建筑材料行業(yè)深度報告：居住產(chǎn)業(yè)鏈2023Q4獲公募基金減倉進入2024年后相對收益表現(xiàn)突出

請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分行業(yè)走勢 行業(yè)走勢 證券分析師黃詩濤huangshitao@證券分析師房大磊證券分析師石峰源證券分析師任婕renj@研究助理楊曉曦yangxx@投資要點建材行業(yè)54支）作為樣本標的，并進一步細分為3大類10個二級行業(yè)（基建地產(chǎn)前周期：房地產(chǎn)開發(fā)、設計咨詢、基建房建、水泥；基建地產(chǎn)后周期：玻璃玻纖、裝修、裝修建材、房地產(chǎn)服務；其他：其他材料、專業(yè)工程進行2023年四季度產(chǎn)業(yè)鏈行情回顧和公募基金重倉持股分析。在進行二級行業(yè)分析、個股持倉分析時，我們同時加入了家居子行業(yè)（19支）與廚電子行業(yè)（11支）進行對比。對收益突出：本季度（2023年四季度，下同）居住產(chǎn)業(yè)鏈收益率跑輸市場，其中建筑、建材、地產(chǎn)板塊均跑輸市場。本季度居住產(chǎn)業(yè)鏈全部樣本流通股本加權平均漲跌幅為-15.15%，相對全部A股的超額收益為-11.23%。其中房地產(chǎn)、建筑、建材流通市值加權平均漲跌幅分別為-15.14%、-11.62%、-14.55%，相對全部A股的超額收益分別為-11.21%、-7.70%、-10.63%。2024建材板塊均跑贏市場，建材板塊絕對收益為負，建筑板塊表現(xiàn)最優(yōu)。.行業(yè)持倉：我們選取了股票型基金中的普通股票型基金（剔除被動指數(shù)型基金和指數(shù)增強型基金）、混合型基金中的偏股混合型、平衡混合型和靈活配置型基金作為樣本基金。相關研究《地產(chǎn)鏈中期尋底》相關研究《地產(chǎn)鏈中期尋底》產(chǎn)、建筑、建材行業(yè)）基金重倉持股市值占A股比為2.31%（近10年百分比排位0%環(huán)比上一季度-0.88pct，超配比例-2.31%（近10年百分比排位44%環(huán)比上一季度-0.40pct。（2）三行業(yè)低配比例均出現(xiàn)擴大：申萬新分類下地產(chǎn)、建筑、建材行業(yè)本季度基金重倉持股市值占A股比分別為1.19%、0.58%、0.53%（近10年百分比排位分別為3%、38%、5%環(huán)比上一季度分別-0.31pct、-0.25pct、-0.32pct，房地產(chǎn)、建材行業(yè)基金重倉持股市值占A股比處于10年以來底部；房地產(chǎn)、建筑和建材行業(yè)超配比例分別為-0.46%、-1.48%、-0.37%（近10年百分比排位分別為44%、62%、26%環(huán)比上一季度分別-0.09pct、-0.10pct、-0.21pct，低配比例均有所擴大。（3）自主劃分的二級行業(yè)中，房地產(chǎn)服務、其他材料板塊有所加倉，房地產(chǎn)開發(fā)板塊減倉較多，房地產(chǎn)服務、水泥、基建房建重倉持股市值占流通盤比位于歷史較高水平，玻璃玻纖、裝修建材、設計咨詢位于歷史較低水（-0.09pct減少最多的三個子板塊分別為玻璃玻纖（-1.00pct）、裝修建材（-0.99pct）、房地產(chǎn)開發(fā)（-0.81pct基金重倉持股市百分比排位最高的三個子板塊分別為房地產(chǎn)服務（89%）、水泥（87%）、基建房建（74%近10年百分比排位最低的三個子板塊分別為玻璃玻纖（4）進一步在二級子板塊的分析中加入家居、廚電子板塊：家居板塊本季度基金重倉持股市值占流通盤比為2.60%，環(huán)比上一季度-0.04pct；廚電板塊本季度基金重倉持股市值占流通盤比為1.25%，環(huán)比上一季度-0.40pct。家居、廚電板塊本季度重倉持股市值占流通盤比位于近10年的百分比排名分別為21%、10%，家居、廚電板塊位于較低位置，且相對于居住產(chǎn)業(yè)鏈其他子行業(yè)也處于較低水平。（1）個股持倉市值：本季度居住產(chǎn)業(yè)鏈公募基金重倉持倉總市值前五的股請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分票依次是保利發(fā)展（83.4億元）、招商蛇口（4元）、東方雨虹（31.0億元）和海螺水泥（28.3億元）。萬科A（20.0億元）、濱江集團（14.4億元）和華發(fā)股份（13.9億元），建筑行業(yè)前五的股票分別為中國建筑（33.0億元）、鴻路鋼構（19.6億元）、金誠信（12.0億元）、中國中鐵（4.4億元）和隧道股份（3.2億元建材行業(yè)前五的股票分別為東方雨虹（31.0億元）、海螺水泥（28.3億元）、三棵樹（8.5億元）、科順股份（5.5億元）和中國巨石（4.7億元）。進一步加入家居、廚電板塊的重點個股進行對比，家居重點個股中，基金重倉持倉總市值前五的股票分別為歐派家居（16.0億元）、公牛集團（12.1廚電重點個股中，基金重倉持倉總市值前三的股票是蘇泊爾（8.2億元）、華帝股份（2.5億元）和老板電器（1.4億元）。（2）個股持倉變動：按基金重倉持股占流通盤比計算，環(huán)比上一季度加倉幅度前五名依次為蘇博特（+2.40pct）、招商積余（+2.14pct）、隧道股份（+1.01pct）、金誠信（+0.98pct）和華發(fā)股份（+0.93pct減倉幅度前五名進一步加入家居、廚電板塊的重點個股進行對比，家居重點個股中，環(huán)比上一季度加倉幅度前三名依次為匠心家居（+0.97pct）、索菲亞（+0.89pct）、歐派家居（+0.25pct廚電重點個股中，環(huán)比上一季度加倉幅度前三名依次為華帝股份（+1.23pct）、蘇泊爾（+0.14pct）、萬和電氣（+0.10pct）。出臺地產(chǎn)項目貸款白名單。接下來其他一線城市大概率跟進放松地產(chǎn)需求。而在商品房開發(fā)貸得到支持，保障房加大力度建設的推動下，地產(chǎn)投資有望實現(xiàn)低位企穩(wěn)。中美庫存周期或共振向上，而中美的階段性緩和或將推動政策加大刺激力度。地產(chǎn)鏈經(jīng)過快速擠壓之后逐漸出清，景氣緩慢改善，地產(chǎn)鏈中期底部有望來臨。白馬龍頭更加注重經(jīng)營質量，長期估值中樞有望抬升。