1. 概要

投资要点
◼ 产业链景气仍在底部震荡，个别细分赛道表现亮眼。需求下行压力持续，基建地产链景气继续筑底.2025Q4/2026Q1 收入端延续负增长，幅度较2025Q3 略有扩大，主要因2024 年9 月地产政策快速放松造成了需求的高基数，2025 年Q3 之后消费补贴额度开始紧张造成部分消费延后，2026 年Q1 基建投资金额尚未落实到实物需求。但供给侧处于加快出清过程中，行业竞争出现缓和信号，产业链整体毛利率、净利率企稳。综合来看，部分细分赛道已经走出底部，收入增长，净利润增速指标持续好转，例如玻璃玻纤、装修建材。◼ 利润表：收入端降幅略有扩大，盈利能力仍处底部。（1）2025Q4/2026Q1 收入端延续负增长，幅度较2024Q3 略有扩大，主要因2024 年9 月地产政策快速放松造成了高基数，2025 年Q3 之后消费补贴额度开始紧张，2026 年Q1 基建投资金额尚未落实到实物需求。但玻璃玻纤子行业收入持续增长，主要得益于电子、风电、汽车等行业对玻纤产品的持续拉动。（2）2025Q4/2026Q1 整体毛利率呈现震荡企稳态势，反映随着景气持续下行，供给加快出清，行业竞争出现缓和趋势，其中在产品价格的拉动下，玻璃玻纤毛利率逐季提高，装修建材毛利率不再下跌。（3）2025Q4/2026Q1ROE（TTM）处于历史底部，近3 年区间的分位值为15.3%/7.6%，近10 年区间的分位值为4.8%/2.4%。◼ 现金流与资产负债表：经营性现金流、杠杆率表现分化。（1）2025Q4 基建地产链样本上市公司经营活动产生的现金流量净额为5966.7 亿元，同比-2.7%，收现比为105.7%，同比+7.4pct，尤其是玻璃玻纤、基建房建、专业工程、设计咨询等子行业改善明显。2026Q1 经营性现金流净额为-4302.8 亿元，同比-2.4%，收现比为104.5%，同比+1.6pct，收现比改善的子行业范围扩大，反映行业整体对现金流、信用风险管控力度延续。（2）基建地产链2025Q4/2026Q1 的资产负债率环比基本持平，同比分别+1.1pct/+0.8pct，主要是基建房建子行业同比分别+1.0pct/+0.9pct。反映出经济结构调整过程中杠杆转移的方向，基建央企承担了稳增长的工作，民营企业加快供给出清。（3）基建地产链截至2026Q1 应收账款及票据周转天数（TTM）继续有所上升，反映存量应收款项仍有待进一步化解。◼ 风险提示：地产信用风险失控的风险，地产政策放松低于预期的风险。-5%1%7%13%19%25%31%37%43%49%2025/5/122025/9/92026/1/72026/5/7建筑材料沪深300行业深度报告东吴证券研究所图1： 基建地产链及主要子行业25Q4、26Q1 营收同比增速在近3/10 年营收增速中的分位值 .. 7图2： 基建地产链及主要子行业截至25Q4、26Q1 对应的ROE（TTM）在近3/10 年ROE（TTM）中的分位值 ............................................................................................................................... 8图3： 基建地产链及主要子行业25Q4、26Q1 的销售净利率在近3/10 年销售净利率中的分位值.................................................................................................................................................................... 9图4： 基建地产链及主要子行业单季营业收入同比增速................................................................. 10图5： 基建地产链及主要子行业单季归母净利润同比增速............................................................. 11图6： 基建地产链及主要子行业单季毛利率..................................................................................... 15表1： 样本上市公司营收、归母净利润单季及累计同比增速1...................................................... 12表2： 样本上市公司营收、归母净利润单季及累计同比增速2...................................................... 13表3： 样本上市公司营收、归母净利润单季及累计同比增速3...................................................... 14表4： 样本上市公司单季毛利率及同比变化1.................................................................................. 16表5： 样本上市公司单季毛利率及同比变化2.................................................................................. 17表6： 样本上市公司单季毛利率及同比变化3.................................................................................. 18表7： 基建地产链主要子行业单季销售费用率，管理、研发费用率及同比变化......................... 19表8： 样本上市公司单季销售费用率，管理、研发费用率及同比变化1...................................... 20表9： 样本上市公司单季销售费用率，管理、研发费用率及同比变化2...................................... 21表10： 样本上市公司单季销售费用率，管理、研发费用率及同比变化3.................................... 22表11： 基建地产链主要子行业员工人数情况 ................................................................................... 23表12： 样本上市公司员工人数情况1................................................................................................ 23表13： 样本上市公司员工人数情况2................................................................................................ 24表14： 样本上市公司员工人数情况3................................................................................................ 25表15： 基建地产链主要子行业人均创收、人均创利及同比变化................................................... 26表16： 样本上市公司人均创收、人均创利及同比变化1................................................................ 27表17： 样本上市公司人均创收、人均创利及同比变化2................................................................ 28表18： 样本上市公司人均创收、人均创利及同比变化3................................................................ 29表19： 基建地产链主要子行业单季财务费用率、资产与信用减值损失/营业收入及同比变化 . 30表20： 样本上市公司单季财务费用率、资产与信用减值损失/营业收入及同比变化1 .............. 31表21： 样本上市公司单季财务费用率、资产与信用减值损失/营业收入及同比变化2 .............. 32表22： 样本上市公司单季财务费用率、资产与信用减值损失/营业收入及同比变化3 .............. 33表23： 基建地产链主要子行业单季销售净利率、ROE（TTM）及同比变化 .............................. 34表24： 样本上市公司单季销售净利率、ROE（TTM）及同比变化1 ........................................... 35表25： 样本上市公司单季销售净利率、ROE（TTM）及同比变化2 ........................................... 36表26： 样本上市公司单季销售净利率、ROE（TTM）及同比变化3 ........................................... 37表27： 基建地产链主要子行业单季经营性现金流、收现比及同比变化....................................... 38表28： 样本上市公司单季经营性现金流、收现比及同比变化1.................................................... 39表29： 样本上市公司单季经营性现金流、收现比及同比变化2.................................................... 40表30： 样本上市公司单季经营性现金流、收现比及同比变化3.................................................... 41表31： 基建地产链主要子行业资产负债率、带息债务及同、环比变化....................................... 42表32： 样本上市公司资产负债率、带息债务及同、环比变化1.................................................... 42行业深度报告东吴证券研究所表33： 样本上市公司资产负债率、带息债务及同、环比变化2.................................................... 43表34： 样本上市公司资产负债率、带息债务及同、环比变化3.................................................... 44表35： 基建地产链子行业应收周转天数（TTM）、应付周转天数（TTM）、净营业周期（TTM）及同、环比变化 ..................................................................................................................... 45表36： 样本上市公司应收周转天数（TTM）、应付周转天数（TTM）、净营业周期（TTM）及同、环比变化1....................................................................................................................................... 45表37： 样本上市公司应收周转天数（TTM）、应付周转天数（TTM）、净营业周期（TTM）及同、环比变化2....................................................................................................................................... 46表38： 样本上市公司应收周转天数（TTM）、应付周转天数（TTM）、净营业周期（TTM）及同、环比变化3....................................................................................................................................... 47行业深度报告东吴证券研究所基建地产链A 股上市公司2025 年年报及2026 年一季报已经基本披露完毕，我们选取了136 家A 股上市公司作为样本进行分析，其中建筑公司81 家、建材公司55 家。细分子行业中，建材行业包括水泥子行业8 家、玻璃玻纤子行业9 家、装修建材子行业27 家、其他材料子行业11 家，建筑行业包括设计咨询子行业25 家、装饰装修子行业12家、基建房建子行业15 家、国际工程子行业4 家、专业工程子行业25 家。本文选取的指标包括：◼利润表指标：（1）单季营收同比增速、单季销售净利率、ROE（TTM）位于各自近3/10 年对应单季指标的分位值；（2）营收、归母净利润单季及累计同比增速；（3）单季毛利率、销售费用率、管理费用率（含研发费用）、财务费用率、资产与信用减值损失/营业收入、销售净利率；（4）公司人数，24Q1-2 累计人均创收、人均创利，ROE（TTM）；◼现金流量表指标：单季经营活动产生的现金流量净额，单季收现比；◼资产负债表指标：资产负债率，带息债务，应收账款及票据周转率（TTM），应付账款及票据周转率（TTM），净营业周期（TTM）。
1. 概要
◼产业链景气仍在底部震荡，个别细分赛道表现亮眼。需求下行压力持续，基建地产链景气继续筑底.2025Q4/2026Q1 收入端延续负增长，幅度较2025Q3 均略有扩大，主要因2024 年9 月地产政策快速放松造成了需求的高基数，2025 年Q3 之后消费补贴额度开始紧张造成部分消费延后，2026 年Q1 基建投资金额尚未落实到实物需求。但供给侧处于加快出清过程中，行业竞争出现缓和信号，产业链整体毛利率、净利率企稳。综合来看，部分细分赛道已经走出底部，收入增长，净利润增速指标持续好转，例如玻璃玻纤、装修建材。◼利润表：收入端降幅略有扩大，盈利能力仍处底部。（1）2025Q4/2026Q1 收入端延续负增长，幅度较2024Q3 略有扩大，主要因2024年9 月地产政策快速放松造成了高基数，2025 年Q3 之后消费补贴额度开始紧张，2026年Q1 基建投资金额尚未落实到实物需求。但玻璃玻纤子行业收入持续增长，主要得益于电子、风电、汽车等行业对玻纤产品的持续拉动。（2）2025Q4/2026Q1 整体毛利率呈现震荡企稳态势，反映随着景气持续下行，供给加快出清，行业竞争出现缓和趋势，其中在产品价格的拉动下，玻璃玻纤毛利率逐季行业深度报告东吴证券研究所提高，装修建材毛利率不再下跌。（3）2025Q4/2026Q1ROE（TTM）处于历史底部，近3年区间的分位值为15.3%/7.6%，近10 年区间的分位值为4.8%/2.4%。◼现金流与资产负债表：经营性现金流、杠杆率表现分化。（1）2025Q4 基建地产链样本上市公司经营活动产生的现金流量净额为5966.7 亿元，同比-2.7%，收现比为105.7%，同比+7.4pct，尤其是玻璃玻纤、基建房建、专业工程、设计咨询等子行业改善明显。2026Q1 经营性现金流净额为-4302.8 亿元，同比-2.4%，收现比为104.5%，同比+1.6pct，收现比改善的子行业范围扩大，反映行业整体对现金流、信用风险管控力度延续。（2）基建地产链2025Q4/2026Q1 的资产负债率环比基本持平，同比分别+1.1pct/+0.8pct，主要是基建房建子行业同比分别+1.0pct/+0.9pct。反映出经济结构调整过程中杠杆转移的方向，基建央企承担了稳增长的工作，民营企业加快供给出清。（3）基建地产链截至2026Q1 应收账款及票据周转天数（TTM）继续有所上升，反映存量应收款项仍有待进一步化解。
2. 利润表分析
基建地产链需求持续承压下，上市公司2025Q4/2026Q1 营收增速仍处历史低位。子行业2025Q4的营收同比增速在各自近3年所有单季营收同比增速中的分位值为：设计咨询（30.7%）、水泥（46.1%）、玻璃玻纤（76.9%）、装饰装修（53.8%）、装修建材（38.4%）、其他材料（15.3%）、基建房建（15.3%）、国际工程（61.5%）、专业工程（46.1%）；在各自近10 年所有单季营收同比增速中的分位值为：设计咨询（14.6%）、水泥（21.9%）、玻璃玻纤（43.9%）、装饰装修（34.1%）、装修建材（19.5%）、其他材料（7.3%）、基建房建（7.3%）、国际工程（43.9%）、专业工程（17.0%）。子行业2026Q1的营收同比增速在各自近3年所有单季营收同比增速中的分位值为：设计咨询（46.1%）、水泥（61.5%）、玻璃玻纤（76.9%）、装饰装修（53.8%）、装修建材（92.3%）、其他材料（30.7%）、基建房建（38.4%）、国际工程（30.7%）、专业工程（15.3%）；在各自近10 年所有单季营收同比增速中的分位值为：设计咨询（21.9%）、水泥（26.8%）、玻璃玻纤（53.6%）、装饰装修（31.7%）、装修建材（43.9%）、其他材料（14.6%）、基建房建（14.6%）、国际工程（14.6%）、专业工程（4.8%）。其中，设计咨询、水泥、玻璃玻纤、装修建材、其他材料、基建房建板块2026Q1 的营收同比增速的近3/10 年分位值均较2025Q4 有所提升。行业深度报告东吴证券研究所图1：基建地产链及主要子行业25Q4、26Q1 营收同比增速在近3/10 年营收增速中的分位值数据来源：Wind，东吴证券研究所基建地产链上市公司2025Q4/2026Q1ROE（TTM）处于历史底部。子行业2025Q4 的ROE（TTM）在各自近3 年所有单季ROE（TTM）中的分位值为：设计咨询（15.3%）、水泥（69.2%）、玻璃玻纤（23.0%）、装饰装修（76.9%）、装修建材（7.6%）、其他材料（7.6%）、基建房建（7.6%）、国际工程（7.6%）、专业工程（15.3%）；在各自近10 年所有单季ROE（TTM）中的分位值为：设计咨询（4.8%）、水泥（24.3%）、玻璃玻纤（9.7%）、装饰装修（31.7%）、装修建材（2.4%）、其他材料（2.4%）、基建房建（2.4%）、国际工程（14.6%）、专业工程（4.8%）。子行业2026Q1 的ROE（TTM）在各自近3 年所有单季ROE（TTM）中的分位值为：设计咨询（7.6%）、水泥（15.3%）、玻璃玻纤（23.0%）、装饰装修（84.6%）、装修建材（7.6%）、其他材料（7.6%）、基建房建（7.6%）、国际工程（7.6%）、专业工程（7.6%）；在各自近10 年所有单季ROE（TTM）中的分位值为：设计咨询（2.4%）、水泥（4.8%）、玻璃玻纤（7.3%）、装饰装修（36.5%）、装修建材（2.4%）、其他材料（2.4%）、基建房建（2.4%）、国际工程（7.3%）、专业工程（2.4%）。其中，装饰装修板块2026Q1 的ROE（TTM）的近3/10 年分位值均较2025Q4 有所提升。行业深度报告东吴证券研究所图2：基建地产链及主要子行业截至25Q4、26Q1 对应的ROE（TTM）在近3/10 年ROE（TTM）中的分位值数据来源：Wind，东吴证券研究所基建地产链上市公司2025Q4/2026Q1 销售净利率持续改善，反映了25 年以来市场竞争的缓和趋势。子行业2025Q4 的销售净利率在各自近3 年所有单季销售净利率中的分位值为：设计咨询（7.6%）、水泥（7.6%）、玻璃玻纤（15.3%）、装饰装修（46.1%）、装修建材（7.6%）、其他材料（7.6%）、基建房建（7.6%）、国际工程（7.6%）、专业工程（7.6%）；在各自近10 年所有单季销售净利率中的分位值为：设计咨询（2.4%）、水泥（2.4%）、玻璃玻纤（4.8%）、装饰装修（19.5%）、装修建材（2.4%）、其他材料（2.4%）、基建房建（2.4%）、国际工程（9.7%）、专业工程（2.4%）。子行业2026Q1 的销售净利率在各自近3 年所有单季销售净利率中的分位值为：设计咨询（15.3%）、水泥（30.7%）、玻璃玻纤（61.5%）、装饰装修（84.6%）、装修建材（38.4%）、其他材料（23.0%）、基建房建（38.4%）、国际工程（30.7%）、专业工程（92.3%）；在各自近10 年所有单季销售净利率中的分位值为：设计咨询（4.8%）、水泥（9.7%）、玻璃玻纤（24.3%）、装饰装修（48.7%）、装修建材（24.3%）、其他材料（7.3%）、基建房建（12.1%）、国际工程（26.8%）、专业工程（68.2%）。其中，设计咨询、水泥、玻璃玻纤、装饰装修、装修建材、其他材料、基建房建、国际工程、专业工程板块2026Q1 的销售净利率的近3/10 年分位值均较2025Q4 有所提升。行业深度报告东吴证券研究所图3：基建地产链及主要子行业25Q4、26Q1 的销售净利率在近3/10 年销售净利率中的分位值数据来源：Wind，东吴证券研究所2.1. 收入基建地产链上市公司整体2026Q1 营收降幅较 2025Q4 缩小，增长的子行业主要是玻璃玻纤和装修建材。◼2025Q4 基建地产链样本上市公司整体营业收入同比-7.2%，增速环比2025Q3 变动-2.7pct。其中建筑、建材行业2025Q4 营业收入分别同比-7.1%、-8.1%，增速环比2025Q3 分别变动-2.5pct、-4.7pct。2026Q1 基建地产链样本上市公司整体营业收入同比-5.6%，增速环比2025Q4 变动+1.6pct。其中建筑、建材行业2026Q1 营业收入分别同比-5.9%、-1.1%，增速环比2025Q4 分别变动+1.2pct、+7.0pct。◼2025Q4 营收同比增速最高的三个子行业依次是：玻璃玻纤（+7.3%）、国际工程（+5.1%）、设计咨询（-5.0%），营收同比增速最低的三个细分子行业依次是：水泥（-13.2%）、其他材料（-9.3%）、装饰装修（-8.3%）。2026Q1 营收同比增速最高的三个子行业依次是：玻璃玻纤（+10.9%）、装修建材（+5.5%）、设计咨询（-1.7%），营收同比增速最低的三个细分子行业依次是：专业工程（-14.2%）、国际工程（-12.4%）、水泥（-9.1%）。◼2025Q4 营收同比增速环比2025Q3 加快的子行业包括装饰装修（+9.8pct）、国际工程（+14.1pct）、专业工程（+2.5pct）；放缓的子行业包括设计咨询（-4.0pct）、水泥（-3.4pct）、玻璃玻纤（-11.0pct）、装修建材（-3.1pct）、其他材料（-5.6pct）、基建房建（-3.5pct）。2026Q1 营收同比增速环比2025Q4 加快的子行业包括设计咨询（+3.3pct）、水泥（+4.1pct）、玻璃玻纤（+3.6pct）、装修建材（+13.2pct）、其他材料（+3.0pct）、基建房建（+2.5pct）；放缓的子行业包括装饰装修（0.0pct）、国际工程（-17.5pct）、专业工程（-6.5pct）。0%10%20%30%40%50%60%70%80%90%100%基建地产链建筑建材设计咨询水泥玻璃玻纤装饰装修装修建材其他材料基建房建国际工程专业工程2026Q1销售净利率在近3年销售净利率中的分位值2025Q4销售净利率在近3年销售净利率中的分位值2026Q1销售净利率在近10年销售净利率中的分位值2025Q4销售净利率在近10年销售净利率中的分位值行业深度报告东吴证券研究所图4：基建地产链及主要子行业单季营业收入同比增速数据来源：Wind，东吴证券研究所基建地产链上市公司整体归母净利润2025Q4 降幅扩大，主要原因是集中减值的影响。2026Q1 降幅明显收窄，主要得益于供给出清之后产品价格同比上升，其中装修建材、玻璃玻纤、水泥获得同比的正增长。◼2025Q4 基建地产链样本上市公司整体归母净利润同比-70.6%，增速环比2025Q3 变动-56.5pct。其中建筑、建材行业2025Q4 归母净利润分别同比-52.3%、-282.2%，增速环比2025Q3 分别变动-34.1pct、-295.1pct。2026Q1 基建地产链样本上市公司整体归母净利润同比-12.8%，增速环比2025Q4 变动+57.8pct。其中建筑、建材行业2026Q1 归母净利润分别同比-14.0%、+6.2%，增速环比2025Q4 分别变动+38.3pct、+288.4pct。◼2025Q4 归母净利润同比增速最高的三个子行业依次是：其他材料（+279.9%）、玻璃玻纤（+127.7%）、装修建材（+107.4%），归母净利润同比增速最低的三个细分子行业依次是：水泥（-188.4%）、装饰装修（-115.2%）、专业工程（-94.5%）。2026Q1归母净利润同比增速最高的三个子行业依次是：装修建材（+11.7%）、水泥（+11.0%）、专业工程（+9.6%），归母净利润同比增速最低的三个细分子行业依次是：其他材料（-73.6%）、设计咨询（-34.5%）、国际工程（-30.0%）。◼2025Q4 归母净利润同比增速环比2025Q3 加快的子行业包括玻璃玻纤（+43.0pct）、装修建材（+122.3pct）、其他材料（+320.7pct）；放缓的子行业包括设计咨询（-101.8pct）、水泥（-215.8pct）、装饰装修（-404.2pct）、基建房建（-36.0pct）、国际工程（-18.7pct）、专业工程（-62.4pct）。