建筑材料行业深度报告：2025年年报及2026年一季报综述景气仍在筑底个别细分赛道表现亮眼

内容目录概要 5利润表分析 6收入 9成本与费用 15毛利率 15期间费用率 19销售净利率和ROE 33现金流与资产负债表 37现金流 37资产负债表 41资产负债率 41周转天数与净营业周期 44风险提示 47图表目录图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 8325Q4、26Q13/10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 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 2919：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/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 4435：基建地产链子行业应收周转天数（M、应付周转天数（M、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（M、应付周转天数（M、净营业周期（M）及同、环比变化1 表37：样本上市公司应收周转天数（M、应付周转天数（M、净营业周期（M）及同、环比变化2 表38：样本上市公司应收周转天数（M、应付周转天数（M、净营业周期（M）及同、环比变化3 A20252026136A8155家。8927251215425家。◼ 利润表指标：3/10年/2Q12OTT现金流量表指标：资产负债表指标：TMTM概要.2025Q4/2026Q12025Q3202492025Q3年Q1（1）2025Q4/2026Q12024Q320249Q3Q1（2）2025Q4/2026Q1提高，装修建材毛利率不再下跌。（32Q420Q1TT3年区间的分位值为153.6，104.8%/2.4%。（1）2025Q45966.7亿-2.7%105.7%+7.4pct2026Q1-4302.8-2.4%，收现比为104.5%，同比+1.6pct（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。2026Q1利润表分析2025Q4/2026Q1子行业2025Q4330.7（46.176.（3.8（38.4（1.（15.（61.46.1014.62.9（4.93.11.5（77.343.9（7.0。子行业2026Q1346.1（61.576.（3.8（92.3（3.（38.（30.15.3021.92.853.631.7（43.914.14.614.6（4.2026Q1的3/102025Q4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基建地产链上市公司2025Q4/2026Q1ROE（TTM）处于历史底部。2025Q4ROE（TTM）3ROE（TTM）（1.369223076.7.6.（7..615.3在各0年所有单季OTT（4.4.3（9731.7.4（2.441.6（4.82026Q1ROE（TTM）3ROE（TTM）7.615.33.0（8467.767.67.67.6在各0年所有单季O（T（244.8（7336.5.4（2.4473（2.42026Q13/102025Q4有所提升。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。2025Q43设7.676（1.3461.67.676（7.（.6102.4、水泥（.4（4.8（1.（2.2.42.49.7242026Q13设（5.330.（61.54.638.23.038.4（30.792.104.89.72.34.7（437.3（12.1268（68.2026Q13/102025Q4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100%90%70%60%50%40%30%20%10%

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。2025Q4-7.2%，增速环比2025Q3变动-2.7pct。2025Q4-7.1%、-8.1%-2.5pct-4.7pct。2026Q1同比2025Q4变动+1.6pct2026Q1-5.9%、-1.1%2025Q4+1.2pct+7.0pct。202Q4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（+.1%5水泥（13.293（8.202Q1+10.+5.5（1.7营收同14.1.9.1202Q422Q3+98pc.1pc+2.pc；设计咨询（4.pc（3.4pc10pc（3.1c（56pc建（3.pct。02Q1营收同比增速环比224加快的子行业包括设计咨询（+.3pc+41pc+36pc（+3.2pc（+.0pc（.5pc0.0pc（17.5c.5pc图4：基建地产链及主要子行业单季营业收入同比增速2025Q4响。2026Q12025470.62023动-56.5pct2025Q4-52.3%2025Q3-34.1pct、-295.1pct。2026Q1同比-12.8%，增速环比2025Q4+57.8pct-14.0%2025Q4+38.3pct、+288.4pct。202Q4+79.9（127.7+17.4（88.（15.2（94.206Q1+1.7%+.（9.6（73.64.5300202Q42053+3.pc装修建材（+1223pct、其他材料（+3207pct；放缓的子行业包括设计咨询（-101.8c25.8pc（40.2pc（6.0pc（187pc（62.4c22Q120Q4加快的子行业包括设计咨询（+542pc、水泥+1994pc、装饰装修（104.c+6.8pc+04.0c（125.c（95.7c（33.5pc0.7pc图5：基建地产链及主要子行业单季归母净利润同比增速前周期行业中：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（+43.915.3+452061速位居样本前三的依次是：*T中设（93.4、深圳瑞捷（+30.%、建发合诚（+6.4%202Q4+86（7.2（16；2061+2.4（9.7（104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营业收入 营业收入 归母净利润 归母净利润子行业 单季增速 累计增速 单季增速 累计增速2026Q1 2025Q42026Q1 2025Q1-42026Q1 2025Q42026Q12025Q1-4设计咨询国检集团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%水泥海螺水泥-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%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（+7.6%+7.118.402Q1位居样本前三的依次是：宏和科技（+797%、山东玻纤（39.1%、中材科技（+4.5%。