中新社北京11月4日电 (记者 应妮)4日在故宫博物院永寿宫展厅对公众开放的"九重之下——故宫造办处 旧址考古成果展"，用166件(套)文物让观众看到一座地下的紫禁城。 走进展厅，中心展台一个巨大的沙盘呈现在眼前。"这一眼就是700年"，故宫博物院考古部主任徐海峰 介绍，北京是典型的古今重叠型城址，在红墙黄瓦、青砖地面下，密布着几个时代的营造、改建、废弃 的痕迹。这个沙盘质感模拟真实的地层，通过摹写造办处遗址的一个代表性局部来展现紫禁城的地下世 界，呈现了明早期建筑基址的夹砖夯层与大型磉墩、明晚期至清代地层，以及清晚期大型灰坑打破明代 遗迹的情形。 造办处遗址见证了皇家作坊的兴衰，展示了紫禁城手工业生产中心的空间形态以及生产生活场景，这里 出土钟表配件约200件，种类丰富，制作精美，分为表演及装饰配件、动力系统和表盘计时零部件等， 包括金星玻璃、玻璃香水瓶、金属框架、跑人跑船、水法柱等。现场还展出一座铜镀金乐箱水法跑人双 马驮钟，与之相对应。徐海峰指出，做钟处西洋钟表配件的发现，印证了匠人们曾经在皇家审美需求的 推动下，学习、吸纳西方的技术工艺，是18世纪东西方文明互鉴图景中的一环。 为期三个月的展览还首次通 ...

Core Insights - Lowe's has completed its largest acquisition to date by acquiring Foundation Building Materials (FBM), enhancing its market position and service capabilities [1][2]. Strategic Value of the Acquisition - FBM operates over 370 locations in the U.S. and Canada, serving approximately 40,000 professional customers with a projected revenue of $6.5 billion and adjusted EBITDA of $635 million for 2024 [2]. - The acquisition is expected to expand Lowe's product offerings, accelerate fulfillment speed, optimize digital tools, and establish a comprehensive industry credit platform, thereby improving service to professional customers [2]. - FBM's presence in key regions such as California, the Northeast, and the Midwest complements Lowe's operations, presenting significant growth opportunities and expanding market coverage for professional customer business [2]. - The acquisition is anticipated to create numerous cross-selling opportunities among FBM, Lowe's, and the recently acquired Artisan Design Group (ADG) [2]. Market Outlook and Analyst Perspectives - Lowe's CEO Marvine Ellison highlighted the favorable conditions for increasing market penetration and capitalizing on the expected recovery in the housing market, with a projected need for 16 million new homes in the U.S. by 2033 [3]. - Analysts view the acquisition as a strategic move to better serve the complex professional customer market, enhancing Lowe's competitive position against Home Depot [3]. - The combination of ADG and FBM positions Lowe's as a leader in the attractive new residential and repair & remodeling verticals, providing faster fulfillment, a broader product selection, superior digital tools, and a robust industry credit platform [3]. - There are expectations for potential cost synergies and significant cross-selling opportunities, with the market anticipating further bolt-on M&A activities by Lowe's in the future [3]. Stock Performance - Lowe's stock has declined by 3.48% year-to-date [4].