2026Q1 归母净利润同比增速环比2025Q4 加快的子行业包括设计咨询（+54.2pct）、水泥（+199.4pct）、装饰装修（+104.4pct）、基建房建（+36.8pct）、专业工程（+104.0pct）；放缓的子行业包括玻璃玻纤（-125.6pct）、装修建材（-95.7pct）、其他材料（-353.5pct）、国际工程（-0.7pct）。行业深度报告东吴证券研究所图5：基建地产链及主要子行业单季归母净利润同比增速数据来源：Wind，东吴证券研究所前周期行业中：◼设计咨询子行业2025Q4 单季收入同比增速位居样本前三的依次是：*ST 股份（+243.9%）、汉嘉数智（+115.3%）、测绘股份（+45.9%）；2026Q1 单季收入同比增速位居样本前三的依次是：*ST 中设（+93.4%）、深圳瑞捷（+30.0%）、建发合诚（+16.4%）；◼水泥子行业2025Q4 单季收入同比增速位居样本前三的依次是：华新水泥（+8.6%）、海螺水泥（-7.2%）、塔牌集团（-11.6%）；2026Q1 单季收入同比增速位居样本前三的依次是：华新水泥（+24.4%）、塔牌集团（-9.7%）、海螺水泥（-10.4%）；行业深度报告东吴证券研究所表1：样本上市公司营收、归母净利润单季及累计同比增速1数据来源：Wind，东吴证券研究所后周期行业中：◼玻璃玻纤子行业2025Q4 单季收入同比增速位居样本前三的依次是：宏和科技（+47.6%）、山东玻纤（+37.1%）、中材科技（+18.4%）；2026Q1 单季收入同比增速位居样本前三的依次是：宏和科技（+79.7%）、山东玻纤（+39.1%）、中材科技（+24.5%）。◼装饰装修子行业2025Q4 单季收入同比增速位居样本前三的依次是：ST 名家汇（+358.3%）、中天精装（+56.7%）、德才股份（+32.8%）；2026Q1 单季收入同比增速位居样本前三的依次是：江河集团（+7.7%）、*ST 宝鹰（+6.2%）、名雕股份（+0.1%）。◼装修建材子行业2025Q4 单季收入同比增速位居样本前三的依次是：共创草坪（+17.9%）、建霖家居（+13.5%）、东方雨虹（+9.8%）；2026Q1 单季收入同比增速位居样本前三的依次是：松霖科技（+45.7%）、兔宝宝（+32.7%）、玉马遮阳（+22.8%）。2026Q12025Q42026Q12025Q1-42026Q12025Q42026Q12025Q1-4国检集团4.6%-7.5%4.6%-0.5%13.0%-40.9%13.0%-41.4%中国海诚-8.6%4.3%-8.6%2.0%-9.6%-13.3%-9.6%1.5%苏交科7.6%-22.9%7.6%-11.9%-4.6%-174.8%-4.6%-89.7%地铁设计10.0%-23.9%10.0%-6.6%27.4%-39.1%27.4%-5.3%华设集团-3.2%-9.8%-3.2%-7.2%17.6%-41.2%17.6%-28.3%设计总院-29.8%-46.7%-29.8%-28.6%-76.7%-37.6%-76.7%-28.7%华建集团-7.4%-22.3%-7.4%-17.7%-93.2%-161.5%-93.2%-81.7%深圳瑞捷30.0%6.1%30.0%-0.5%-181.2%106.4%-181.2%216.2%启迪设计-20.1%45.8%-20.1%-15.5%37.8%-65.5%37.8%6.8%华阳国际-24.8%-12.9%-24.8%3.1%80.4%48.9%80.4%-27.7%建发合诚16.4%27.9%16.4%15.5%25.0%0.5%25.0%14.2%勘设股份-24.0%-21.7%-24.0%-10.9%18.2%-19.3%18.2%-25.9%中衡设计-7.2%-3.9%-7.2%-11.8%-2.0%53.6%-2.0%-4.4%甘咨询5.2%6.2%5.2%4.2%5.9%-123.9%5.9%-31.3%设研院11.5%8.4%11.5%12.5%34.4%-47.9%34.4%26.3%深城交-8.4%-0.4%-8.4%-8.4%-91.2%-61.1%-91.2%-42.1%建研设计0.3%11.5%0.3%0.4%-4.3%-6.7%-4.3%39.4%*ST中设93.4%243.9%93.4%-27.7%114.1%109.6%114.1%-2329.4%测绘股份12.6%45.9%12.6%25.6%44.5%-75.9%44.5%8.2%建科院12.2%-31.7%12.2%-31.5%44.8%-160.3%44.8%-3936.7%苏州规划-13.9%-15.3%-13.9%-12.0%-26.6%8.0%-26.6%-23.8%蕾奥规划-43.4%12.2%-43.4%-0.6%-877.7%144.7%-877.7%143.1%杰恩股份-42.2%-6.2%-42.2%-6.0%-301.4%87.5%-301.4%223.9%汉嘉数智-19.9%115.3%-19.9%71.4%-21.8%110.7%-21.8%116.7%上海建科0.3%26.7%0.3%20.4%61.0%31.6%61.0%7.5%深水规院-13.9%-3.4%-13.9%-8.3%-17.0%-35.0%-17.0%-0.2%筑博设计2.8%22.5%2.8%-19.3%80.0%32.6%80.0%-21.5%华图山鼎1.3%4.5%1.3%12.9%-0.1%88.9%-0.1%354.1%海螺水泥-10.4%-7.2%-10.4%-9.3%-18.9%-27.6%-18.9%5.4%天山股份-17.5%-23.4%-17.5%-14.4%0.1%-305.6%0.1%-915.5%华新建材24.4%8.6%24.4%3.3%169.4%-33.5%169.4%18.1%金隅冀东-22.8%-11.9%-22.8%-3.1%-13.9%125.7%-13.9%122.1%上峰水泥-24.2%-33.0%-24.2%-13.9%-60.1%-50.8%-60.1%1.6%塔牌集团-9.7%-11.6%-9.7%-4.0%-10.9%-70.5%-10.9%17.9%万年青-24.0%-36.7%-24.0%-23.5%-157.1%247.8%-157.1%120.4%中交设计0.7%-13.4%0.7%-11.0%-23.9%-8.8%-23.9%-16.9%宁夏建材-47.4%-40.0%-47.4%-40.2%46.2%-155.7%46.2%-24.6%亚泰集团-12.8%-20.1%-12.8%-11.8%52.1%33.1%52.1%30.1%子行业设计咨询营业收入单季增速营业收入累计增速归母净利润单季增速归母净利润累计增速水泥行业深度报告东吴证券研究所表2：样本上市公司营收、归母净利润单季及累计同比增速2数据来源：Wind，东吴证券研究所其他子行业中：◼其他材料行业2025Q4 单季收入同比增速位居样本前三的依次是：志特新材（+31.0%）、北京利尔（+14.0%）、濮耐股份（+10.2%）；2026Q1 单季收入同比增速位居样本前三的依次是：志特新材（+21.8%）、北京利尔（+12.3%）、苏博特（+2.0%）。◼基建房建行业2025Q4 单季收入同比增速位居样本前三的依次是：新疆交建（+35.7%）、四川路桥（+18.3%）、中国电建（-0.7%）；2026Q1 单季收入同比增速位居样本前三的依次是：上海建工（+21.8%）、新疆交建（+19.5%）、安徽建工（+10.0%）。2026Q12025Q42026Q12025Q1-42026Q12025Q42026Q12025Q1-4旗滨集团2.4%-2.3%2.4%0.6%-97.2%6.4%-97.2%61.8%南玻A-2.6%-8.9%-2.6%-11.2%-721.6%95.2%-721.6%-52.9%凯盛新能-24.5%-37.0%-24.5%-29.4%-182.3%12.3%-182.3%-49.9%金晶科技-24.9%-23.8%-24.9%-29.9%-1931.8%-33.3%-1931.8%-1066.9%耀皮玻璃-0.3%4.4%-0.3%0.1%-43.3%-40.9%-43.3%16.7%中国巨石17.9%17.8%17.9%19.1%73.5%-21.3%73.5%34.4%中材科技24.5%18.4%24.5%25.9%40.1%19.2%40.1%103.8%宏和科技79.7%47.6%79.7%40.3%354.2%318.6%354.2%785.5%长海股份-3.8%2.7%-3.8%17.9%-1.4%-4.6%-1.4%18.8%山东玻纤39.1%37.1%39.1%23.9%15.4%-212.8%15.4%86.4%金螳螂-14.1%8.7%-14.1%-5.6%-17.7%-18.1%-17.7%-18.4%风语筑-21.5%-20.9%-21.5%20.7%5.8%-287.9%5.8%86.4%亚厦股份-8.4%-41.3%-8.4%-24.9%-1.6%30.5%-1.6%9.0%江河集团7.7%4.4%7.7%-2.5%5.7%-25.4%5.7%-4.3%广田集团101.0%25.7%101.0%111.2%38.2%-68.8%38.2%33.5%中天精装-13.7%56.7%-13.7%-2.6%-335.9%67.5%-335.9%61.3%全筑股份38.3%43.0%38.3%21.2%111.7%-164.3%111.7%-163.4%*ST东易-33.0%-8.9%-33.0%-46.7%9.9%116.0%9.9%103.1%ST名家汇-58.7%358.3%-58.7%53.8%22.9%147.4%22.9%48.4%*ST宝鹰6.2%-76.3%6.2%-68.8%43.2%130.1%43.2%108.0%*ST瑞和-50.0%-66.5%-50.0%-49.4%-9.1%57.4%-9.1%51.9%*ST利达-58.3%-52.6%-58.3%-37.2%-76.2%-1519.6%-76.2%-2828.2%德才股份-17.7%32.8%-17.7%-15.2%-22.8%105.7%-22.8%124.4%名雕股份0.1%18.0%0.1%4.7%15.4%9.5%15.4%5.3%松霖科技45.7%-6.7%45.7%-13.1%109.9%-62.8%109.9%-54.0%惠达卫浴-12.8%-25.6%-12.8%-14.9%-381.8%-550.8%-381.8%-236.6%建霖家居14.0%13.5%14.0%2.2%-23.6%8.1%-23.6%-8.6%瑞尔特-15.0%-33.0%-15.0%-23.8%-95.9%-179.1%-95.9%-89.9%海鸥住工-14.9%-16.9%-14.9%-8.2%-271.0%53.2%-271.0%4.6%奥普科技8.3%8.5%8.3%0.5%-19.0%1.8%-19.0%0.0%东鹏控股-18.6%-12.6%-18.6%-6.3%-64.1%-85.0%-64.1%7.1%蒙娜丽莎-7.6%-10.6%-7.6%-15.3%69.4%-80.5%69.4%-58.0%帝欧水华-25.7%-22.8%-25.7%-16.3%66.8%9.2%66.8%6.8%东方雨虹20.7%9.8%20.7%-1.7%108.9%40.4%108.9%4.7%科顺股份4.3%-20.8%4.3%-11.5%56.9%-576.2%56.9%-1314.7%凯伦股份12.4%4.1%12.4%1.3%118.9%98.8%118.9%103.8%三棵树14.3%6.0%14.3%3.5%1.5%139.9%1.5%133.4%*ST亚士-65.6%-80.1%-65.6%-77.5%-5.4%-244.2%-5.4%-319.3%保立佳-16.6%-32.8%-16.6%-21.4%-151.3%22.1%-151.3%63.0%江山欧派-43.3%-54.2%-43.3%-45.8%-1150.7%-180.5%-1150.7%-279.1%玉马科技22.8%-12.2%22.8%-3.1%-7.7%-33.5%-7.7%-19.8%北新建材-1.3%-1.5%-1.3%-2.1%-4.6%-36.2%-4.6%-20.3%共创草坪15.2%17.9%15.2%11.5%28.7%29.6%28.7%30.6%伟星新材-9.2%-19.2%-9.2%-14.1%5.1%-38.8%5.1%-22.2%公元股份18.3%-3.6%18.3%-6.5%16.8%-59.7%16.8%-67.2%雄塑科技-0.6%-20.5%-0.6%-11.8%68902.0%6.6%68902.0%27.0%坚朗五金-8.8%-27.8%-8.8%-16.5%-18.7%-304.8%-18.7%-211.6%兔宝宝32.7%-5.9%32.7%-3.3%46.4%-29.0%46.4%20.0%大亚圣象-2.6%-25.8%-2.6%-14.5%-39.2%-1306.7%-39.2%-90.4%海象新材-0.6%-18.4%-0.6%-11.8%-54.1%-81.3%-54.1%98.5%爱丽家居-9.2%-18.9%-9.2%-13.9%-166.9%-109.9%-166.9%-87.5%子行业装饰装修营业收入单季增速营业收入累计增速归母净利润单季增速归母净利润累计增速玻璃玻纤装修建材行业深度报告东吴证券研究所◼国际工程行业2025Q4 单季收入同比增速分别为：中工国际（+23.5%）、中材国际（+15.3%）、中钢国际（-6.0%）、北方国际（-26.6%）；2026Q1 单季收入同比增速分别为：中工国际（+7.1%）、中材国际（-6.3%）、中钢国际（-18.2%）、北方国际（-35.6%）。◼专业工程行业2025Q4 单季收入同比增速位居样本前五的依次是：亚翔集成（+86.7%）、圣晖集成（+55.5%）、东方铁塔（+37.0%）、金诚信（+33.3%）、东华科技（+33.0%）；2026Q1 单季收入同比增速位居样本前五的依次是：东方铁塔（+48.6%）、亚翔集成（+35.4%）、中铁装配（+25.8%）、金诚信（+21.4%）、中粮科工（+20.5%）。表3：样本上市公司营收、归母净利润单季及累计同比增速3数据来源：Wind，东吴证券研究所2026Q12025Q42026Q12025Q1-42026Q12025Q42026Q12025Q1-4苏博特2.0%-9.3%2.0%0.0%24.1%55.6%24.1%26.2%垒知集团-15.1%-25.9%-15.1%-9.3%-23.9%6.9%-23.9%9.9%西部建设-14.9%-20.7%-14.9%-11.0%11.2%-95.4%11.2%-178.0%志特新材21.8%31.0%21.8%17.5%56.4%218.3%56.4%122.0%震安科技-43.6%6.9%-43.6%27.3%73.4%-12.9%73.4%16.8%赛特新材-1.4%-1.8%-1.4%6.6%-96.1%-110.5%-96.1%-68.7%再升科技-7.3%-23.8%-7.3%-13.6%-57.4%-20306.7%-57.4%-38.2%鲁阳节能-21.1%-28.6%-21.1%-29.7%-95.1%-143.7%-95.1%-91.1%北京利尔12.3%14.0%12.3%10.2%3.1%505.1%3.1%25.9%濮耐股份-2.9%10.2%-2.9%5.7%-65.5%-168.1%-65.5%-35.9%瑞泰科技-15.7%2.4%-15.7%-11.0%-119.4%-473.5%-119.4%-201.3%中国建筑-7.8%-6.5%-7.8%-4.8%-7.5%-86.3%-7.5%-15.4%上海建工21.8%-44.4%21.8%-31.4%100.6%-96.8%100.6%-42.9%陕建股份-10.9%-17.6%-10.9%-15.4%-57.2%-6487.6%-57.2%-92.4%重庆建工-11.1%-48.2%-11.1%-18.9%12.6%-48.6%12.6%-174.0%中国中铁-5.4%-6.6%-5.4%-5.8%-27.7%-26.2%-27.7%-17.9%中国铁建-9.8%-2.5%-9.8%-3.5%-14.7%-45.5%-14.7%-17.3%中国电建1.8%-0.7%1.8%1.8%-26.0%-21.0%-26.0%-16.7%中国能建1.6%-8.6%1.6%3.7%-9.8%-44.0%-9.8%-30.4%中国交建0.8%-7.7%0.8%-5.3%-25.0%-84.5%-25.0%-36.9%四川路桥-4.1%18.3%-4.1%7.3%-15.7%-18.1%-15.7%1.2%隧道股份-24.8%-9.2%-24.8%-15.8%-10.0%-25.1%-10.0%-22.1%安徽建工10.0%-10.3%10.0%-13.8%7.1%87.3%7.1%13.5%浦东建设-27.5%-2.8%-27.5%-23.4%-59.8%-15.0%-59.8%-40.5%山东路桥-9.1%-5.1%-9.1%-3.9%-32.8%-5.6%-32.8%-4.1%新疆交建19.5%35.7%19.5%37.4%-114.6%-83.3%-114.6%47.8%中材国际-6.3%15.3%-6.3%7.5%-31.4%-14.6%-31.4%-4.1%北方国际-35.6%-26.6%-35.6%-29.0%-37.5%-18.3%-37.5%-31.1%中钢国际-18.2%-6.0%-18.2%-21.2%-14.0%-136.1%-14.0%-41.9%中工国际7.1%23.5%7.1%-5.2%-40.4%77.8%-40.4%-13.0%鸿路钢构8.9%9.3%8.9%2.6%8.1%15.5%8.1%-18.3%森特股份-25.0%-27.6%-25.0%2.4%-36.9%1752.3%-36.9%40.1%东方铁塔48.6%37.0%48.6%16.3%95.2%286.1%95.2%113.8%东南网架-22.2%23.8%-22.2%-16.6%-67.5%-107.1%-67.5%-74.3%精工钢构0.5%-2.6%0.5%12.7%21.9%-57.9%21.9%18.2%杭萧钢构-20.0%-32.1%-20.0%-10.6%-55.6%10.5%-55.6%-31.2%富煌钢构-86.7%-98.1%-86.7%-51.3%-358.9%-5533.3%-358.9%-1830.3%中国化学3.3%3.8%3.3%1.9%8.5%19.1%8.5%13.2%ST百利-72.3%-71.5%-72.3%-39.1%-54.3%83.1%-54.3%61.5%三联虹普-36.6%-6.8%-36.6%-23.4%-43.6%-63.1%-43.6%-29.7%利柏特-28.0%-29.3%-28.0%-24.9%-6.6%0.9%-6.6%-9.1%东华科技-6.3%33.0%-6.3%13.1%18.0%81.0%18.0%29.9%中国中冶-24.6%-13.7%-24.6%-17.5%1.6%-3023.1%1.6%-80.4%金诚信21.4%33.3%21.4%39.7%42.6%19.4%42.6%47.7%深桑达A2.1%-14.8%2.1%-27.0%-142.0%-62.4%-142.0%-138.5%上海港湾-4.5%24.7%-4.5%21.0%-88.8%16.9%-88.8%-29.1%柏诚股份-17.1%-39.1%-17.1%-21.2%-29.7%34.8%-29.7%-3.3%中铝国际-10.1%-0.3%-10.1%-3.9%15.1%561.8%15.1%16.5%亚翔集成35.4%86.7%35.4%-8.8%202.4%128.4%202.4%40.3%圣晖集成-5.9%55.5%-5.9%48.9%33.7%46.1%33.7%35.1%中铁装配25.8%-4.5%25.8%1.0%-6.1%-2263.8%-6.1%-89.7%永福股份-22.1%-27.3%-22.1%-16.7%-86.9%-600.5%-86.9%-35.1%*ST中岩-51.4%-7.1%-51.4%-34.2%18.2%45.0%18.2%31.3%苏文电能-51.7%-62.7%-51.7%-33.9%-123.0%-472.7%-123.0%-148.6%中粮科工20.5%2.0%20.5%15.5%0.5%-2.7%0.5%-0.2%子行业专业工程营业收入单季增速营业收入累计增速归母净利润单季增速归母净利润累计增速其他材料基建房建国际工程行业深度报告东吴证券研究所2.2. 成本与费用2.2.1. 毛利率基建地产链上市公司2025Q4/2026Q1 整体毛利率呈现低位震荡态势，环比上升的玻璃玻纤主要受益于玻纤行业电子布提价。◼2025Q4 基建地产链样本上市公司整体毛利率为+13.7%，环比2025Q3 变动+3.1pct，同比2024Q4 变动-0.1pct。其中建筑、建材行业2025Q4 整体毛利率分别为+13.2%、+22.4%，环比2025Q3 分别变动+3.4pct、+0.5pct，同比2024Q4 分别变动-0.1pct、+0.1pct。2026Q1 基建地产链样本上市公司整体毛利率为+9.9%，环比2025Q4 变动-3.9pct，同比2025Q1 变动0.0pct。其中建筑、建材行业2026Q1 整体毛利率分别为+9.1%、+21.5%，环比2025Q4 分别变动-4.1pct、-0.9pct，同比2025Q1 分别变动-0.1pct、+1.0pct。◼2025Q4 毛利率最高的三个子行业依次是：装修建材（+26.5%）、设计咨询（+26.5%）、水泥（+23.1%），毛利率最低的三个子行业依次是：其他材料（+12.3%）、专业工程（+12.6%）、基建房建（+13.0%）。2026Q1 毛利率最高的三个子行业依次是：装修建材（+26.5%）、玻璃玻纤（+22.2%）、设计咨询（+20.7%），毛利率最低的三个子行业依次是：基建房建（+8.8%）、专业工程（+10.1%）、其他材料（+13.6%）。◼2025Q4 毛利率同比2024Q4 上升的子行业包括玻璃玻纤（+4.9pct）、装饰装修（+4.3pct）、装修建材（+2.5pct）；下降的子行业包括设计咨询（-2.2pct）、水泥（-2.1pct）、其他材料（-2.7pct）、基建房建（-0.1pct）、国际工程（-2.0pct）、专业工程（-0.2pct）。2026Q1 毛利率同比2025Q1 上升的子行业包括玻璃玻纤（+3.1pct）、装饰装修（+0.3pct）、装修建材（+0.8pct）、国际工程（+0.9pct）、专业工程（+0.4pct）；下降的子行业包括设计咨询（-1.0pct）、水泥（0.0pct）、其他材料（-0.4pct）、基建房建（-0.2pct）。图6：基建地产链及主要子行业单季毛利率数据来源：Wind，东吴证券研究所行业深度报告东吴证券研究所◼前周期子行业中，设计咨询行业、水泥行业2025Q4 毛利率分别为26.5%、23.1%，环比分别+1.7pct、+1.1pct，同比分别-2.2pct、-2.1pct；设计咨询行业、水泥行业2026Q1毛利率分别为20.7%、19.3%，环比分别-5.8pct、-3.7pct，同比分别-1.0pct、0.0pct。表4：样本上市公司单季毛利率及同比变化1数据来源：Wind，东吴证券研究所后周期子行业中，玻璃玻纤行业、装饰装修行业、装修建材行业2025Q4 毛利率分别为19.6%、18.6%、26.5%，环比分别+1.1pct、+4.0pct、+0.1pct，同比分别+4.9pct、+4.3pct、+2.5pct；玻璃玻纤行业、装饰装修行业、装修建材行业2026Q1 毛利率分别为22.2%、14.9%、26.5%，环比分别+2.6pct、-3.8pct、0.0pct，同比分别+3.1pct、+0.3pct、+0.8pct。