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（+58.356.7+2.2021+7.T6.20.。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（+7.9%3.5+9.202Q1+457+327%+22.。子行业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子行业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%玻璃玻纤中国巨石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%广田集团中天精装全筑股份101.0%25.7%101.0%111.2%38.2%-68.8%38.2%33.5%-13.7%56.7%-13.7%-2.6%-335.9%67.5%-335.9%61.3%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利达德才股份名雕股份-58.3%-52.6%-58.3%-37.2%-76.2%-1519.6%-76.2%-2828.2%-17.7%32.8%-17.7%-15.2%-22.8%105.7%-22.8%124.4%0.1%18.0%0.1%4.7%15.4%9.5%15.4%5.3%装修建材6.7%45.7%-13.1%109.9%-62.8%109.9%-54.0%5.6%-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%-18.9%-9.2%-13.9%-166.9%-109.9%-166.9%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（+1.0%+4.010.202Q1+218+123%（+.。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（+5.7%18.307；20Q1位居样本前三的依次是：上海建工（+218%、新疆交建（19.5%、安徽建工（+0.0%。22Q4+3.5（+5.3%60（26.2061+7.1（63（18.2-35.6。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（+6.7%+5.5+7.0+3.3（33.022Q1+4.6+3.4+2.821.4（20.。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营业收入 营业收入 归母净利润 归母净利润子行业 单季增速 累计增速 单季增速 累计增速2026Q1 2025Q42026Q1 2025Q1-42026Q1 2025Q42026Q12025Q1-4其他材料苏博特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% 122.0%震安科技-43.6%6.9%-43.6%27.3% -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%-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%基建房建中国建筑-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%-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%国际工程中材国际-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%专业工程鸿路钢构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%-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%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%%-4.5%21.0%-88.8%16.9%-88.8%-29.1%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%-6.1%-89.7%永福股份-22.1%-27.3%-22.1%-16.7%-86.9%-600.5%-86.9%-3-7.1%-51.4%-34.2%18.2%45.0%18.2%3-62.7%-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%成本与费用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。◼ 2024+3.22Q3+31c，2024Q4变动-0.1pct2025Q4+13.2%、+22.4%2025Q3+3.4pct+0.5pct2024Q4-0.1pct、+0.1pct2026Q12025Q4变动2025Q10.0pct2026Q1+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。202426.526.5（23.1（12.3（+2.6%13.0。22Q1+265+222+0.78.8+10.+1.6202Q4毛利率同比22Q4上升的子行业包括玻璃玻纤（+4.pct、装饰装修（+43pc.5pc（2.2c-2.1pc2.p（0.pc（2.pc（0.2pc20Q102Q1+3.1c+0.pc+08pc0.9pc+04pc（1.pc（0.0c（04pc0.pc图6：基建地产链及主要子行业单季毛利率◼ 前周期子行业中，2025Q426.5%、23.1%，+1.7c1.1pc2.pc2.pc26Q1率20.7%-5.8pct-1.0pct0.0pct。表4：样本上市公司单季毛利率及同比变化1子行业 单季毛利率2026Q1yoy2025Q4yoy设计咨询国检集团23.9%-1.1pct44.7%-7.4pct中国海诚 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 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 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 12.2pct31.1%-4.1pct建科院26.0%-26.3pct苏州规52.5%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水泥海螺水泥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后周期子行业中，2025Q4分别为9.61.6265+1.1c+4.pc0.1pc+.9pc.3pc、+2.5pct；2026Q122.2%、+3.1pct+0.3pct+0.8pct。