居住產(chǎn)業(yè)鏈23Q4獲公募基金減倉，建筑、建材行業(yè)低配比例均有一帶一路方向，非地產(chǎn)鏈的新材料或工程公司，地產(chǎn)鏈的智能家居和綠色建材公司。1、全球需求中長期增量來自于一帶一路和RCEP地區(qū)。兩個維度擇股，一帶一路和RCEP區(qū)域收入占總收入的比例以及本土化的能力，結合本土化的情況，推薦米奧會展、中材國際，中國交建，上海港灣。2、美國經(jīng)濟軟著陸，庫存周期低位有望回升。消費降級下小量多批訂單的比例增加，加大了供應鏈“快反”要求，階段性利好區(qū)域內完整供應鏈企業(yè)。建議關注愛麗家居、松霖科技、建霖家居、共創(chuàng)草坪等歐美出口鏈條。3、非地產(chǎn)鏈條中，長期看好產(chǎn)業(yè)升級或節(jié)能減碳類投資需求。推薦賽特新材、圣暉集成、再升科技，建議關注柏誠股份。4、在強力政策作用下，國內地產(chǎn)的螺旋下滑態(tài)勢必將得到遏止。我們預計地產(chǎn)投資端和主體信用端在明年企穩(wěn)。對于地產(chǎn)鏈而言，大部分細分行業(yè)的集中度仍有提升空間。推薦北新建材、箭牌家居、堅朗五金、偉星新材、東鵬控股、東方雨虹、蒙娜麗莎，建議關注江山歐派、森鷹窗業(yè)。.風險提示：地產(chǎn)信用風險失控的風險、地產(chǎn)政策放松低于預期的風險。請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分 52.行業(yè)持倉分析 62.1.居住產(chǎn)業(yè)鏈整體減倉，三行業(yè)低配比例均擴大，細分板塊中房地產(chǎn)服務 62.1.1.居住產(chǎn)業(yè)鏈減倉，三行業(yè)低配 62.1.2.二級行業(yè)：房地產(chǎn)服務、其他材料板塊有所加倉，房地產(chǎn)開 82.2.持倉集中度：居住產(chǎn)業(yè)鏈整體及地產(chǎn)、建筑 93.個股持倉分析 11 20 21請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分 5 6表2：A股居住產(chǎn)業(yè)鏈（地產(chǎn)、建筑、建材行業(yè)）基金重倉持股市值 7 9 10 11 11 11 11 12 12 13 13 14 15 16 16 17 17 17 18 18 18 19 19表25：本季度家居板塊基金重倉持股占 19表26：本季度廚電板塊基金重倉持股占 20請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分2024年后相對收益突出材板塊均跑贏市場，建材板塊絕對收益為負，建筑板塊表現(xiàn)最優(yōu)。期間（2024.1.1-圖1：建材、建筑和地產(chǎn)行業(yè)收益率與Wind全A對照（指數(shù)2021年以來漲跌幅）2021-01-042021-05-042021-09-042022-01-042022-05-042022-09-042023-01-042023-05-042023-09-042024-01 數(shù)據(jù)來源：Wind，東吳證券研究所請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分表1：居住產(chǎn)業(yè)鏈及細分板塊區(qū)間漲跌幅區(qū)間漲跌幅2022Q32022Q42023Q12023Q22023Q32023Q42024.1.1-1.29居住產(chǎn)業(yè)鏈-14.79%2.78%4.69%-5.61%-3.05%-15.15%2.33%2.33%房地產(chǎn)-5.99%-0.27%-5.02%-7.20%7.47%-15.14%0.01%0.01%建筑裝飾-13.15%5.06%-0.97%-6.34%-11.62%3.62%3.62%建筑材料-19.62%3.81%2.61%-12.85%0.02%-14.55%-3.51%-3.51%房地產(chǎn)開發(fā)-10.34%-2.01%-5.20%-7.08%0.69%-18.37%0.86%0.86%前周期設計咨詢基建房建-18.09%4.72%0.91%-2.34%-0.64%-2.76%-13.20%5.85%-0.25%-7.95%-13.73%8.88%8.88%水泥-19.29%-6.59%3.60%-15.03%7.93%-13.84%玻璃玻纖-22.52%5.17%5.28%-10.15%-3.81%-18.54%-5.05%-5.05%后周期裝修裝修建材-10.35%3.04%7.06%-5.15%-2.64%-7.02%-7.33%-7.33%-31.39%0.27%-15.31%-20.46%-2.78%房地產(chǎn)服務-10.99%-0.18%-8.90%-1.68%-8.02%-4.85%-4.85%其他其他材料專業(yè)工程-12.17%0.78%3.30%-15.70%-6.44%-8.65%-4.78%-4.78%-13.11%4.76%-0.51%-7.70%-13.50%-11.83%3.12%6.92%-3.30%-3.44%-3.92%-5.53%-5.53%區(qū)間超額收益（樣本相對于Wind全A）2022Q32022Q42023Q12023Q22023Q32023Q42024.1.1-1.29居住產(chǎn)業(yè)鏈-2.96%-0.34%-2.23%-2.31%0.39%-11.23%7.86%7.86%房地產(chǎn)5.84%-3.38%-11.94%-3.89%-11.21%5.54%5.54%建筑裝飾-1.31%6.43%2.34%-2.89%-7.70%9.15%9.15%建筑材料-7.79%0.69%-4.31%-9.54%3.46%-10.63%2.02%2.02%房地產(chǎn)開發(fā)-5.13%-12.12%-3.77%4.13%-14.45%6.39%6.39%前周期設計咨詢基建房建-6.26%8.45%4.21%3.28%2.77%2.77%-1.37%2.73%6.11%3.06%-4.51%-9.81%水泥-7.45%-9.71%-3.32%-11.73%-9.92%6.57%6.57%玻璃玻纖-10.68%2.05%-1.63%-6.84%-0.36%-14.62%0.49%0.49%后周期裝修裝修建材-0.08%0.14%-1.84%0.80%-3.10%-1.80%-1.80%-19.55%-6.65%-12.00%4.72%-16.54%2.75%2.75%房地產(chǎn)服務0.84%-7.10%-5.60%-4.10%0.69%0.69%其他其他材料專業(yè)工程-0.33%-2.34%-3.62%-12.40%-2.99%-4.73%0.75%0.75%-1.27%2.79%-4.26%-9.58%7.24%7.24%數(shù)據(jù)來源：Wind，東吳證券研究所2.