Group 1 - Lowe's announced an $8.8 billion acquisition of Foundation Building Materials (FBM), marking the largest acquisition in the company's history [1] - The transaction will be financed through a mix of short-term and long-term debt, including a $9 billion bridge loan commitment [1] - FBM operates over 370 locations in the U.S. and Canada, serving approximately 40,000 professional customers with a projected revenue of $6.5 billion and adjusted EBITDA of $635 million in 2024 [1] Group 2 - The acquisition is expected to contribute to profit growth in the first fiscal year post-closing, with Lowe's leverage ratio anticipated to rise to 3.4-3.5 times upon completion [1] - Analysts from Wall Street reacted positively, noting the urgency of mergers in the professional distribution market as companies seek to expand market size and build differentiated capabilities [1][2] - The strategic expansion into the complex professional market is expected to enhance Lowe's fulfillment capabilities, product offerings, digital tools, and trade credit platform, with significant cross-selling opportunities [2]

Group 1 - The core point of the news is that Lowe's has announced an $8.8 billion acquisition of Foundation Building Materials (FBM), marking the largest acquisition in the company's history [1] - The transaction will be financed through a mix of short-term and long-term debt, including a $9 billion bridge loan commitment [1] - FBM operates over 370 locations in the U.S. and Canada, serving approximately 40,000 professional customers with a projected revenue of $6.5 billion and adjusted EBITDA of $635 million in 2024 [1] Group 2 - Analysts from Wall Street reacted positively, noting the urgency of mergers and acquisitions in the professional distribution market as companies seek to expand market size and build differentiated capabilities [2] - The acquisition is expected to enhance Lowe's capabilities in the new construction and renovation sectors, providing faster fulfillment, a richer product line, upgraded digital tools, and a robust trade credit platform [2] - The deal is anticipated to create significant cross-selling opportunities and potential cost synergies, with Lowe's likely to pursue further complementary acquisitions in the future [2]

Financial Performance - The company achieved net sales of $702 million with a 5% organic volume growth driven by construction services, steel conduit, metal framing, and cable management products [6][12] - Adjusted EBITDA was $116 million, with adjusted EBITDA margins expanding sequentially to 16.6% from 15% in the previous quarter [12] - Adjusted EPS was reported at $2.04, reflecting a strong performance despite a 17% year-over-year decline in average selling prices [12][13] Business Line Performance - Organic volumes increased by 5% compared to a 1% decline in the same quarter of the previous fiscal year, with significant growth in metal framing, cable management, and construction services [12][14] - The electrical cable and flexible conduit category saw low single-digit growth year-to-date, while PVC conduit products experienced a decline in volume [15][16] - The S and I segment improved adjusted EBITDA margins due to strong volume performance and better productivity, contributing approximately $11 million to segment EBITDA [16] Market Dynamics - The company noted a slowdown in planning activity across several non-residential categories, as indicated by the Dodge Momentum Index [11] - Despite recent increases in construction starts, there is a possibility of slower activity moving forward due to economic uncertainties and potential project delays [20][21] - The impact of tariffs on imported steel and aluminum products is expected to benefit the company, as most of its products are sourced domestically [10][22] Strategic Direction - The company remains committed to a balanced capital deployment model, focusing on returning cash to shareholders through share repurchases and dividends while investing in growth initiatives [18][25] - The management emphasized the importance of maintaining a strong financial profile and leveraging domestic manufacturing capabilities to serve the electrical infrastructure market [23][24] Management Commentary - Management expressed cautious optimism regarding future demand for US-made steel conduit, despite uncertainties surrounding tariffs and macroeconomic conditions [10][20] - The company is maintaining its full-year fiscal 2025 adjusted EBITDA guidance in the range of $375 million to $425 million, with adjusted EPS expected between $5.75 and $6.85 [21][25] - Management acknowledged the challenges posed by competing technologies, particularly in the fiber optic space, which contributed to an impairment charge for certain long-lived assets [9][65] Other Important Information - The company ratified a new five-year labor agreement with the United Steel Workers at its Harvey, Illinois facility, which is expected to enhance productivity [7][8] - The company repurchased approximately $50 million in shares during the second quarter and increased its dividend to $0.33 per share [8] Q&A Session Summary Question: Expectations for PVC conduits for the remainder of the year - Management indicated that pricing for PVC conduits has continued to decline, but they are maintaining their previous guidance regarding future pricing