建筑材料行业深度报告：建筑、建材2025Q4公募基金持仓低位回升持仓集中度有所下降

内容目录TOC\o"1-2"\h\z\u行业持仓分析 4建筑、建材重仓持股市值占A股比小幅增加，但仍处低位 4持仓集中度：建筑、建材行业持仓集中度有所下降 6个股持仓分析 8风险提示 9图表目录表1：A股建筑、建材板块基金重仓持股市值占A股比以及占流通盘比 5表2：A股地产链相关行业（地产、建筑、建材、轻工、家电行业）基金重仓持股市值占A股比以及占流通盘比 表3：建筑、建材行业获基金重仓持股集中度（各行业获基金重仓持股的股票个数） 7表4：近一年建筑行业基金重仓持仓市值前5大股票（单位：亿元） 8表5：近一年建材行业基金重仓持仓市值前5大股票（单位：亿元） 8表6：本季度建筑行业基金重仓持股占流通股比环比上一季度增加最多的5支股票 8表7：本季度建筑行业基金重仓持股占流通股比环比上一季度增加最少的5支股票 9表8：本季度建材行业基金重仓持股占流通股比环比上一季度增加最多的5支股票 9表9：本季度建材行业基金重仓持股占流通股比环比上一季度增加最少的5支股票 9表10：上市公司一二级分类附表 10我们筛选了146支建筑、建材板块A股（其中建筑行业92支、建材行业54支）作82025行业持仓分析20252025建筑、建材重仓持股市值占A股比小幅增加，但仍处低位AA股042、0.71近1028、26+0.03pct+0.10pctA10-1.34%10年百875+003pc+010pc本季度申万新分类下建筑、建材行业本季度基金重仓持股市值占流通盘比分别为0.391.49（近036+001pc+0.4pc。-0.25pct100%、3%、3%。表1：A股建筑、建材板块基金重仓持股市值占A股比以及占流通盘比申万分类一级行业基金重仓持申万分类一级行业基金重仓持日期股市值占A股比超配比例申万分类一级行业基金重仓持股市值占流通盘比建筑装饰建筑材料建筑装饰建筑材料建筑装饰建筑材料最大值最小值4.06%0.25%2.93%0.45%0.03%1.30%-0.57%1.41%0.19%3.67%1.10%最新数值位于近10年的百分比排名28%26%23%26%2025/12/312025/09/302025/06/302025/03/312024/12/312024/09/302024/06/302024/03/312023/12/312023/09/302023/06/302023/03/312022/12/312022/09/302022/06/302022/03/312021/12/312021/09/302021/06/302021/03/312020/12/312020/09/302020/06/302020/03/312019/12/312019/09/302019/06/302019/03/312018/12/312018/09/302018/06/302018/03/312017/12/312017/09/302017/06/302017/03/312016/12/312016/09/300.42%0.38%0.53%0.53%0.63%0.46%0.56%0.49%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%1.35%1.42%2.34%2.76%4.06%3.27%3.08%0.71%0.61%0.60%0.63%0.55%0.49%0.48%0.45%0.53%0.85%0.70%0.89%0.92%0.60%1.16%1.34%1.18%0.96%1.27%1.58%1.26%1.88%2.06%2.93%2.30%1.56%1.64%1.70%1.65%1.82%1.2.47%2.65%2.35%2.41%2.15%1.94%2.06%-1.34%-1.37%-1.40%-1.38%-1.45%-1.55%-1.51%-1.60%-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%-0.08%-0.17%-0.14%-0.12%-0.19%-0.27%-0.32%-0.39%-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%-1.89%-1.95%-1.30%-1.11%0.03%-0.62%-0.30%-1.74%-1.50%1.03%1.25%0.98%0.99%0.60%0.48%0.66%-0.29%-0.27%0.39%0.38%0.44%0.48%0.55%0.49%0.60%0.54%0.70%0.98%1.04%1.14%0.84%0.92%0.92%1.12%0.99%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%1.09%1.41%1.14%1.30%0.65%0.75%1.49%1.35%1.30%1.44%1.36%1.37%1.35%1.25%1.44%2.19%1.95%2.34%2.47%1.71%2.97%3.28%3.01%2.49%3.31%3.36%2.74%3.28%3.29%3.67%2.80%2.07%2.01%1.91%1.85%2.15%1.79%2.76%2.99%2.63%2.60%1.93%1.80%2.09%1.10%1.10%51%87%-2.57%备注：超配比例为该行业基金重仓持股占A股比-该行业流通市值占全部A股比例表2：A股地产链相关行业（地产、建筑、建材、轻工、家电行业）基金重仓持股市值占A股比以及占流通盘比申万一级行业基金重仓持股市值占股比 超配比例 申万一级行业基金重仓持股市值占流通盘比日期房地产建筑装饰建筑材料轻工制造家用电器总计 房地产建筑装饰建筑材料轻工制造家用电器总计 房地产建筑装饰建筑材料轻工制造家用电器 总计最大值