行業(yè)持倉分析2023年第四季度公募基金十大重倉股已披露。我們選取了股票型基金中的普通股2.1.1.居住產(chǎn)業(yè)鏈減倉，三行業(yè)低配比例均出現(xiàn)擴大請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分13.22%3.99%2.93%3.28%3.31%3.36%3.28%3.29%3.67%2.63%13.22%3.99%2.93%3.28%3.31%3.36%3.28%3.29%3.67%2.63%表2：A股居住產(chǎn)業(yè)鏈（地產(chǎn)、建筑、建材行業(yè)）基金重倉持股市值占A股比以及占流通盤比 股比房地產(chǎn)建筑裝飾建筑材料總計房地產(chǎn)建筑裝飾建筑材料總計房地產(chǎn)建筑裝飾建筑材料總計超配比例申萬分類一級行業(yè)基金重倉持股市值占流通盤比申萬分類一級行業(yè)基金重倉持股市值占A -5.85%3.37%-2.91%0.38%0.25%0.03%-2.68%-0.97%3.99%最大值最小值2.47%2.31%0.57%0.64%0.19%0.42%0.99%3.67%最新數(shù)值位于近10年的百分比排名 44% 46%0.70%0.98%0.84%0.92%0.92%0.99% 46%1.23%2.14%2.47%2.25%最新數(shù)值位于近10年的百分比排名 44% 46%0.70%0.98%0.84%0.92%0.92%0.99% 46%1.23%2.14%2.47%2.25%26%2.31%3.02%2.88%2.61%26%-0.37%-0.16%-0.29%-0.23%-0.25%-0.57%-0.19%-0.03%-0.20%-0.39%-0.11%0.00%-0.23%0.30%0.54%1.30%0.73%0.18%0.23%0.30%0.30%0.46%0.08%1.03%1.25%0.98%0.99%0.60%0.48%0.66%-0.29%-0.27%-0.75%-0.68%-0.95%-0.82%-0.51%-0.97%-0.80%-0.53% 44%-2.31%-1.91%-2.02%-1.89%-1.77%-1.67%-2.08%-1.68%-2.00%-2.73%-2.94%-2.66%-2.67%-1.75%-1.35%0.60%0.42%-1.99%-1.89%-0.69%0.56%-1.35% -2.49% -0.93% -1.12% -2.04% -2.91% -2.03% -2.69% -2.55% -4.16% -3.34% -5.41% -5.85% -5.07%-2.55%-2.55%-3.43%-3.17% 0.58%0.83%0.86%0.87%0.57%0.58%0.56%0.73%0.55%0.41%0.35%0.34%0.27%0.39%0.28%0.37%0.25%0.34%0.33%0.53%0.84%0.74%0.83%-1.48%-1.38%-1.42%-1.37%-1.56%-1.53%-1.53%-1.46%-1.39%-1.54%-1.41%-1.64%-1.55%-1.69%-1.87%-2.18%-2.25%-2.31%-2.55%-2.56%-2.57%-2.52%-2.27%-1.89%-1.95%-1.30%-1.11%0.03%-0.62%-0.30%-1.74%-1.50%-1.88%-2.68%-1.93%-1.62%-1.15%-0.04%-1.05%-1.37% -0.46%-0.37%-0.31%-0.30%0.04%0.43%-0.36%-0.18%-0.41%-0.80%-1.42%-1.02%-0.88%-0.37%-0.02%1.48%1.94%0.14%0.43%1.57%2.84%0.71%-0.30%-0.07%-0.42%-1.72%-2.79%-2.66%-2.56%-2.91%-2.14%-1.57%-2.78%-2.49%-2.19%-0.11%3.37%-1.55%-1.58%-1.27%0.53%0.85%0.70%0.89%0.92%0.60%0.96%2.06%2.93%2.30%2.47%2.65%2.35%2.41%2.15%2.06%0.99%0.58%0.64%0.38%0.56%0.86%0.47%0.58%0.89% 2.09%2.19% 2.23%2.71%2.59%29%47%47% 0.74%0.71%0.58%0.47%0.52%0.31%0.30%0.19%0.24%0.20%0.27%0.37%0.37%0.45%0.67%0.66%0.99%0.65%0.75%0.65%0.40%0.69%0.92%1.19%0.92% 0.99%2.87%2.29%1.48%2.15%2.25%2.45%2.41%49% 5.97%6.31%6.70% 5.43%4.73%7.32%4.82%2.08%2.27% 2.06%1.20%1.21%0.82%0.92%0.70%0.57%0.74%1.19%1.26%2.80%07%01%2.15%2.09%2.47% 6.14%7.61%7.81%5.01%5.06%7.77%7.38% 2.34%0.96%0.65%0.64%0.69%0.68%0.86%0.98%0.74%0.68%0.85% 2.65%2.67%2.44%2.09%0.64%0.66%0.42%0.64%0.99%0.62%0.91% 2.28%2.20%2.38%0.98% 4.93% 4.64%27% 