以下文章来源于新周刊 ，作者张文曦 新周刊 . 中国最新锐的生活方式周刊。 本文来自微信公众号： 新周刊 ，作者：张文曦，编辑：詹腾宇，题图来自：AI生成 "有点后悔买15层楼以上的房子""再便宜，高层的房子我也不买了""住在高层，看了新闻开始动心思 想搬家"…… 香港大埔高楼火灾之后，类似的讨论频繁出现在相关资讯下的评论区。人们为不幸罹难的市民感到悲 痛，高层建筑防火救火也再一次引发关注。 11月29日，国务院安委会印发通知，部署开展高层建筑重大火灾风险隐患排查整治行动，聚焦有人 员居住和活动的高层民用建筑 （包括居民住宅建筑和办公、医疗、商业等公共建筑） ，开展排查整 治。 上世纪90年代和本世纪初，随着城市化进程加速，一栋栋高楼特别是高层住宅拔地而起。有数据显 示，目前绝大多数高层住宅，集中建成于近二十年内。 据不完全统计，全国现有高层民用建筑100多万栋，超100米的超高层建筑5000余栋，总量位列世界 第一。当这些离地几十甚至上百米的高楼，陆续进入它们的"中年期"甚至"早衰期"，如何维护就成了 摆在居民面前的命题。 其中最让人关心的当然是消防安全。 2024年，国家消防救援局曾表示，全国的高层建筑火 ...

在培训过程中，参培人员列队整齐，专职消防员重点围绕各类消防器材的正确使用展开教学，涵盖灭火 器、消防栓、正压式呼吸器等设备的使用范围、操作方法和注意事项，并结合电力生产实际，深入分析 了电气火灾、油类火灾等不同类型火灾的特点及扑救原则，详细讲解了干粉灭火器、二氧化碳灭火器的 适用场景、使用步骤及日常检查要点。为检验培训效果，该厂组织参培人员到室外场地进行实操，现场 点燃火源，模拟真实场景，让每个人进行体验，确保大家真正掌握"提、拔、握、压"等操作要领，在实 践中更加了解灭火器的使用要领。 11月19日，鄂温克电厂在消防楼开展"消防知识讲解、灭火实操体验"的消防安全课，采取"理论+实 操"的培训模式，结合真实场景，更好地掌握灭火的操作要领。 图为专职消防员示范灭火 此消防安全知识培训活动的开展，不仅普及了消防安全知识，而且提升了企业应急处置能力，营造全员 参与消防工作的氛围，提高全员防火业务技能，为安全生产筑牢防线。 （鄂温克电厂-萨日娜、刘震） ...

Summary of Mueller Water Products Conference Call Company Overview - **Company**: Mueller Water Products (NYSE: MWA) - **Industry**: Water Infrastructure - **CEO Transition**: Marty Zakas will step down as CEO on February 9, 2026, with Paul McAndrew taking over [8][18] Key Financial Highlights - **Fiscal Year 2025 Performance**: - Record-breaking year with over 8% net sales growth, all organic [9][10] - EBITDA margin of 22.8% [10] - Free cash flow was approximately 84% of adjusted net income [15] Market Position and Products - **Core Products**: - Underground water infrastructure components including iron gate valves, fire hydrants, and specialty valves [9][12] - Focus on water and wastewater treatment facilities [9] - **Market Segments**: - Predominantly serves the U.S. market (92% of net sales), with a small portion from Canada [10] - Strong presence in municipal water utilities and residential construction markets [12][13] Strategic Initiatives - **Infrastructure Investment**: - $55 billion allocated for water infrastructure by the federal government [13] - Emphasis on the need for continued investment in aging water infrastructure [30][28] - **Product Innovations**: - Introduction of hydrant renewal technology to reduce replacement costs and time [30][31] - Development of EcoBrass, a more sustainable brass material [11][39] Operational Improvements - **Manufacturing Enhancements**: - Consolidation of five manufacturing sites into a new facility in Kimball, Tennessee [37] - New brass foundry opened, replacing an older facility [38] - **Capacity and Productivity**: - Plans to modernize aged equipment in iron foundries to increase capacity and productivity [40] Leadership Vision - **Future Growth**: - Focus on fewer, larger opportunities for growth rather than spreading resources too thin [22] - Commitment to enhancing customer experience through digital interfaces and operational improvements [16][23] - **Cultural Shift**: - Transition towards a performance-driven culture to support growth and margin expansion [23] Financial Strategy - **Capital Allocation**: - Balanced approach between returning capital to shareholders and investing in growth opportunities [52][54] - Ongoing share repurchase program with $65 million remaining [52] - **Margin Improvement**: - Expectation of 100 basis points year-over-year margin expansion [42] Conclusion - **Outlook**: - Positive outlook for continued growth driven by infrastructure investment and operational improvements [15][17] - Strong focus on innovation and customer relationships to enhance market position [16][30]

Financial Data and Key Metrics Changes - Consolidated net sales increased by 6.6% to $380.3 million, setting a new quarterly record [18][6] - Gross margin exceeded 38%, reflecting a sequential improvement of 320 basis points [7][19] - Adjusted EBITDA reached a record $86.4 million, an increase of 1.4% year over year [22] - Adjusted net income per diluted share increased by 6.3% year over year to $0.334, setting a new third-quarter record [23] Business Line Data and Key Metrics Changes - Water Supply Solutions (WSS) net sales increased by 4.1% to $216.6 million, driven by volume growth in iron gate and specialty valves [23] - Water Management Solutions (WMS) net sales increased by 10.2% to $163.7 million, led by strong volume growth of repair products and hydrants [26] - Adjusted operating income for WSS increased by 4.7% to $60.5 million, while WMS adjusted operating income increased by 12.6% to $30.3 million [24][26] Market Data and Key Metrics Changes - The residential construction market is experiencing a slowdown, particularly in single-family housing starts, influenced by high interest rates and macroeconomic uncertainty [38] - The municipal repair and replacement market remains strong, driven by the need to repair aging infrastructure [40] Company Strategy and Development Direction - The company aims to enhance manufacturing efficiencies and operational excellence while navigating external challenges such as tariffs [17][12] - The closure of the legacy brass foundry is expected to yield benefits in the fourth quarter and into the next year [13][19] - The company is focused on sustainability and innovation, as highlighted in their annual ESG report [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record results for the second consecutive year, despite external uncertainties [9][17] - The anticipated impact of tariffs has been lower than initially expected, with updated estimates for annualized tariff impact decreasing to approximately 3% to 4% of cost of sales [14] - The company is prepared to implement additional pricing actions to offset higher input costs as needed [16] Other Important Information - Free cash flow for the first nine months of the year was $103 million, representing 71% of adjusted net income [28] - The company ended the quarter with $451 million in total debt and $372 million in cash and cash equivalents, maintaining a strong balance sheet [29] Q&A Session Summary Question: Insights on end markets and stability - Management noted a slowdown in the residential construction market, particularly in single-family housing starts, while the municipal market remains strong [38][40] Question: Margin outlook and FX impact - Management indicated that the FX headwind was a one-time event and discussed expectations for margins moving forward [41][42] Question: Legacy brass foundry impact on margins - The legacy brass foundry closure is expected to improve margins, with management anticipating an 8-10 basis point improvement [47] Question: Infrastructure funding and market conditions - Management highlighted that infrastructure funding has been slow, with no immediate benefits expected from the infrastructure bill [74][75] Question: Pricing actions and demand pull forward - Management confirmed no significant pre-buy demand was observed, and pricing adjustments were made in response to tariffs [66][72]