2026Q1yoy2025Q4yoy国检集团23.9%-1.1pct44.7%-7.4pct中国海诚16.0%1.9pct17.6%1.9pct苏交科22.7%-6.4pct35.2%-4.5pct地铁设计33.8%-1.1pct37.3%-6.4pct华设集团32.2%1.6pct31.7%-5.6pct设计总院31.0%5.1pct53.1%15.2pct华建集团19.0%-4.2pct17.8%-3.8pct深圳瑞捷23.5%-4.7pct36.5%2.0pct启迪设计43.1%15.0pct34.2%-12.9pct华阳国际26.5%7.0pct32.8%-4.8pct建发合诚4.0%-0.9pct5.3%-1.9pct勘设股份21.2%1.9pct21.3%-1.6pct中衡设计22.0%0.3pct41.5%3.9pct甘咨询42.3%0.4pct34.3%-5.6pct设研院26.8%-3.3pct23.8%3.1pct深城交3.5%-15.9pct40.1%9.2pct建研设计28.6%1.9pct32.7%-7.9pct*ST中设22.1%7.5pct17.4%-6.9pct测绘股份37.1%12.2pct31.1%-4.1pct建科院22.5%34.0pct26.0%-26.3pct苏州规划24.9%1.1pct52.5%4.3pct蕾奥规划5.1%-42.6pct52.9%32.0pct杰恩股份11.2%1.5pct26.2%5.1pct汉嘉数智24.5%-2.8pct33.0%48.4pct上海建科27.3%0.7pct48.5%2.5pct深水规院-11.8%-10.3pct39.8%0.1pct筑博设计16.1%28.8pct48.9%7.8pct华图山鼎61.1%-0.3pct60.8%20.7pct海螺水泥21.3%-1.6pct23.8%-4.4pct天山股份10.6%-3.1pct17.3%-7.5pct华新建材30.9%4.7pct32.0%5.6pct金隅冀东4.3%-4.2pct25.5%7.5pct上峰水泥24.5%-2.9pct25.7%0.8pct塔牌集团26.7%5.8pct25.6%5.6pct万年青16.6%-0.9pct14.2%-8.8pct中交设计12.7%-2.1pct34.4%4.0pct宁夏建材7.0%1.8pct17.7%7.6pct亚泰集团30.0%5.2pct21.6%2.1pct子行业设计咨询单季毛利率水泥行业深度报告东吴证券研究所表5：样本上市公司单季毛利率及同比变化2数据来源：Wind，东吴证券研究所其他子行业中，其他材料行业、基建房建行业、国际工程行业、专业工程行业2025Q4毛利率分别为12.3%、13.0%、17.8%、12.6%，环比分别-2.3pct、+3.7pct、+0.2pct、+1.8pct，同比分别-2.7pct、-0.1pct、-2.0pct、-0.2pct；其他材料行业、基建房建行业、国际工程行2026Q1yoy2025Q4yoy旗滨集团12.2%0.2pct15.5%10.0pct南玻A11.0%-2.3pct16.9%7.3pct凯盛新能-32.7%-19.3pct-6.6%23.7pct金晶科技0.7%-12.2pct-14.7%-13.4pct耀皮玻璃18.2%-0.6pct18.5%-2.6pct中国巨石39.6%9.1pct35.1%6.5pct中材科技20.9%2.4pct17.0%1.9pct宏和科技55.7%27.6pct43.5%23.5pct长海股份25.8%3.2pct22.4%1.4pct山东玻纤14.5%-2.3pct16.4%3.2pct金螳螂13.0%-0.2pct12.8%-4.3pct风语筑34.4%2.9pct13.9%-11.5pct亚厦股份16.2%3.6pct18.6%6.2pct江河集团15.4%0.4pct20.3%2.5pct广田集团6.0%-0.2pct8.3%1.7pct中天精装10.8%3.6pct16.4%34.4pct全筑股份11.1%1.8pct1.7%-21.5pct*ST东易34.8%-1.9pct39.2%36.4pctST名家汇-14.8%-49.5pct-0.6%134.6pct*ST宝鹰8.7%-0.4pct70.0%67.1pct*ST瑞和16.3%-1.0pct18.1%0.9pct*ST利达1.8%-8.5pct-1.9%-9.3pct德才股份5.8%-3.3pct24.5%23.6pct名雕股份33.0%2.2pct29.8%-0.4pct松霖科技32.4%-0.2pct33.0%-2.3pct惠达卫浴23.3%-3.4pct21.7%-3.6pct建霖家居24.8%-2.2pct24.8%0.1pct瑞尔特24.9%0.2pct18.3%-6.1pct海鸥住工11.8%-2.4pct14.0%4.5pct奥普科技45.0%0.7pct49.0%-0.8pct东鹏控股23.1%-0.4pct26.8%1.1pct蒙娜丽莎24.8%3.3pct27.7%1.3pct帝欧水华31.0%10.1pct32.4%17.7pct东方雨虹27.0%3.3pct23.7%9.3pct科顺股份27.5%3.1pct23.8%5.8pct凯伦股份28.3%8.1pct17.2%9.1pct三棵树30.8%-0.2pct36.7%4.2pct*ST亚士19.3%25.1pct-2.7%-1.4pct保立佳8.5%-3.3pct9.9%-0.6pct江山欧派14.9%1.8pct16.8%1.0pct玉马科技35.7%-5.0pct35.7%-2.8pct北新建材29.6%0.6pct26.2%-0.8pct共创草坪34.6%2.1pct34.8%5.3pct伟星新材41.4%1.0pct40.2%-0.4pct公元股份16.2%0.7pct18.1%-0.3pct雄塑科技13.1%1.3pct10.0%-1.2pct坚朗五金29.8%-0.8pct30.8%-1.9pct兔宝宝16.2%-4.7pct17.4%-2.6pct大亚圣象16.7%-5.4pct29.3%6.3pct海象新材20.8%-1.4pct43.1%1.4pct爱丽家居9.0%-11.5pct10.9%-13.2pct子行业装饰装修单季毛利率玻璃玻纤装修建材行业深度报告东吴证券研究所业、专业工程行业2026Q1 毛利率分别为13.6%、8.8%、16.9%、10.1%，环比分别+1.3pct、-4.2pct、-0.9pct、-2.5pct，同比分别-0.4pct、-0.2pct、+0.9pct、+0.4pct。表6：样本上市公司单季毛利率及同比变化3数据来源：Wind，东吴证券研究所2026Q1yoy2025Q4yoy苏博特34.5%0.8pct33.1%0.6pct垒知集团25.1%3.6pct26.9%4.7pct西部建设1.2%0.3pct-0.9%-6.0pct志特新材25.5%-2.6pct24.1%1.2pct震安科技26.4%-4.6pct18.3%-2.9pct赛特新材22.7%-2.4pct21.8%-1.8pct再升科技18.7%-6.4pct13.0%-7.7pct鲁阳节能19.9%-5.6pct23.3%-9.8pct北京利尔13.6%-2.4pct12.1%0.3pct濮耐股份18.6%0.6pct17.7%-2.5pct瑞泰科技11.8%-3.4pct10.7%-2.8pct中国建筑7.9%0.1pct13.4%0.6pct上海建工8.0%0.4pct14.6%4.5pct陕建股份11.1%0.0pct14.2%0.5pct重庆建工5.2%-0.3pct7.1%3.0pct中国中铁8.2%-0.5pct11.2%-1.3pct中国铁建7.9%0.3pct12.0%-1.0pct中国电建10.3%-0.6pct14.5%-0.3pct中国能建10.8%-0.4pct15.4%1.2pct中国交建10.2%-1.4pct12.2%-1.8pct四川路桥14.2%-0.3pct13.0%-2.5pct隧道股份15.5%0.5pct11.2%-1.8pct安徽建工11.4%-1.0pct16.8%4.2pct浦东建设5.3%-1.2pct8.2%1.6pct山东路桥12.5%1.0pct17.5%2.9pct新疆交建8.6%-6.1pct10.0%-6.3pct中材国际16.4%-0.5pct21.1%-0.2pct北方国际17.2%4.1pct14.4%-1.6pct中钢国际15.1%1.4pct10.5%-9.2pct中工国际20.4%0.7pct15.7%-2.7pct鸿路钢构9.9%0.0pct8.4%-2.4pct森特股份21.0%3.2pct23.2%8.4pct东方铁塔43.6%2.0pct39.9%20.9pct东南网架7.1%1.4pct10.2%-9.6pct精工钢构11.8%2.6pct9.2%-2.7pct杭萧钢构15.3%0.0pct21.3%8.9pct富煌钢构4.7%-9.2pct-1042.4%-1064.7pct中国化学9.7%0.1pct14.2%1.1pctST百利14.3%0.4pct6.3%-4.7pct三联虹普50.0%4.1pct52.9%-15.5pct利柏特21.0%8.7pct19.0%7.1pct东华科技11.0%2.2pct18.7%-3.9pct中国中冶8.6%-0.2pct10.3%-1.3pct金诚信36.1%2.3pct31.5%2.3pct深桑达A6.6%-1.8pct13.2%0.4pct上海港湾23.7%-2.2pct15.0%-1.5pct柏诚股份11.9%1.7pct15.2%5.5pct中铝国际12.0%3.1pct17.9%-1.8pct亚翔集成25.0%11.7pct29.4%13.1pct圣晖集成11.9%2.1pct12.3%-0.9pct中铁装配1.0%-0.3pct5.9%-7.0pct永福股份17.0%-2.6pct19.0%3.9pct*ST中岩19.2%15.4pct-16.1%54.3pct苏文电能15.7%-0.3pct8.9%-2.6pct中粮科工17.8%-2.0pct24.7%0.5pct子行业专业工程单季毛利率其他材料基建房建国际工程行业深度报告东吴证券研究所2.2.2. 期间费用率（1）销售与管理费用率销售费用率：2025Q4基建地产链样本上市公司整体销售费用率为0.9%，同比0.0pct，其中建筑、建材行业销售费用率分别为0.6%、5.0%，同比分别0.0pct、+0.4pct；2026Q1基建地产链样本上市公司整体销售费用率为0.7%，同比0.0pct，其中建筑、建材行业销售费用率分别为0.5%、4.9%，同比分别0.0pct、0.0pct。管理、研发费用率：2025Q4 基建地产链样本上市公司整体管理、研发费用率为6.4%，同比+0.2pct，其中建筑、建材行业管理、研发费用率分别为6.2%、10.1%，同比分别+0.1pct、+1.0pct；2026Q1 基建地产链样本上市公司整体管理、研发费用率为4.3%，同比-0.1pct，其中建筑、建材行业管理、研发费用率分别为3.9%、10.2%，同比分别-0.1pct、0.0pct。表7：基建地产链主要子行业单季销售费用率，管理、研发费用率及同比变化数据来源：Wind，东吴证券研究所◼前周期子行业中，设计咨询行业、水泥行业2025Q4 的销售费用率分别为2.0%、3.7%，同比分别-0.2pct、+0.8pct；管理、研发费用率分别为12.7%、10.2%，同比分别-0.4pct、+1.1pct；设计咨询行业、水泥行业2026Q1 的销售费用率分别为2.6%、4.2%，同比分别0.0pct、+0.2pct；管理、研发费用率分别为14.4%、11.7%，同比分别-0.2pct、+0.2pct。2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy0.7%0.0pct0.9%0.0pct4.3%-0.1pct6.4%0.2pct0.5%0.0pct0.6%0.0pct3.9%-0.1pct6.2%0.1pct4.9%0.0pct5.0%0.4pct10.2%0.0pct10.1%1.0pct2.6%0.0pct2.0%-0.2pct14.4%-0.2pct12.7%-0.4pct4.2%0.2pct3.7%0.8pct11.7%0.2pct10.2%1.1pct1.1%-0.2pct1.3%0.3pct8.9%0.0pct10.1%2.3pct2.3%0.0pct1.8%0.2pct8.2%-0.1pct7.7%-1.5pct8.8%-0.4pct10.0%0.1pct9.7%-0.2pct10.6%0.6pct4.1%0.2pct4.2%0.3pct8.1%0.2pct8.1%-0.3pct0.4%0.0pct0.5%0.0pct3.6%-0.1pct6.1%0.2pct1.6%0.0pct1.5%0.0pct7.9%1.1pct8.0%-0.3pct0.6%0.0pct0.9%0.1pct5.1%0.1pct6.4%0.1pct子行业基建地产链样本合计单季销售费用率单季管理费用率（含研发费用）专业工程前周期后周期其他玻璃玻纤装饰装修装修建材其他材料建筑建材设计咨询水泥基建房建国际工程行业深度报告东吴证券研究所表8：样本上市公司单季销售费用率，管理、研发费用率及同比变化1数据来源：Wind，东吴证券研究所◼后周期子行业中，玻璃玻纤行业、装饰装修行业、装修建材行业2025Q4 的销售费用率分别为1.3%、1.8%、10.0%，同比分别+0.3pct、+0.2pct、+0.1pct；管理、研发费用率分别为10.1%、7.7%、10.6%，同比分别+2.3pct、-1.5pct、+0.6pct；玻璃玻纤行业、装饰装修行业、装修建材行业2026Q1 的销售费用率分别为1.1%、2.3%、8.8%，同比分别-0.2pct、0.0pct、-0.4pct；管理、研发费用率分别为8.9%、8.2%、9.7%，同比分别0.0pct、-0.1pct、-0.2pct。2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy国检集团6.8%-0.3pct3.3%-1.0pct22.5%0.1pct20.2%0.3pct中国海诚0.9%0.2pct0.6%-0.1pct10.3%0.0pct10.1%1.3pct苏交科1.9%-0.6pct1.5%0.3pct15.2%-2.5pct17.0%1.9pct地铁设计1.9%-0.5pct1.7%0.2pct12.1%-2.3pct10.5%0.7pct华设集团7.0%-0.7pct5.9%-0.6pct16.3%1.7pct9.3%-1.5pct设计总院4.6%0.9pct6.2%2.3pct16.6%3.9pct26.2%13.0pct华建集团1.2%-0.1pct0.7%0.0pct17.8%2.1pct17.3%3.4pct深圳瑞捷11.0%-0.2pct12.9%3.4pct27.1%2.7pct22.6%-6.5pct启迪设计1.7%-1.0pct2.1%-1.2pct14.6%0.0pct10.8%-7.6pct华阳国际3.8%1.2pct3.1%0.5pct14.1%0.4pct6.8%-3.9pct建发合诚0.2%0.0pct0.4%0.0pct1.8%-0.7pct2.4%-0.7pct勘设股份5.6%1.7pct3.2%0.1pct18.3%2.1pct15.8%2.6pct中衡设计0.0%0.0pct0.0%0.0pct16.0%-2.5pct9.4%-4.4pct甘咨询0.0%0.0pct0.0%0.0pct19.3%0.9pct22.2%-2.9pct设研院2.8%0.5pct1.7%-0.6pct10.5%-0.8pct9.2%-1.0pct深城交4.8%0.7pct2.7%-0.7pct31.3%0.0pct11.4%-2.3pct建研设计1.6%-0.1pct1.4%-0.5pct15.0%-1.5pct13.2%-2.3pct*ST中设1.7%-1.7pct1.1%-1.5pct14.2%-9.3pct12.4%-11.7pct测绘股份10.7%2.4pct3.8%-0.7pct34.8%3.6pct13.5%-0.4pct建科院13.3%-0.8pct6.5%1.3pct29.9%-16.3pct30.6%9.6pct苏州规划3.1%-1.0pct1.6%-0.1pct32.7%-0.6pct21.6%2.0pct蕾奥规划5.7%3.3pct2.3%-3.8pct64.6%26.3pct25.9%-9.1pct杰恩股份0.0%-2.8pct1.1%-0.6pct24.3%7.3pct17.3%0.8pct汉嘉数智7.3%3.3pct4.3%-5.8pct31.7%7.4pct10.1%-60.8pct上海建科4.4%0.6pct3.7%-0.5pct21.2%0.1pct23.9%2.4pct深水规院5.2%1.0pct1.8%0.4pct34.8%1.2pct13.1%1.5pct筑博设计4.0%-0.4pct2.4%-0.1pct32.6%-10.4pct16.4%1.2pct华图山鼎21.7%-1.7pct38.1%25.4pct19.7%0.9pct16.1%-17.4pct海螺水泥4.4%0.5pct4.8%0.0pct7.3%-0.9pct9.3%0.3pct天山股份2.2%-0.4pct1.8%0.9pct15.3%1.8pct11.2%3.2pct华新建材5.0%-0.3pct5.1%1.9pct6.8%-0.1pct8.4%1.7pct金隅冀东4.1%0.8pct2.1%0.3pct31.1%6.6pct11.1%-4.4pct上峰水泥3.5%0.6pct2.8%0.7pct18.7%2.8pct13.5%6.4pct塔牌集团2.7%0.2pct3.0%0.1pct9.4%0.9pct12.4%3.4pct万年青2.0%0.0pct2.0%0.1pct16.6%5.0pct15.1%2.0pct中交设计2.2%0.2pct1.5%0.1pct11.0%-1.6pct8.0%1.6pct宁夏建材2.1%0.8pct2.0%0.5pct8.8%2.9pct8.5%3.8pct亚泰集团25.3%1.6pct13.4%1.1pct20.0%-1.7pct12.6%-1.3pct子行业设计咨询单季销售费用率单季管理费用率（含研发费用）水泥行业深度报告东吴证券研究所表9：样本上市公司单季销售费用率，管理、研发费用率及同比变化2数据来源：Wind，东吴证券研究所◼其他子行业中，其他材料行业、基建房建行业、国际工程行业、专业工程行业2025Q4的销售费用率分别为4.2%、0.5%、1.5%、0.9%，同比分别+0.3pct、0.0pct、0.0pct、+0.1pct；管理、研发费用率分别为8.1%、6.1%、8.0%、6.4%，同比分别-0.3pct、+0.2pct、-0.3pct、+0.1pct；其他材料行业、基建房建行业、国际工程行业、专业工程行业2026Q1 的销售费用率分别为4.1%、0.4%、1.6%、0.6%，同比分别+0.2pct、0.0pct、0.0pct、0.0pct；管理、研发费用率分别为8.1%、3.6%、7.9%、5.1%，同比分别+0.2pct、-0.1pct、+1.1pct、+0.1pct。2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy旗滨集团1.2%0.0pct1.5%0.2pct9.5%1.2pct9.2%1.7pct南玻A1.9%-0.3pct2.3%0.3pct9.9%0.3pct10.6%2.1pct凯盛新能0.3%0.1pct0.8%0.7pct9.1%2.6pct15.1%8.5pct金晶科技0.8%0.0pct1.1%0.3pct11.8%2.8pct5.6%-3.3pct耀皮玻璃2.2%-0.5pct2.3%-0.1pct10.5%0.2pct10.0%0.6pct中国巨石0.9%-0.1pct1.1%-0.4pct6.6%-0.5pct8.7%9.0pct中材科技0.8%-0.4pct0.8%1.0pct8.8%-0.8pct11.6%0.4pct宏和科技0.6%-0.2pct0.8%0.0pct14.8%3.1pct15.2%0.1pct长海股份2.5%0.5pct2.4%-0.2pct9.8%0.5pct9.4%-0.8pct山东玻纤0.6%-0.3pct0.9%0.3pct6.8%-2.7pct10.4%0.4pct金螳螂1.4%-0.3pct0.8%-1.4pct5.7%0.0pct6.1%-3.8pct风语筑4.1%0.1pct5.5%1.0pct10.4%0.9pct16.2%5.0pct亚厦股份3.4%0.4pct1.2%0.2pct7.8%0.2pct5.2%1.6pct江河集团1.5%-0.1pct1.6%0.2pct8.5%-0.7pct8.4%-1.2pct广田集团1.5%-5.1pct-1.2%-0.8pct8.6%-7.6pct9.2%2.3pct中天精装3.6%2.0pct1.6%0.2pct39.8%-7.5pct17.9%-11.3pct全筑股份0.9%-1.3pct1.9%-1.2pct8.9%-5.6pct15.1%-6.0pct*ST东易32.6%10.7pct47.5%28.6pct23.2%-3.3pct16.4%-53.3pctST名家汇13.2%7.9pct1.2%25.2pct153.6%96.2pct43.6%-21.3pct*ST宝鹰0.3%0.2pct0.3%-0.2pct16.2%-5.9pct14.3%-2.0pct*ST瑞和3.2%0.8pct3.0%1.7pct23.9%10.8pct21.9%10.6pct*ST利达0.9%0.5pct1.4%0.6pct13.0%3.0pct9.9%0.3pct德才股份1.8%1.0pct0.8%0.1pct9.1%1.4pct5.2%-2.4pct名雕股份16.5%1.3pct7.3%-2.0pct15.3%3.2pct8.9%-1.7pct松霖科技2.3%-1.0pct2.9%0.6pct15.7%-7.2pct21.8%5.0pct惠达卫浴12.0%0.3pct14.4%4.2pct14.2%1.4pct16.2%7.0pct建霖家居4.1%0.3pct5.8%1.6pct10.2%-1.8pct10.7%-2.6pct瑞尔特10.9%-0.1pct16.9%7.8pct12.1%1.4pct11.9%3.1pct海鸥住工4.2%-0.8pct4.3%1.1pct9.1%0.4pct11.3%0.5pct奥普科技20.0%4.1pct15.1%-1.6pct13.7%-0.4pct10.7%0.7pct东鹏控股15.0%1.2pct12.9%1.1pct14.2%3.0pct11.5%-1.2pct蒙娜丽莎6.5%-2.0pct5.8%-1.3pct15.4%-2.1pct13.0%0.7pct帝欧水华10.1%0.5pct8.9%-4.7pct20.0%9.0pct30.6%12.1pct东方雨虹9.0%-0.1pct8.6%-1.5pct7.1%-0.7pct10.4%-1.0pct科顺股份8.8%0.1pct9.8%-1.6pct7.9%-0.9pct12.2%-0.2pct凯伦股份5.9%-0.3pct4.0%-9.4pct13.6%2.0pct10.3%0.2pct三棵树17.5%-2.5pct21.5%1.8pct9.9%-0.1pct10.1%0.1pct*ST亚士47.6%17.4pct29.4%10.7pct158.5%111.4pct40.4%11.1pct保立佳6.0%0.2pct9.1%1.6pct6.2%0.3pct10.7%2.7pct江山欧派9.1%1.3pct6.0%2.6pct13.8%6.9pct15.8%9.8pct玉马科技6.2%-0.9pct7.2%1.5pct9.8%-0.8pct8.1%-0.5pct北新建材6.3%0.3pct8.9%1.0pct8.1%0.6pct9.6%-0.1pct共创草坪4.6%0.1pct6.9%0.4pct4.9%-0.7pct8.1%0.4pct伟星新材16.2%1.3pct15.9%0.1pct11.6%0.8pct6.9%0.9pct公元股份5.2%-1.6pct5.3%-1.3pct13.2%0.5pct10.4%1.3pct雄塑科技2.9%-0.3pct6.1%1.0pct12.0%1.2pct14.6%-2.1pct坚朗五金17.8%-1.2pct17.0%0.9pct11.5%-0.6pct10.1%1.3pct兔宝宝4.2%-0.8pct3.7%0.9pct4.0%-1.3pct3.0%0.9pct大亚圣象11.5%-1.9pct10.2%0.9pct19.6%-2.3pct15.6%4.8pct海象新材7.1%-0.5pct7.1%-0.5pct8.1%-0.4pct9.4%-1.4pct爱丽家居1.1%-0.1pct0.5%-0.4pct10.9%-1.7pct8.8%-3.2pct子行业装饰装修单季销售费用率单季管理费用率（含研发费用）玻璃玻纤装修建材行业深度报告东吴证券研究所表10：样本上市公司单季销售费用率，管理、研发费用率及同比变化3数据来源：Wind，东吴证券研究所（2）人均创收与创利截至2026Q1，基建地产链样本上市公司整体员工人数为2254614 人，同比-2.7%，其中建筑、建材行业员工人数分别为1858803、395811 人，同比分别-2.5%、-3.7%；人员同比增幅最快的三个子行业依次是国际工程（+1.5%）、玻璃玻纤（+1.0%）、基建房建（-2.0%）。