2023/09/302023/06/302023/03/312022/12/312022/09/302022/06/302022/03/312021/12/312021/09/302021/06/302021/03/312020/12/312020/09/302020/06/302020/03/312019/12/312019/09/302019/06/302019/03/312018/12/312018/09/302018/06/302018/03/312017/12/312017/09/302017/06/302017/03/312016/12/312016/09/302016/06/302016/03/312015/12/312015/09/302015/06/302015/03/312014/12/312014/09/302014/06/302014/03/31數(shù)據(jù)來源：Wind，東吳證券研究所備注：超配比例為該行業(yè)基金重倉持股占A股比-該行業(yè)流通市值占全部A股比例請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分基金重倉持股市值占流通盤比環(huán)比上一季度增加最多的三個子行業(yè)分別為房地產(chǎn)請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分表3：居住產(chǎn)業(yè)鏈二級子板塊獲基金重倉持股市值占流通市值的比例最大值二級行業(yè)基金重倉持股市值占流通盤比其他其他材料專業(yè)工程8.48%3.73%前周期后周期房地產(chǎn)開發(fā)設計咨詢基建房建水泥玻璃玻纖裝飾裝修裝修建材房地產(chǎn)服務家居廚電6.69%3.49%0.98%2.59%6.07%9.29%8.65%12.62%8.53%6.56%最小值0.49%0.39%0.10%0.18%0.25%0.37%1.23%0.10%0.91%1.01%0.06%0.15%最新數(shù)值位于近10年的百分比排名54%23%74%87%8%62%8%89%21%10%69%59%2023/12/313.16%0.88%0.55%1.89%0.58%1.52%2.88%5.86%2.60%1.25%2.74%1.79%2023/09/303.97%1.17%0.70%1.98%1.58%2.19%3.87%4.34%2.64%1.65%1.99%2.32%2023/06/304.01%0.92%0.90%1.06%1.06%2.10%4.34%0.53%2.41%1.32%3.13%2.14%2023/03/314.46%1.25%0.86%0.97%1.46%0.94%4.22%1.25%2.96%1.13%6.99%2.51%2022/12/315.91%0.87%0.66%1.57%1.66%1.09%4.28%0.98%3.71%1.10%4.62%2.04%2022/09/306.69%0.69%0.79%1.43%1.26%1.27%3.00%1.88%3.13%1.01%6.23%2.94%2022/06/305.38%2.32%0.79%0.98%2.75%0.55%5.85%1.87%4.39%2.17%5.00%2.91%2022/03/315.14%0.47%0.91%0.84%2.21%0.42%5.91%2.11%3.76%2.01%4.59%2.62%2021/12/315.39%0.46%0.54%0.52%2.96%0.91%4.97%2.10%3.50%1.74%8.48%3.73%2021/09/304.06%0.59%0.53%0.63%2.42%3.48%4.60%8.38%3.10%1.49%6.74%1.58%2021/06/302.55%0.68%0.42%0.24%2.70%1.65%4.98%3.30%3.79%1.48%4.87%3.35%2021/03/313.72%1.04%0.34%0.52%3.26%2.09%5.85%3.05%3.71%1.68%4.50%1.91%2020/12/314.26%0.91%0.53%0.18%4.45%1.79%4.46%2.47%2.63%1.74%2.07%2.72%2020/09/303.36%1.73%0.21%1.19%3.71%2.36%5.19%4.04%2.31%2.54%1.85%2.45%2020/06/303.38%1.29%0.18%0.94%2.87%1.33%4.88%5.22%0.91%2.51%2.98%1.63%2020/03/314.02%1.68%0.23%2.40%2.76%0.37%5.43%5.36%1.27%2.33%1.97%0.96%2019/12/313.79%0.82%0.22%1.72%3.04%0.50%5.43%3.59%1.99%3.29%0.60%0.61%2019/09/302.87%1.86%0.25%1.20%2.45%0.58%5.03%2.74%1.88%2.72%1.17%0.15%2019/06/302.53%2.40%0.16%1.42%1.79%1.39%4.76%0.45%2.24%3.34%2.42%0.22%2019/03/312.62%2.26%0.21%1.21%1.63%1.14%4.64%0.17%2.57%3.32%0.40%0.23%2018/12/313.36%1.84%0.37%1.18%2.84%0.50%3.67%0.20%3.40%2.62%0.66%0.22%2018/09/302.67%0.81%0.20%1.94%2.37%0.58%5.13%-3.51%3.52%1.35%0.44%2018/06/302.08%0.39%0.16%1.43%1.75%0.53%4.65%2.12%4.34%4.39%2.37%0.68%2018/03/312.08%1.39%0.25%1.96%6.07%0.62%6.17%0.27%4.23%4.24%1.60%0.89%2017/12/311.78%0.92%0.12%1.75%5.60%1.08%5.79%0.10%4.25%5.70%0.19%1.25%2017/09/301.19%2.70%0.43%1.60%2.49%1.07%7.42%1.46%4.90%6.56%1.42%1.13%2017/06/300.66%3.08%0.38%0.91%3.26%0.97%8.65%3.81%6.47%6.30%0.77%1.24%2017/03/310.58%1.40%0.53%0.68%1.92%1.39%8.00%2.71%5.06%6.28%1.00%2.15%2016/12/310.49%1.37%0.32%0.83%1.01%0.64%6.01%0.32%6.