7.32%

4.06%

2.93%

2.79%

7.77%

17.44%

2.84%

0.03% 1.30% 1.77%

4.54%

3.99%

1.41%

3.67%

4.18%

5.45%

2.92%最小值最新数值位于近10年的百分比排名

0.27%0%

0.25%28%

0.45%26%

0.46%3%

1.52%23%

57%4.0%4.

1%-2.926%-2.9

7%-0.57%-0.44%-0.56%87%-2.551%87%-2.551%

1%-3.418%-3.4

0.40%0%

0.19%23%

1.10%26%

0.89%3%

2.17%3%

1.15%0%

0.27%0.58%

0.42%0.38%

0.71%0.61%

0.59%0.46%

2.58%2.75%

4.57%4.79%

-0.85%-1.34%-0.08%-0.37% 0.68% -0.68%-1.37%-0.17%-0.44% 0.84%

0.40%0.80%

0.39%0.38%

1.49%1.35%

1.01%0.89%

2.24%2.49%

1.15%1.25%

0.68%0.87%0.96%1.51%0.89%0.98%1.19%1.50%1.47%1.61%2.23%2.71%1.85%1.52%0.99%1.82%1.97%3.01%3.64%5.43%6.31%4.41%4.73%6.25%7.32%4.82%3.86%4.56%4.19%2.92%

0.53%0.53%0.63%0.46%0.56%0.49%0.58%0.83%0.86%0.87%0.57%0.58%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%1.35%1.42%2.34%

0.60%0.63%0.55%0.49%0.48%0.45%0.53%0.85%0.70%0.89%0.92%0.60%1.18%0.96%1.27%1.58%1.26%1.88%2.06%2.93%2.30%1.56%1.64%1.70%1.65%1.82%1.45%2.47%2.65%2.35%

0.83%0.81%0.97%0.88%0.91%1.17%0.85%0.82%0.75%0.73%0.98%0.71%0.81%0.70%0.97%1.31%0.91%1.07%0.70%0.94%0.81%0.89%0.89%1.25%1.63%1.88%2.35%2.14%1.71%2.23%

4.40%7.05%5.18%8.01%5.41%8.53%5.49%8.84%4.86%7.70%4.24%7.34%3.27%6.43%3.08%7.10%2.99%6.77%2.13%6.23%1.77%6.47%2.08%6.67%1.62%6.01%1.76%5.34%1.85%5.43%3.78%8.84%4.52%8.92%3.97%10.31%4.02%10.69%3.94%13.60%5.92%15.59%5.46%12.66%6.21%13.81%4.26%13.99%4.24%15.69%5.25%14.50%7.77%16.26%17.44%6.91%17.44%7.06%17.03%7.05.65%15.50%7.0