expectations [30] Question: Market share for PVC conduit - Management believes the company remains a leader in the PVC conduit market, although imports have been increasing [31][32] Question: Recent import levels and potential pricing upside - Management noted that PVC imports have increased significantly year-over-year, but the future trajectory remains uncertain due to tariffs [40][41] Question: Impact of tariffs on steel pricing - Management stated that the 25% tariff on imported steel is expected to benefit the company, although predicting exact impacts remains challenging [44][46] Question: Impairment of HD PVC and competitive changes - Management clarified that the impairment was influenced by competing technologies, particularly fiber optics, and not by the company's own product performance [64][67] Question: Direction from the administration regarding tariffs - Management confirmed that there has been no specific direction from the administration regarding tariffs, leading to a prudent decision to take the impairment charge [73][76] Question: Demand cadence for products - Management reported that demand has been improving month-over-month, with cautious optimism for the remainder of the fiscal year [92][94] Question: Construction services opportunity - Management indicated that data centers are expected to become a significant portion of the construction services business moving forward [95][96]

Financial Data and Key Metrics Changes - The company achieved net sales of $702 million, reflecting a 5% organic volume growth driven by construction services, steel conduit, metal framing, and cable management products [6][11] - Adjusted EBITDA was $116 million, with adjusted EBITDA margins expanding sequentially to 16.6% from 15% in the previous quarter [11] - Adjusted EPS was reported at $2.04, showing a positive trend compared to the previous year [11] Business Line Data and Key Metrics Changes - Organic volumes increased by 5% compared to a 1% decline in the same quarter of the previous fiscal year [11] - Average selling prices declined by 17% year-over-year, primarily due to decreases in PVC and steel conduit products, although there was sequential pricing improvement for steel conduit [12][16] - The Electrical Cable and Flexible Conduit category grew year-to-date by low single digits, while metal framing, cable management, and construction services saw high single-digit growth [13][16] Market Data and Key Metrics Changes - The Dodge Momentum Index indicated a slowdown in planning activity across several non-residential categories [10] - Despite year-to-date increases in construction starts and planning activities, there are indications of potential slower activity moving forward [19][20] Company Strategy and Development Direction - The company remains committed to a balanced capital deployment model, focusing on returning cash to shareholders through share repurchases and dividends while investing in growth initiatives [18][25] - The management highlighted the importance of domestic manufacturing and the ability to serve customers effectively in the evolving electrical industry [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand for U.S.-made steel conduit in 2025, despite uncertainties related to tariffs and macroeconomic conditions [9][20] - The company is maintaining its full-year fiscal 2025 adjusted EBITDA guidance in the range of $375 million to $425 million and adjusted EPS between $5.75 and $6.85 [21][10] Other Important Information - An impairment charge of $50 million was announced for certain long-lived assets related to HDP pipe and conduit products due to competition from emerging technologies [8][67] - A new five-year labor agreement was ratified with the United Steel Workers at the Harvey, Illinois facility, which is expected to enhance productivity [7] Q&A Session Summary Question: Expectations for PVC conduits for the remainder of the year - Management indicated that pricing has continued to decline, but they are still on track with previous guidance regarding PVC conduit pricing [30] Question: Market share for PVC conduit - Management believes they remain a leader in the PVC conduit market, although imports have been increasing [31][32] Question: Recent import levels and potential pricing upside - Management noted that PVC imports have increased significantly year-over-year, but the future trajectory is uncertain due to tariffs [40][41] Question: Net tariff benefit in updated fiscal guidance - Management suggested that a 2% to 3% reduction in volume could be offset by tariff increases, indicating a net positive for shareholders [61] Question: Update on steel conduit imports from Mexico - Management confirmed that while there has been a reduction in imports, they do not expect a complete halt due to the 25% tariff [64][65] Question: Impairment of HD PVC and competitive changes - The impairment was influenced by competition from fiber optic technologies and the administration's plans to increase funding for satellite internet [66][69] Question: Direction from the administration on tariffs - Management stated they have not received specific guidance from the administration regarding tariffs or the BEAD program [73] Question: Cadence of demand for products - Management reported that demand has improved month-over-month, with customers remaining cautiously optimistic [94] Question: Construction services opportunity - Management indicated that data centers are expected to be a significant portion of construction services moving forward [96][98] Question: Pricing assumptions for FY 2025 - Management has not changed pricing assumptions despite tariff impacts, indicating that overall price versus cost dynamics remain within expected ranges [99][102]