13%5.24%1.74%1.62%2016/09/300.51%1.76%0.43%0.81%2.01%1.21%7.62%0.16%8.53%5.55%1.27%1.73%2016/06/300.71%1.38%0.23%0.47%1.31%1.21%2.31%0.25%7.43%4.50%4.24%1.85%2016/03/310.60%2.48%0.21%1.54%1.96%1.59%2.04%0.19%5.83%3.56%1.83%2.22%2015/12/310.76%1.16%0.20%0.99%1.76%1.77%1.23%0.49%4.40%1.35%1.41%2.21%2015/09/300.93%1.96%0.21%0.82%1.34%1.43%2.91%3.77%7.94%2.51%0.76%0.60%2015/06/301.15%2.26%0.32%0.55%1.77%4.21%3.44%6.17%5.16%1.14%0.16%1.00%2015/03/312.32%1.12%0.10%1.04%0.56%8.32%3.91%12.62%3.91%2.58%0.56%0.71%2014/12/314.13%1.72%0.44%1.06%0.25%6.94%6.74%5.24%6.05%4.07%0.39%1.11%2014/09/302.76%3.49%0.81%0.37%0.72%9.29%5.35%3.63%5.20%4.75%0.06%1.51%2014/06/302.98%1.51%0.82%1.23%0.47%5.64%8.01%8.82%3.93%6.12%0.14%1.58%2014/03/313.41%1.18%0.98%2.59%0.87%3.37%7.31%2.91%3.74%5.26%0.33%1.14%數(shù)據(jù)來源：Wind，東吳證券研究所請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分表4：居住產(chǎn)業(yè)鏈獲基金重倉持股集中度（各行業(yè)獲基金重倉持股的股票個數(shù)）二級行業(yè)基金重倉持股股票數(shù)二級行業(yè)基金重倉持股股票數(shù)后周期房地產(chǎn)開發(fā)房地產(chǎn)建筑裝飾建筑材料一級行業(yè)基金重倉持股股票數(shù)居住產(chǎn)業(yè)鏈合計房地產(chǎn)服務基建房建玻璃玻纖裝飾裝修裝修建材設計咨詢其他材料專業(yè)工程前周期其他水泥935325746325735226547327535429634337445446666428565326776337746336784544557544446677535464875235966324564664125477542254474334846342686457227586526028296356128287337228674581456637135454814774515777592575577346356823796476136844652253455119553374128333541285734311823354226253343115263432115數(shù)據(jù)來源：Wind，東吳證券研究所備注：括號內為該行業(yè)基金重倉持股股票數(shù)/該行業(yè)樣本股票總數(shù)請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分本季度居住產(chǎn)業(yè)鏈公募基金重倉持倉總市值前五的股票依次是保利發(fā)展（83.4億表5：居住產(chǎn)業(yè)鏈基金重倉持倉市值前15大股票（單位：億元）2023/03/312023/03/312023/06/302023/06/302023/09/302023/09/302023/12/312023/12/31排名123456789排名123456789保利發(fā)展招商蛇口保利發(fā)展招商蛇口三棵樹金誠信招商積余森特股份保利發(fā)展招商蛇口偉星新材三棵樹科順股份保利發(fā)展招商蛇口金誠信招商積余三棵樹科順股份25.349.725.921.346.528.320.04.74.445.829.628.4招商蛇口偉星新材三棵樹數(shù)據(jù)來源：Wind，東吳證券研究所表6：近一年房地產(chǎn)行業(yè)基金重倉持倉市值前5大股票（單位：億元）公司名稱持倉市值持倉市值公司名稱公司名稱持倉市值持倉市值公司名稱持倉市值公司名稱持倉市值公司名稱1234546.520.014.413.9房地產(chǎn)保利發(fā)展保利發(fā)展保利發(fā)展保利發(fā)展49.7數(shù)據(jù)來源：Wind，東吳證券研究所表7：近一年建筑行業(yè)基金重倉持倉市值前5大股票（單位：億元）公司名稱公司名稱持倉市值公司名稱公司名稱持倉市值公司名稱持倉市值45.8公司名稱持倉市值排名建筑持倉市值森特股份金誠信森特股份金誠信數(shù)據(jù)來源：Wind，東吳證券研究所表8：近一年建材行業(yè)基金重倉持倉市值前5大股票（單位：億元）請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分公司名稱建材持倉市值公司名稱持倉市值公司名稱持倉市值持倉市值公司名稱排名12偉星新材3三棵樹偉星新材三棵樹三棵樹4科順股份5三棵樹科順股份數(shù)據(jù)來源：Wind，東吳證券研究所表9：近一年家居板塊基金重倉持倉市值前5大股票（單位：億元）排名公司名稱持倉市值公司名稱持倉市值公司名稱持倉市值公司名稱持倉市值12顧家家居顧家家居公牛集團公牛集團3顧家家居顧家家居45金牌廚柜金牌廚柜數(shù)據(jù)來源：Wind，東吳證券研究所表10：近一年廚電板塊基金重倉持倉市值前5大股票（單位：億元）排名廚電公司名稱持倉市值公司名稱持倉市值公司名稱持倉市值公司名稱持倉市值12老板電器老板電器3老板電器老板電器45數(shù)據(jù)來源：Wind，東吳證券研究所請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分0.39%9.60%4.75%0.62%0.00%6.04%0.00%4.12%6.01%0.36%0.50%9.23%0.79%0.00%4.92%0.00%3.50%8.86%0.13%0.84%4.48%0.16%0.00%1.82%0.02%3.76%9.08%0.03%0.66%8.10%0.39%9.60%4.75%0.62%0.00%6.04%0.00%4.12%6.01%0.36%0.50%9.23%0.79%0.00%4.92%0.00%3.50%8.86%0.13%0.84%4.48%0.16%0.00%1.82%0.02%3.76%9.08%0.03%0.66%8.10%1.03%0.00%0.00%0.88%0.02%3.40%47%3.36%9.38%5.67%2.53%0.67%0.00%0.00%0.00%0.66%3.41%6.61%1.70%1.67%1.00%0.00%0.00%9.55%0.00%0.62%0.14%6.32%0.55%0.57% 