Core Insights - BILL Holdings is strategically expanding its platform to cater to larger and more complex organizations while maintaining its focus on small and midsize businesses (SMBs) [1][8] - The launch of Supplier Payments Plus aims to simplify and accelerate payment processes for large suppliers, enhancing operational efficiency and the payment experience for SMB buyers [2][8] - In Q3 fiscal 2025, BILL reported revenues of $301.7 million from its Integrated Platform, reflecting a 14.5% year-over-year increase, driven by continued adoption among its core SMB base [3][8] Company Developments - BILL is investing in innovation by enhancing its payment portfolio, expanding distribution channels, and accelerating its AI strategy, which supports sustained growth in the SMB sector [4] - The company faces competitive pressure from Intuit's QuickBooks Bill Pay and Expensify's expense management tools, which could impact its market position [5][6][8] Financial Performance - BILL's share price has decreased by 45.4% year to date, underperforming the broader Zacks Computer and Technology sector, which has returned 6.1% [7] - The forward 12-month Price/Sales ratio for BILL is 3.27X, compared to the industry average of 5.89X, indicating a lower valuation [9] - The consensus estimate for fiscal 2025 earnings is $2.05 per share, reflecting a 5.7% increase over the past 60 days but a year-over-year decline of 3.3% [10]

Core Viewpoint - Zscaler, Inc. is a leading player in the cybersecurity sector, but its high price-to-sales (P/S) multiple of 15.56X raises concerns about its valuation amid slowing growth rates [1][6]. Financial Performance - In Q3 FY25, Zscaler reported a year-over-year revenue growth of 22.6%, a decline from the 30% range in FY24 and 40% in FY23 [3][4]. - The revenue growth forecast for FY25 is expected to be around 22.7%, indicating a continued slowdown [4]. - The Zacks Consensus Estimate for Zscaler's FY25 earnings suggests a year-over-year decline of 0.31% [7]. Competitive Landscape - Zscaler faces increasing competition from established cybersecurity firms such as Palo Alto Networks, CyberArk, and CrowdStrike, which are investing heavily in innovative cybersecurity solutions [5][6]. - The company must maintain high spending on R&D to stay competitive and innovate in the market [5][6]. Growth Initiatives - Zscaler's New Growth Categories, which include Zero Trust Everywhere and Agentic Operations, reached approximately $1 billion in annual recurring revenues (ARR) [10]. - The company has successfully implemented its Zero Trust Exchange, gaining over 210 adoptions and achieving 60% quarter-over-quarter growth in Q3 FY25 [9]. - Zscaler's total ARR reached $2.9 billion in Q3 FY25 [10]. Strategic Partnerships and Innovations - Zscaler has launched new solutions like Asset Exposure Management and partnered with SAP to integrate its services within SAP's RISE framework [11]. - The company is enhancing its offerings with AI technologies through partnerships with NVIDIA and CrowdStrike [12]. Government Sector Expansion - Zscaler is expanding its GovCloud solutions and has enabled numerous government agencies to utilize its products, serving 14 out of 15 U.S. cabinet-level agencies [14][15]. - The inclusion in Amazon Web Services' Internet Control Message Protocol enhances Zscaler's accessibility to U.S. federal agencies [15]. Market Performance - Zscaler's share price has surged 74% year-to-date, outperforming the Zacks Security Industry and its peers [16].

法国汽车制造商协会（PFA）：6月份法国新车注册量同比下滑6.7%，至169504辆。特斯拉销量下降 10.04%，至3646辆。自今年年初以来，特斯拉销量下滑了39.59%。 订阅特斯拉动态 +订阅 ...

法国总统马克龙自2022年以来首次与俄罗斯总统普京通电话，双方同意在伊朗问题上协同。 WTI原油期货涨幅收窄至不足0.7%，报65.55美元。 ...