2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy苏博特11.6%0.5pct8.9%-0.3pct16.4%-0.2pct12.0%-0.9pct垒知集团7.0%0.8pct7.8%0.2pct12.6%1.8pct15.1%4.6pct西部建设1.6%-0.1pct1.6%0.1pct4.4%-0.6pct4.4%-1.5pct志特新材6.8%0.1pct6.1%-0.6pct10.3%-0.8pct6.4%0.3pct震安科技26.8%6.1pct26.7%-2.5pct26.4%9.4pct31.4%4.4pct赛特新材4.7%-1.1pct3.8%-0.6pct12.5%0.4pct12.7%2.7pct再升科技3.7%-0.3pct5.4%1.2pct10.3%-1.5pct15.1%2.4pct鲁阳节能7.7%1.2pct7.4%0.6pct9.3%3.1pct11.0%3.4pct北京利尔2.4%-0.1pct1.0%0.1pct6.8%-0.9pct6.0%-1.3pct濮耐股份4.9%0.5pct6.4%0.0pct9.4%1.1pct11.1%-4.1pct瑞泰科技2.7%0.4pct4.4%1.9pct8.8%1.1pct9.1%1.0pct中国建筑0.3%-0.1pct0.6%0.0pct2.6%0.1pct6.0%0.3pct上海建工0.4%0.1pct0.5%0.2pct6.1%-0.9pct9.3%2.3pct陕建股份0.1%0.0pct0.1%0.0pct5.1%-0.3pct2.3%0.8pct重庆建工0.0%0.0pct0.0%0.0pct3.0%-0.1pct7.6%4.9pct中国中铁0.6%0.0pct0.7%-0.1pct3.4%-0.3pct4.9%-0.1pct中国铁建0.5%0.0pct0.8%0.0pct2.8%-0.3pct5.7%-0.1pct中国电建0.2%0.0pct0.3%0.0pct5.2%-0.2pct8.0%-0.1pct中国能建0.5%0.0pct0.6%0.0pct5.5%-0.4pct7.4%0.2pct中国交建0.5%0.1pct0.5%0.1pct4.5%-0.7pct6.7%0.6pct四川路桥0.0%0.0pct0.0%0.0pct2.5%0.4pct3.2%-3.3pct隧道股份0.0%0.0pct0.0%0.0pct10.2%2.3pct3.9%-1.1pct安徽建工0.3%-0.1pct0.1%0.0pct4.6%-0.7pct5.1%1.2pct浦东建设0.0%0.0pct0.0%-0.1pct5.0%1.5pct6.5%1.9pct山东路桥0.0%0.0pct0.0%0.0pct5.9%0.1pct6.3%0.1pct新疆交建0.3%-0.3pct0.1%0.0pct10.2%-4.2pct3.5%-0.3pct中材国际1.3%0.0pct1.2%-0.1pct8.9%0.8pct9.9%-0.4pct北方国际3.7%0.5pct3.2%0.9pct3.6%0.1pct1.9%-0.7pct中钢国际0.3%0.1pct0.6%0.2pct5.8%0.4pct6.9%-1.1pct中工国际2.4%-0.2pct2.1%-0.9pct10.6%2.0pct7.1%-1.6pct鸿路钢构0.5%0.1pct0.8%-0.1pct3.6%-0.5pct3.5%-2.7pct森特股份5.7%1.9pct5.7%1.9pct10.5%3.2pct9.6%2.3pct东方铁塔0.5%-0.3pct-0.4%-0.7pct3.7%-0.3pct3.2%-1.6pct东南网架0.1%-0.1pct0.2%0.0pct6.8%1.8pct9.0%-2.1pct精工钢构0.9%0.0pct1.2%0.4pct7.4%0.9pct5.4%0.5pct杭萧钢构1.7%0.3pct2.3%0.2pct11.8%1.7pct13.0%4.8pct富煌钢构4.6%3.4pct104.4%102.5pct33.2%26.5pct594.5%582.5pct中国化学0.2%0.0pct0.4%0.0pct4.7%-0.1pct5.9%-0.9pctST百利3.2%1.1pct3.6%1.6pct33.0%22.3pct39.9%19.9pct三联虹普4.0%1.9pct2.2%-3.2pct19.5%6.2pct30.9%4.4pct利柏特1.5%0.8pct0.8%0.2pct12.8%6.4pct10.6%4.8pct东华科技0.7%0.1pct0.7%-0.3pct2.5%0.1pct8.2%-1.5pct中国中冶0.6%0.1pct1.0%0.2pct4.9%0.1pct6.4%0.6pct金诚信0.3%0.1pct0.3%0.1pct5.2%-0.6pct4.7%-0.1pct深桑达A1.4%-0.1pct1.6%0.1pct4.5%-0.8pct4.5%-0.9pct上海港湾0.4%-0.2pct0.7%0.1pct19.4%2.2pct12.1%-1.4pct柏诚股份1.0%0.2pct1.1%0.7pct4.9%0.9pct3.7%0.3pct中铝国际0.6%0.1pct0.7%0.2pct7.4%0.4pct10.5%1.3pct亚翔集成0.1%0.0pct0.1%0.0pct2.5%-0.9pct2.3%-1.6pct圣晖集成0.2%0.0pct0.1%0.1pct4.3%0.0pct2.9%-1.1pct中铁装配1.9%-0.1pct0.9%0.1pct12.0%-0.6pct8.5%1.6pct永福股份4.4%1.1pct4.4%-0.1pct14.6%2.6pct14.5%4.5pct*ST中岩1.9%0.3pct0.4%-0.4pct82.0%33.1pct29.7%4.9pct苏文电能7.8%4.4pct4.6%1.1pct16.5%8.6pct17.7%14.0pct中粮科工0.9%-0.3pct0.4%0.0pct12.6%-0.8pct10.0%2.5pct子行业专业工程单季销售费用率单季管理费用率（含研发费用）其他材料基建房建国际工程行业深度报告东吴证券研究所表11：基建地产链主要子行业员工人数情况数据来源：Wind，东吴证券研究所◼前周期子行业中，截至2026Q1，设计咨询行业员工人数为66414 人，同比-7.2%；水泥行业员工人数为163039 人，同比-3.2%；◼前周期子行业中，截至2026Q1 员工同比增长最快的三家上市公司为深圳瑞捷（+9.0%）、测绘股份（+8.5%）、建研设计（+2.1%）。表12：样本上市公司员工人数情况1数据来源：Wind，东吴证券研究所截至2026Q1yoy截至2025Q1yoy2,254,614-2.7%2,317,504-3.4%1,858,803-2.5%1,906,654-2.9%395,811-3.7%410,850-5.9%66,414-7.2%71,573-6.2%163,039-3.2%168,358-7.3%79,8231.0%79,005-5.9%29,329-6.0%31,192-19.9%124,750-7.4%134,672-4.7%28,199-2.1%28,815-3.2%1,489,559-2.0%1,520,133-2.9%24,7991.5%24,4295.0%248,702-4.1%259,3270.0%子行业员工人数（人）基建地产链样本合计专业工程前周期后周期其他玻璃玻纤装饰装修装修建材其他材料建筑建材设计咨询水泥基建房建国际工程截至2026Q1yoy截至2025Q1yoy国检集团5,425-0.9%5,475-7.3%中国海诚4,401-2.6%4,517-3.2%苏交科7,400-5.8%7,855-3.7%地铁设计2,045-2.3%2,0940.1%华设集团5,111-8.8%5,603-8.6%设计总院2,162-4.0%2,2530.4%华建集团9,311-10.8%10,440-4.7%深圳瑞捷1,5689.0%1,438-8.8%启迪设计1,469-11.8%1,666-11.5%华阳国际2,216-13.0%2,547-22.4%建发合诚2,8141.7%2,768-1.3%勘设股份2,375-9.4%2,621-9.2%中衡设计2,169-11.0%2,438-11.0%甘咨询4,8560.0%4,8571.6%设研院3,115-12.5%3,562-12.4%深城交1,456-17.9%1,773-12.0%建研设计2.1%0.0%*ST中设0.0%-30.6%测绘股份1,2608.5%1,161-5.5%建科院-7.4%0.0%苏州规划-5.1%-0.9%蕾奥规划-15.6%-10.8%杰恩股份-74.9%-8.8%汉嘉数智2,004-12.1%2,27925.6%上海建科10,4541.0%10,3481.9%深水规院1,163-0.5%1,169-10.1%筑博设计-22.7%1,030-22.3%华图山鼎8,982-13.8%10,4254.8%海螺水泥48,286-2.2%49,397-2.7%天山股份51,423-6.6%55,034-10.7%华新建材21,8898.5%20,174-3.0%金隅冀东21,1481.0%20,943-5.2%上峰水泥2,380-7.8%2,581-7.6%塔牌集团1,660-6.9%1,783-12.9%万年青3,965-11.8%4,498-14.8%中交设计7,943-2.8%8,174-3.3%宁夏建材2,439-2.2%2,494-5.7%亚泰集团12,288-11.9%13,948-13.8%子行业设计咨询员工人数（人）水泥行业深度报告东吴证券研究所◼后周期子行业中，截至2026Q1，玻璃玻纤行业员工人数为79823 人，同比+1.0%；装饰装修行业员工人数为29329 人，同比-6.0%；装修建材行业员工人数为124750人，同比-7.4%。◼后周期子行业中，截至2026Q1 员工同比增长最快的三家上市公司为松霖科技（+13.3%）、建霖家居（+11.8%）、*ST 宝鹰（+11.8%）。表13：样本上市公司员工人数情况2数据来源：Wind，东吴证券研究所截至2026Q1yoy截至2025Q1yoy旗滨集团14,9321.4%14,724-8.0%南玻A14,054-7.6%15,2173.8%凯盛新能2,336-15.6%2,769-27.2%金晶科技4,723-7.5%5,1050.1%耀皮玻璃3,8762.1%3,797-0.1%中国巨石14,3416.5%13,468-2.5%中材科技20,9014.7%19,955-17.3%宏和科技1,2892.0%1,264-6.9%长海股份3,071-0.8%3,09620.2%山东玻纤2,63610.8%2,379-3.7%金螳螂9,090-9.7%10,062-7.5%风语筑1,202-19.4%1,492-7.7%亚厦股份3,992-5.2%4,211-15.9%江河集团10,2620.3%10,2317.9%广田集团3.3%-3.6%中天精装-14.3%-43.3%全筑股份-7.6%-15.8%*ST东易-5.8%-85.0%ST名家汇-1.0%-21.5%*ST宝鹰11.8%-84.9%*ST瑞和-21.3%-23.8%*ST利达-25.6%-14.4%德才股份1,740-2.3%1,781-24.4%名雕股份-3.1%-18.1%松霖科技5,52713.3%4,8774.0%惠达卫浴6,739-18.5%8,2650.8%建霖家居7,58611.8%6,78712.6%瑞尔特3,216-6.7%3,448-2.1%海鸥住工4,350-13.6%5,0331.4%奥普科技5.5%-18.2%东鹏控股6,291-13.2%7,249-11.7%蒙娜丽莎4,106-7.8%4,453-13.2%帝欧水华3,100-21.4%3,942-12.9%东方雨虹10,318-5.7%10,937-14.1%科顺股份3,031-19.1%3,748-2.8%凯伦股份1,2305.4%1,167-20.2%三棵树8,924-0.8%8,996-8.5%*ST亚士-65.8%2,065-27.4%保立佳-3.0%-20.7%江山欧派2,003-48.3%3,876-22.8%玉马科技1,4098.3%1,30118.6%北新建材16,1332.2%15,79023.5%共创草坪4,848-4.9%5,098-7.9%伟星新材4,594-11.3%5,182-0.4%公元股份6,525-5.2%6,8802.1%雄塑科技1,069-6.6%1,144-18.6%坚朗五金11,421-9.9%12,671-12.6%兔宝宝2,965-1.7%3,015-9.1%大亚圣象5,064-4.4%5,296-8.6%海象新材1,1966.0%1,128-13.6%爱丽家居1,0654.1%1,023-1.4%子行业装饰装修员工人数（人）玻璃玻纤装修建材行业深度报告东吴证券研究所◼其他子行业中，截至2026Q1，其他材料行业员工人数为28199 人，同比-2.1%；基建房建行业员工人数为1489559 人，同比-2.0%；国际工程行业员工人数为24799 人，同比+1.5%；专业工程行业员工人数为248702 人，同比-4.1%；◼其他子行业中，截至2026Q1 员工同比增长最快的三家上市公司为北京利尔（+36.1%）、北方国际（+29.5%）、亚翔集成（+16.6%）。表14：样本上市公司员工人数情况3数据来源：Wind，东吴证券研究所截至2026Q1yoy截至2025Q1yoy苏博特2,9052.6%2,831-6.4%垒知集团2,051-11.1%2,307-13.4%西部建设4,435-11.6%5,019-5.5%志特新材3,81112.8%3,380-6.0%震安科技-28.9%-5.6%赛特新材1,486-3.1%1,53432.7%再升科技1,120-16.5%1,3412.8%鲁阳节能2,707-6.8%2,9062.9%北京利尔2,73736.1%2,011-5.0%濮耐股份3,995-0.3%4,007-4.6%瑞泰科技2,534-12.3%2,891-1.5%中国建筑370,2722.5%361,249-5.7%上海建工44,126-9.6%48,821-4.8%陕建股份31,566-2.2%32,283-5.4%重庆建工9,713-15.3%11,469-18.4%中国中铁289,250-2.7%297,359-0.8%中国铁建250,306-5.2%264,045-1.3%中国电建161,478-1.5%163,912-0.8%中国能建116,055-0.3%116,388-0.6%中国交建133,906-2.6%137,471-5.1%四川路桥15,360-16.9%18,4741.5%隧道股份17,143-2.0%17,492-2.7%安徽建工17,032-4.3%17,797-2.2%浦东建设1,284-11.4%1,450-3.6%山东路桥29,2720.5%29,136-2.5%新疆交建2,7960.3%2,7873.3%中材国际15,201-2.5%15,5982.7%北方国际3,81229.5%2,94351.4%中钢国际1,799-1.9%1,833-0.1%中工国际3,987-1.7%4,055-5.7%鸿路钢构26,9273.4%26,03318.4%森特股份1,6460.8%1,6331.3%东方铁塔1,890-2.8%1,9450.8%东南网架3,941-19.2%4,877-20.5%精工钢构8,263-2.2%8,4527.2%杭萧钢构6,643-12.2%7,564-8.8%富煌钢构1,442-11.4%1,627-14.3%中国化学50,598-0.8%51,0014.4%ST百利-32.0%-29.3%三联虹普-11.7%-5.8%利柏特1,706-16.9%2,052-9.0%东华科技1,4840.8%1,4721.3%中国中冶89,982-7.7%97,489-1.8%金诚信14,09913.5%12,42410.7%深桑达A18,360-8.2%20,005-14.3%上海港湾1,2162.3%1,18961.5%柏诚股份1,2093.0%1,1745.2%中铝国际10,336-4.8%10,853-5.3%亚翔集成16.6%2.0%圣晖集成6.7%11.6%中铁装配-1.7%-2.5%永福股份1,887-1.2%1,91021.3%中化岩土-23.7%1,057-23.1%苏文电能-7.8%1.3%中粮科工2,335-2.1%2,3861.2%子行业员工人数（人）专业工程其他材料基建房建国际工程行业深度报告东吴证券研究所2026Q1 基建地产链样本上市公司整体人均创收为368.3 万元，同比-3.3%，其中建筑、建材行业人均创收分别为418.4、132.7 万元，同比分别-3.6%、-2.0%；2026Q1 基建地产链样本上市公司整体人均创利为2.2 万元，同比-10.9%，其中建筑、建材行业人均创利分别为2.5、0.8 万元，同比分别-12.6%、+20.1%。表15：基建地产链主要子行业人均创收、人均创利及同比变化数据来源：Wind，东吴证券研究所◼前周期子行业中， 2026Q1 设计咨询、水泥行业人均创收分别为79.5、145.1 万元，同比分别+2.9%、-6.2%；人均创利分别为0.3、-0.4 万元，同比分别-26.3%、-21.9%。◼前周期子行业中，2026Q1 人均创收同比增长最快的3 家上市公司为杰恩股份（+274.6%）、汉嘉数智（+95.0%）、华图山鼎（+31.0%）。2026Q1yoy2025Q1yoy2026Q1yoy2025Q1yoy368.3-3.3%380.911.6%2.2-10.9%2.4-3.5%418.4-3.6%433.811.1%2.5-12.6%2.8-6.1%132.7-2.0%135.512.8%0.820.1%0.672.8%79.52.9%77.212.0%0.3-26.3%0.4-26.3%145.1-6.2%154.721.0%-0.4-21.9%-0.5-60.5%119.66.8%112.1-3.8%2.46.2%2.321.1%197.6-6.9%212.245.3%1.5-5.7%1.686.7%116.00.0%116.012.1%1.322.0%1.1-18.1%172.4-3.1%177.910.4%0.2-63.7%0.5-44.1%452.5-3.2%467.59.8%2.6-14.6%3.1-5.8%357.4-8.2%389.15.0%3.6-31.0%5.2-7.4%336.8-8.0%365.917.5%2.27.4%2.0-13.8%子行业基建地产链样本合计人均创收（万元）人均创利（万元）专业工程前周期后周期其他玻璃玻纤装饰装修装修建材其他材料建筑建材设计咨询水泥基建房建国际工程行业深度报告东吴证券研究所表16：样本上市公司人均创收、人均创利及同比变化1数据来源：Wind，东吴证券研究所◼后周期子行业中， 2026Q1 玻璃玻纤、装修、装修建材行业人均创收分别为119.6、197.6、116.0 万元，同比分别+6.8%、-6.9%、0.0%；人均创利分别为2.4、1.5、1.3 万元，同比分别+6.2%、-5.7%、+22.0%；◼后周期子行业中， 2025Q1 人均创收同比增长最快的3 家上市公司为ST 名家汇（+55.3%）、风语筑（+49.8%）、宏和科技（+37.6%）。2026Q1yoy2025Q1yoy2026Q1yoy2025Q1yoy国检集团9.55.6%9.016.1%-0.63.2%-0.64.0%中国海诚158.14.7%151.0468.7%0.9-7.2%1.0-14.9%苏交科56.3-6.4%60.2452.1%0.630.6%0.5-22.3%地铁设计125.5-4.4%131.2348.4%3.429.2%2.7-47.2%华设集团80.41.7%79.0513.2%1.327.3%1.0-32.9%设计总院116.7-25.5%156.8332.5%0.9-75.2%3.8-25.1%华建集团74.9-7.8%81.2431.6%0.1-88.1%0.6-27.8%深圳瑞捷29.8-8.8%32.7568.2%-0.2-174.6%0.349.4%启迪设计68.1-4.2%71.1311.8%1.584.2%0.8130.8%华阳国际54.318.5%45.8556.8%0.2100.7%0.19.3%建发合诚271.313.6%238.8310.9%1.224.6%0.9-10.8%勘设股份56.5-1.6%57.4531.4%-0.7-3.8%-0.8-27.3%中衡设计54.3-0.9%54.7355.6%1.09.3%0.9-20.4%甘咨询42.44.2%40.7351.9%1.25.9%1.11.9%设研院54.228.6%42.1428.3%-0.2-33.0%-0.3-62.7%深城交82.811.5%74.2553.2%-4.3103.9%-2.1-2.2%建研设计36.2-1.7%36.8412.3%1.39.1%1.2859.0%*ST中设55.3-27.7%76.5419.8%0.2-114.4%-1.1-192.5%测绘股份66.015.7%57.1608.6%0.363.6%0.2-49.1%建科院32.5-26.0%43.9542.6%-2.5-41.2%-4.389.5%苏州规划42.4-7.4%45.7447.8%0.4-17.0%0.5-4.8%蕾奥规划46.817.7%39.7314.4%-4.4-1223.3%0.40.5%杰恩股份293.0274.6%78.2550.0%-3.51521.7%-0.2-79.2%汉嘉数智65.495.0%33.6246.0%0.50.6%0.5168.2%上海建科47.819.2%40.1426.2%0.136.9%0.1-55.4%深水规院67.4-7.8%73.1773.2%-3.017.6%-2.5147.5%筑博设计44.24.4%42.4739.6%-0.7-74.2%-2.7-33.4%华图山鼎35.631.0%27.2288.7%1.415.9%1.259.7%海螺水泥170.9-7.2%184.3338.7%3.0-16.9%3.622.6%天山股份144.9-8.4%158.1496.1%-3.25.3%-3.0-13.4%华新建材161.5-4.8%169.6398.1%3.9126.2%1.721.8%金隅冀东115.9-4.0%120.7698.8%-5.013.2%-4.4-19.0%上峰水泥197.2-6.6%211.1548.5%0.5-82.2%2.7-465.4%塔牌集团247.43.1%239.9394.4%9.0-4.5%9.425.9%万年青114.9-13.2%132.4448.3%-0.6-148.9%1.2-444.5%中交设计139.2-8.5%152.1500.5%0.9-21.2%1.23.9%宁夏建材212.1-38.9%347.0485.6%-0.3-58.5%-0.6-8.4%亚泰集团51.80.1%51.7736.2%-2.5-40.3%-4.26.6%子行业设计咨询水泥人均创收（万元）人均创利（万元）行业深度报告东吴证券研究所表17：样本上市公司人均创收、人均创利及同比变化2数据来源：Wind，东吴证券研究所◼其他子行业中， 2025Q1 其他材料、基建房建、国际工程、专业工程行业人均创收分别为172.4、452.5、357.4、336.8 万元，同比分别-3.1%、-3.2%、-8.2%、-8.0%；人均创利分别为0.2、2.6、3.6、2.2 万元，同比分别-63.7%、-14.6%、-31.0%、+7.4%。◼其他子行业中，2025Q1 人均创收同比增长最快的3 家上市公司为震安科技（+79.1%）、圣晖集成（+39.5%）、新疆交建（+37.0%）。2026Q1yoy2025Q1yoy2026Q1yoy2025Q1yoy旗滨集团105.4-0.8%106.3341.0%0.2-92.7%3.01.3%南玻A97.6-3.9%101.6277.2%-0.7-1320.1%0.1-97.2%凯盛新能138.8-16.3%165.9338.6%-16.6231.9%-5.0-15797.0%金晶科技95.7-24.3%126.4263.2%-3.4-1676.4%0.2-93.6%耀皮玻璃145.6-1.9%148.4323.1%1.0-28.3%1.4259.3%中国巨石131.711.8%117.7381.0%9.261.8%5.7114.6%中材科技144.520.2%120.2554.8%2.835.8%2.171.3%宏和科技90.837.6%66.0371.8%10.9345.4%2.4-510.7%长海股份102.218.9%86.0281.1%2.6-0.5%2.734.7%山东玻纤94.311.8%84.3304.7%0.44.2%0.4-110.6%金螳螂190.44.5%182.2336.3%2.0-5.2%2.113.1%风语筑138.249.8%92.3406.5%3.531.3%2.7-390.7%亚厦股份228.4-20.7%288.2550.6%1.52.6%1.519.6%江河集团212.9-2.8%219.0408.3%1.81.2%1.8-21.3%广田集团180.6104.5%88.3970.3%-2.9-40.1%-4.8-29.1%中天精装128.213.7%112.7619.9%-4.2-498.6%1.1-180.1%全筑股份173.631.2%132.3365.1%1.1-138.6%-2.9-22.1%*ST东易94.1-43.4%166.11866.9%-3.218.4%-2.721.3%ST名家汇88.655.3%57.0500.4%-6.3-22.1%-8.1-289.3%*ST宝鹰315.1-72.1%1,129.31702.7%-4.4-49.8%-8.849.5%*ST瑞和129.0-35.7%200.7362.7%-6.465.3%-3.943.8%*ST利达273.3-15.7%324.1372.3%0.5-64.0%1.5-28.8%德才股份201.6-13.2%232.1736.2%1.9-20.4%2.447.1%名雕股份94.28.0%87.2527.2%0.622.7%0.50.0%松霖科技47.4-23.3%61.8325.5%1.785.2%0.9-60.8%惠达卫浴43.74.3%41.9398.9%-0.5-576.0%0.1-68.6%建霖家居67.5-8.5%73.8285.5%1.2-31.7%1.8-11.1%瑞尔特55.9-18.3%68.4360.1%0.0-96.4%0.6-62.2%海鸥住工60.26.2%56.7315.8%-0.6180.3%-0.2-413.3%奥普科技212.0-4.8%222.7497.7%4.5-23.3%5.99.3%东鹏控股96.48.0%89.2624.2%-0.890.9%-0.4188.9%蒙娜丽莎95.5-8.1%104.0552.0%-0.5-61.7%-1.3-985.9%帝欧水华74.06.5%69.5457.7%-0.5-57.1%-1.113.1%东方雨虹267.34.2%256.5357.0%3.8135.4%1.6-39.4%科顺股份199.49.4%182.2372.8%2.087.7%1.1-19.9%凯伦股份196.0-3.9%204.0465.1%1.7228.6%0.5-14.3%三棵树140.44.3%134.6540.4%1.2-1.2%1.2144.3%*ST亚士65.4-34.2%99.4858.3%-13.8207.1%-4.556.0%保立佳376.3-19.0%464.5460.6%-5.8157.4%-2.2-51.4%江山欧派81.14.8%77.4520.7%-1.8-2133.1%0.1-84.1%玉马科技52.9-10.6%59.1308.9%2.0-14.8%2.3-30.5%北新建材156.7-4.2%163.5251.8%5.1-5.6%5.4-16.5%共创草坪67.917.2%57.9365.6%4.135.3%3.139.7%伟星新材117.2-3.1%120.9531.1%2.616.6%2.2-26.0%公元股份94.7-1.4%96.0420.1%-0.5-6.8%-0.5-305.7%雄塑科技85.1-5.6%90.1461.3%3.0-73729.1%0.0-99.7%坚朗五金48.5-7.3%52.4455.9%-0.533.5%-0.414.6%兔宝宝299.6-1.7%304.8581.6%5.047.7%3.425.0%大亚圣象90.3-10.6%101.0530.1%-2.136.8%-1.5117.2%海象新材100.9-16.9%121.3425.3%0.9-56.7%2.2160.0%爱丽家居105.8-17.3%127.9301.2%-1.6-197.4%1.6-46.6%子行业装饰装修玻璃玻纤装修建材人均创收（万元）人均创利（万元）行业深度报告东吴证券研究所表18：样本上市公司人均创收、人均创利及同比变化3数据来源：Wind，东吴证券研究所（3）财务费用与减值财务费用率：2025Q4基建地产链样本上市公司整体财务费用率为0.9%，同比+0.3pct，其中建筑、建材行业财务费用率分别为0.9%、1.9%，同比分别+0.3pct、+1.1pct；2026Q1基建地产链样本上市公司整体财务费用率为1.3%，同比+0.4pct，其中建筑、建材行业财务费用率分别为1.2%、2.2%，同比分别+0.4pct、+0.3pct。