表5：样本上市公司单季毛利率及同比变化2子行业 单季毛利率2026Q1yoy2025Q4yoy玻璃玻纤旗滨集团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长海股份山东玻纤25.8%3.2pct22.4%1.4pct14.5%-2.3pct16.4%3.2pct金螳螂风语筑亚厦股份江河集团13.0%-0.2pct12.8%-4.3pct34.4%2.9pct13.9%-11.5pct16.2%3.6pct18.6%6.2pct15.4%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ST*ST宝鹰34.8%-1.9pct39.2%36.4pct-14.8%-49.5pct-0.6%134.6pct8.7%-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德才股份名雕股份5.8%-3.3pct24.5%23.6pct33.0%2.2pct29.8%-0.4pct装修建材松霖科技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9.9%-0.6pct江山欧16.8%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%6.3pct20.8%-1.4pct43.1%1.4pct9.0%-11.5pct10.9%-13.2pct2025Q412.3%13.0%17.8%-2.3pct+3.7pct+0.2pct+1.8pct，同比-2.7pct-0.1pct-2.0pct22Q13.68.816.91011.3pc、-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子行业 单季毛利率2026Q1yoy2025Q4yoy苏博特 0.8pct33.1%0.6pct垒知集团西部建设25.1%3.6pct26.9%4.7pct1.2%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其他材料赛特新材再升科技22.7%-2.4pct21.8%-1.8pct18.7%-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基建房建中国建筑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国际工程北方国际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专业工程鸿路钢构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17.9%-1.8pct亚翔集成29.4%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%54.3pct15.7%-0.3pct8.9%-2.6pct中粮科工17.8%-2.0pct24.7%0.5pct期间费用率22Q40.900pc，0.6%0.0pct0.5%、4.9%0.0pct、0.0pct。02Q464，+0.2c62101+.1pc、-0.1pct，3.9%、10.2%-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子行业 单季销售费用率 单季管理费用率（含研发费用）2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy基建地产链样本合计0.7%0.0pct0.9%0.0pct4.3%-0.1pct6.4%0.2pct建筑0.5%0.0pct0.6%0.0pct3.9%-0.1pct6.2%0.1pct建材4.9%0.0pct5.0%0.4pct10.2%0.0pct10.1%1.0pct前周期设计咨询2.6%0.0pct2.0%-0.2pct14.4%-0.2pct12.7%-0.4pct水泥4.2%0.2pct3.7%0.8pct11.7%0.2pct10.2%1.1pct后周期玻璃玻纤1.1%-0.2pct1.3%0.3pct8.9%0.0pct10.1%2.3pct装饰装修2.3%0.0pct1.8%0.2pct8.2%-0.1pct7.7%-1.5pct装修建材8.8%-0.4pct10.0%0.1pct9.7%-0.2pct10.6%0.6pct其他其他材料4.1%0.2pct4.2%0.3pct8.1%0.2pct8.1%-0.3pct基建房建0.4%0.0pct0.5%0.0pct3.6%-0.1pct6.1%0.2pct国际工程1.6%0.0pct1.5%0.0pct7.9%1.1pct8.0%-0.3pct专业工程0.6%0.0pct0.9%0.1pct5.1%0.1pct6.4%0.1pct前周期子行业中，2025Q42.0%、-0.2pct12.7%2026Q12.6%、0.0pct14.4%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子行业 单季销售费用率 单季管理费用率（含研发费用）2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy设计咨询国检集团 6.8% -0.3pct 3.3% -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.6pct1.5%0.3pct15.2%-2.5pct17.0%1.9pct.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 -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% 1.7pct 3.2% 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%0.7pct 2.7% -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水泥天山股份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后周期子行业中，2025Q41.3%1.8%+0.3pct+0.2pct10.1%7.7%+2.3pct-1.5pct2026Q11.1%、2.3%、8.8%-0.2pct、0.0pct、-0.4pct8.9%8.2%、9.7%，同比分别0.0pct、-0.1pct、-0.2pct。