随着全球经济的深度融合，中国企业"出海"这一话题的热度仍未消减。中国企业的"出海"战略，逐步从 最初的市场拓展，演变为全球资源整合和产业链重塑的战略布局，加之全球经济的不确定性、国际政治 环境的多变性以及跨境运营的复杂性，企业面临的客观挑战也愈加复杂。 以往大家讨论中国企业"出海"时，更多的是通过自身的视角了解"出海"潜在目的地、当地市场的特点与 需求，及可能面临的风险与挑战。 本文将通过"出海"目的地专家们的视角，来看看作为投资者的中国企业在各地所遇到的机遇和面临的挑 战。 来自印度尼西亚、泰国、哈萨克斯坦、智利、荷兰和美国的六位法律和财税专家，他们根据各自的丰富 实践经验，针对下述三个问题，分别提供了深入的见解。文末，百宸律师事务所也分享了作为中国律师 在服务中国企业出海过程中的真实感受。 问题如下： Denia Isetianti，Soemadipradja&Taher合伙人律师 denia_isetianti@soemath.com 1. 你的国家是否适合中国企业海外扩张？为什么？ 你的国家是否适合中国企业海外扩张？为什么？（Is your country a suitable destination ...

1. Report Industry Investment Rating - Most of the covered companies have investment ratings such as "Buy" and "Add", including China National Building Material Co., Ltd., China National Steel & Machinery Corporation, etc. [21][24] 2. Core Viewpoints - Suggest paying attention to investment opportunities related to the Belt and Road Initiative, including four major international engineering companies and companies like Shanghai Harbor and Keda Manufacturing. [3][18] - Although the real - estate market is on the path of stabilizing after a series of policies since the December 2024 Politburo meeting, it still needs to be consolidated in April, and continuous policy support is expected. [3] - Currently, it is recommended to focus on companies such as Honglu Steel Structure, China Jushi, etc., due to factors like improved foreign trade environment, expected increase in downstream demand, and product price increases. [3] 3. Summary by Directory 3.1 Week - Special Topic: Focus on Belt and Road - Related Investment Opportunities - The Belt and Road Initiative aims to achieve infrastructure connectivity and sustainable development among countries along the routes. After more than a decade of construction, the infrastructure connectivity among countries along the routes has taken shape, with significant growth in railway transportation and an increase in the proportion of trade with BRI countries in China's total foreign trade. [3][5][8] - Investment opportunities related to the Belt and Road Initiative are suggested, including four major international engineering companies (Northern International, Sinomach, Sinoma International, and Sino - steel International) and companies like Shanghai Harbor and Keda Manufacturing. [3][18] 3.2 Profit Forecasts and Valuations of Main Covered Companies - The report provides profit forecasts and valuations for multiple companies from 2024 to 2027, including EPS, PE, PB, etc., and gives investment ratings such as "Buy" and "Add". [21][24] 3.3 Weekly Market Review - In the weekly market, the building and building materials industries showed different degrees of decline. Among them, the building index and building materials index both decreased, and different sub - sectors also had varying performance. [28][30][32] - Infrastructure public REITs also had different price fluctuations, with an average weekly increase of 1.73%, a monthly increase of 4.23%, and significant increases in the year - to - date and since IPO. [36][37] 3.4 Aggregate Data Tracking - In the real - estate market, data on new construction, construction, completion, and sales areas showed different trends. In addition, data on land transactions, real - estate transactions, social financing, and infrastructure investment are also provided. [39][48][58] - The new - signed contract data of eight major construction central enterprises from 2022Q1 to 2025Q1 are presented, showing different growth rates in different quarters. [87] 3.5 High - Frequency Data Tracking - High - frequency data on various building materials such as cement, glass, photovoltaic glass, fiberglass, carbon fiber, and magnesium sand are provided, including price, production, inventory, etc. [99][102][110] - Data on upstream raw material prices and physical workloads are also included, such as waste paper, PVC, HDPE prices, and high - altitude machine rental rates, excavator working hours, etc. [148][156]