华夏时报（www.chinatimes.net.cn）记者 刘佳 北京报道 信托行业正经历着前所未有的人员结构重塑。 据57家信托公司公布的2024年年报数据，信托行业员工人数降至16150人，较去年减少252人，同比降幅达 1.54%。其中，有54.39%的信托公司减员。 员工人数的持续下行印证着行业转型的迫切性。 业内人士分析指出，随着业务结构的持续优化，行业人才流动或将展现出显著的专业化导向。这场人员结构重 塑，既是行业应对挑战的必然选择，也为未来高质量发展奠定基础。 半数以上信托公司人员缩减 在此之前，信托行业员工数量曾保持多年增长态势，而自 2021 年起，员工人数数量首次出现下滑拐点。 据中国信托业协会每年披露的《中国信托业社会责任报告》中员工人数数据显示，截至2021年底，68家信托公司 共有员工22387人，较2020年同期减少了284人。 截至目前，据云南信托研究发展部统计，57家信托公司中，有54.39%信托公司减员。虽然还有10家信托公司未公 开披露最新人数，但员工人数数量与此前相比已明显减少。 头部机构精简人员的现象较为普遍。以平安信托为例，在去年共减少161人，成为缩减幅度最大的机构 ...

Core Insights - Zscaler is experiencing significant growth in its ITOps and SecOps operations, driven by the introduction of ZDX Copilot and agentic operations across various security modules [1][3][10] ITOps Summary - The launch of ZDX Copilot has resulted in a 70% year-over-year increase in bookings for the ZDX Advanced Plus package, reaching $75 million since its introduction [2][10] SecOps Summary - Zscaler's SecOps business has seen a remarkable 120% year-over-year growth in annual contract value due to the integration of agentic operations [3][10] New Growth Categories Summary - The New Growth Categories (NGC), which include Zero Trust Everywhere, Data Security Everywhere, and Agentic Operations, have achieved approximately $1 billion in annual recurring revenues (ARR), contributing to Zscaler's total ARR of $2.9 billion in Q3 fiscal 2025 [3][10] Competitive Landscape Summary - Competitors like Palo Alto Networks and CrowdStrike are also expanding their capabilities in agentic operations, with Palo Alto Networks deploying Cortex XSIAM and CrowdStrike introducing Falcon Next-Gen SIEM and Charlotte AI [5][6] Market Dynamics Summary - The agentic operations market is still expanding, providing ample growth opportunities for multiple players, including Zscaler, which has established a strong position in this emerging market [7] Price Performance Summary - Zscaler's shares have increased by 66.8% year-to-date, outperforming the Zacks Security industry's growth of 20.6% [8] Valuation Summary - Zscaler currently trades at a forward price-to-sales ratio of 15.16X, which is higher than the industry average of 14.6X [11] Earnings Estimates Summary - The Zacks Consensus Estimate for Zscaler's fiscal 2025 earnings indicates a slight decline of 0.31%, while the estimate for fiscal 2026 suggests an 11.86% growth, with recent upward revisions in estimates for both years [12]

Key Takeaways APLD secured up to $5B from Macquarie and $375M from SMBC to fund hyperscale infrastructure growth. APLD's Ellendale campus will deliver 400 MW, with the first 100MW building set to be launched in Q4 2025. APLD is exploring a REIT shift and Cloud Services exit to align with HPC and hyperscale strategy.Applied Digital (APLD) is advancing an ambitious expansion strategy to support hyperscale infrastructure, anchored by its Ellendale campus build-out and strengthened by major institutional part ...