Financial Data and Key Metrics Changes - The company achieved net sales of $702 million, reflecting a 5% organic volume growth driven by construction services, steel conduit, metal framing, and cable management products [6][11] - Adjusted EBITDA was $116 million, with adjusted EBITDA margins expanding sequentially to 16.6% from 15% in the previous quarter [11] - Adjusted EPS was reported at $2.04, down from $2.4 year-over-year [6][11] Business Line Data and Key Metrics Changes - Organic volumes increased by 5% compared to a 1% decline in the same quarter of the previous fiscal year [11] - Average selling prices declined by 17% year-over-year, primarily due to decreases in PVC and steel conduit products, although there was sequential pricing improvement for steel conduit [11][12] - The Electrical Cable and Flexible Conduit category grew year-to-date by low single digits, while metal framing, cable management, and construction services saw high single-digit growth [13][15] Market Data and Key Metrics Changes - The Dodge Momentum Index indicated a slowdown in planning activity across several non-residential categories [10] - Despite year-to-date increases in construction starts and planning activities, there are indications of potential slower activity moving forward [19] - The company remains optimistic about demand for U.S.-made steel conduit in 2025, despite uncertainties regarding tariffs and their economic impact [9][19] Company Strategy and Development Direction - The company is focused on maximizing shareholder value through strategic asset management, including a recent divestiture of its Northwest Polymers recycling business [6][7] - A new five-year labor agreement was ratified with the United Steel Workers, enhancing productivity and customer service capabilities [7] - The company is committed to a balanced capital deployment model, emphasizing cash returns to shareholders through share repurchases and dividends [16][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future demand, noting that while the second quarter exceeded expectations, growth in the Construction Services business is expected to moderate in the second half of the year [18][20] - The company maintains its full-year fiscal 2025 adjusted EBITDA guidance in the range of $375 million to $425 million and adjusted EPS between $5.75 and $6.85 [20] - Management highlighted the challenges posed by tariffs and the unpredictability of the macroeconomic environment, which could impact volume expectations [19][20] Other Important Information - An impairment charge of $50 million was recorded for certain long-lived assets related to HDP pipe and conduit products due to competitive technologies and delays in government funding [8][66] - The company has repurchased approximately $50 million in shares during the second quarter and increased its dividend to $0.33 per share [7][8] Q&A Session Summary Question: Expectations for PVC conduits for the balance of the year - Management indicated that pricing has continued to decline but remains aligned with previous guidance, making it difficult to predict future pricing accurately [29] Question: Market share for PVC conduit - Management believes Atkore remains a leader in the PVC conduit market, despite increasing imports [30][31] Question: Import levels and potential pricing upside - Management noted that PVC imports are up solid double digits year-over-year, but future trends are uncertain due to tariffs and market dynamics [38][39] Question: Net tariff benefit in updated fiscal guidance - Management suggested that a 2% to 3% reduction in volume could be offset by tariff increases, indicating a net positive for shareholders [59] Question: Update on steel conduit imports from Mexico - Management confirmed that while there has been a reduction in imports, they have not completely stopped, and the 25% tariff will impact pricing strategies [61][63] Question: Impairment of HD PVC and competitive changes - The impairment was influenced by emerging technologies in fiber optics and the administration's plans to increase funding for satellite internet [66][67] Question: Direction from the administration on tariffs - Management stated there has been no concrete direction from the administration regarding tariffs, leading to a prudent decision to take the impairment charge [72][75] Question: Profitability of the torque tube business without IRA support - Management confirmed that the torque tube business remains profitable even without IRA support, although the IRA has driven additional demand [83][86] Question: Cadence of demand for products - Management reported that demand has improved month-over-month, with cautious optimism from customers regarding future volumes [93][94] Question: Construction services opportunity and data centers - Management indicated that data centers are expected to become the largest portion of construction services moving forward, alongside chip manufacturing [95][96]