China International Capital Corporation's Research Report indicates that the value of Daqin Railway (601006.SH) is becoming evident: 1) The fundamentals of Daqin Railway are expected to stabilize and improve (data from the Coal Network shows that the cargo volume of the Daqin Line turned positive year-on-year in December); 2) The pressure from Convertible Bonds on the stock price may be nearing its end; 3) In a horizontal comparison, the expected dividend yield for Daqin Railway in 2024/25 is 4.0%/4.7%, higher than the dividend assets of the transportation sector (the average dividend yield in 2025 is 3.8%). The expected cargo volume of the Daqin Line in 2024/25 is 0.392/0.421 billion tons, returning to the historical average level of Daqin this year. Additionally, by the end of 2024, the company's balance of Convertible Bonds is approximately 7.7 billion yuan, and the conversion of Convertible Bonds is around 18.7 billion yuan in 2024. It is believed that after the forced redemption of the company's Convertible Bonds, financial pressure may ease. Maintaining the "outperforming the Industry" rating, with the Target Price raised by 9.6% to 8.00 yuan.