%0.2%50 2 40%3 3 3 13-3 19 50 7.2%47%10 7.8%2019 100%2 1 3 24 REITs REITs 2 3 24 REITs REITs REITs 3 3 24 REITs REITs REITs 8 2 4 2023 6 3 1 2023 2022 5 2 9 50 2023 3 3 11 37 2 P.O 42.5 411.4/5.7/1.4%P.O 42.5 404.2/4.0/11 1.0%4.8/5mm 1765.7/27.3/1.6%4 2.3%10-30/20-30/3 8-9 3-4 6-7 3 2 5-6 4-5 20-30/3-5 1-2 3 3 20/20%-30%5 2-3 3 1 30-35/8 20-30/8 50%-60%10-30/6-7 8-9 5%-10%8-9 9 20-40/8 5-8 8-9 10%7-8 60%20/7-8 12 30/6-8 2 50/20-30/25 30/5-7 3 15 30/5-6 15/7-8 8-9 30%30/6-7 7 50%-60%8 20-30/3 10 6-8 4-6 20-30/8-9 10%7-8 30/60/6-7 30/50-60/6-7 3 30/5 7 3-4 4 3 P.O42.5 250-260/2 3 10 13 4-5 3 P.O42.5 440-450/10%5%-10%7 50%-60%6-7 20-30/7-8 7 20-30/P.O42.5 290-300/4-5 3-4 3-4 3-4 P.O42.5 Q5500 730/324/4.75/100kg 3 P.O42.5/4/wind P.O42.5 200300400500600700第1周第3周第5周第7周第9周第11 周第13 周第15 周第17 周第19 周第21 周第23 周第25 周第27 周第29 周第31 周第33 周第35 周第37 周第39 周第41 周第43 周第45 周第47 周第49 周第51 周2014年 2015年 2016年 2017年2018年 2019年 2020年 2021年2022年 2023年0.00200.00400.00600.00800.001,000.001,200.001,400.001,600.001502002503003504004505005502015/022015/072015/122016/052016/102017/032017/082018/012018/062018/112019/042019/092020/022020/072020/122021/052021/102022/032022/082023/01水泥煤炭 价格差 动力煤价 格（右 轴）14 5 P.O42.5/6 P.O42.5/7 P.O42.5/8 P.O42.5/9 P.O42.5/10 P.O42.5/60.31%1.63pct 10 5 50%1502002503003504004505005506002014/2/182014/5/182014/8/182014/11/182015/2/182015/5/182015/8/182015/11/182016/2/182016/5/182016/8/182016/11/182017/2/182017/5/182017/8/182017/11/182018/2/182018/5/182018/8/182018/11/182019/2/182019/5/182019/8/182019/11/182020/2/182020/5/182020/8/182020/11/182021/2/182021/5/182021/8/182021/11/182022/2/182022/5/182022/8/182022/11/182023/2/181502503504505506507502014/2/182014/5/182014/8/182014/11/182015/2/182015/5/182015/8/182015/11/182016/2/182016/5/182016/8/182016/11/182017/2/182017/5/182017/8/182017/11/182018/2/182018/5/182018/8/182018/11/182019/2/182019/5/182019/8/182019/11/182020/2/182020/5/182020/8/182020/11/182021/2/182021/5/182021/8/182021/11/182022/2/182022/5/182022/8/182022/11/182023/2/181502503504505506507502014/2/182014/5/182014/8/182014/11/182015/2/182015/5/182015/8/182015/11/182016/2/182016/5/182016/8/182016/11/182017/2/182017/5/182017/8/182017/11/182018/2/182018/5/182018/8/182018/11/182019/2/182019/5/182019/8/182019/11/182020/2/182020/5/182020/8/182020/11/182021/2/182021/5/182021/8/182021/11/182022/2/182022/5/182022/8/182022/11/182023/2/181502503504505506507502014/2/182014/5/182014/8/182014/11/182015/2/182015/5/182015/8/182015/11/182016/2/182016/5/182016/8/182016/11/182017/2/182017/5/182017/8/182017/11/182018/2/182018/5/182018/8/182018/11/182019/2/182019/5/182019/8/182019/11/182020/2/182020/5/182020/8/182020/11/182021/2/182021/5/182021/8/182021/11/182022/2/182022/5