减值损失：2025Q4 基建地产链样本上市公司整体资产与信用减值损失/营业收入为4.2%，同比+1.6pct，其中建筑、建材行业资产与信用减值损失/营业收入分别为3.9%、9.9%，同比分别+1.4pct、+5.3pct；2026Q1 基建地产链样本上市公司整体资产与信用减2026Q1yoy2025Q1yoy2026Q1yoy2025Q1yoy苏博特122.4-2.5%125.6556.8%1.54.9%1.421.1%垒知集团115.72.0%113.4480.8%1.4-12.7%1.62.5%西部建设408.30.7%405.4432.2%-5.2-2.8%-5.4157.8%志特新材77.94.2%74.7497.4%1.028.7%0.8-230.3%震安科技127.079.1%70.9302.5%-0.5-57.7%-1.2-4.5%赛特新材67.010.0%60.9214.9%0.0-96.0%0.6-74.3%再升科技113.83.4%110.0322.3%1.3-50.4%2.60.9%鲁阳节能91.7-24.6%121.5390.1%0.1-94.8%2.1-29.2%北京利尔254.7-19.0%314.6346.2%4.7-24.7%6.358.4%濮耐股份137.46.0%129.6319.1%0.4-67.7%1.4-8.0%瑞泰科技152.81.5%150.5288.9%0.4-63.2%1.2-19.6%中国建筑562.3-7.1%605.4322.0%4.4-11.1%5.06.6%上海建工466.8-24.1%614.9321.9%-0.3-13.3%-0.4-156.1%陕建股份405.2-13.5%468.2475.1%0.5-57.9%1.3-31.7%重庆建工227.7-4.3%237.9350.9%-0.44.8%-0.4-210.4%中国中铁378.0-3.1%390.2340.2%1.7-23.1%2.2-17.7%中国铁建411.41.8%404.2293.3%2.0-15.3%2.3-12.8%中国电建400.23.4%387.1356.0%1.6-23.3%2.1-11.7%中国能建390.34.0%375.2350.9%2.0-11.5%2.211.9%中国交建546.0-2.8%561.5359.7%4.0-18.7%4.9-6.0%四川路桥749.429.1%580.5377.9%9.91.0%9.80.1%隧道股份337.9-14.1%393.4400.7%1.7-9.0%1.8-28.4%安徽建工488.5-9.9%542.2629.1%2.718.6%2.35.2%浦东建设1,125.7-13.4%1,300.6225.4%3.9-53.6%8.3-15.6%山东路桥234.2-4.3%244.9665.1%0.9-10.0%1.04.1%新疆交建337.337.0%246.31568.9%-0.875.0%-0.4-31.3%中材国际326.310.3%295.7336.8%3.2-30.6%4.52.0%北方国际355.6-45.2%648.3151.3%3.2-48.4%6.1-57.4%中钢国际773.4-19.7%962.7260.2%11.5-12.4%13.17.3%中工国际290.1-3.6%301.1447.6%1.9-41.0%3.319.9%鸿路钢构82.0-0.8%82.6310.4%0.65.1%0.5-43.3%森特股份182.61.6%179.8369.3%1.3-40.2%2.166.4%东方铁塔258.119.7%215.7364.3%21.3100.9%10.621.7%东南网架238.03.2%230.5370.5%0.4-54.8%0.9-34.1%精工钢构252.215.3%218.8405.2%1.825.7%1.517.3%杭萧钢构107.01.8%105.1377.7%0.3-54.8%0.6-23.2%富煌钢构132.9-45.1%242.0400.5%-3.2-395.6%1.120.6%中国化学375.82.7%365.9295.6%3.23.6%3.113.1%ST百利115.6-10.5%129.2538.4%-7.8122.2%-3.5-47.8%三联虹普320.1-13.3%369.1267.7%16.9-39.0%27.76.0%利柏特153.6-9.7%170.2482.9%2.012.3%1.71.0%东华科技675.512.2%602.1379.2%7.2-12.9%8.30.0%中国中冶506.1-10.6%566.2275.0%2.23.0%2.1-32.8%金诚信98.523.1%80.0355.4%4.324.3%3.441.6%深桑达A267.8-20.5%336.9411.7%-0.3-434.2%0.1-82.1%上海港湾129.118.3%109.1178.9%0.2-93.3%3.0-26.9%柏诚股份341.9-23.5%446.7--2.6-31.4%3.8--中铝国际223.10.9%221.2408.2%0.917.3%0.8-22.4%亚翔集成577.9-21.8%739.1381.4%29.1156.1%11.4-30.2%圣晖集成392.239.5%281.2409.7%5.119.1%4.355.5%中铁装配378.82.8%368.4512.3%-6.68.0%-6.1-2.7%永福股份90.1-15.7%106.8288.6%-0.4-160.3%0.6-7.9%中化岩土124.8-13.8%144.8874.7%-5.02.0%-4.935.0%苏文电能139.6-28.3%194.6283.8%-0.9-125.2%3.7-29.3%中粮科工131.218.0%111.2631.8%1.64.9%1.611.7%子行业专业工程其他材料基建房建人均创收（万元）人均创利（万元）国际工程行业深度报告东吴证券研究所值损失/营业收入为0.1%，同比0.0pct，其中建筑、建材行业资产与信用减值损失/营业收入分别为0.0%、0.4%，同比分别0.0pct、0.0pct。表19：基建地产链主要子行业单季财务费用率、资产与信用减值损失/营业收入及同比变化数据来源：Wind，东吴证券研究所◼前周期子行业中，设计咨询行业、水泥行业2025Q4 的财务费用率分别为0.3%、2.7%，同比分别+0.1pct、+1.4pct；资产与信用减值损失/营业收入分别为11.2%、13.4%，同比分别-0.7pct、+9.7pct； 设计咨询行业、水泥行业2026Q1 的财务费用率分别为0.6%、3.3%，同比分别0.0pct、+0.1pct；资产与信用减值损失/营业收入分别为0.4%、-0.1%，同比分别-0.4pct、-0.1pct。2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy1.3%0.4pct0.9%0.3pct0.1%0.0pct4.2%1.6pct1.2%0.4pct0.9%0.3pct0.0%0.0pct3.9%1.4pct2.2%0.3pct1.9%1.1pct0.4%0.0pct9.9%5.3pct0.6%0.0pct0.3%0.1pct0.4%-0.4pct11.2%-0.7pct3.3%0.1pct2.7%1.4pct-0.1%-0.1pct13.4%9.7pct2.1%0.6pct1.9%0.6pct0.4%0.3pct3.3%-1.2pct1.3%0.2pct0.8%0.0pct-2.1%0.0pct7.9%-0.8pct1.0%0.6pct0.8%0.9pct1.3%0.3pct10.3%3.3pct1.6%0.9pct1.0%0.3pct-0.5%-0.9pct4.8%1.8pct1.3%0.4pct1.0%0.3pct0.1%0.1pct2.8%0.6pct1.5%1.8pct0.0%0.6pct-0.1%-0.5pct3.6%-0.9pct0.6%0.2pct0.3%0.2pct-0.3%-0.6pct11.7%7.9pct子行业基建地产链样本合计单季财务费用率单季资产与信用减值损失/营业收入专业工程前周期后周期其他玻璃玻纤装饰装修装修建材其他材料建筑建材设计咨询水泥基建房建国际工程行业深度报告东吴证券研究所表20：样本上市公司单季财务费用率、资产与信用减值损失/营业收入及同比变化1数据来源：Wind，东吴证券研究所◼后周期子行业中，玻璃玻纤行业、装饰装修行业、装修建材行业2025Q4 的财务费用率分别为1.9%、0.8%、0.8%，同比分别+0.6pct、0.0pct、+0.9pct；资产与信用减值损失/营业收入分别为3.3%、7.9%、10.3%，同比分别-1.2pct、-0.8pct、+3.3pct；玻璃玻纤行业、装饰装修行业、装修建材行业2026Q1 的财务费用率分别为2.1%、1.3%、1.0%，同比分别+0.6pct、+0.2pct、+0.6pct；资产与信用减值损失/营业收入分别为0.4%、-2.1%、1.3%，同比分别+0.3pct、0.0pct、+0.3pct。2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy国检集团2.2%-0.3pct1.5%0.0pct0.3%-1.3pct7.2%1.9pct中国海诚0.4%1.4pct-0.1%-0.3pct-1.2%-0.2pct2.7%1.8pct苏交科1.3%-0.8pct0.8%2.1pct-1.9%-2.4pct20.4%-0.6pct地铁设计0.4%0.2pct0.8%0.4pct5.7%-1.9pct1.7%-2.2pct华设集团-1.4%-2.2pct0.0%-0.2pct-2.6%0.7pct11.2%2.1pct设计总院0.2%0.0pct0.2%0.1pct0.5%6.8pct-4.3%-7.1pct华建集团0.2%0.3pct0.2%0.3pct0.0%-2.2pct4.1%-1.9pct深圳瑞捷0.1%0.5pct0.2%0.8pct-4.0%1.3pct4.2%-34.8pct启迪设计1.3%-0.3pct-2.3%-2.9pct0.0%1.2pct64.0%-19.1pct华阳国际4.0%1.5pct2.4%0.6pct4.4%5.1pct11.3%0.4pct建发合诚0.0%0.0pct0.0%0.0pct-0.6%-0.6pct0.2%-0.6pct勘设股份4.6%0.9pct2.2%-0.6pct1.3%-2.6pct66.9%18.8pct中衡设计0.2%-0.3pct0.5%0.3pct-7.1%1.6pct34.3%3.9pct甘咨询-1.1%0.5pct-1.2%-0.5pct8.4%-1.1pct15.2%9.8pct设研院2.1%-1.8pct1.6%-0.3pct13.5%-3.5pct32.7%4.8pct深城交0.6%0.2pct-1.2%-1.0pct18.6%10.2pct22.7%13.8pct建研设计0.4%0.5pct0.4%0.3pct-3.9%0.5pct13.6%-3.3pct*ST中设1.1%0.7pct1.1%0.2pct3.3%-3.3pct1.0%-9.9pct测绘股份-0.6%-2.5pct0.4%-0.5pct-14.2%3.3pct13.3%-3.9pct建科院8.3%-2.2pct5.6%1.7pct11.8%2.0pct-7.2%-1.4pct苏州规划1.1%1.5pct0.7%-1.0pct-15.0%1.9pct16.0%-1.3pct蕾奥规划1.2%0.3pct0.8%0.2pct6.4%2.9pct13.1%-3.6pct杰恩股份-0.7%-0.8pct-0.1%-0.1pct-2.0%10.4pct5.2%-9.0pct汉嘉数智4.7%2.2pct1.8%1.9pct-21.0%-13.6pct26.5%-128.5pct上海建科-0.1%0.1pct-0.1%0.3pct-0.1%-0.1pct5.3%-1.4pct深水规院-0.4%-0.1pct-0.3%-0.3pct-2.7%-0.6pct10.7%1.9pct筑博设计-2.5%-0.1pct-0.4%0.1pct-3.7%-11.9pct-0.6%-24.4pct华图山鼎1.2%0.3pct0.7%0.1pct0.0%0.2pct3.0%1.9pct海螺水泥-0.1%0.8pct-0.4%1.6pct0.0%0.0pct2.8%1.4pct天山股份6.1%0.5pct4.2%1.6pct0.0%0.0pct31.4%30.2pct华新建材3.0%-1.4pct2.6%2.9pct0.0%0.0pct0.7%-0.7pct金隅冀东3.6%0.6pct1.8%-0.2pct-0.5%-0.4pct10.8%5.0pct上峰水泥2.2%0.9pct2.0%-1.2pct0.0%0.0pct-9.4%-10.7pct塔牌集团-0.5%0.2pct-0.3%0.4pct0.0%0.0pct2.3%2.7pct万年青2.3%1.3pct3.6%3.0pct-2.1%-1.3pct11.4%6.9pct中交设计-0.8%0.1pct0.1%0.7pct-5.2%0.5pct8.2%1.9pct宁夏建材-2.3%-2.4pct-0.8%-0.8pct-0.3%0.1pct13.3%13.2pct亚泰集团37.3%-8.0pct32.9%6.0pct0.0%0.0pct50.7%-19.2pct子行业设计咨询单季财务费用率单季资产与信用减值损失/营业收入水泥行业深度报告东吴证券研究所表21：样本上市公司单季财务费用率、资产与信用减值损失/营业收入及同比变化2数据来源：Wind，东吴证券研究所◼其他子行业中，其他材料行业、基建房建行业、国际工程行业、专业工程行业2025Q4的财务费用率分别为1.0%、1.0%、0.0%、0.3%，同比分别+0.3pct、+0.3pct、+0.6pct、+0.2pct；资产与信用减值损失/营业收入分别为4.8%、2.8%、3.6%、11.7%，同比分别+1.8pct、+0.6pct、-0.9pct、+7.9pct；其他材料行业、基建房建行业、国际工程行业、专业工程行业2026Q1 的财务费用率分别为1.6%、1.3%、1.5%、0.6%，同比分别+0.9pct、+0.4pct、+1.8pct、+0.2pct；资产与信用减值损失/营业收入分别为-0.5%、0.1%、-0.1%、-0.3%，同比分别-0.9pct、+0.1pct、-0.5pct、-0.6pct。2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy旗滨集团2.9%-0.2pct2.0%-0.4pct0.0%-0.4pct8.4%2.3pct南玻A2.0%0.5pct2.2%0.7pct0.9%0.9pct4.6%-9.0pct凯盛新能4.5%1.7pct6.5%1.6pct9.0%16.0pct42.0%29.8pct金晶科技1.3%-0.1pct1.5%0.9pct4.0%4.2pct4.4%-0.1pct耀皮玻璃0.8%1.0pct0.4%-0.1pct1.7%0.4pct3.3%-3.8pct中国巨石2.5%1.3pct2.3%1.8pct0.0%0.0pct0.8%1.3pct中材科技1.6%0.3pct1.3%0.0pct0.0%0.1pct2.1%0.6pct宏和科技3.1%0.7pct3.9%1.4pct-0.5%0.0pct2.3%1.2pct长海股份1.4%2.1pct4.5%6.3pct0.1%0.0pct1.0%0.1pct山东玻纤2.6%0.4pct3.5%0.9pct1.9%-0.2pct2.4%-7.6pct金螳螂0.3%0.1pct0.2%0.0pct-0.1%-0.1pct3.9%2.3pct风语筑1.9%1.0pct1.8%1.0pct5.5%0.4pct13.3%-0.5pct亚厦股份0.5%0.0pct0.5%0.3pct-0.1%1.7pct7.1%1.9pct江河集团1.2%0.5pct0.8%0.9pct-1.6%0.6pct4.8%0.9pct广田集团1.3%-1.4pct0.8%-0.8pct0.2%0.1pct3.8%2.4pct中天精装5.8%-1.2pct-4.6%-8.5pct-23.2%31.5pct51.3%-188.5pct全筑股份3.1%-1.9pct1.9%-2.9pct-4.6%-0.3pct54.3%41.1pct*ST东易1.6%-0.3pct1.8%-3.0pct-3.3%-0.2pct120.2%7.0pctST名家汇-13.8%-40.6pct0.9%-89.3pct-100.2%-108.7pct26.7%-259.2pct*ST宝鹰5.6%-1.1pct6.9%-3.3pct-3.9%-3.2pct3.0%-26.2pct*ST瑞和32.7%21.4pct28.6%22.6pct-11.2%-11.5pct0.9%-36.7pct*ST利达6.8%2.9pct3.3%2.2pct-26.4%-17.4pct27.8%31.5pct德才股份6.3%0.5pct0.7%-1.3pct-21.1%-4.7pct15.3%-13.8pct名雕股份-0.1%0.4pct-0.1%-0.1pct0.0%0.0pct0.3%-0.1pct松霖科技1.6%2.4pct1.1%3.2pct0.6%1.0pct1.1%0.3pct惠达卫浴1.2%1.5pct0.6%1.3pct0.8%0.0pct20.4%17.9pct建霖家居2.1%2.5pct0.6%2.7pct0.5%0.5pct0.8%-0.3pct瑞尔特2.2%3.3pct-0.1%2.4pct1.2%1.3pct1.1%0.7pct海鸥住工2.4%1.4pct1.7%2.8pct0.3%-0.4pct5.2%-8.6pct奥普科技-1.4%0.4pct-0.8%0.2pct0.2%0.0pct5.1%1.9pct东鹏控股-0.2%0.5pct-0.1%0.2pct2.0%-0.6pct1.6%1.0pct蒙娜丽莎0.7%-1.2pct1.2%5.7pct3.6%2.3pct10.6%-2.4pct帝欧水华6.1%-1.1pct4.6%-0.6pct0.7%-0.5pct61.2%22.1pct东方雨虹0.7%0.5pct0.8%0.5pct3.0%0.5pct12.6%6.0pct科顺股份1.8%0.9pct2.7%2.4pct3.7%0.9pct42.5%33.6pct凯伦股份2.7%-0.1pct2.0%0.3pct1.4%2.9pct9.2%-79.6pct三棵树1.1%-0.4pct0.7%-0.5pct0.4%0.4pct2.5%-3.8pct*ST亚士85.2%60.1pct138.6%126.3pct-42.7%-53.0pct780.7%755.9pct保立佳2.9%0.3pct3.0%0.9pct0.1%0.8pct6.3%-1.3pct江山欧派3.7%1.9pct2.4%1.3pct8.3%5.6pct37.4%23.2pct玉马科技1.4%2.8pct0.2%7.5pct1.3%0.1pct-0.8%-1.1pct北新建材0.1%-0.1pct0.0%-0.1pct0.0%0.0pct1.6%1.3pct共创草坪1.2%1.9pct-0.6%3.4pct1.1%-0.1pct0.6%0.6pct伟星新材-0.2%0.1pct0.0%0.1pct0.2%0.8pct4.1%0.3pct公元股份0.7%1.7pct0.1%0.6pct-0.2%0.2pct1.9%-0.3pct雄塑科技0.0%0.6pct-0.1%0.3pct-0.1%0.7pct17.6%8.5pct坚朗五金0.9%0.9pct0.6%0.2pct3.8%0.6pct16.7%13.0pct兔宝宝-0.2%0.2pct-0.2%0.0pct-0.2%-1.5pct7.0%-4.9pct大亚圣象0.1%1.2pct0.5%1.2pct0.1%-0.1pct10.3%6.9pct海象新材3.6%4.3pct1.5%4.0pct1.9%0.9pct19.4%5.0pct爱丽家居3.6%3.1pct-0.6%1.6pct0.5%1.1pct0.5%0.4pct子行业装饰装修单季财务费用率单季资产与信用减值损失/营业收入玻璃玻纤装修建材行业深度报告东吴证券研究所表22：样本上市公司单季财务费用率、资产与信用减值损失/营业收入及同比变化3数据来源：Wind，东吴证券研究所2.3. 销售净利率和ROE2025Q4 基建地产链样本上市公司整体销售净利率为1.0%，同比-1.3pct，其中建筑、建材行业销售净利率分别为1.4%、-5.6%，同比分别-0.9pct、-8.2pct；2026Q1 基建地产链样本上市公司整体销售净利率为2.7%，同比-0.2pct，其中建筑、建材行业销售净利率分别为2.6%、2.8%，同比分别-0.3pct、+0.4pct。2025Q4 基建地产链样本上市公司整体ROE（TTM）为6.3%，同比-0.8pct，其中建2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy苏博特3.0%1.0pct1.9%1.1pct-2.7%0.1pct7.3%-0.9pct垒知集团1.9%1.3pct1.1%0.9pct-3.4%-1.3pct12.6%0.8pct西部建设1.1%0.3pct0.8%0.0pct0.3%-0.4pct6.1%5.2pct志特新材3.9%-0.1pct1.4%-3.7pct-2.4%-3.8pct5.6%-3.4pct震安科技-5.1%-6.9pct0.1%-1.4pct-25.1%-24.1pct57.5%-0.8pct赛特新材5.0%3.4pct4.1%3.6pct-0.8%-1.6pct1.4%-3.2pct再升科技0.7%-0.1pct2.7%2.9pct0.0%0.3pct1.4%-1.7pct鲁阳节能0.3%0.7pct0.2%0.4pct1.0%0.7pct0.2%-1.8pct北京利尔0.5%0.5pct-0.3%0.8pct0.5%-1.0pct2.8%1.3pct濮耐股份3.0%3.8pct1.8%1.3pct0.4%-1.1pct-1.0%-0.9pct瑞泰科技1.0%0.1pct1.1%0.0pct-1.0%-1.2pct2.7%2.9pct中国建筑0.8%0.0pct0.8%-0.2pct0.0%0.0pct3.4%1.4pct上海建工1.5%0.2pct1.4%0.7pct-0.9%1.0pct5.0%3.1pct陕建股份3.5%1.2pct1.2%0.3pct1.0%0.2pct12.6%2.3pct重庆建工2.2%-0.5pct2.9%1.7pct-0.2%0.0pct10.9%6.1pct中国中铁0.9%0.2pct0.9%0.1pct0.2%0.0pct1.6%0.1pct中国铁建1.6%1.1pct1.1%0.5pct0.4%0.2pct2.0%-0.1pct中国电建2.2%0.6pct1.9%0.9pct0.2%-0.3pct2.0%-0.4pct中国能建1.7%0.3pct1.7%1.0pct0.0%0.0pct2.3%0.5pct中国交建1.0%0.4pct-0.2%0.7pct0.1%0.4pct2.8%0.7pct四川路桥2.8%0.3pct1.3%-0.5pct0.1%0.1pct1.8%1.3pct隧道股份4.5%1.1pct1.5%0.0pct0.8%1.2pct-0.3%0.1pct安徽建工2.9%-0.6pct1.5%0.2pct-0.2%0.2pct5.9%1.1pct浦东建设0.1%-0.3pct-0.6%-0.8pct-0.4%-0.5pct0.1%0.2pct山东路桥2.6%0.5pct0.5%0.2pct-0.1%0.3pct4.5%1.2pct新疆交建1.5%-3.1pct-0.5%-1.2pct0.8%5.6pct4.0%3.6pct中材国际0.6%1.1pct-0.3%-0.3pct-0.1%-0.6pct4.1%1.9pct北方国际6.0%4.8pct0.1%3.6pct-0.3%0.2pct0.2%-8.4pct中钢国际-0.5%0.4pct-0.1%-1.9pct0.0%0.0pct4.7%0.3pct中工国际3.3%4.3pct1.5%3.8pct0.4%-2.5pct3.0%-4.7pct鸿路钢构1.6%-0.1pct1.1%-0.3pct0.0%0.0pct0.3%-0.5pct森特股份1.7%0.8pct0.7%0.4pct-2.0%-2.0pct6.4%3.1pct东方铁塔-0.2%-1.7pct-0.3%7.2pct0.6%0.6pct1.6%-2.0pct东南网架1.4%0.4pct1.2%0.1pct-4.0%-0.8pct-0.1%-6.3pct精工钢构0.6%0.3pct0.6%0.2pct-1.1%0.5pct1.7%-2.9pct杭萧钢构3.2%0.3pct1.8%-1.4pct-3.8%-1.8pct4.8%-3.9pct富煌钢构27.8%23.5pct560.8%554.0pct-21.8%-21.2pct3077.3%3074.0pct中国化学0.3%0.1pct0.1%0.3pct0.0%0.0pct2.0%0.6pctST百利5.3%3.3pct4.3%2.1pct43.0%35.6pct35.1%-3.7pct三联虹普0.9%2.8pct1.4%7.8pct1.1%1.8pct9.0%3.6pct利柏特0.6%1.0pct0.0%0.2pct-1.9%-0.9pct1.1%1.7pct东华科技1.0%1.8pct0.1%0.6pct-1.5%-0.8pct4.3%-3.0pct中国中冶0.5%0.2pct-0.1%-0.1pct-0.2%-0.9pct19.6%15.7pct金诚信3.6%1.0pct3.7%2.6pct0.5%1.6pct4.3%3.7pct深桑达A0.3%-0.2pct0.6%0.2pct-0.1%0.0pct3.6%1.7pct上海港湾1.1%2.8pct-0.2%4.0pct-0.2%2.5pct2.3%-8.7pct柏诚股份0.3%0.6pct-0.3%0.1pct0.7%0.7pct-2.1%-3.0pct中铝国际2.7%1.5pct1.3%1.2pct-1.9%0.0pct3.1%-6.3pct亚翔集成-0.9%0.2pct-0.9%5.0pct-3.2%-3.4pct-1.2%3.1pct圣晖集成-0.5%0.8pct-0.1%0.8pct-1.8%-1.2pct0.0%-0.9pct中铁装配2.5%-0.6pct1.3%-0.2pct-2.8%0.0pct1.4%-1.3pct永福股份3.5%0.3pct1.6%-0.4pct-2.9%-1.7pct6.1%5.6pct*ST中岩57.8%38.0pct13.6%6.9pct-56.4%-33.6pct79.0%-172.8pct苏文电能0.3%0.5pct0.4%0.0pct-3.7%2.2pct6.6%2.9pct中粮科工-0.1%0.3pct-0.6%-0.1pct-3.2%-0.3pct4.3%-3.0pct子行业专业工程单季财务费用率单季资产与信用减值损失/营业收入其他材料基建房建国际工程行业深度报告东吴证券研究所筑、建材行业ROE（TTM）分别为6.8%、3.9%，同比分别-1.3pct、+0.9pct；2026Q1 基建地产链样本上市公司整体ROE（TTM）为5.4%，同比-1.6pct，其中建筑、建材行业ROE（TTM）分别为6.1%、2.2%，同比分别-1.8pct、-1.0pct。