美国家居建材零售巨头劳氏(LOW.US)宣布以88亿美元收购Foundation Building Materials(FBM)，创下公 司史上最大并购纪录。该交易将通过混合短期和长期债务融资完成，其中包括90亿美元的过桥贷款承 诺。 FBM在美国和加拿大运营着370多个网点，为约4万家专业客户提供石膏板、隔热材料、金属框架、吊 顶系统、商用门、五金件及配套建材等产品。2024年，该公司实现营收65亿美元，调整后 EBITDA 达 6.35亿美元。 瑞银分析师Michael Lasser评价称："短期看，此举将使劳氏获得更快的履约能力、强化的专业数字工 具、贸易信贷计划及可观的交叉销售机会;长期而言，有助于其深入挖掘家装市场中规模更大的专业细 分领域。" Seeking Alpha分析师Luca Socci强调，专业客户能带来更高销售额和客单价，且具有复购特性，这正是 劳氏理想的拓展方向。 本文源自：金融界 华尔街对此反应积极： 摩根大通分析师Christopher Horvers指出，专业分销市场的并购紧迫性正显著升级。随着企业为扩大潜 在市场规模、构建差异化业务能力的竞争加剧，这将成为焦点领域。 杰富瑞分 ...

Group 1 - Traditional industries in China have a solid foundation, complete systems, and strong capabilities, indicating a thriving market with vast growth potential [1] - Despite pressures from the real estate market adjustment, many traditional industry companies, such as Beixin Building Materials, are innovating to transform challenges into opportunities, showcasing resilience and a proactive spirit [1] Group 2 - The demand for urban infrastructure upgrades, such as the renovation of approximately 600,000 kilometers of gas and drainage pipelines over the next five years, is expected to generate an investment demand of around 4 trillion yuan, benefiting industries like steel, building materials, and engineering machinery [2] - Upgrading consumer demands, driven by rising living standards, is creating new market opportunities for traditional industries, requiring them to adapt to new functional and aesthetic needs [2] Group 3 - The rapid advancement of technology in Chinese manufacturing is enabling previously unattainable designs and functionalities, with companies leveraging new technologies for product innovation and efficiency [3] - The integration of traditional and emerging industries, along with the push for intelligent transformation, is facilitating cost reductions and efficiency improvements, allowing traditional industries to thrive and evolve [3] - Traditional industries are seen as the foundation of manufacturing, with the potential for new growth through proactive engagement with emerging demands and innovations [3]