-0.57%-1.40%-0.14%-0.16% 2.33% 0.05%-0.45%-1.38%-0.12%-0.16% 2.91% 0.81%-0.46%-1.45%-0.19%-0.01% 3.23% 1.12%-0.06%-1.55%-0.27%-0.09% 3.25% 1.28%-0.47%-1.51%-0.32%-0.09% 2.68% 0.29%-0.49%-1.60%-0.39% 0.10% 2.09% -0.46%-1.48%-0.37%-0.26% 1.28% -0.37%-1.38%-0.16%-0.27% 1.07% -0.31%-1.42%-0.29%-0.32% 0.92% -0.30%-1.37%-0.23%-0.41% 0.15% 0.04% -1.56%-0.25%-0.10%-0.17%0.43% -1.53%-0.57%-0.30% 0.06% -0.36%-1.53%-0.19%-0.14%-0.28%-0.18%-1.46%-0.03%-0.18%-0.43%-0.41%-1.39%-0.20%-0.30%-0.56%-0.80%-1.54%-0.39%-0.33%-0.35%-1.42%-1.41%-0.11%-0.13%-0.31%-1.02%-1.64% 0.00% 0.10% 1.26% -0.88%-1.55%-0.23%-0.20% 1.82% -0.37%-1.69% 0.30% -0.05% 1.49% -0.02%-1.87% 0.54% -0.38% 1.51% 1.48% -2.18% 1.30% -0.13% 1.53% 2.00%1.94% -2.25% 0.73% -0.18% 3.27% 3.51%0.14% -2.31% 0.18% -0.01% 2.97% 0.97%0.43% -2.55% 0.23% -0.04% 3.69% 1.76%1.57% -2.56% 0.30% 0.25% 1.78% 1.33%2.84% -2.57% 0.30% 0.69% 1.88% 3.13%0.71% -2.52% 0.46% 0.95% 2.88% 2.48%-0.30%-2.27% 0.08% 1.36% 4.98% 3.85%-0.07%-1.89% 1.03% 1.13% 4.34% 4.54%-0.42%-1.95% 1.25% 0.75% 4.50% 4.13%-1.72%-1.30% 0.98% 1.20% 3.37% 2.53%

0.87%1.12%1.23%2.04%1.47%1.54%1.79%2.09%2.29%2.47%3.22%3.99%2.93%3.14%2.87%2.29%1.48%2.15%2.25%2.45%2.41%2.81%2.75%1.89%1.90%2.09%2.47%1.88%1.57%1.59%1.44%0.96%

0.44%0.48%0.55%0.49%0.60%0.54%0.70%0.98%1.04%1.14%0.84%0.92%0.92%1.12%0.99%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%

2.12.11.91.92.32.32.42.43.282.97%3.282.973.01%3.012.49%2.493.31%3.313.36%3.362.74%2.743.28%3.283.29%3.293.67%3.672.80%2.802.02.0%2.02.01.91.91.2.1.2.2.762.762.99%2.992.63%2.632.60%2.60

1.1.2.53%1.1.2.531.1.1.1.2.872.872.34%2.343.00%3.002.78%2.782.55%2.552.37%2.373.17%3.17%3.63%3.63%2.632.65%2.632.651.%1.1.1.1.1.1.1.1.1.2.622.62%3.27%3.27%4.00%4.00%3.41%3.41%3.31%2.81%3.31%2.81

3.41%3.91%4.51%5.22%5.02%4.58%4.05%3.97%3.99%3.15%2.88%3.45%3.01%2.62%2.61%2.92%3.09%5.03%5.45%4.40%3.88%3.34%4.25%4.02%4.25%2.69%2.71%3.57%4.70%4.34%4.35%4.18%3.79%4.18%

1.91.92.42.02.42.02.32.32.22.22.02.02.22.22.22.22.12.12.42.42.52.42.52.42.62.32.32.12.12.21.92.21.92.12.12.02.0

2.08%

2.76%

2.41%

2.79%

4%17.07%

-2.79%-1.11% 0.99% 1.77%

3.44%

0.65%

1.09% %

4.39%

1.92%

2.27%2.65%2.67%3.21%

4.06%3.27%3.08%1.46%

2.15%1.94%2.06%0.99%

2.50%2.30%2.69%2.01%

5.15%16.14%3.98%14.14%4.14%14.63%3.09%10.76%

-2.66% 0.03% 0.60% 1.39% -2.56%-0.62% 0.48% 1.20% -2.91%-0.30% 0.66% 1.59% -2.14%-1.74%-0.29% 0.95% -1.57%-1.50%-0.27% 0.71%