/182022/8/182022/11/182023/2/181502002503003504004505005506006502014/2/182014/5/182014/8/182014/11/182015/2/182015/5/182015/8/182015/11/182016/2/182016/5/182016/8/182016/11/182017/2/182017/5/182017/8/182017/11/182018/2/182018/5/182018/8/182018/11/182019/2/182019/5/182019/8/182019/11/182020/2/182020/5/182020/8/182020/11/182021/2/182021/5/182021/8/182021/11/182022/2/182022/5/182022/8/182022/11/182023/2/181502002503003504004505005506002014/2/182014/5/182014/8/182014/11/182015/2/182015/5/182015/8/182015/11/182016/2/182016/5/182016/8/182016/11/182017/2/182017/5/182017/8/182017/11/182018/2/182018/5/182018/8/182018/11/182019/2/182019/5/182019/8/182019/11/182020/2/182020/5/182020/8/182020/11/182021/2/182021/5/182021/8/182021/11/182022/2/182022/5/182022/8/182022/11/182023/2/18 15 11%5 1733/3 16 1.11%1723/1.22%18.8%40/01020304050607080902015/1/142015/4/142015/7/142015/10/142016/1/142016/4/142016/7/142016/10/142017/1/142017/4/142017/7/142017/10/142018/1/142018/4/142018/7/142018/10/142019/1/142019/4/142019/7/142019/10/142020/1/142020/4/142020/7/142020/10/142021/1/142021/4/142021/7/142021/10/142022/1/142022/4/142022/7/142022/10/142023/1/14 16 12/13/2021 2022 92.42%+2.33%61.75+1.55 2.58%27.12-0.83 2.97%15 4 1 93%62+2400/1200/600 14/15/Wind 2023 3 23 15.89+0.7%3 17-3 23 110.86+0.37%-7.88%2023 3 23 42170/+0.2%29.87+1.46%2023 3 23 303(20.105/239 64 78.88%+0.4%79.03%+0.08%78.73%+0.33%78.76%-0.23%20230323 14001500160017001800190020002022/7/72022/7/212022/8/42022/8/182022/9/12022/9/152022/9/292022/10/132022/10/272022/11/102022/11/242022/12/82022/12/222023/1/52023/1/192023/2/22023/2/162023/3/22023/3/16华北 华东 华中华南 东北 西南西北 全国100015002000250030003500第1 周第3 周第5 周第7 周第9 周第11周第13周第15周第17周第19周第21周第23周第25周第27周第29周第31周第33周第35周第37周第39周第41周第43周第45周第47周2015 2016 2017 2018 20192020 2021 2022 2023050010001500200025003000350040002009/082010/022010/082011/022011/082012/022012/082013/022013/082014/022014/082015/022015/082016/022016/082017/022017/082018/022018/082019/022019/082020/022020/082021/022021/082022/022022/082023/02全国平均-400-200020040060080010001200140016002018/022018/062018/102019/022019/062019/102020/022020/062020/102021/022021/062021/102022/022022/062022/102023/02 17 6898.3-4.98%+12.14%30.9-1.6 114%16 6 2400tex 3800-4200/2400texSMC 4600-5200/2400tex 6600-7600/2400tex 4300-4500/2400tex 4500-4600/2000tex 4800-5600/PCB 7600-8500/3.6-3.7/PCB CCL 01000200030004000500060007000800090002009/042010/012010/102011/072012/042013/012013/102014/072015/042016/012016/102017/072018/042019/012019/102020/072021/042022/012022/10 18 17/18/19/20 3 23 100 670/8.63%21 3,5004,5005,5006,5007,5008,5009,5001月 2 月 3月 4月 5月 6月 7月 8月 9 月 10 月 11 月 12月2014 2015 2016 2017 20182019 2020 2021 2022 