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子行业 单季销售费用率 单季管理费用率（含研发费用）2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy玻璃玻纤旗滨集团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装饰装修金螳螂风语筑亚厦股份江河集团广田集团中天精装全筑股份*ST东易ST*ST宝鹰*ST瑞和1.4%-0.3pct0.8%-1.4pct5.7%0.0pct6.1%-3.8pct4.1%0.1pct5.5%1.0pct10.4%0.9pct16.2%5.0pct3.4%0.4pct1.2%0.2pct7.8%0.2pct5.2%1.6pct1.5%-0.1pct1.6%0.2pct8.5%-0.7pct8.4%-1.2pct1.5%-5.1pct-1.2%-0.8pct8.6%-7.6pct9.2%2.3pct3.6%2.0pct1.6%0.2pct39.8%-7.5pct17.9%-11.3pct0.9%-1.3pct1.9%-1.2pct8.9%-5.6pct15.1%-6.0pct32.6%10.7pct47.5%28.6pct23.2%-3.3pct16.4%-53.3pct13.2%7.9pct1.2%25.2pct153.6%96.2pct43.6%-21.3pct0.3%0.2pct0.3%-0.2pct16.2%-5.9pct14.3%-2.0pct3.2%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装修建材.0pct2.9%0.6pct15.7%-7.2pct21.8%5.0pct.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%-0.1pct 0.5% -0.4pct10.9%-1.7pct8.8%2025Q44.2%0.5%1.5%+0.3pct0.0pct0.0pct、+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、-0.3pct+0.1pct；2026Q14.1%0.4%1.6%+0.2pct、0.0pct0.0pct0.0pct8.1%3.6%7.9%+1.1pct、+0.1pct。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子行业 单季销售费用率 单季管理费用率（含研发费用）2026Q1yoy2025Q4yoy2026Q1yoy2025Q4yoy苏博特垒知集团西部建设11.6%0.5pct8.9%-0.3pct16.4%-0.2pct12.0%-0.9pct7.0%0.8pct7.8%0.2pct12.6%1.8pct15.1%4.6pct1.6%-0.1pct1.6%0.1pct4.4%-0.6pct4.4%-1.5pct其他材料志特新材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基建房建中国建筑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国际工程中材国际北方国际中钢国际中工国际1.3%0.0pct1.2%-0.1pct8.9%0.8pct9.9%-0.4pct3.7%0.5pct3.2%0.9pct3.6%0.1pct1.9%-0.7pct0.3%0.1pct0.6%0.2pct5.8%0.4pct6.9%-1.1pct2.4%-0.2pct2.1%-0.9pct10.6%2.0pct7.1%-1.6pct专业工程鸿路钢构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.1pct0.2%0.0pct6.8%1.8pct9.0%-2.1pct.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%-0.3pct0.4%0.0pct12.6%-0.8pct10.0%截至2026Q12254614-2.7%，1858803、-2.5%、-3.7%；+1.+10（2.0。表11：基建地产链主要子行业员工人数情况子行业 员工人数（人）截至2026Q1yoy截至2025Q1yoy基建地产链样本合计2,254,614-2.7%2,317,504-3.4%建筑1,858,803-2.5%1,906,654-2.9%建材395,811-3.7%410,850-5.9%前周期 设计咨询 水泥66,414 163,039-7.2% -3.2%71,573 168,358-6.2% -7.3%玻璃玻纤79,8231.0%79,005-5.9%后周期 装饰装修 装修建材29,329 124,750-6.0% -7.4%31,192 134,672-19.9% -4.7%其他材料28,199-2.1%28,815-3.2%其他 基建房建 国际工程1,489,559 24,799-2.0% 1.5%1,520,133 24,429-2.9% 5.0%专业工程248,702-4.1%259,3270.0%◼ 前周期子行业中，2026Q1，66414-7.2%；163039-3.2%；◼ 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（+.0%+85（+.1。表12：样本上市公司员工人数情况1子行业 员工人数（人）截至2026Q1 yoy 截至2025Q1 yoy设计咨询国检集团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9812.1%9610.0%*ST中设6680.0%668-30.6%测绘股份1,2608.5%1,161-5.5%建科院784-7.4%8470.0%苏州规划639-5.1%673-0.9%蕾奥规划677-15.6%802-10.8%杰恩股份188-74.9%749-8.8%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796-22.7%1,030-22.3%华图山鼎8,982-13.8%10,4254.8%水泥海螺水泥48,286-2.2%49,397-2.7%天山股份0.7%华新建材.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%7,943-2.8%8,174-3.3%2,439-2.2%2,494-5.7%亚泰集团12,288-11.9%13,948-13.8%后周期子行业中，2026Q1，79823+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（+3.3%+1.8*T+1.8。表13：样本上市公司员工人数情况2子行业 员工人数（人）截至2026Q1 yoy 截至2025Q1 yoy玻璃玻纤旗滨集团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%装饰装修金螳螂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8863.3%858-3.6%中天精装275-