2.38%0.53%1.16%-1.84%-1.70%

0.64%0.69%0.68%0.86%0.98%

1.41%1.14%1.30%0.65%0.75%

1.1.2.02.0

3.47%2.833.14%% 3.47%2.833.14%2.702.702.30%2.30%

1.64%1.41%1.54%备注：超配比例为该行业基金重仓持股占A股比-该行业流通市值占全部A股比例持仓集中度：建筑、建材行业持仓集中度有所下降47支、23（占各9、2+6+3表3：建筑、建材行业获基金重仓持股集中度（各行业获基金重仓持股的股票个数）一级行业基金重仓持股股票数二级行业基金重仓持股股票数前周期后周期其他日期建筑装饰建筑材料设计咨询基建房建水泥玻璃玻纤装饰装修装修建材其他材料专业工程2025/12/3147(29%)23(32%)5 1347073132025/09/3041(25%)20(27%)7 1466161122025/06/3042(26%)24(33%)5 1454174122025/03/3140(24%)20(27%)5 1564082132024/12/3141(25%)23(32%)4 12630117102024/09/3035(21%)20(27%)8 10350164102024/06/3039(23%)21(27%)9 935115592024/03/3150(29%)20(26%)12 12441142122023/12/3160(36%)27(35%)9 13353135162023/09/3056(33%)29(38%)7 16463165172023/06/3046(27%)28(36%)7 13352126192023/03/3141(25%)25(33%)5 14473157182022/12/3140(25%)25(33%)5 15354159142022/09/3035(22%)25(33%)6 11343137152022/06/3038(25%)28(36%)4 15454116142022/03/3142(27%)31(41%)6 16664138172021/12/3143(28%)26(34%)5 18653126152021/09/3040(27%)29(38%)7 16763137142021/06/3027(18%)29(35%)7 10463166102021/03/3133(23%)28(34%)7 8454175132020/12/3124(18%)27(34%)5 754417462020/09/3026(19%)32(41%)6 775317462020/06/3024(18%)35(46%)4 875215592020/03/3127(21%)27(36%)6 1063217562019/12/3117(13%)31(41%)4 664112542019/09/3022(17%)33(43%)7 754210542019/06/3027(21%)32(39%)4 1174310482019/03/3133(26%)32(39%)4 13634106102018/12/3138(30%)24(30%)8 156457272018/09/3034(27%)24(30%)6282018/06/3034(27%)21(25%)6282018/03/3130(24%)23(27%)2 87337282017/12/3140(33%)31(37%)6 1174584102017/09/3045(38%)29(37%)5 1366373112017/06/3048(42%)26(33%)5 1245484132017/03/3160(55%)42(51%)7 15745105152016/12/3160(60%)53(66%)7 1577595162016/09/3063(66%)41(51%)7 1555774152016/06/3050(56%)36(46%)6 11356831296476311备注：括号内为该行业基金重仓持股股票数/该行业样本股票总数个股持仓分析建筑行业2025（27.4亿元（19.6（12.0（8.8（7.1亿元。表4：近一年建筑行业基金重仓持仓市值前5大股票（单位：亿元）排名 2024/12/312024/12/312025/03/312025/03/312025/06/302025/06/302025/09/302025/09/302025/12/31公司名称持仓市值公司名称持仓市值公司名称持仓市值公司名称持仓市值建筑15.2中国建筑2 鸿路钢构22.5鸿路钢构24.43 金诚信10.7金诚4 隧道股份5建材行业2025年四季度公募基金重仓持仓总市值前五的股票依次是：东方雨虹（22.4（20.5（16.1亿元（13.7（11.1亿元。表5：近一年建材行业基金重仓持仓市值前5大股票（单位：亿元）排名 2024/12/312024/12/312025/03/312025/03/312025/06/302025/06/302025/09/302025/09/302025/12/31公司名称持仓市值公司名称持仓市值公司名称持仓市值公司名称持仓市值建材1 海螺水泥28.0海螺水泥26.1三棵树23.134 东方雨虹5建筑行业20253.0pc2.74pc+222p集成（+2.0pct、精工钢构（1.03ct；减仓幅度前五名依次为鸿路钢构（1.17pct（.21pc.18pc0.09pc004pc。