20233,5004,0004,5005,0005,5006,0006,5001月 2 月 3 月 4月 5 月 6月 7 月 8月 9 月 10月 11 月 12月2014 2015 2016 2017 20182019 2020 2021 2022 20233,5005,5007,5009,50011,50013,50015,5001月 2月 3 月 4月 5 月 6月 7月 8月 9月 10 月 11月 12 月2014 2015 2016 2017 20182019 2020 2021 2022 202301020304050607080902017/102018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/01库存（万 吨）0204060801001 月 2 月 3 月 4 月 5 月 6 月 7 月 8 月 9 月 10 月 11 月 12 月2018 年 2019 年 2020 年2021 年 2022 年 2023 年 19 7 22 PVC PPR HDPE/23/Wind Wind 24/25 LNG/Wind Wind 26/27/Wind Wind 050001000015000200002015/012015/042015/072015/102016/012016/042016/072016/102017/012017/042017/072017/102018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/01PVC PPR HDPE05001000150020002500300035002022/12/312022/9/302022/6/302022/3/312021/12/312021/9/302021/6/302021/3/312020/12/312020/9/302020/6/302020/3/312019/12/312019/9/302019/6/302019/3/312018/12/312018/9/302018/6/302018/3/312017/12/312017/9/302017/6/302017/3/312016/12/312016/9/302016/5/312016/2/292015/10/312015/7/312015/1/31国废均价010002000300040005000600070002013/102014/032014/082015/012015/062015/112016/042016/092017/022017/072017/122018/052018/102019/032019/082020/012020/062020/112021/042021/092022/022022/072022/12全国均价 重交沥青建筑沥青 改性沥青01000200030004000500060007000800090002014/032014/072014/112015/032015/072015/112016/032016/072016/112017/032017/072017/112018/032018/072018/112019/032019/072019/112020/032020/072020/112021/032021/072021/112022/032022/072022/11LNG 价格05000100001500020000250002018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/0105000100001500020000250003000035000400002012/042012/102013/042013/102014/042014/102015/042015/102016/042016/102017/042017/102018/042018/102019/042019/102020/042020/102021/042021/102022/042022/10 20 1 0.46%3.34%0.69%5.35%3.45%0.89%-0.78%-0.86%-1.43%-3.41%28 iFinD 2021 29 30 iFinD iFinD 2021 2022 14 A 10.06 11.20 14.95 16.38 20.42 21.86 23.96 32.55 78.63 11%7%7%4%3%3%2%2%2%2%2%2%2%1%1%1%1%0%0%0%0%0%0%0%-1%-2%-2%-4%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%传媒电子计算机通信电气设备有色金属商业贸易汽车食品饮料综合休闲服务轻工制造家用电器国防军工机械设备建筑材料纺织服装非银金融房地产银行采掘医药生物化工农林牧渔公用事业交通运输建筑装饰钢铁0.46%3.16%3.34%4.49%0.69%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%上证综指 深证成指 创业板指 中小板指 建材行业-3.41%-1.43%-0.86%-0.78%0.89%3.45%5.35%-4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%水泥制品水泥制造耐火材料其他建材管材玻璃制造玻纤制造 21 31 PE 2022 32 PE 2022 iFinD 2021 iFinD 2021 2 16.15%13.92%ST 11.71%9.20%6.64%-7.17%-6.95%-5.73%-5.67%-4.75%3 1 16.15%33.73%81.12%2 13.92%21.40%49.12%3 ST 11.71%ST 20.89%37.89%4 9.20%18.73%33.33%5 6.64%11.10%30.95%6 6.06%8.06%25.92%7 5.86%7.17%20.76%8 5.80%5.74%19.70%9 5.79%5.56%18.02%10 5.45%4.83%17.73%11 5.40%4.62%16.64%12 5.39%1.75%16.15%13 5.06%1.58%15.65%14 A 4.82%1.21%15.14%15 