本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 ab 8 January 2025 Global Research U.S. Transportation 2025 Outlook: Gradual Cycle Turn Points To Modest Growth; Focus On Idiosyncratic Drivers We expect a muted freight backdrop and gradual cycle turn We are adjusting our 4Q forecasts and also lowering our 2025 EPS estimates for the railroads and also LTL names ODFL, SAIA, and XPO. Our new EPS estimates for both groups reflect the expectation of less growth in carloads / shipments and more modest margin expansion. The ...

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Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights a significant shift from traditional VPN solutions to Zero Trust Network Access (ZTNA) due to evolving security needs and remote work challenges [3][4][28] - A majority of organizations (75%) prioritize adopting Zero Trust strategies, with 59% planning to implement ZTNA within the next two years [4][28][30] - The report indicates that 92% of respondents express concerns about VPNs compromising their security capabilities, reflecting a critical need for more secure access solutions [4][17] Summary by Sections VPN Risks and Challenges - 92% of respondents worry about VPNs jeopardizing their security [4][17] - 81% of users are dissatisfied with their VPN experience, primarily due to slow connections and frequent disconnections [4][23] - 56% of organizations are seeking alternatives to traditional VPNs [4][27] VPN Usage and Adoption - 96% of organizations utilize VPNs to protect access to private applications, with 80% using them for remote work [9][4] - 65% of organizations rely on three or more VPN gateways, complicating network management [12] Future of VPN and Alternatives - 75% of organizations view adopting Zero Trust as a priority, with 56% considering alternatives to traditional VPNs [28][27] - 59% of organizations have adopted or plan to adopt ZTNA in the next two years, indicating a shift towards more secure access solutions [30][4] - 78% of respondents believe that ZTNA should completely replace VPNs [32] Budget Allocation - 51% of organizations have increased their budget for remote access solutions, reflecting the growing demand for secure access technologies [36]