Investment Rating - The report maintains a neutral investment rating for the transportation and construction industries [5]. Core Insights - The report emphasizes that Chinese companies are increasingly expanding into Southeast Asia as a strategic move for sustainable growth, leveraging the region's economic potential and lower costs [9][10]. - It highlights the role of third-party service providers in assisting companies with cross-border operations, thereby enhancing their core competencies while optimizing the service providers' business models [9][10]. - The report identifies that companies actively expanding overseas and effectively managing costs and risks are likely to build long-term competitive advantages amid trade headwinds [13]. Summary by Relevant Sections Section: Chinese Enterprises Going Overseas - The report discusses the restructuring of trade orders and the capital empowerment that enables Chinese enterprises to break through in Southeast Asia, which is seen as a key destination for overseas expansion due to its rapid economic growth and lower operational costs [9][10]. Section: Huanxu Electronics - Huanxu Electronics has accelerated its global expansion since 2018, establishing production bases in Vietnam, Mexico, and Poland, with a total of 30 factories across 12 countries [2][11]. - The company focuses on localizing talent and supply chains to maintain long-term competitiveness, with over 95% of its workforce in Vietnam being local [12][13]. Section: Eastern Airlines Logistics - Eastern Airlines Logistics is adjusting its route structure to mitigate risks and enhance its position as a comprehensive logistics service provider, currently operating 15 B777 freighters [14][16]. - The company is focusing on diversifying its market presence beyond North America to reduce risks associated with tariff fluctuations [14][16]. Section: Hongxin Jianda - Hongxin Jianda's overseas business has rapidly expanded, with overseas revenue reaching 3.9 billion yuan in 2024, accounting for 3.4% of total revenue, and further increasing to over 15% in Q1 2025 [17][18]. - The company plans to increase its overseas asset management scale to approximately 10 billion yuan by 2027, focusing on local procurement and employment to achieve win-win cooperation [18].