4.70%1.04%14.46%16 3.84%0.87%14.38%17 3.81%0.85%13.94%18 3.63%0.44%13.55%19 3.59%0.06%ST 13.44%20 3.40%0.00%13.31%21 3.38%-0.05%12.93%22 3.27%-0.25%12.92%23 3.00%-0.35%12.69%24 2.97%-0.55%12.15%25 2.96%-0.96%11.68%26 2.85%-1.11%11.59%27 2.79%-1.12%11.18%28 2.67%A-1.14%11.09%29 2.63%-1.18%11.08%4 6 7 8 9 13 14 14 14 14 15 15 15 17 20 21 23 23 24 27 31 31 33 34 34 37 39 45 48 61 174 020406080100120140160180200银行煤炭石油石化建筑装饰房地产有色金属非银金融建筑材料通信家用电器基础化工钢铁环保纺织服饰公用事业交通运输电力设备汽车轻工制造机械设备综合传媒农林牧渔食品饮料医药生物电子商贸零售美容护理国防军工计算机社会服务10.06 11.20 14.95 16.38 20.42 21.86 23.96 32.55 78.63 0102030405060708090水泥制造玻纤制造耐火材料玻璃制造水泥制品其他建材管材防水材料涂料 22 30 2.61%-1.68%11.01%31 2.59%-1.70%10.79%32 2.37%-1.79%10.74%33 2.09%-1.97%10.68%34 2.06%-2.33%10.16%35 2.06%-2.45%10.09%36 2.04%-2.78%10.00%37 1.90%-2.90%9.87%38 1.72%-2.91%9.57%39 1.46%-2.92%9.11%40 1.44%-2.94%8.91%41 1.40%-3.05%8.56%42 1.22%-3.13%8.46%43 1.21%-3.19%8.33%44 1.03%-3.25%8.24%45 A 0.95%-3.35%8.24%46 0.78%-3.45%8.20%47 0.77%-3.57%8.10%48 0.68%-3.59%7.89%49 0.57%-3.69%7.15%50 0.50%-3.83%7.07%51 0.46%-3.83%7.05%52 0.25%-3.90%7.04%53 0.18%-3.99%7.03%54 0.11%-4.08%6.82%55-0.11%-4.55%6.57%56-0.29%-4.61%6.00%57-0.36%-4.88%5.97%58-0.40%-4.90%5.92%59-0.44%-4.92%5.79%60-0.47%-5.03%5.79%61-0.55%-5.08%5.73%62-0.58%-5.24%5.65%63-0.66%-5.26%5.51%64-0.66%-5.49%5.51%65-0.72%-5.50%5.45%66-0.83%-5.94%5.30%67-0.85%-6.09%5.16%68-0.89%-6.19%4.66%69-0.95%-6.27%A 3.73%70-1.08%-6.81%3.39%71-1.25%-6.94%3.24%72-1.28%-6.97%3.02%73-1.39%A-7.14%2.90%74-1.47%-7.23%2.68%75-1.48%-7.27%2.47%76-1.50%-7.58%2.35%77-1.70%-8.25%1.56%78-1.83%-8.65%1.06%79-1.93%-8.68%0.55%80-2.00%-8.85%0.39%81-2.08%-9.68%0.00%82-2.12%-10.07%0.00%23 83-2.27%-10.21%-0.83%84-2.64%-10.62%-0.94%85-2.72%-11.71%-1.23%86-2.85%-12.15%-1.33%87-2.88%-12.61%-2.52%88-2.98%-13.20%-2.92%89-3.11%-13.28%-3.42%90-3.23%-14.16%-3.55%91-3.27%-14.44%-6.50%92-3.31%-16.36%-8.98%93-4.56%-16.68%-12.56%94-4.75%-16.91%-14.01%95-5.67%-16.91%-14.44%96-5.73%-16.93%-20.03%97-6.95%-18.61%A-22.59%98-7.17%-19.11%-30.45%Wind 1 1 2022 201.92 2.46%2022 201.92 2.46%66.1 9.65%1.65 40.03 10 5.21()2022 31.55%3.20%2 2022 79.74 3.93%2022 79.74 3.93%7.58 19.96%0.98 19.96%8.97%2.9pct 3 2022 1325.81 22.03%2022 1325.81 22.03%45.42 63.80%0.53/66.45%5.65%10.45pct 10 2.70 51.50%2.87%4 2022 86.58 49.71%2022 86.58 49.71%5.29 33.98%1.11 7.69%5 2022 199.34 5.49%2022 199.34 5.49%31.36 10.71%24 1.86 10.73%15.88%4.07pct 10 6.55 35.28%2.29%6 2022 47.19 3.9%2022 47.19 3.9%2.56 35.58%0.22/36.09%5.4%3.69pct 10 0.34 15.8%0.91%7 2022 54.88 13.07%2022 54.88 13.07%-0.92-1.4 0.26 2 1 900 0.97%900 0.97%1 A 2 16 0.0052%2023 3 17 16 0.0052%6.62/A 5%6.26%3 2 200 4 4 3 23 12 4 12 3.65%700 25 2017 1 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