表23：基建地产链主要子行业单季销售净利率、ROE（TTM）及同比变化数据来源：Wind，东吴证券研究所◼前周期子行业中，设计咨询行业、水泥行业2025Q4 的销售净利率分别为0.7%、-8.1%，同比分别-1.4pct、-14.9pct；ROE（TTM）分别为3.4%、3.5%，同比分别-2.0pct、+2.7pct；设计咨询行业、水泥行业2026Q1 的销售净利率分别为2.1%、-1.3%，同比分别-0.9pct、+0.3pct；ROE（TTM）分别为2.9%、0.8%，同比分别-2.5pct、-0.8pct。2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy2.7%-0.2pct1.0%-1.3pct5.4%-1.6pct6.3%-0.8pct2.6%-0.3pct1.4%-0.9pct6.1%-1.8pct6.8%-1.3pct2.8%0.4pct-5.6%-8.2pct2.2%-1.0pct3.9%0.9pct2.1%-0.9pct0.7%-1.4pct2.9%-2.5pct3.4%-2.0pct-1.3%0.3pct-8.1%-14.9pct0.8%-0.8pct3.5%2.7pct8.5%-0.3pct2.4%1.4pct5.6%-0.8pct5.9%-0.2pct3.7%-0.1pct1.5%9.0pct-0.8%1.7pct-1.7%1.1pct5.2%0.3pct-6.8%-3.8pct4.1%-1.2pct4.4%-2.3pct0.5%-0.9pct-6.0%-4.9pct1.5%-2.8pct1.5%-2.8pct2.6%-0.4pct1.5%-0.9pct6.6%-1.9pct7.3%-1.4pct5.2%-1.3pct3.7%-1.7pct8.7%-1.6pct9.2%-1.5pct3.0%0.5pct0.1%-1.0pct4.3%-1.7pct4.9%-0.7pct子行业基建地产链样本合计ROE（TTM）单季销售净利率专业工程前周期后周期其他玻璃玻纤装饰装修装修建材其他材料建筑建材设计咨询水泥基建房建国际工程行业深度报告东吴证券研究所表24：样本上市公司单季销售净利率、ROE（TTM）及同比变化1数据来源：Wind，东吴证券研究所◼后周期子行业中，玻璃玻纤行业、装饰装修行业、装修建材行业2025Q4 的销售净利率分别为2.4%、1.5%、-6.8%，同比分别+1.4pct、+9.0pct、-3.8pct；ROE（TTM）分别为5.9%、-1.7%、4.4%，同比分别-0.2pct、+1.1pct、-2.3pct；玻璃玻纤行业、装饰装修行业、装修建材行业2026Q1 的销售净利率分别为8.5%、3.7%、5.2%，同比分别-0.3pct、-0.1pct、+0.3pct；ROE（TTM）分别为5.6%、-0.8%、4.1%，同比分别-0.8pct、+1.7pct、-1.2pct。2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy国检集团-6.8%0.2pct13.3%-7.0pct5.6%-4.7pct8.3%-4.5pct中国海诚4.3%0.0pct4.0%-0.8pct12.7%-0.9pct13.4%0.0pct苏交科5.2%0.6pct-3.7%-8.3pct1.8%-1.2pct1.8%-1.2pct地铁设计11.1%1.4pct20.5%-3.6pct15.1%-1.4pct18.8%1.6pct华设集团10.4%1.7pct5.9%-3.5pct6.3%-5.0pct6.4%-5.1pct设计总院5.9%-11.6pct19.0%2.8pct9.3%-4.6pct11.4%-0.5pct华建集团0.5%-4.2pct-3.6%-6.7pct5.6%-1.9pct5.7%-2.4pct深圳瑞捷-3.4%-8.9pct2.2%33.2pct-1.1%-2.1pct-1.1%-2.2pct启迪设计13.1%6.6pct-43.8%-2.3pct-3.7%28.8pct-3.7%29.3pct华阳国际1.9%1.1pct10.1%2.9pct5.3%-3.2pct5.4%-3.2pct建发合诚1.8%0.1pct1.7%-0.5pct9.6%0.5pct9.8%0.1pct勘设股份-8.8%-1.1pct-57.3%-20.0pct-12.4%-8.8pct-12.3%-8.7pct中衡设计9.5%0.4pct-2.3%0.7pct2.7%-2.6pct2.8%-2.7pct甘咨询13.4%0.1pct-1.6%-7.6pct4.9%-1.6pct5.4%-1.3pct设研院-1.7%1.5pct-20.8%-5.5pct-4.7%0.0pct-4.7%0.0pct深城交-37.3%-16.9pct7.2%-4.9pct3.9%-3.6pct3.8%-3.6pct建研设计15.4%1.5pct5.8%-1.7pct2.3%-1.0pct2.4%-1.0pct*ST中设1.5%21.0pct2.9%29.5pct-7.1%-11.9pct-7.0%-12.5pct测绘股份5.3%1.9pct-1.0%0.0pct1.1%-2.1pct1.1%-2.1pct建科院-42.7%45.3pct-25.1%-53.6pct-17.4%-17.8pct-5.9%-11.2pct苏州规划6.3%-0.6pct13.2%2.8pct2.2%-4.7pct2.2%-4.8pct蕾奥规划-69.2%-73.3pct8.7%32.3pct-0.7%-0.2pct-0.7%-0.2pct杰恩股份-12.7%-10.9pct-1.4%11.7pct-0.6%-3.0pct-0.6%-3.0pct汉嘉数智5.0%0.5pct11.9%242.8pct-51.7%-51.3pct-52.3%-51.9pct上海建科0.9%0.3pct14.5%0.6pct8.1%-1.6pct8.2%-1.1pct深水规院-41.5%-10.9pct12.2%-6.0pct8.2%4.6pct8.0%4.4pct筑博设计-9.3%38.5pct27.8%2.1pct1.2%-1.6pct1.1%-1.5pct华图山鼎14.5%-0.2pct-1.2%9.7pct54.2%41.8pct81.8%65.3pct海螺水泥8.4%-0.9pct6.9%-3.7pct4.2%0.1pct4.6%0.9pct天山股份-13.3%-2.1pct-33.2%-46.2pct-9.4%-8.7pct2.5%4.7pct华新建材9.5%4.7pct10.0%-4.4pct9.0%0.9pct10.5%3.7pct金隅冀东-35.3%-11.4pct1.9%12.7pct0.8%4.5pct-2.4%2.9pct上峰水泥1.6%-5.7pct8.3%-4.8pct8.3%3.3pct8.3%3.3pct塔牌集团17.9%-0.3pct4.1%-7.7pct5.2%0.8pct6.2%2.0pct万年青-2.9%-8.0pct-3.7%-3.7pct0.4%1.5pct0.2%1.3pct中交设计4.5%-1.4pct14.2%0.4pct9.4%-3.3pct9.8%-6.2pct宁夏建材-1.4%0.4pct-4.5%-7.6pct2.5%-0.9pct4.0%1.5pct亚泰集团-34.7%22.9pct-78.7%19.4pct-194.4%-90.0pct-151.7%-60.3pct子行业设计咨询ROE（TTM）单季销售净利率水泥行业深度报告东吴证券研究所表25：样本上市公司单季销售净利率、ROE（TTM）及同比变化2数据来源：Wind，东吴证券研究所◼其他子行业中，其他材料行业、基建房建行业、国际工程行业、专业工程行业2025Q4的销售净利率分别为-6.0%、1.5%、3.7%、0.1%，同比分别-4.9pct、-0.9pct、-1.7pct、-1.0pct；ROE（TTM）分别为1.5%、7.3%、9.2%、4.9%，同比分别-2.8pct、-1.4pct、-1.5pct、-0.7pct；其他材料行业、基建房建行业、国际工程行业、专业工程行业2026Q1的销售净利率分别为0.5%、2.6%、5.2%、3.0%，同比分别-0.9pct、-0.4pct、-1.3pct、+0.5pct；ROE（TTM）分别为1.5%、6.6%、8.7%、4.3%，同比分别-2.8pct、-1.9pct、-1.6pct、-1.7pct。2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy旗滨集团0.9%-11.7pct-6.9%3.6pct4.2%-4.5pct4.2%-4.7pct南玻A-3.5%-3.8pct-1.0%13.5pct-2.8%-9.8pct-2.8%-9.8pct凯盛新能-57.5%-42.0pct-58.4%-13.0pct-27.5%-13.2pct-26.9%-25.8pct金晶科技-17.6%-18.5pct-30.6%-12.7pct-9.3%-15.0pct-9.2%-14.9pct耀皮玻璃3.2%-1.2pct2.3%0.4pct3.7%0.3pct3.9%2.1pct中国巨石24.9%7.9pct14.9%-7.4pct10.4%2.2pct11.4%4.9pct中材科技8.6%1.1pct4.1%-1.0pct9.2%4.5pct9.2%3.1pct宏和科技31.7%19.2pct19.8%12.8pct7.2%8.1pct9.9%10.8pct长海股份11.0%0.3pct8.8%-0.7pct6.9%2.3pct7.0%2.4pct山东玻纤1.2%-0.2pct-1.9%-4.1pct0.4%4.6pct0.4%4.5pct金螳螂4.4%0.0pct1.7%-0.7pct3.3%-1.4pct3.3%-1.4pct风语筑14.2%3.7pct-21.5%-17.1pct1.6%3.4pct1.6%3.5pct亚厦股份3.7%0.2pct2.6%1.2pct3.8%0.6pct3.9%0.7pct江河集团4.0%-0.2pct2.5%-1.0pct8.2%-0.5pct9.0%-0.8pct广田集团-6.4%14.4pct-6.3%-1.6pct-24.1%-467.5pct-22.6%-432.8pct中天精装-25.8%-32.3pct-77.3%278.9pct-25.9%-17.0pct-26.1%-17.2pct全筑股份2.1%10.3pct-76.4%-40.6pct-20.4%-25.9pct-20.2%-25.5pct*ST东易-20.9%-8.3pct60.6%418.4pct503.5%402.7pct586.3%472.5pctST名家汇-119.5%-55.6pct62.0%661.7pct-29.1%82.3pct-28.5%223.1pct*ST宝鹰-10.5%9.4pct64.7%115.9pct612.6%474052.1pct-1533.9%1116.6pct*ST瑞和-35.8%-22.0pct-45.5%-8.1pct472.8%814.9pct1741.3%2029.4pct*ST利达1.7%-1.0pct-38.4%-37.1pct-16.9%-0.1pct-17.1%0.1pct德才股份7.3%-0.4pct1.5%32.8pct-20.1%-25.1pct-20.5%-25.6pct名雕股份4.0%0.6pct10.9%-0.5pct6.0%0.0pct6.0%0.0pct松霖科技11.7%3.6pct6.1%-9.2pct5.9%-9.0pct8.7%-4.1pct惠达卫浴-5.3%-6.6pct-28.5%-32.9pct1.7%3.7pct1.7%3.7pct建霖家居6.9%-3.4pct6.6%-0.2pct3.4%-2.3pct3.5%-1.8pct瑞尔特0.2%-5.0pct-10.0%-18.4pct5.5%-3.3pct5.5%-2.5pct海鸥住工-4.6%-3.0pct-9.6%9.4pct-13.2%2.7pct-12.9%2.8pct奥普科技10.6%-3.6pct17.7%-1.2pct20.3%2.5pct20.9%2.5pct东鹏控股-6.2%-3.2pct0.2%-0.9pct4.9%-0.3pct4.8%-0.3pct蒙娜丽莎-3.2%5.2pct-2.9%-1.8pct2.0%-0.2pct2.0%-0.2pct帝欧水华-3.9%4.8pct-72.7%-10.9pct-33.1%6.5pct-34.6%3.9pct东方雨虹5.5%2.5pct-10.7%7.9pct-1.7%-2.1pct-1.6%-6.1pct科顺股份4.1%1.3pct-41.7%-36.6pct-1.4%4.5pct-1.4%4.5pct凯伦股份4.0%2.7pct-2.0%87.8pct-27.1%-23.0pct-26.4%-22.3pct三棵树4.3%-0.7pct0.8%4.0pct23.0%21.9pct23.8%22.7pct*ST亚士-272.8%-183.5pct-1642.9%-1548.2pct-118.4%-115.7pct-100.3%-97.7pct保立佳-7.3%-4.9pct-20.4%-2.7pct-12.5%2.7pct-12.2%2.6pct江山欧派-16.0%-16.8pct-45.0%-37.7pct-8.1%-26.4pct-8.0%-26.4pct玉马科技15.0%-5.0pct19.9%-6.4pct10.9%-1.3pct11.2%-1.1pct北新建材13.4%-0.3pct6.4%-3.3pct10.7%-3.7pct11.7%-4.3pct共创草坪22.0%2.3pct18.7%1.7pct20.3%3.1pct21.4%3.4pct伟星新材14.7%1.8pct9.7%-3.4pct17.0%-0.5pct17.4%-4.7pct公元股份-2.3%0.8pct0.9%-1.3pct1.6%-2.7pct1.6%-2.7pct雄塑科技14.8%14.8pct-27.1%-4.0pct-4.3%-2.2pct-4.3%-2.3pct坚朗五金-5.0%-1.2pct-10.8%-14.7pct1.4%-0.3pct1.3%-2.6pct兔宝宝8.7%0.8pct2.9%-0.8pct21.9%3.4pct23.1%0.2pct大亚圣象-13.7%-3.5pct-5.2%-5.7pct0.2%-1.9pct1.2%-2.1pct海象新材4.2%-4.9pct3.3%-11.0pct9.8%16.2pct9.8%16.3pct爱丽家居-6.0%-11.4pct-1.8%-13.5pct4.1%-4.8pct4.1%-5.0pct子行业装饰装修ROE（TTM）单季销售净利率玻璃玻纤装修建材行业深度报告东吴证券研究所表26：样本上市公司单季销售净利率、ROE（TTM）及同比变化3数据来源：Wind，东吴证券研究所
3. 现金流与资产负债表
3.1. 现金流（1）经营活动产生的现金流量净额2025Q4 基建地产链样本上市公司经营活动产生的现金流量净额为5996.7 亿元，同比-2.7%，其中建筑、建材行业经营活动产生的现金流量净额分别为5625.8、370.9 亿元，2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy苏博特6.3%0.3pct3.8%0.8pct2.6%0.3pct2.6%0.3pct垒知集团6.4%-0.6pct-7.7%-1.6pct1.4%-1.0pct1.4%-1.0pct西部建设-7.3%-0.1pct-13.0%-7.7pct-5.3%-8.5pct-5.2%-8.3pct志特新材5.5%0.9pct4.2%0.8pct6.7%5.9pct7.1%6.2pct震安科技-3.9%3.4pct-90.5%-4.6pct-7.5%-0.3pct-6.7%0.4pct赛特新材0.2%-3.8pct-0.5%-5.0pct2.2%-4.6pct3.3%-4.8pct再升科技4.9%-6.0pct-8.5%-9.3pct3.3%2.8pct3.5%2.9pct鲁阳节能0.7%-10.4pct-8.5%-22.5pct8.8%-6.4pct8.9%-6.6pct北京利尔6.9%-0.7pct3.7%2.7pct6.2%-1.2pct6.4%-1.2pct濮耐股份1.4%-2.8pct-0.6%-1.6pct2.8%-1.9pct2.8%-1.9pct瑞泰科技1.3%-2.1pct-6.5%-9.6pct2.7%-6.0pct2.7%-6.6pct中国建筑3.2%0.0pct0.8%-1.1pct9.1%-1.8pct9.4%-1.9pct上海建工-0.3%0.2pct-0.3%-1.0pct4.2%-0.6pct4.2%0.5pct陕建股份0.8%-0.9pct-1.9%-2.4pct3.4%-10.1pct3.5%-10.4pct重庆建工-0.6%0.0pct-15.4%-10.1pct-13.6%-11.1pct-13.6%-11.1pct中国中铁2.1%-0.5pct2.2%-0.2pct6.2%-1.7pct6.8%-1.9pct中国铁建2.1%-0.3pct1.5%-0.8pct5.4%-1.5pct6.4%-0.6pct中国电建1.8%-0.6pct1.5%-0.5pct6.4%-1.1pct6.4%-1.1pct中国能建2.3%-0.3pct2.8%-1.2pct4.8%-2.5pct6.7%-0.8pct中国交建3.4%-0.9pct1.2%-2.8pct4.7%-2.8pct6.6%-1.1pct四川路桥6.9%-1.0pct5.1%-1.9pct14.9%2.4pct15.4%2.4pct隧道股份3.6%0.6pct4.6%-0.5pct6.3%-2.6pct6.8%-2.5pct安徽建工2.9%0.1pct2.8%1.1pct8.0%-1.1pct6.9%-3.5pct浦东建设1.9%-1.5pct2.5%-0.3pct4.5%-3.2pct4.8%-2.3pct山东路桥3.1%0.0pct5.9%1.6pct8.9%-1.0pct9.0%-1.0pct新疆交建-4.2%-1.3pct1.4%-3.9pct14.2%5.5pct14.2%5.5pct中材国际5.1%-1.9pct5.1%-2.2pct12.7%-1.7pct13.6%-1.2pct北方国际5.1%0.2pct6.6%1.9pct6.9%-3.7pct7.6%-3.4pct中钢国际7.2%0.3pct-1.2%-5.3pct8.7%-1.0pct9.0%-2.2pct中工国际3.3%-2.8pct1.5%0.4pct2.7%-0.5pct2.5%-0.5pct鸿路钢构2.8%0.0pct2.2%0.1pct6.2%-3.7pct6.3%-3.8pct森特股份3.8%-0.9pct0.7%0.6pct3.4%1.6pct3.4%1.6pct东方铁塔28.3%6.8pct25.3%16.4pct9.6%3.0pct9.9%3.1pct东南网架0.9%-1.0pct0.0%-1.3pct1.2%-2.1pct1.2%-2.2pct精工钢构3.1%0.6pct0.3%-0.3pct6.7%1.2pct6.8%1.2pct杭萧钢构1.4%-1.5pct-3.3%-0.7pct2.2%-2.6pct2.2%-2.7pct富煌钢构-37.0%-38.9pct-4782.2%-4780.5pct0.9%-1.4pct0.9%-1.5pct中国化学3.6%0.0pct4.5%0.6pct9.7%0.7pct9.4%0.1pctST百利-56.9%-46.5pct-26.9%27.3pct-638.2%-531.1pct-370.0%-280.9pct三联虹普26.3%-4.6pct18.0%-26.6pct9.4%-3.5pct9.6%-3.6pct利柏特7.0%1.6pct6.4%1.9pct11.1%-2.2pct11.3%-2.2pct东华科技5.5%-0.4pct4.9%1.4pct11.4%1.9pct10.1%0.5pct中国中冶2.1%0.4pct-2.4%-2.5pct0.9%-3.7pct2.5%-2.4pct金诚信17.6%2.4pct13.4%-2.5pct21.3%4.7pct22.3%4.8pct深桑达A-0.4%-0.6pct2.4%-1.7pct2.3%-5.0pct2.3%-5.0pct上海港湾0.7%-8.8pct-3.6%1.3pct3.6%-4.1pct3.5%-4.3pct柏诚股份3.6%-0.6pct8.6%4.8pct6.3%--6.4%-1.5pct中铝国际2.2%0.4pct1.9%2.3pct3.8%0.6pct1.3%25.5pct亚翔集成21.9%12.0pct24.9%4.4pct40.2%3.4pct30.9%0.4pct圣晖集成7.2%1.9pct6.9%-0.6pct13.3%3.0pct11.9%2.9pct中铁装配-10.2%1.9pct-10.3%-10.7pct-15.6%-8.2pct-6.2%10.7pct永福股份-2.2%-5.2pct-4.8%-2.9pct3.1%-1.2pct3.1%-1.2pct*ST中岩-63.2%-23.7pct-198.1%134.5pct-490.9%-447.5pct-433.6%-392.3pct苏文电能-4.2%-12.9pct-16.7%-18.5pct0.3%2.6pct0.3%2.6pct中粮科工6.7%-1.2pct9.0%0.0pct10.5%10.5pct10.6%-0.4pct子行业专业工程ROE（TTM）单季销售净利率其他材料基建房建国际工程行业深度报告东吴证券研究所同比分别-1.8%、-14.6%；2026Q1 基建地产链样本上市公司经营活动产生的现金流量净额为-4302.8 亿元，同比-2.4%，其中建筑、建材行业经营活动产生的现金流量净额分别为-4227.0、-75.8 亿元，同比分别-2.0%、-32.5%；（2）收现比2025Q4 基建地产链样本上市公司收现比为105.7%，同比+7.4pct，其中建筑、建材行业收现比分别为106.0%、101.4%，同比分别+8.0pct、-2.2pct；2026Q1 基建地产链样本上市公司收现比为104.5%，同比+1.6pct，其中建筑、建材行业收现比分别为105.1%、95.5%，同比分别+1.6pct、+1.8pct。2025Q4 收现比同比提升的子行业有设计咨询（+4.1pct）、玻璃玻纤（+13.1pct）、其他材料（+0.4pct）、基建房建（+8.8pct）、专业工程（+4.3pct）。2026Q1 收现比同比提升的子行业有设计咨询（+14.2pct）、水泥（+2.2pct）、玻璃玻纤（+4.4pct）、装饰装修（+11.2pct）、其他材料（+18.1pct）、国际工程（+21.4pct）、专业工程（+15.8pct）。