Core Insights - Palo Alto Networks (PANW) and CyberArk Software (CYBR) are prominent U.S.-based cybersecurity firms focusing on protecting enterprises from digital threats, with PANW specializing in next-gen firewalls and cloud security, while CYBR leads in identity security and privileged access management [1][2] Industry Overview - The cybersecurity market is expected to grow at a CAGR of 12.63% from 2025 to 2030, driven by the rise of complex cyber attacks [2] CyberArk's Position - CyberArk is a leader in identity security, aligning its products with industry trends such as privileged access management and Zero Trust capabilities [4] - Recent acquisitions, including Venafi for $1.54 billion and Zilla Security for $165 million, have enhanced CyberArk's capabilities in machine identity management and broadened its addressable market [5] - CyberArk is advancing in agentic AI with its Secure AI Agent solution, expected to be available to customers later this year [6] - In Q1 2025, CyberArk reported a 43.4% increase in sales and a 30.7% rise in non-GAAP EPS, indicating strong financial growth [7] Palo Alto Networks' Position - PANW is recognized for its comprehensive cybersecurity solutions, including network security and cloud protection [8] - The company is focusing on areas like Zero Trust and private 5G security to support long-term growth [9] - PANW has upgraded its Prisma Cloud platform with generative AI capabilities, enhancing user interaction [10] - However, PANW faces challenges such as shortened contract durations and a slowdown in transitioning to cloud-based platforms, leading to a deceleration in revenue growth [12][13] Financial Comparisons - The Zacks Consensus Estimate for CyberArk's 2025 sales and EPS indicates year-over-year growth of 31.85% and 25.05%, respectively, while PANW's estimates are significantly lower at 14.4% and 15.14% [14] - Year-to-date, CyberArk shares have increased by 17.8%, compared to an 8.5% rise in Palo Alto Networks shares [17] - PANW trades at a forward sales multiple of 12.6X, while CYBR is at 13.71X, reflecting higher growth expectations for CyberArk despite its higher valuation [20] Conclusion - CyberArk is currently viewed as a more attractive investment due to its robust growth, strategic acquisitions, and focus on emerging threats, while PANW is experiencing near-term challenges [22][23]

Core Viewpoint - Weyerhaeuser Company (NYSE: WY) is rated as a Hold for investors interested in real estate investment trusts (REITs) due to its business being subject to cyclical fluctuations as the world's largest private owner of timberlands [1]. Company Summary - Weyerhaeuser Company is recognized as the largest private owner of timberlands globally, which leads to a business model that experiences significant ups and downs [1]. Analyst Background - The analysis is provided by David A. Johnson, who has over 30 years of investment experience and holds multiple advanced degrees in finance and business [1].

Core Viewpoint - Ferrellgas Partners, L.P. reported strong financial performance for the third fiscal quarter of 2025, with notable growth in sales, gross profit, and net earnings, driven by favorable market conditions and operational efficiencies [2][3][5]. Financial Highlights - Revenue increased by 9% year-over-year, reaching $560.8 million, with retail and wholesale sales growing by 9% and 8% respectively [3][22]. - Gross profit rose by $16.9 million, or 6%, to $289.2 million, influenced by a $45.1 million increase in revenues, partially offset by a $28.1 million rise in cost of products [4][22]. - Net earnings attributable to Ferrellgas Partners, L.P. were $59.1 million, up from $52.8 million in the prior year, reflecting a $6.3 million increase primarily due to higher gross profit [5][22]. Operational Highlights - Propane sales volumes increased by 13.4 million gallons, or 6%, compared to the prior year, with residential sales volume growing by 12% [9][10]. - The company gained six new national account customers through a three-year deal, expected to add 1.6 million gallons of new business [13]. - Blue Rhino, the tank exchange business, is preparing for the peak summer selling season, with capital projects underway to enhance efficiency [12]. Cost and Expense Analysis - Operating expenses increased by $8.8 million, driven by higher costs in plant operations, personnel, and vehicle expenses [6][22]. - Interest expense rose by $3.5 million, primarily due to debt issuance costs and lease-related charges [7][22]. Adjusted EBITDA - Adjusted EBITDA increased by $10.8 million, or 10%, to $114.8 million, supported by the rise in gross profit and a decrease in general and administrative expenses [8][24]. Debt Refinancing - The company is actively working on refinancing its $308.8 million revolving credit facility and $650.0 million senior unsecured notes, with completion anticipated before maturity [16].