0.03% 0.00% 0.00% 9.19%0.00%7.11%0.31%表11：居住產(chǎn)業(yè)鏈主要上市公司基金重倉持股占流通股比變化情況最新數(shù)值位最新數(shù)值位于近10年的百分比排名近10年最大值近10年最小值股票代碼二級行業(yè)股票簡稱一級行業(yè)2023/12/312023/3/312023/6/302023/9/30000002.SZ萬科A房地產(chǎn)房地產(chǎn)開發(fā)3.36%2.32%2.33%1.97%0.01%7.99%28%600048.SH保利發(fā)展房地產(chǎn)房地產(chǎn)開發(fā)9.38%8.52%7.69%7.04%0.93%11.91%64%001979.SZ招商蛇口房地產(chǎn)房地產(chǎn)開發(fā)5.67%6.61%6.53%6.32%0.00%6.61%88%601155.SH新城控股房地產(chǎn)房地產(chǎn)開發(fā)1.74%1.70%1.24%0.55%0.00%16.36%25%600383.SH金地集團房地產(chǎn)房地產(chǎn)開發(fā)2.53%1.67%1.02%0.57%0.00%14.58%31% 001914.SZ招商積余房地產(chǎn)房地產(chǎn)服務0.66%0.62%4.97%7.11%0.00%15.35%87%600970.SH中材國際建筑專業(yè)工程0.63%2.08%2.62%1.51%0.00%7.04%77%002051.SZ中工國際建筑專業(yè)工程0.02%0.01%0.14%0.00%0.00%8.13%0%605598.SH上海港灣建筑專業(yè)工程13.87%20.22%13.90%12.48%0.00%20.22%56%603163.SH圣暉集成建筑專業(yè)工程0.00%3.78%0.00%0.00%0.00%3.78%0%002541.SZ鴻路鋼構建筑專業(yè)工程19.05%17.74%20.21%18.21%0.00%20.21%90%601668.SH中國建筑建筑基建房建2.12%2.22%2.01%1.66%0.12%2.54%79%601800.SH中國交建建筑基建房建0.53%0.37%0.33%0.04%0.00%1.73%46%601390.SH中國中鐵建筑基建房建1.08%1.25%0.71%0.38%0.00%1.25%85%601669.SH中國電建建筑基建房建0.33%0.21%0.08%0.04%0.00%2.23%38%601186.SH中國鐵建建筑基建房建0.40%0.52%0.26%0.10%0.00%1.10%41%600629.SH華建集團建筑設計咨詢0.42%1.41%1.16%0.00%0.00%1.98%0%603018.SH華設集團建筑設計咨詢2.76%2.08%1.96%2.10%0.00%8.83%68%002081.SZ金螳螂建筑裝飾裝修0.66%0.00%0.00%0.00%0.00%13.96%0%002375.SZ亞廈股份建筑裝飾裝修0.00%0.00%0.00%0.00%0.00%13.55%0% 002989.SZ中天精裝建筑裝飾裝修0.00%0.00%0.00%0.00%0.00%20.95%0%600585.SH海螺水泥建材水泥1.59%1.78%3.36%3.13%0.10%3.36%97%600801.SH華新水泥建材水泥1.68%1.45%2.36%1.70%0.00%4.12%59%601636.SH旗濱集團建材玻璃玻纖2.08%2.00%2.17%0.05%0.00%5.72%21%600176.SH688398.SH603601.SH000786.SZ002271.SZ002791.SZ003012.SZ002798.SZ002372.SZ002043.SZ603737.SH賽特新材再升科技北新建材堅朗五金帝歐家居偉星新材兔寶寶三棵樹建材建材建材建材建材建材建材建材建材建材建材玻璃玻纖其他材料其他材料裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材7.77%2.42%0.00%0.00%0.00%0.31%0.03%0.00%0.00%0.00%0.00%0.00%0.00% 26.13%26.13% 6.81% 6.14% 24.83% 33%9%29%0%0%26%36%數(shù)據(jù)來源：Wind，東吳證券研究所表12：房地產(chǎn)行業(yè)主要上市公司基金重倉持股占流通股比變化情況股票代碼股票簡稱一級行業(yè)二級行業(yè)2023/3/312023/6/302023/9/302023/12/31近10年最小值近10年最大值最新數(shù)值位于近10年的百分比排名000002.SZ600048.SH001979.SZ601155.SH600383.SH000069.SZ000656.SZ000961.SZ600325.SH000560.SZ001914.SZ002968.SZ萬科A保利發(fā)展招商蛇口新城控股金地集團華僑城A金科股份華發(fā)股份我愛我家招商積余新大正房地產(chǎn)房地產(chǎn)房地產(chǎn)房地產(chǎn)房地產(chǎn)房地產(chǎn)房地產(chǎn)房地產(chǎn)房地產(chǎn)房地產(chǎn)房地產(chǎn)房地產(chǎn)房地產(chǎn)開發(fā)房地產(chǎn)開發(fā)房地產(chǎn)開發(fā)房地產(chǎn)開發(fā)房地產(chǎn)開發(fā)房地產(chǎn)開發(fā)房地產(chǎn)開發(fā)房地產(chǎn)開發(fā)房地產(chǎn)開發(fā)房地產(chǎn)服務房地產(chǎn)服務房地產(chǎn)服務2.32%8.52%2.33%7.69%6.53%0.00%0.00%8.00%0.00%4.97%0.00%7.04%0.01%0.93%0.00%0.00%0.00%0.03%0.00%0.00%0.00%0.00%0.00%0.00% 