表27：基建地产链主要子行业单季经营性现金流、收现比及同比变化数据来源：Wind，东吴证券研究所2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy-4302.8-2.4%5996.7-2.7%104.5%1.6pct105.7%7.4pct-4227.0-2.0%5625.8-1.8%105.1%1.6pct106.0%8.0pct-75.8-32.5%370.9-14.6%95.5%1.8pct101.4%-2.2pct-27.731.5%65.6-10.3%134.3%14.2pct106.2%4.1pct-28.1-28.6%192.9-17.1%99.3%2.2pct92.5%-4.9pct-19.8-413.0%57.824.4%81.0%4.4pct101.1%13.1pct-22.831.6%38.9-21.3%139.6%11.2pct106.0%-2.2pct-20.9-6.0%105.2-16.5%98.2%-4.6pct115.7%-8.2pct-7.040.7%14.9-49.2%103.0%18.1pct105.0%0.4pct-3915.5-8.5%4917.20.4%104.5%-0.6pct107.1%8.8pct-15.751.1%52.0-48.0%98.7%21.4pct90.7%-12.8pct-245.343.2%552.1-9.5%107.1%15.8pct98.7%4.3pct其他其他材料专业工程基建房建国际工程单季销售商品提供劳务收到的现金/营业收入单季经营活动产生的现金流量净额（亿元）后周期玻璃玻纤装饰装修装修建材基建地产链样本合计前周期设计咨询水泥建筑建材子行业行业深度报告东吴证券研究所表28：样本上市公司单季经营性现金流、收现比及同比变化1数据来源：Wind，东吴证券研究所2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy国检集团-1.1-45.7%2.80.4%103.0%4.3pct84.4%0.2pct中国海诚-2.7-48.1%-0.1-102.4%126.5%-14.3pct86.1%3.9pct苏交科-0.980.3%9.5-6.3%137.9%19.7pct136.0%20.2pct地铁设计-4.610.3%5.0-12.4%72.5%9.8pct137.9%26.4pct华设集团-1.159.4%8.0-12.7%158.5%-3.8pct110.3%5.2pct设计总院-2.420.3%5.971.3%167.2%39.1pct137.1%57.2pct华建集团-5.431.7%7.1-24.8%149.7%21.0pct109.8%8.5pct深圳瑞捷-0.512.1%0.5-2.8%116.0%-10.5pct118.3%-6.6pct启迪设计0.1195.1%1.351.2%140.6%-20.9pct111.8%56.0pct华阳国际-0.748.5%2.418.0%74.7%11.2pct147.1%11.9pct建发合诚-0.769.4%3.51.2%129.5%35.8pct97.0%-8.3pct勘设股份0.4119.4%2.4-48.2%214.8%93.2pct123.9%-13.1pct中衡设计0.3364.8%1.13.9%183.2%31.8pct100.1%24.3pct甘咨询-3.4-96.0%3.115.1%70.0%-6.0pct113.8%8.0pct设研院0.094.1%2.0-14.5%101.9%-2.7pct93.5%-2.9pct深城交-2.021.7%3.1-42.1%108.6%21.1pct92.7%-44.2pct建研设计-0.4-229.5%0.4-6.2%121.9%-19.2pct94.3%9.7pct*ST中设0.3222.0%0.62.9%299.7%34.9pct150.3%-110.8pct测绘股份-0.58.6%1.37.1%254.6%38.7pct66.9%-19.6pct建科院-0.271.0%0.5-24.3%126.4%-3.1pct141.1%29.4pct蕾奥规划-0.329.0%0.5-41.0%107.4%30.8pct114.6%-48.9pct杰恩股份-0.3-189.1%-0.1-86.6%132.6%-66.3pct57.0%-29.7pct汉嘉数智-0.446.7%1.61078.2%276.6%50.6pct96.1%-59.4pct深水规院-1.13.1%2.114.2%184.6%62.5pct111.3%1.0pct筑博设计-0.3-30.2%1.198.5%112.7%-16.2pct120.2%0.7pct海螺水泥3.3-35.2%55.4-31.8%110.6%-0.2pct101.4%13.3pct天山股份-33.3-54.2%73.9-18.6%85.2%3.7pct83.1%-17.4pct华新建材8.7915.8%34.733.6%90.0%7.7pct95.9%6.3pct金隅冀东-6.4-110.0%12.8-10.0%105.6%1.0pct97.0%0.1pct上峰水泥0.6-34.2%2.5-17.1%110.1%6.9pct105.4%-66.6pct塔牌集团-0.274.9%5.2-19.8%111.5%6.0pct112.7%-3.8pct万年青-0.9-152.3%1.3-70.7%117.1%2.6pct118.4%17.2pct亚泰集团0.2107.0%7.110.8%113.5%-0.3pct4.5%-120.5pct单季销售商品提供劳务收到的现金/营业收入单季经营活动产生的现金流量净额（亿元）水泥设计咨询子行业行业深度报告东吴证券研究所表29：样本上市公司单季经营性现金流、收现比及同比变化2数据来源：Wind，东吴证券研究所2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy旗滨集团-1.4-941.1%7.014.4%78.8%6.8pct121.5%20.1pct南玻A0.4-43.6%3.1-22.3%106.1%7.1pct102.5%-14.4pct金晶科技-0.3-128.4%2.438.2%69.8%-4.7pct56.5%-16.1pct耀皮玻璃-0.736.6%3.38.8%109.8%14.6pct108.3%-1.5pct中国巨石2.2339.0%20.7115.0%61.4%0.2pct97.1%14.8pct中材科技-20.1-598.7%17.84.4%86.8%6.4pct104.4%34.0pct宏和科技0.415.3%1.230.5%74.6%-4.9pct78.3%-17.1pct长海股份-0.7-23.7%-0.7-122.9%90.2%18.0pct34.9%-6.2pct山东玻纤0.4187.5%3.0191.7%42.2%2.4pct101.8%-9.2pct金螳螂-13.96.5%11.0-2.6%125.6%13.4pct115.4%-17.7pct风语筑-0.5-319.0%0.9-46.2%120.1%-7.9pct150.5%20.2pct亚厦股份-3.843.1%9.0-24.9%141.3%-1.9pct112.3%37.7pct江河集团-5.945.7%22.121.8%129.9%9.6pct101.4%-2.7pct中天精装1.0160.9%-2.8-929.3%231.1%-36.1pct57.6%-102.5pct*ST东易-0.177.9%0.1215.9%110.1%10.4pct93.5%-22.2pctST名家汇-0.337.5%0.0-206.2%383.2%313.6pct38.0%-248.8pct*ST宝鹰0.2143.6%0.2123.2%193.9%68.2pct104.8%11.8pct*ST瑞和0.0240.2%0.336.9%140.0%34.4pct106.8%8.8pct*ST利达-0.554.2%-2.3-350.0%266.4%118.8pct74.2%-77.0pct德才股份1.118.8%0.4-92.7%310.0%41.2pct106.4%-32.6pct名雕股份-0.1-202.8%0.0-94.7%107.1%-35.6pct74.0%6.8pct松霖科技0.9165.8%1.0-49.0%95.6%-23.9pct98.1%6.9pct惠达卫浴-0.9-290.8%0.7342.6%101.2%-13.9pct103.3%29.9pct建霖家居-0.2-122.0%-0.4-115.7%100.5%-4.3pct82.1%-29.5pct瑞尔特0.2-65.7%1.2-18.5%102.5%-8.2pct105.0%13.6pct海鸥住工0.5-35.1%1.0463.9%104.5%2.1pct118.0%15.7pct奥普科技-0.7-25.7%2.8-0.2%117.4%-7.8pct100.0%0.6pct东鹏控股-1.4-369.1%2.2-39.7%128.1%1.6pct130.2%3.5pct蒙娜丽莎-0.283.0%2.2-24.2%99.8%-15.2pct113.7%-12.5pct帝欧水华0.5169.0%0.2-2.6%121.8%4.8pct115.3%12.2pct东方雨虹-9.4-16.2%31.4-20.6%86.0%-6.9pct85.0%-39.7pct科顺股份-0.685.6%11.4-37.2%104.5%-1.0pct163.9%27.7pct凯伦股份0.3335.7%2.1-43.8%112.5%-18.3pct115.4%-40.6pct三棵树0.9-16.8%7.8743.1%124.1%-8.1pct119.6%-28.2pct*ST亚士-0.195.4%0.6127.8%136.7%-81.7pct107.8%48.3pct保立佳0.6-6.5%-0.5-646.8%77.7%12.7pct69.1%10.9pct江山欧派-1.2-22.1%-0.7-241.5%108.7%-10.2pct104.3%6.0pct玉马科技0.2165.9%1.050.6%92.0%-7.7pct126.4%23.4pct北新建材-6.1-173.4%26.69.7%64.5%0.2pct153.0%1.9pct共创草坪0.3-49.4%2.0-2.2%84.3%-2.5pct106.2%-5.0pct伟星新材1.245.2%2.3-31.1%145.1%12.2pct105.1%-0.4pct公元股份7.240.2%1.853.0%170.1%-13.3pct99.5%-5.1pct雄塑科技0.1335.7%0.9-31.6%95.6%-9.2pct135.2%3.6pct坚朗五金-2.738.5%3.1-19.5%113.1%1.0pct160.8%24.6pct兔宝宝-5.632.8%3.9-46.7%113.3%22.7pct135.1%-15.9pct大亚圣象-4.8-1056.2%-0.1-104.6%105.1%-45.6pct83.3%-11.5pct海象新材0.4-66.5%1.3-37.5%94.0%-15.7pct127.3%6.9pct爱丽家居-0.4-164.7%-0.4-149.6%100.0%-15.5pct109.6%-19.7pct单季销售商品提供劳务收到的现金/营业收入单季经营活动产生的现金流量净额（亿元）装修建材玻璃玻纤装饰装修子行业行业深度报告东吴证券研究所表30：样本上市公司单季经营性现金流、收现比及同比变化3数据来源：Wind，东吴证券研究所3.2. 资产负债表3.2.1. 资产负债率截至2026Q1，基建地产链样本上市公司整体资产负债率为75.3%，同比+0.8pct，其中建筑、建材行业资产负债率分别为77.5%、47.9%，同比分别+0.7pct、-0.2pct；带息2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy苏博特1.663.9%1.9-47.7%141.2%-2.1pct142.2%38.6pct垒知集团0.913.9%1.1-52.9%142.4%17.1pct114.7%16.7pct西部建设-7.344.2%5.0-66.4%100.6%35.5pct99.7%-16.3pct志特新材0.8-29.7%-1.0-454.4%130.7%1.7pct78.8%-0.6pct震安科技1.038.7%0.52575.4%330.9%134.2pct196.1%42.7pct赛特新材0.91568.6%0.2193.7%126.8%46.7pct88.6%13.8pct再升科技0.3-51.6%0.4-29.7%80.1%-4.0pct92.6%-1.9pct鲁阳节能-0.418.7%2.621.9%105.0%-7.7pct133.8%57.1pct北京利尔-2.1-17.5%2.015.6%95.7%15.9pct124.5%-13.4pct濮耐股份-0.7-113.0%0.0-105.4%96.2%12.1pct98.3%-1.5pct瑞泰科技-2.0-261.2%2.2-33.7%49.0%-9.4pct67.7%4.3pct中国建筑-769.919.7%900.2-3.0%101.1%0.3pct112.5%-6.5pct上海建工-158.432.0%223.2-33.6%152.7%-56.2pct98.7%34.7pct陕建股份-76.4-15.9%52.52303.0%142.1%-8.9pct75.9%-2.7pct重庆建工-11.931.5%22.544.4%117.3%-2.8pct182.7%75.7pct中国中铁-864.3-11.7%1016.52.4%105.5%14.5pct102.9%37.8pct中国铁建-625.8-60.7%827.143.6%99.6%-7.7pct102.1%1.9pct中国电建-441.2-8.9%677.3-5.2%95.0%-2.6pct110.2%-10.5pct中国能建-237.2-63.5%206.6-12.3%106.3%0.3pct109.3%6.2pct中国交建-551.5-12.8%811.2-9.4%92.4%-2.5pct126.0%29.2pct四川路桥-32.9-7.8%79.6-11.9%157.5%17.3pct66.1%-36.4pct隧道股份-49.8-1.9%18.3-16.4%170.0%11.5pct88.3%3.6pct安徽建工-29.0-9.7%32.6-49.7%121.9%-28.8pct111.0%22.0pct浦东建设-20.9-56.7%24.91984.4%172.3%35.5pct104.6%18.6pct山东路桥-30.8-487.6%16.584.9%136.4%-1.6pct51.0%4.5pct新疆交建-15.7-150.3%8.1-34.8%175.9%-110.5pct98.7%-26.1pct中材国际-12.234.7%24.1-5.4%91.7%20.8pct81.7%-0.7pct北方国际2.2-35.2%1.5-86.4%102.3%11.0pct106.7%5.8pct中钢国际-3.081.5%25.0-54.4%132.2%69.9pct121.1%-37.0pct中工国际-2.6-617.2%1.4-84.2%82.4%-25.5pct78.7%-36.1pct鸿路钢构-9.0-361.6%9.9301.3%105.4%0.8pct107.3%13.3pct森特股份-0.178.6%1.1-14.1%118.6%8.3pct91.4%15.5pct东方铁塔5.0-6.1%9.31153.3%107.1%-16.9pct103.4%-10.1pct东南网架22.510763.6%16.2100.5%181.2%60.4pct125.8%-15.5pct精工钢构-0.8-123.0%0.3-94.7%115.5%-5.7pct48.4%-31.3pct杭萧钢构2.3334.3%1.5191.5%146.2%39.4pct269.1%201.8pct富煌钢构-2.2-463.5%-3.8-1000.3%245.0%143.5pct-435.6%-490.7pct中国化学-13.391.2%70.2-51.1%100.2%10.3pct111.3%20.6pctST百利-0.192.1%-0.65.9%94.8%44.3pct469.8%430.3pct三联虹普-0.6-9.8%0.2-71.7%36.3%-20.1pct74.7%-91.3pct利柏特-1.4-43.1%1.1-67.0%119.7%6.4pct89.7%-34.9pct东华科技0.0100.8%0.0-152.0%86.6%-6.5pct64.2%-48.2pct中国中冶-250.72.4%347.1-10.0%108.8%22.4pct96.0%-1.9pct金诚信7.552.8%17.6155.4%100.7%11.2pct97.8%-0.1pct深桑达A8.8146.0%43.837.4%95.1%-4.9pct86.2%9.4pct上海港湾0.2-55.2%0.9899.2%103.1%-7.0pct106.3%27.6pct柏诚股份-8.0-18.0%7.62.1%65.4%-8.6pct168.9%41.4pct中铝国际-3.315.5%8.1233.9%120.5%25.8pct86.6%0.7pct亚翔集成-2.4-126.0%6.0129.9%100.6%-132.1pct98.8%-36.7pct圣晖集成3.5591.9%0.2191.1%179.0%85.3pct37.9%-55.5pct中铁装配-0.2-431.7%-0.1-152.1%202.8%-11.1pct47.7%-13.9pct永福股份0.9136.4%4.6-1.3%155.6%44.9pct111.5%-65.5pct*ST中岩-0.8-4.2%1.1-13.3%336.7%94.8pct114.8%-10.9pct苏文电能0.24.8%1.9-49.3%190.4%72.3pct157.1%56.1pct中粮科工-3.411.4%7.80.2%123.7%2.4pct86.0%-5.6pct单季销售商品提供劳务收到的现金/营业收入单季经营活动产生的现金流量净额（亿元）国际工程基建房建专业工程其他材料子行业行业深度报告东吴证券研究所债务余额为46916.0 亿元，较上年同期+4941.6 亿元，其中建筑、建材行业带息债务余额分别为43614.6、3301.4 亿元，较上年同期分别+4950.1、-8.5 亿元。表31：基建地产链主要子行业资产负债率、带息债务及同、环比变化数据来源：Wind，东吴证券研究所前周期子行业中，设计咨询、水泥行业的资产负债率分别为48.9%、48.1%，同比分别-1.2pct、+0.1pct；带息债务余额分别为119.9、2233.1 亿元，较上年同期分别-5.4、+9.7亿元。表32：样本上市公司资产负债率、带息债务及同、环比变化1数据来源：Wind，东吴证券研究所后周期子行业中，玻璃玻纤、装饰装修、装修建材行业的资产负债率分别为50.2%、截至2026Q1yoyqoq截至2026Q1yoyqoq75.3%0.8pct-0.2pct46916.04941.62043.377.5%0.7pct-0.2pct43614.64950.12166.547.9%-0.2pct0.0pct3301.4-8.5-123.248.9%-1.2pct-1.8pct119.9-5.4-17.648.1%0.1pct0.3pct2233.19.7-82.250.2%-0.6pct-0.4pct626.81.815.263.3%-3.1pct-2.4pct114.4-7.5-3.241.7%-1.2pct-1.0pct313.4-17.1-43.554.4%-0.2pct0.0pct128.1-2.9-12.8基建房建78.4%0.9pct-0.2pct41572.25037.42665.5国际工程59.1%-0.2pct-0.2pct147.2-6.1-9.373.4%-1.3pct-0.7pct1660.9-68.2-468.8设计咨询水泥建筑建材资产负债率子行业其他其他材料专业工程基建地产链样本合计后周期玻璃玻纤装饰装修装修建材前周期带息债务（亿元）截至2026Q1yoyqoq截至2026Q1yoyqoq国检集团50.8%-1.1pct0.8pct17.8-1.1-2.5中国海诚52.5%-6.4pct-2.4pct0.30.1-0.2苏交科44.2%1.3pct1.1pct26.33.0-1.7地铁设计45.8%-3.7pct-4.5pct4.80.8-0.2华设集团55.4%-1.2pct-1.8pct6.5-0.6-0.6设计总院38.4%-2.2pct-5.1pct6.21.01.0华建集团61.9%-0.3pct-1.8pct10.4-1.7-1.7深圳瑞捷11.9%5.5pct1.6pct0.30.20.1启迪设计61.5%1.5pct0.8pct3.6-1.1-1.0华阳国际42.4%-3.8pct-1.1pct4.60.20.1建发合诚75.9%3.6pct-2.2pct0.20.00.1勘设股份47.9%0.3pct-1.9pct9.5-3.0-3.7中衡设计50.5%-4.4pct-3.4pct2.20.0-1.9甘咨询24.7%-3.8pct-4.0pct0.5-0.2-0.2设研院53.9%-6.2pct0.3pct7.5-6.2-8.2深城交28.4%1.1pct-2.2pct1.40.80.8建研设计25.9%-0.5pct-4.7pct0.70.20.3*ST中设54.2%13.2pct-4.1pct1.50.80.9测绘股份39.1%-4.4pct-3.1pct0.3-0.8-0.9建科院60.6%2.0pct-0.1pct6.30.3-0.2苏州规划25.3%-0.9pct-3.0pct1.20.0-0.1蕾奥规划15.5%-4.7pct-4.1pct1.10.3-0.1杰恩股份32.0%-0.5pct-3.2pct0.0-0.5-0.2汉嘉数智64.2%-6.0pct-2.9pct7.82.12.4上海建科29.8%0.1pct-5.1pct4.03.40.3深水规院53.1%0.6pct-1.0pct0.1-0.1-0.1筑博设计20.8%-2.0pct-1.3pct0.10.00.0华图山鼎87.7%6.7pct-6.1pct7.22.32.1海螺水泥19.0%-1.5pct-1.4pct266.8-28.7-17.6天山股份68.1%1.5pct1.3pct1147.0-9.0-79.7华新建材53.6%2.7pct-0.3pct254.153.239.5金隅冀东50.4%-1.5pct2.0pct194.4-9.1-21.7上峰水泥39.5%-3.6pct-1.7pct34.2-10.7-7.4塔牌集团8.7%-0.6pct-1.5pct0.30.10.1万年青34.3%-3.3pct-1.2pct26.20.5-1.5中交设计44.8%-3.4pct-2.1pct13.50.60.6宁夏建材17.2%-8.3pct-4.0pct2.9-4.3-3.8亚泰集团98.8%5.1pct0.7pct310.313.46.2设计咨询资产负债率子行业带息债务（亿元）水泥行业深度报告东吴证券研究所63.3%、41.7%，同比分别-0.6pct、-3.1pct、-1.2pct；带息债务余额分别为626.8、114.4、313.4 亿元，较上年同期分别+1.8、-7.5、-17.1 亿元；表33：样本上市公司资产负债率、带息债务及同、环比变化2数据来源：Wind，东吴证券研究所其他子行业中，其他材料、基建房建、国际工程、专业工程行业的资产负债率分别为54.4%、78.4%、59.1%、73.4%，同比分别-0.2pct、+0.9pct、-0.2pct、-1.3pct；带息债务余额分别为128.1、41572.2、147.2、1660.9 亿元，较上年同期分别-2.9、+5037.4、-6.1、-68.2 亿元。