Core Insights - Both NIKE (NKE) and Target (TGT) have faced significant pressure in recent years, underperforming and regularly posting weaker-than-expected results [1][16] - Inventory issues have been a common challenge for both companies, particularly with Target's discretionary merchandise suffering post-COVID [1][10] - Despite recent stock recoveries, both companies continue to struggle with negative EPS outlooks and less-than-ideal product assortments [2][17] NIKE (NKE) Summary - NIKE has experienced weak quarterly results due to soft demand, with sales of $11.1 billion falling 12% year-over-year and gross margin contracting to 40.3% from 44.7% [5][4] - The company has struggled to meet consumer demands, compounded by tariff exposure affecting sentiment [2][4] - Positive commentary regarding future periods has led to a stock bounce post-earnings, but the near-term EPS outlook remains bearish [8][9] Target (TGT) Summary - Target's comparable store sales decreased by 3.8% year-over-year, reflecting ongoing challenges in its discretionary inventory [10][15] - Digital sales showed growth, with a 4.7% increase in comparable sales and a 36% rise in same-day delivery through Target Circle 360 [11][15] - The establishment of a multi-year acceleration office and leadership changes aim to enhance decision-making and execution of strategic initiatives, although analysts remain bearish on EPS outlooks [15][10]

在一个挤满忠实狂热粉丝的场地里，富有魅力的CEO走到舞台中央，当他举起秘密研发许久的产品，并宣布该产品上市时，台下人群沸腾了起来。《时代》 杂志称该产品为"一项令人震惊的技术成就"。《财富》杂志称，这是"工业史上最伟大的成就之一"。CEO认为，这款产品将会彻底改变整个行业："你一接 触到它，便爱不释手。" 大部分人看到这里会以为这些描述是2007年史蒂夫·乔布斯在旧金山马士孔尼会展中心举行的Macworld大会上正式发布iPhone的场景，但实际上，这是更早 的1972年，美国宝丽来公司创始人、即显摄影发明者埃德温·兰德在介绍标志性的宝丽来SX-70——一款金字塔状、可折叠、即时可取的彩色相机的现场。 宝丽来销售额在1948年时不到150万美元，1978年增长到14亿美元。30年，宝丽来主导着即时摄影领域。它们每年都会带来惊人的突破，令消费者欣喜不 已。时间向后再拉30年，史蒂夫·乔布斯也沿着他的精神导师兰德的路，发布了初代iPhone，带领苹果持续创造现代科技企业的神话。 不过随着乔布斯的离去，苹果在新市场的创造力似乎也变得乏力，特别是投入巨大的汽车项目最终胎死腹中。但在大洋的另一端，另一位把乔布斯视为精神 ...

陕西巨丰投资资讯有限责任公司高级投资顾问朱华雷在接受《证券日报》记者采访时表示，今年上半年专项债发行规模较 去年同期较大幅度增长，体现出政策支持力度增强。上半年新增专项债发行规模增长、投向领域拓宽，对于稳增长、促投资、 惠民生等方面具有重要意义。专项债通过加大对基础设施等领域的投资，为经济的持续健康发展提供了有力支撑。 今年的《政府工作报告》明确，拟安排地方政府专项债券4.4万亿元、比上年增加5000亿元，重点用于投资建设、土地收储 和收购存量商品房、消化地方政府拖欠企业账款等。 本报记者 韩昱 上半年，地方债放量发行。《证券日报》记者根据Wind数据统计，今年上半年，各地发行地方债规模约54902亿元，与 2024年同期的34928亿元相比，增长约57.2%。这是今年财政政策前置发力的一个突出体现。 新增专项债发行进度也在加快。据Wind数据统计，今年上半年，各地发行新增专项债规模约21607亿元，较2024年上半年 的14935亿元，增长约44.7%。 朱华雷表示，预计三季度新增专项债发行将进一步提速。发行规模将进一步扩大，发行节奏有望加快，投向领域也更加多 元化。 财政部网站6月30日发布的《国务院关于 ...