表6：本季度建筑行业基金重仓持股占流通股比环比上一季度增加最多的5支股票证券代证券代码 证券简称 重仓持股总量剔除送转后持仓变动重仓持股占流通股比环比上一季度（万股） （万股） （%）建筑601886.SH 江河集团 6,697 3,445605598.SH 上海港湾 1,272603979.SH 金诚信 3603929.SH 亚翔60049表7：本季度建筑行业基金重仓持股占流通股比环比上一季度增加最少的5支股票建材行业2025+317pc+206pc+1.8pc（1.9pc+0.4pc2.26c.02pc（0.72c（0.0pc0.49c。证券代码证券简称重仓持股总量剔除送转后持仓变动重仓持股占流通股比环比上一季度表8：本季度建材行业基金重仓持股占流通股比环比上一季度增加最多的5证券代码证券简称重仓持股总量剔除送转后持仓变动重仓持股占流通股比环比上一季度建材（万股）（万股）（%）002271.SZ东方雨虹16,49600801.SH华新建材4,513002043.SZ兔宝宝3000786.SZ北新60338表9：本季度建材行业基金重仓持股占流通股比环比上一季度增加最少的5支股票证券代证券代码 证券简称 重仓持股总量剔除送转后持仓变动重仓持股占流通股比环比上一季度（万股） （万股） （%）建材002225.SZ濮耐股份4,894-567002233.SZ塔牌集团515603551.SH奥普科技1002080.SZ中材60325风险提示数据统计存在允许范围内偏差的可能：由于上市公司样本选取、基金主体变化、基金重仓持股披露口径的原因，数据统计可能存在允许范围内的偏差。行业竞合态势超预期恶化的风险：行业竞合态势恶化将导致产品价格/毛利率出现显著下降，企业盈利承压。表10：上市公司一二级分类附表序号证券代码简称二级行业序号证券代码简称二级行业序号证券代码简称二级行业建筑1601618.SH中国中冶专业工程32603359.SH东珠生态基建房建63301167.SZ建研设计设计咨询2601117.SH中国化学专业工程33002060.SZ广东建工基建房建64002883.SZ中设股份设计咨询3002541.SZ鸿路钢构专业工程34301058.SZ中粮科工专业工程65300826.SZ测绘股份设计咨询4600970.SH中材国际专业工程35300284.SZ苏交科设计咨询66300675.SZ建科院设计咨询5603098.SH森特股份专业工程36003013.SZ地铁设计设计咨询67301505.SZ苏州规划设计咨询6601068.SH中铝国际专业工程37603018.SH华设集团设计咨询68300989.SZ蕾奥规划设计咨询7603979.SH金诚信专业工程38603357.SH设计总院设计咨询69300668.SZ杰恩设计设计咨询8300374.SZ中铁装配专业工程39600629.SH华建集团设计咨询70300746.SZ汉嘉数智设计咨询9002545.SZ东方铁塔专业工程40300977.SZ深圳瑞捷设计咨询71603153.SH上海建科设计咨询10002135.SZ东南网架专业工程41603060.SH国检集团设计咨询72301038.SZ深水规院设计咨询11000928.SZ中钢国际专业工程42300500.SZ启迪设计设计咨询73300564.SZ筑博设计设计咨询12600496.SH精工钢构专业工程43002949.SZ华阳国际设计咨询74300492.SZ华图山鼎设计咨询13600477.SH杭萧钢构专业工程44603909.SH建发合诚设计咨询75300506.SZ*ST名家汇装饰装修14300712.SZ永福股份专业工程45601668.SH中国建筑基建房建76002047.SZ*ST宝鹰装饰装修15002051.SZ中工国际专业工程46600170.SH上海建工基建房建77002325.SZ*ST洪涛(退市)装饰装修16002140.SZ东华科技专业工程47600248.SH陕建股份基建房建78002620.SZST瑞和装饰装修17000065.SZ北方国际专业工程48600491.SH龙元建设基建房建79603828.SHST柯利达装饰装修18002542.SZ中化岩土专业工程49002761.SZ浙江建投基建房建80605287.SH德才股份装饰装修19002743.SZ富煌钢构专业工程50600502.SH安徽建工基建房建81002830.SZ名雕股份装饰装修20002116.SZ中国海诚设计咨询51002081.SZ金螳螂装饰装修82600939.SH重庆建工基建房建21601390.SH中国中铁基建房建52603466.SH风语筑装饰装修83600284.SH浦东建设基建房建22601800.SH中国交建基建房建53002375.SZ亚厦股份装饰装修84002941.SZ新疆交建基建房建23601669.SH中国电建基建房建54601886.SH江河集团装饰装修85603959.SH百利科技专业工程24601868.SH中国能建基建房建55002989.SZ中天精装装饰装修86300384.SZ三联虹普专业工程25601186.SH中国铁建基建房建56002713.SZ*ST东易装饰装修87605167.SH利柏特专业工程26600