截至2026Q1yoyqoq截至2026Q1yoyqoq旗滨集团54.5%-4.5pct1.0pct131.5-9.7-27.4南玻A57.6%1.4pct0.9pct99.54.41.0凯盛新能76.1%10.2pct2.8pct64.010.95.3金晶科技43.4%-0.6pct1.2pct20.8-2.0-3.8耀皮玻璃42.2%0.2pct-1.1pct7.71.30.5中国巨石38.9%-1.2pct-1.5pct143.2-5.128.4中材科技56.3%0.8pct-0.5pct164.2-3.16.3宏和科技38.4%-2.7pct-11.3pct10.82.32.7长海股份35.7%-0.3pct0.6pct14.23.11.3山东玻纤66.7%2.0pct0.5pct35.010.66.2金螳螂54.4%-2.9pct-3.7pct7.0-1.8-1.1风语筑51.5%-0.9pct-3.0pct5.40.20.1亚厦股份58.9%-1.8pct-2.3pct13.60.20.8江河集团69.8%1.9pct-2.0pct29.11.71.7广田集团83.9%5.7pct0.4pct12.50.00.0中天精装33.4%2.1pct4.3pct2.2-1.0-0.8全筑股份61.3%7.3pct-0.1pct3.4-1.0-0.5*ST东易40.7%-126.0pct-19.3pct0.8-3.1-1.6ST名家汇10.0%-79.2pct-2.6pct0.3-0.5-0.5*ST宝鹰96.9%-5.1pct0.3pct3.0-2.9-0.9*ST瑞和94.6%1.4pct0.3pct8.9-0.1-0.1*ST利达84.0%3.6pct-1.7pct14.5-0.50.3德才股份84.7%0.2pct0.0pct29.50.3-1.1名雕股份48.5%-1.1pct-2.2pct0.2-0.1-0.2松霖科技18.7%-4.7pct-6.9pct3.50.30.9惠达卫浴23.4%-3.4pct-2.1pct0.8-0.5-0.2建霖家居37.3%6.0pct-2.7pct7.04.64.0瑞尔特17.9%-0.9pct-0.4pct0.1-0.4-0.3海鸥住工49.2%-5.4pct-1.2pct8.4-0.8-1.2奥普科技32.7%1.9pct-4.1pct0.1-0.1-0.1东鹏控股31.3%-2.5pct-2.7pct6.00.32.4蒙娜丽莎47.2%-5.2pct0.6pct15.5-3.9-5.6帝欧水华62.3%-11.0pct-4.2pct21.2-6.3-8.2东方雨虹51.4%1.7pct0.3pct75.68.0-25.1科顺股份66.6%2.2pct-0.7pct44.0-0.6-4.3凯伦股份67.4%5.4pct3.5pct20.60.93.2三棵树74.6%-2.6pct-1.3pct33.3-8.0-8.2*ST亚士104.2%24.8pct2.6pct23.3-2.2-3.1保立佳75.7%0.3pct0.8pct12.1-1.2-1.2江山欧派61.6%-0.1pct-1.9pct6.5-0.10.2玉马科技8.0%2.3pct0.1pct0.20.10.1北新建材21.7%-2.4pct0.1pct17.5-8.56.8共创草坪20.3%0.2pct-4.5pct3.41.80.0伟星新材21.6%2.4pct-1.5pct0.1-0.1-0.1公元股份38.8%-0.3pct7.2pct1.10.2-0.9雄塑科技12.3%-1.3pct-0.9pct0.4-0.3-0.1坚朗五金32.6%-3.7pct-4.7pct2.0-0.3-1.1兔宝宝36.9%1.2pct-7.4pct0.4-0.5-0.3大亚圣象25.8%1.2pct-2.1pct0.70.0-0.1海象新材25.7%-6.4pct-7.3pct4.8-0.3-0.3爱丽家居29.2%-5.2pct-3.2pct5.00.8-0.7装饰装修资产负债率子行业装修建材带息债务（亿元）玻璃玻纤行业深度报告东吴证券研究所表34：样本上市公司资产负债率、带息债务及同、环比变化3数据来源：Wind，东吴证券研究所3.2.2. 周转天数与净营业周期截至2026Q1，基建地产链样本上市公司应收账款及票据周转天数为88.5 天，较上年同期+14.7 天，其中建筑、建材行业应收账款及票据周转天数分别为88.1、93.1 天，较上年同期分别+15.7、+0.0 天；应付账款及票据周转天数为210.6 天，较上年同期+30.9天，其中建筑、建材行业应付账款及票据周转天数分别为216.2、115.3 天，较上年同期分别+32.5、+2.5 天；净营业周期为-40.4 天，较上年同期-13.7 天，其中建筑、建材行业净营业周期分别为-45.1、39.6 天，较上年同期分别-14.3、-1.4 天。截至2026Q1yoyqoq截至2026Q1yoyqoq苏博特40.2%-1.6pct-1.2pct23.25.3-0.7垒知集团33.7%-2.9pct-3.2pct6.61.20.6西部建设70.8%2.3pct1.4pct30.9-3.2-5.0志特新材63.3%-2.7pct0.0pct20.0-3.0-1.6震安科技27.2%-4.7pct-2.5pct1.5-1.5-0.9赛特新材45.2%0.2pct-0.6pct6.51.10.6再升科技12.8%-15.6pct-7.9pct2.3-2.5-2.5鲁阳节能19.4%-1.5pct-4.4pct0.1-0.10.0北京利尔42.4%3.4pct-1.0pct6.31.42.3濮耐股份54.6%-4.1pct1.4pct16.7-3.1-6.5瑞泰科技72.6%2.8pct0.4pct13.91.41.0中国建筑76.8%1.1pct-0.1pct9505.3781.5454.5上海建工84.5%-0.7pct-1.5pct804.6-42.7-76.8陕建股份89.0%0.5pct-0.3pct698.0157.0228.1重庆建工90.9%0.4pct-0.4pct179.9-15.4-20.1中国中铁77.5%0.2pct-0.7pct5863.7628.0287.9中国铁建79.6%2.0pct0.1pct6457.11430.11046.2中国电建79.8%0.2pct0.2pct5254.7424.1-128.1中国能建77.2%0.2pct-0.6pct3230.9458.9192.4中国交建77.9%2.5pct1.0pct7171.81039.2562.9四川路桥78.1%0.5pct-1.0pct755.955.425.7隧道股份74.4%-1.3pct-1.4pct369.1-12.0-2.0安徽建工85.4%-0.2pct-1.1pct840.6143.6139.9浦东建设72.3%-1.3pct-3.4pct18.5-10.0-10.2山东路桥76.0%-1.9pct-0.5pct355.53.4-30.3新疆交建68.9%-3.9pct-2.3pct66.7-3.8-4.7中材国际60.8%1.2pct0.5pct62.00.4-4.8北方国际53.5%-3.8pct-1.5pct60.0-0.90.5中钢国际67.0%0.1pct-1.2pct7.1-2.4-3.3中工国际51.9%-0.7pct0.1pct18.1-3.2-1.7鸿路钢构64.5%3.3pct0.1pct91.85.81.1森特股份44.9%-2.2pct-3.8pct3.8-1.5-1.4东方铁塔29.8%-4.3pct-1.0pct11.4-6.9-6.6东南网架63.7%-4.0pct-2.9pct61.16.4-1.4精工钢构65.1%1.4pct-1.5pct38.91.91.3杭萧钢构60.9%-4.7pct-2.9pct49.5-6.6-1.8富煌钢构71.0%3.6pct-1.4pct38.61.42.1中国化学69.6%0.2pct-0.3pct189.415.938.2ST百利99.2%3.9pct2.2pct5.90.20.3三联虹普15.8%-6.7pct-1.4pct0.50.0-0.1利柏特51.4%6.0pct-5.0pct12.19.67.7东华科技66.5%-1.3pct0.0pct27.77.75.5中国中冶77.5%-1.8pct-0.7pct805.2-132.3-531.2金诚信47.8%0.5pct-2.0pct54.421.315.2深桑达A81.9%0.1pct0.1pct124.613.28.5上海港湾23.6%3.2pct0.0pct0.10.00.0柏诚股份40.3%-3.5pct-5.1pct0.10.00.0中铝国际76.4%-1.7pct-1.1pct95.3-2.9-1.9亚翔集成54.7%-6.1pct-2.3pct0.00.00.0圣晖集成48.0%3.5pct-1.6pct0.50.2-0.5中铁装配83.3%4.4pct0.6pct11.7-0.8-1.8永福股份65.2%-4.4pct0.2pct11.1-1.8-4.0*ST中岩103.6%17.4pct0.8pct25.60.51.3苏文电能28.4%-6.0pct-3.6pct0.80.60.6中粮科工47.7%-2.2pct-4.1pct0.70.10.0其他材料国际工程基建房建资产负债率子行业专业工程带息债务（亿元）行业深度报告东吴证券研究所表35：基建地产链子行业应收周转天数（TTM）、应付周转天数（TTM）、净营业周期（TTM）及同、环比变化数据来源：Wind，东吴证券研究所前周期子行业中，设计咨询、水泥行业的应收账款周转天数分别为171.8、71.7 天，较上年同期分别-0.2、+3.5 天；应付账款周转天数分别为232.3、99.2 天，较上年同期分别+11.4、+2.9 天；净营业周期分别为-4.0、32.6 天，较上年同期分别-9.6、+2.1 天。表36：样本上市公司应收周转天数（TTM）、应付周转天数（TTM）、净营业周期（TTM）及同、环比变化1数据来源：Wind，东吴证券研究所后周期子行业中，玻璃玻纤、装饰装修、装修建材行业的应收账款周转天数分别为72.4、198.1、81.5 天，较上年同期分别-0.5、+11.6、-7.9 天；应付账款周转天数分别为截至2026Q1yoyqoq截至2026Q1yoyqoq截至2026Q1yoyqoq88.514.72.5210.630.9-6.2-40.4-13.712.588.115.72.3216.232.5-6.2-45.1-14.312.393.10.04.9115.32.5-5.839.6-1.415.2171.8-0.2-9.5232.311.4-24.7-4.0-9.619.471.73.54.599.22.9-5.032.62.115.972.4-0.56.3133.21.10.110.6-3.813.5198.111.6-9.5319.224.0-28.7-86.8-12.720.081.5-7.95.591.6-1.6-10.250.3-5.915.8274.59.54.3213.74.8-8.9115.39.215.2基建房建81.214.22.9210.329.7-6.8-39.3-12.113.4国际工程93.13.85.6187.18.43.6-55.3-5.26.7131.433.20.2260.562.61.1-94.1-37.31.9设计咨询水泥建筑建材子行业其他其他材料专业工程基建地产链样本合计后周期玻璃玻纤装饰装修装修建材前周期应收账款及票据周转天数（TTM）（天）应付账款及票据周转天数（TTM）（天）净营业周期（TTM）（天）截至2026Q1yoyqoq截至2026Q1yoyqoq截至2026Q1yoyqoq国检集团180.319.0-2.569.811.4-6.1141.38.78.1中国海诚41.68.90.096.82.7-15.5-54.96.115.6苏交科330.59.0-22.1288.0-3.7-54.749.312.831.0地铁设计48.810.0-2.4205.243.2-19.4-12.3-19.126.5华设集团284.4-15.2-8.6454.77.5-16.5-133.3-18.215.7设计总院203.571.7-5.5360.6122.7-19.4-156.9-50.813.9华建集团127.512.9-14.9364.854.1-25.5-25.9-10.929.7深圳瑞捷141.2-13.9-9.723.66.2-12.8119.4-19.23.9启迪设计298.3-3.19.3344.2-26.8-65.6-44.722.075.1华阳国际111.4-10.418.1104.14.43.49.3-14.815.8建发合诚39.0-5.7-6.9143.625.8-14.4-99.3-29.65.7勘设股份543.02.0-6.1329.130.1-17.0280.3-33.116.8中衡设计150.7-20.0-29.0302.312.4-13.8---甘咨询238.0-12.40.4135.9-30.9-18.9107.314.620.2设研院302.5-99.5-29.1312.5-30.2-26.2166.4-80.0-1.8深城交346.749.813.4213.346.2-48.4213.217.565.3建研设计278.0-21.3-19.1110.1-23.2-18.2168.12.0-0.9*ST中设193.725.7-63.7291.319.1-108.7-94.8-45.4测绘股份241.0-31.9-10.0224.7-66.2-31.7411.3-117.934.7建科院432.9100.8-24.2198.5-18.2-19.2234.5119.0-5.0苏州规划272.65.7-48.0254.429.6-37.4---蕾奥规划253.77.833.568.913.7-7.5---杰恩股份318.711.5-5.4218.247.22.0---汉嘉数智307.610.2-38.0341.9-102.5-93.3-0.2128.560.0上海建科112.53.29.619.23.5-5.097.7-0.515.0深水规院9.0-1.6-0.4339.561.9-47.2-330.2-71.6-筑博设计62.3-18.2-10.5100.116.20.6---华图山鼎18.1-6.91.37.3-3.6-5.914.8-1.14.8海螺水泥40.1-0.64.028.0-0.4-1.554.1-1.37.1天山股份129.916.510.1166.011.0-5.78.76.828.7华新建材34.91.32.9100.3-1.2-12.6-22.72.915.1金隅冀东32.22.2-1.377.61.7-2.011.14.29.0上峰水泥37.17.23.8185.6-2.7-1.7-63.314.112.7塔牌集团4.30.7-0.153.50.4-11.29.82.214.6万年青105.73.4-2.598.316.6-11.642.5-12.38.8中交设计314.262.20.9288.025.4-28.127.136.429.0宁夏建材75.77.6-5.387.614.9-7.414.52.612.4亚泰集团223.413.04.9234.720.90.0584.051.730.6设计咨询子行业水泥应收账款及票据周转天数（TTM）（天）应付账款及票据周转天数（TTM）（天）净营业周期（TTM）（天）行业深度报告东吴证券研究所133.2、319.2、91.6 天，较上年同期分别+1.1、+24.0、-1.6 天；净营业周期分别为10.6、-86.8、50.3 天，较上年同期分别-3.8、-12.7、-5.9 天。表37：样本上市公司应收周转天数（TTM）、应付周转天数（TTM）、净营业周期（TTM）及同、环比变化2数据来源：Wind，东吴证券研究所其他子行业中，其他材料、基建房建、国际工程、专业工程行业的应收账款周转天数分别为274.5、81.2、93.1、131.4 天，较上年同期分别+9.5、+14.2、+3.8、+33.2 天；应付账款周转天数分别为213.7、210.3、187.1、260.5 天，较上年同期分别+4.8、+29.7、+8.4、+62.6 天；净营业周期分别为115.3、-39.3、-55.3、-94.1 天，较上年同期分别+9.2、-12.1、-5.2、-37.3 天。截至2026Q1yoyqoq截至2026Q1yoyqoq截至2026Q1yoyqoq旗滨集团44.71.21.281.90.93.826.43.36.9南玻A74.72.03.5157.310.310.3-21.32.95.4凯盛新能184.457.618.6206.080.2-5.449.4-10.322.5金晶科技19.21.11.2124.1-6.06.7-37.111.12.6耀皮玻璃54.93.25.0137.07.90.111.2-8.511.3中国巨石68.43.515.675.3-12.5-4.186.70.814.0中材科技92.7-18.23.0180.3-0.7-6.6-21.1-26.621.7宏和科技116.2-6.6-4.342.615.99.5169.1-15.92.4长海股份81.711.614.4109.41.0-7.117.316.627.3山东玻纤102.310.79.4180.5-52.4-6.72.567.95.6金螳螂222.7-1.8-3.0317.514.7-22.1-64.9-21.119.0风语筑243.4-72.2-10.0193.8-46.5-26.9180.8-28.913.0亚厦股份138.332.9-21.1398.6101.5-34.6-165.6-54.821.3江河集团177.57.3-12.4243.919.3-30.7-50.9-13.418.0广田集团64.8-28.2-5.5125.7-14.5-24.5-45.4-12.726.0中天精装---283.9-101.9-44.3---全筑股份113.9-57.0-19.4150.1-98.5-17.314.38.7-0.2*ST东易87.713.44.7352.159.512.7-250.9-66.9-8.4ST名家汇560.0-394.040.2406.5-949.5-57.0170.8520.890.6*ST宝鹰37.0-176.64.0400.6-148.9-45.4-356.4-23.749.8*ST瑞和981.1549.6150.82018.6856.5194.6-1009.4-308.2-40.7*ST利达152.544.3-3.5328.463.8-27.6-174.7-19.424.2德才股份382.346.3-5.2518.887.6-21.3-128.5-36.616.4名雕股份1.00.0-0.431.38.9-24.1-12.9-3.216.1松霖科技58.93.0-9.172.61.6-21.146.28.03.8惠达卫浴80.08.2-5.899.5-1.2-11.9107.15.67.4建霖家居206.866.29.6234.463.0-16.4167.870.329.0瑞尔特60.12.6-8.156.67.7-1.175.2-1.7-3.6海鸥住工67.8-8.7-2.777.0-0.4-9.589.6-7.6-2.7奥普科技24.2-0.4-0.2132.15.6-23.8-58.9-11.224.6东鹏控股45.1-2.7-1.5174.9-7.8-12.7-2.714.212.3蒙娜丽莎44.2-13.23.5108.2-6.9-20.035.2-22.618.5帝欧水华85.7-35.04.4119.51.4-5.682.4-20.112.1东方雨虹89.3-32.48.545.9-6.7-0.777.5-24.812.0科顺股份202.3-3.54.6194.621.7-5.942.4-24.712.6凯伦股份203.2-50.0-13.1124.12.5-18.1123.5-38.111.5三棵树70.5-10.4-7.5190.7-4.1-20.7-91.0-4.513.8*ST亚士866.4598.346.3774.4478.9-63.0158.4148.7119.6保立佳165.536.1-11.644.610.45.9154.520.1-10.7江山欧派157.161.74.3163.035.3-16.442.631.417.2玉马科技40.44.43.325.22.1-0.3176.921.99.7北新建材67.54.234.853.31.76.359.13.228.0共创草坪71.23.610.221.04.5-16.2134.02.026.3伟星新材26.4-0.9-2.951.612.0-2.969.5-10.41.9公元股份59.95.60.393.7-8.2-4.144.67.89.6雄塑科技77.87.67.048.0-6.6-9.5111.411.013.2坚朗五金162.1-5.3-9.7165.61.8-32.1101.96.417.9兔宝宝19.6-13.3-0.748.7-1.0-29.2-14.9-16.928.1大亚圣象91.95.0-9.5132.628.7-19.6133.3-7.419.9海象新材67.74.4-2.744.8-11.0-14.3103.7-10.1-2.9爱丽家居39.7-13.2-4.963.6-11.8-21.085.729.712.5装饰装修子行业装修建材玻璃玻纤应收账款及票据周转天数（TTM）（天）应付账款及票据周转天数（TTM）（天）净营业周期（TTM）（天）行业深度报告东吴证券研究所表38：样本上市公司应收周转天数（TTM）、应付周转天数（TTM）、净营业周期（TTM）及同、环比变化3数据来源：Wind，东吴证券研究所
4. 风险提示
（1）地产信用风险失控的风险。地产行业占产业链上市公司收入和应收款项比重较高，若地产信用风险加剧，也将对产业链上市公司现金流和资产负债表造成影响。（2）地产政策放松低于预期的风险。地产政策放松有助于地产行业景气回升，若政策放松低于预期，也将影响产业链景气。截至2026Q1yoyqoq截至2026Q1yoyqoq截至2026Q1yoyqoq苏博特229.411.2-31.864.9-4.5-16.6230.116.3-11.3垒知集团331.9-6.7-13.6227.7-25.7-24.9126.123.113.7西部建设431.834.323.1321.720.9-6.4119.615.131.0志特新材173.7-11.6-17.5125.610.7-22.0100.0-26.65.8震安科技359.1-228.8-16.1176.9-94.6-14.0473.7-212.631.0赛特新材135.06.8-6.7111.0-12.112.090.022.9-13.9再升科技172.213.21.145.52.40.3174.913.1-3.5鲁阳节能208.853.2-5.070.14.0-20.7190.255.224.5北京利尔150.3-11.913.4155.83.1-6.675.7-12.514.3濮耐股份166.124.07.6167.9-3.3-2.1132.719.39.1瑞泰科技124.910.5-6.0158.515.97.877.87.3-4.6中国建筑64.217.76.9162.237.12.745.6-8.611.2上海建工79.213.0-20.7244.549.8-70.1-74.8-28.136.5陕建股份430.069.7-18.0507.848.3-24.4-69.921.67.3重庆建工320.876.53.1584.4115.2-62.1-158.8-45.872.9中国中铁84.918.35.4261.748.9-7.2-92.8-24.817.9中国铁建76.815.35.9205.920.30.4-28.2-9.510.5中国电建68.32.13.4165.718.8-10.6-84.5-16.016.0中国能建68.8-1.54.8165.2-10.9-7.0-30.87.714.8中国交建65.89.6-0.4210.410.4-6.7-88.25.88.7四川路桥82.319.8-12.8258.79.8-27.0-154.54.917.1隧道股份122.621.4-4.1492.687.8-11.9-361.0-64.69.7安徽建工180.329.2-29.9289.582.0-43.7-63.8-61.211.5浦东建设85.626.8-11.9449.490.5-43.1-342.8-69.031.7山东路桥103.221.73.0418.490.4-18.1-297.8-69.523.0新疆交建61.1-29.0-11.1130.5-56.1-65.9-57.328.556.6中材国际75.90.83.7139.2-1.7-0.3-39.71.96.8北方国际116.638.220.3181.740.919.6-33.6-3.3-0.6中钢国际91.4-4.33.7356.632.29.6-223.6-29.711.4中工国际142.0-8.90.1190.013.30.357.2-30.01.2鸿路钢构40.0-2.7-8.168.92.5-16.8142.416.615.8森特股份220.531.9-12.2159.85.1-23.7105.720.07.8东方铁塔37.8-16.1-0.590.96.4-4.826.7-32.8-0.6东南网架135.04.5-5.0224.727.63.4-30.0-27.00.0精工钢构65.610.7-2.2170.07.6-21.7-72.33.122.1杭萧钢构112.2-5.2-21.9186.2-2.6-9.6-41.0-5.6-9.8富煌钢构823.4562.5289.6435.4207.7102.9478.6400.5222.5中国化学73.16.40.9188.510.00.2-103.1-5.22.3ST百利394.5183.4112.7943.1446.8263.2-277.1-159.5-75.9三联虹普4.41.71.2123.64.025.448.649.610.8利柏特31.49.6-28.3142.558.6-22.7-88.0-50.8-1.2东华科技47.9-1.8-0.4185.8-5.9-1.3-119.2-9.68.5中国中冶171.560.05.8321.2103.210.6-110.1-57.1-1.2金诚信55.8-18.6-0.647.9-6.9-7.567.6-24.07.2深桑达A77.621.2-8.7280.4103.9-7.7-194.5-81.3-0.8上海港湾101.4-2.5-6.597.25.6-3.836.7-9.4-5.1柏诚股份49.314.1-3.3178.442.7-27.5-115.7-26.024.0中铝国际233.218.00.9211.5-12.9-5.659.433.18.3亚翔集成36.91.71.9140.041.6-28.4-102.4-40.430.5圣晖集成40.3-11.6-12.576.3-16.8-10.8-35.74.6-2.0中铁装配238.020.5-56.3286.345.2-42.7-26.2-25.2-6.4永福股份213.116.1-10.2244.417.1-31.036.413.519.7*ST中岩547.112.3-13.8536.2213.1-48.619.6-197.935.3苏文电能295.346.314.4278.580.6-3.3115.38.837.6中粮科工74.6-5.5-8.6139.510.3-26.626.3-13.126.1其他材料国际工程基建房建子行业专业工程应收账款及票据周转天数（TTM）（天）应付账款及票据周转天数（TTM）（天）净营业周期（TTM）（天）