本报记者 张敏 刘钊 7月1日，国家医保局、国家卫生健康委印发《支持创新药高质量发展的若干措施》（以下简称《若干措施》）的通知，旨 在从研发、市场准入、支付到临床应用构建全链条支持创新药发展体系。其中，《若干措施》提出的增设商业健康保险创新药 目录、支持医保数据用于创新药研发等举措，被视为破解行业"支付瓶颈""同质化竞争"的关键政策突破。 当日，国家医保局召开新闻发布会，介绍《若干措施》的有关情况。 多元化支付打开新渠道 国家医保是我国最大的医疗支付方。当前，我国已经逐步建立适应新药准入的医保目录动态调整机制，以真金白银支持创 新药发展。 国家医保局相关负责人向《证券日报》等媒体表示，基本医保坚持"保基本"定位，部分临床效果显著的高值创新药因超出 保障能力暂未纳入医保目录。近年来我国商业保险市场也呈现快速增长趋势。但与城乡居民基本医保超过95%的资金使用率相 比，商业健康保险在保障水平和保障效能上还有比较大的发展空间。推出商业健康保险创新药目录，有助于健全多层次用药保 障体系。 创新药研发装上"精准导航" 近年来，我国创新药发展驶入快车道。2018年至2024年，我国1类创新药获批上市数量呈现明显上升趋势，2 ...

中国信息协会常务理事、国研新经济研究院院长朱克力在接受《证券日报》记者采访时表示，暑期家庭出游需求旺盛，带 动了整体旅游消费的活跃。同时，红色游、康养游等细分市场也在升温，反映出游客需求的多元化。旅游列车和银发专列的增 开，说明市场对不同群体的覆盖更全面。整体来看，暑期旅游市场呈现出需求旺盛、产品丰富、体验升级的特点。 在北京海淀区一家旅行社，门店负责人正忙着向客户介绍暑期亲子游产品。他告诉记者，近期线上线下咨询量激增，国内 最热门的是新疆、云南、甘肃等地，上海、广州、杭州等传统热门城市咨询量也很大，此外，与主题乐园、各类博物馆、热门 演唱会相关的城市均是热门选择。 谈及如何进一步激活暑期旅游消费潜能，朱克力建议从供给和需求两端发力。供给端要持续创新旅游产品，如开发更多主 题列车、定制化旅游线路，满足不同群体的个性化需求；同时，提升服务质量，如优化列车设施、提供更贴心的导游服务，让 游客的旅行体验更舒适。需求端可以通过政策引导和宣传推广，如发放旅游消费券、推出暑期优惠活动，刺激家庭出游的意 愿。此外，加强区域间的旅游合作，整合资源打造跨地区旅游线路，吸引更多游客，持续释放消费潜力。 付一夫认为，要进一步优化服 ...

在民航方面，航班管家数据显示，2025年暑运期间民航整体旅客运输量预计达1.5亿人次（仅境内航司承运数据），日均超 240万人次，预计同比增长5.4%；民航预计执行客运航班106.1万班次，日均1.7万班次，同比增长3.9%。 为了迎接暑运，多家航司已进行积极部署，并加大运力投放。其中，今年暑运期间，中国南方航空股份有限公司计划在 970余条国内航线、260余条国际及地区航线上共执飞航班32万班次。中国东方航空股份有限公司计划执行客运航线1150余条， 日均执行航班超3200班，同比增长5%。此外，多家航司新增"避暑航线"直击暑期消费痛点。 这种陆空联动的运输布局，为暑期文旅消费奠定了坚实运力基础。美团研究院相关人士对记者表示，交通网络的织密不仅 缩短了时空距离，更重构了"快旅慢游"的新消费生态。疾驰的高铁串联起山川湖海，当宽体客机载着旅客奔赴诗意远方，立体 化交通格局正将"流动的中国"愿景转化为夏日经济的澎湃动能。 交通网络的织密直接带动了文旅市场的活跃。美团旅行数据显示，截至6月30日，2025年暑期整体文旅预订增速同比上涨 近38%，北京、上海、青岛、成都、西安、重庆、南京、威海、广州、昆明位列热门暑期 ...