Akamai (AKAM) FY Conference June 05, 2025 11:40 AM ET Speaker0 Excellent. Hello, everyone, and thank you for joining us for our Growth Stock Conference and today's session with Akamai. My name is Jonathan Hoenn. I'm the cybersecurity analyst for William Blair and Company. Our speaker today is Ed McGowan, who is the chief financial officer of the company and has been with Akamai and is with Akamai. Before we begin, I'm required to inform you that a complete list of research disclosures or conflicts of intere ...

Summary of Zscaler (ZS) 2025 Conference Call Company Overview - **Company**: Zscaler (ZS) - **Industry**: Cybersecurity, specifically focusing on Secure Access Service Edge (SASE) and Zero Trust security models Key Points and Arguments Market Dynamics - SASE is a rapidly growing space with increasing competition and new entrants [1] - Zscaler is experiencing accelerating order bookings and growth beyond its historical markets of ZIA (Zscaler Internet Access) and ZPA (Zscaler Private Access) [1][2] Growth Opportunities - Zscaler identifies three major areas of opportunity: 1. Data security, which is becoming increasingly complex, especially with AI integration [5] 2. Agentic operations, leveraging AI to enhance security and IT operations [5] 3. Expansion into new markets beyond traditional offerings [5][12] Zero Trust Security Model - The concept of Zero Trust is evolving, with a shift from user-centric to encompassing cloud workloads, IoT, and AI agents [7][9] - Zscaler's Zero Trust Exchange is positioned as a comprehensive solution for secure communication across various entities [9] Product Development and Innovation - Zscaler has expanded its offerings to include a B2B collaboration exchange and enhanced capabilities for securing AI applications [9] - The company emphasizes the importance of a single vendor for data protection to simplify complex data protection policies [11] Customer Engagement and Sales Strategy - The sales approach has shifted from transactional to account-focused, enhancing customer relationships and sales productivity [62] - Zscaler's solutions are designed to reduce costs significantly for customers, with examples of cost reductions of 50-70% for large enterprises [33] Competitive Landscape - Zscaler faces competition from traditional firewall companies that are attempting to pivot to SASE solutions, but the company believes these offerings do not meet the true Zero Trust criteria [38][39] - The company maintains a strong brand reputation among CIOs and CISOs, focusing on ROI and value delivered rather than just pricing [44] Financial Performance and Metrics - Zscaler reported over $350 million in Annual Recurring Revenue (ARR) from data security, indicating strong growth potential in this area [75] - The company is focused on upselling existing customers, with a reported 40% increase in new logo Annual Contract Value (ACV) year-over-year [56] Data Protection Strategy - Zscaler's approach to data security emphasizes securing data rather than the network itself, positioning itself as a leader in Data Loss Prevention (DLP) [69] - The company has developed a flexible pricing model (Z Flex) to allow customers to choose and adapt their data protection modules according to their needs [78] Future Outlook - Zscaler is optimistic about the future, with plans to expand its Zero Trust offerings to branches and workloads, indicating a phased approach to market penetration [37][50] - The company is committed to continuous innovation and customer satisfaction, aiming to delight customers and win more business [86] Additional Important Insights - The transition to Zero Trust is seen as essential for modern cybersecurity, moving away from traditional firewalls and SD WANs [26] - Zscaler's focus on simplifying security operations and reducing complexity is viewed as a critical factor for resilience in enterprises [34][35] - The company acknowledges the presence of late adopters in the market but believes that its solutions will eventually become mainstream as more enterprises recognize the need for Zero Trust [36]

Investing in real estate can be a terrific way to make passive income. Tenants pay rent, which should cover all property expenses with room to spare, providing the landlord with income. One of the easiest ways to make passive income from real estate is to invest in a real estate investment trust (REIT). These companies own portfolios of income-generating real estate. They distribute a portion of that income to shareholders via dividend payments. VICI Properties (VICI -0.32%) is a top REIT to buy for passive ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...