大秦铁路：被低估的现金牛业务，预计 2025 年下半年迎来转折点；首次覆盖给予增持评级

J P M O R G A N Asia Pacific Equity Research 08 October 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Daqin Railway - A Undervalued cash cow business with turning point anticipated in 2H25; assume coverage with OW rating We assume coverage of Daqin Ra ...