7.99% 0.74%20.89%20.89%28%64%64%88%25%31%0%0%0%95%0%87%數(shù)據(jù)來源：Wind，東吳證券研究所請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分表13：建筑行業(yè)主要上市公司基金重倉持股占流通股比變化情況股票代碼601668.SH股票簡稱一級行業(yè)二級行業(yè)2023/3/312023/6/302023/9/302023/12/31近10年最小值近10年最大值最新數(shù)值位于近10年的百分比排名79%建筑基建房建2.12%2.22%2.01%1.66%0.12%2.54%601390.SH建筑0.71%0.38%0.00%601800.SH建筑基建房建0.53%0.37%0.33%0.04%0.00%46%601669.SH建筑基建房建0.33%0.21%0.08%0.04%0.00%2.23%38%38%601868.SH建筑基建房建0.15%0.03%0.02%0.01%0.01%0.33%601186.SH建筑基建房建0.40%0.52%0.26%0.10%0.00%41%601611.SH建筑基建房建0.00%0.06%0.08%0.01%0.00%2.01%47%47%600039.SH四川路橋建筑基建房建0.43%0.37%0.10%0.04%0.00%5.64%44%300355.SZ蒙草生態(tài)建筑基建房建0.00%0.00%0.07%0.72%0.00% 9.56%603359.SH建筑基建房建0.01%0.00%0.00%0.00%0.00%300284.SZ建筑設計咨詢0.00%0.00%0.00%0.00%0.00% 603357.SH設計總院建筑設計咨詢1.23%0.00%0.00%0.28%0.00%300977.SZ深圳瑞捷建筑設計咨詢0.00%0.00%0.00%0.00%0.00%600629.SH華建集團建筑設計咨詢0.42%1.41%1.16%0.00%603018.SH華設集團建筑設計咨詢2.76%2.08%1.96%2.10%0.00% 68%68%002949.SZ華陽國際建筑設計咨詢0.00%0.00%7.98%5.45%0.00% 7.98%95%95%002081.SZ金螳螂建筑裝飾裝修0.66%0.00%0.00%0.00%0.00%002375.SZ亞廈股份建筑裝飾裝修0.00%0.00%0.00%0.00%0.00%601886.SH江河集團建筑裝飾裝修1.43%2.38%4.60%3.30%0.00%4.60%97%97%002989.SZ建筑裝飾裝修0.00%0.00%0.00%0.00%0.00%20.95%002713.SZ建筑裝飾裝修0.00%0.00%0.00%0.00%0.00% 002541.SZ鴻路鋼構建筑專業(yè)工程19.05%17.74%20.21%18.21%0.00%20.21%90%90%600970.SH建筑專業(yè)工程0.63%2.08%2.62%1.51%0.00%77%77%002051.SZ建筑專業(yè)工程0.02%0.01%0.14%0.00%0.00% 601618.SH建筑專業(yè)工程0.26%0.34%0.40%0.13%0.00%0.41%77%77%605598.SH上海港灣建筑專業(yè)工程13.87%20.22%13.90%12.48%0.00%20.22%605167.SH利柏特建筑專業(yè)工程0.00%0.50%0.30%0.40%0.00%0.50%603163.SH圣暉集成建筑專業(yè)工程0.00%3.78%0.00%0.00%0.00%3.78%603929.SH亞翔集成建筑專業(yè)工程0.00%0.00%0.00%0.00%0.00%3.82%600496.SH精工鋼構建筑專業(yè)工程0.97%1.25%0.92%0.20%0.00%3.85%64%002140.SZ建筑專業(yè)工程0.00%0.00%0.00%0.00%0.00%4.01%數(shù)據(jù)來源：Wind，東吳證券研究所請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分27.87%000877.SZ600801.SH000401.SZ000672.SZ601636.SH000012.SZ600176.SH002080.SZ605006.SH300196.SZ002271.SZ300737.SZ300715.SZ27.87%000877.SZ600801.SH000401.SZ000672.SZ601636.SH000012.SZ600176.SH002080.SZ605006.SH300196.SZ002271.SZ300737.SZ300715.SZ000786.SZ002791.SZ002043.SZ603737.SH603378.SH603992.SH603385.SH002084.SZ003012.SZ002918.SZ002798.SZ003011.SZ002372.SZ300599.SZ688398.SH603601.SH002398.SZ603916.SH002302.SZ300986.SZ天山股份華新水泥冀東水泥上峰水泥旗濱集團長海股份科順股份凱倫股份北新建材兔寶寶三棵樹亞士創(chuàng)能松霖科技海鷗住工帝歐家居海象新材偉星新材雄塑科技賽特新材再升科技西部建設志特新材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材建材玻璃玻纖玻璃玻纖玻璃玻纖玻璃玻纖玻璃玻纖玻璃玻纖裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材裝修建材其他材料其他材料其他材料其他材料其他材料其他材料0.01%0.00%0.01%2.08%0.09%0.01%0.95%9.60%9.64%0.00%0.39%4.75%0.00%4.12%0.06%0.42%0.00%0.10%0.62%0.06%0.00%0.00%6.04%0.00%7.77%2.87%0.00%0.01%1.45%0.00%0.00%2.00%0.00%1.50%0.18%0.00%0.40%9.23%0.00%0.50%0.00%3.50%0.00%0.00%0.00%0.10%0.79%0.00%0.00%1.66%4.92%0.00%6.01%0.36%8.62%0.00%0.00%0.01%2.36%0.00%0.00%2.17%0.00%2.42%0.29%0.58%0.57%9.31%0.00%0.84%4.48%0.02%3.76%0.22%0.07%0.12%0.00%0.16%0.00%0.00%0.05%0.00%8.86%0.13%0.00%0.00%0.00%8.50%0.01%0.00%0.00%0.05%0.00%0.16%0.41%0.15%8.10%9.94%0.00%0.66%0.02%3.40%0.00%0.05%0.00%0.00%0.00%0.00%0.00%0.00%0.88%0.00%9.08%0.03%0.00%2.40%0.00%7.75%3.01%4.12%5.25%0.89%5.72%1.80%8.99%8.31%0.58%表14：建材行業(yè)主要上市公司基金重倉持股占流通股比變化情況股票代碼股票代碼股票簡稱一級行業(yè)二級行業(yè)2023/3/312023/6/302023/9/302023/12/31最新數(shù)值位于近10年的百分比排名近10年最大值近10年最小值600585.SH海螺水泥建材1.59%1.78%3.36%3.13%0.10%3.397%97%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.03%0.00%0.00%0.31%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%24.45%24.45%26.13%26.13% 24.83%24.83% 2.45%6.81%6.45% 6.14%0.49% 7.61%0.51%28.00%28.00%21%33%92%92%29%36%47%35%26%20%數(shù)據(jù)來源：Wind，東吳證券研究所請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分表15：家居板塊主要上市公司基金重倉持股占流通股比變化情況最新數(shù)值位最新數(shù)值位于近10年的百分比排名近10年最大值近10年最小值股票代碼股票簡稱二級行業(yè)一級行業(yè)2023/12/31001323.SZ慕思股份0.28%0.94%0.23%0.12%0.00%0.94%002572.SZ2.12%2.51%30.03%30.03%44%44%002631.SZ德爾未來0.00%0.00%0.00%0.00%0.00%3.40%002853.SZ 8.83%4.31%0.00%0.00% 300616.SZ0.00%0.00%0.07%0.00%22.33%22.33%26%26%301061.SZ0.00%0.00%2.84%0.00%6.73%600337.SH0.00%0.00%0.00%0.00%0.00%8.07%603008.SH喜臨門4.47%0.03%0.00%0.00%603180.SH金牌廚柜0.00% 603195.SH公牛集團0.14%0.19%0.14%6.76%40%603216.SH0.00%0.00%0.00%0.03%0.00%0.03%603326.SH0.00%0.00%0.00%0.00%0.00%0.31%603801.SH 0.00% 603816.SH顧家家居4.50%3.85%0.12%23.09%23.09%21%21%603818.SH0.00%0.00%0.00%0.00%0.00% 603833.SH3.53%0.10%26%26%603551.SH0.27%0.47%0.26%0.15%0.00%603848.SH好太太0.00% 603898.SH好萊客0.00%0.00%0.00%0.16%0.00%22.55%22.55%46%46%數(shù)據(jù)來源：Wind，東吳證券研究所表16：廚電板塊主要上市公司基金重倉持股占流通股比變化情況股票代碼股票代碼股票簡稱一級行業(yè)二級行業(yè)2023/3/312023/6/302023/9/302023/12/31最新數(shù)值位于近10年的百分比排名近10年最大值近10年最小值002035.SZ華帝股份廚電2.79%6.48%3.86%5.20%0.00%34.22%49%49%002508.SZ老板電器廚電0.70%0.39% 002543.SZ萬和電氣廚電0.09%0.12%0.00%0.12%0.00%4.01%002677.SZ浙江美大廚電0.40%0.00%0.03%0.01%0.00% 21%300894.SZ火星人廚電0.00%0.03%0.00%0.00%0.00% 300911.SZ億田智能廚電0.61%0.05%0.00%0.00%0.00%7.99%605336.SH帥豐電器廚電4.09%0.00%0.00%6.23%002032.SZ廚電2.04%0.00%5.51%69%002242.SZ九陽股份廚電0.02%0.00%0.00%0.00%0.00%002705.SZ新寶股份廚電0.11%0.91%2.55%0.46%0.00% 26%002959.SZ廚電0.06%0.09%0.00%24%24%數(shù)據(jù)來源：Wind，東吳證券研究所請務必閱讀正文之后的免責聲明部分請務必閱讀正文之后的免責聲明部分表17：本季度基金重倉持股占流通股比環(huán)比上一季度增加最多的15支股票證券代碼603916.SH001914.SZ600820.SH603979.SH600325.SH603208.SH300355.SZ300737.SZ300492.SZ002244.SZ000779.SZ300675.SZ603466.SH301167.SZ002968.SZ證券簡稱招商積余隧道股份金誠信華發(fā)股份江山歐派蒙草生態(tài)科順股份華圖山鼎濱江集團甘咨詢建科院風語筑建研設計新大正重倉持股總量（萬股）7,5355,5363,175233206剔除送轉后持倉變動（萬股）2,2643,1622,546206重倉持股占流通股比（%）2.4029