在为数不多的"双十基金"阵营中，摩根资产管理展现出卓越的长跑实力。截至9月30日，摩根资产管理 旗下共有8只产品符合"双十"标准，覆盖多元投资风格，且整体业绩跑赢同期业绩基准，凸显了穿越A 股多轮周期的投资韧性。以摩根新兴动力A为例，该基金成立已满14年，截至9月30日，年化收益率超 16%。该基金由业内资深老将杜猛管理，其投资布局兼具前瞻性与持续性，曾较早地捕捉到电动车产业 链投资机会，近年来又精准布局人工智能等科技产业链，成功把握科技企业价值重估的历史性机会。 证监会今年5月发布的《推动公募基金高质量发展行动方案》明确要求，基金公司对基金经理的考核， 基金产品业绩指标权重不低于80%；对基金投资收益全面实施长周期考核机制，其中三年以上中长期收 益考核权重不低于80%。随着该方案的持续落地，公募基金有望涌现出更多坚持长期主义、依靠团队智 慧和系统化方法的基金经理。 谈及后市，杜猛表示，节后市场将迎来三季报业绩与"十五五"产业政策的双重验证，预计市场风格将继 续在科技成长与景气复苏之间动态平衡，在中期向好趋势中寻找结构性机会。中期维度，市场向上逻辑 未改。美元降息周期确认，全球流动性利于新兴市场，市场趋势向上 ...

Group 1 - The core viewpoint is that the livestock and aquaculture industry is expected to experience a cyclical reversal by 2025, particularly in the beef and raw milk sectors, with domestic and international markets likely to resonate positively [1] - The pet industry is identified as a rare growth area, expected to benefit from demographic changes [1] - In the feed sector, leading companies are anticipated to achieve excess returns, benefiting from the recovery of the aquaculture market [1] Group 2 - The pig farming industry is projected to maintain its favorable conditions in 2025, with a focus on the recovery of undervalued leading companies [1] - In the poultry sector, the long-term consumption center for white chickens is expected to rise, while yellow chickens may benefit first from domestic demand [1] - The egg production sector is seeing growth in parent stock inventory, while short-term sugar imports are increasing [1] Group 3 - Rubber prices are expected to stabilize in the short term, with a positive outlook for the medium term [1] - Domestic corn supply and demand are tightening, leading to a moderate price increase forecast [1] - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which reflects the overall performance of companies involved in livestock feed, breeding, animal vaccines, and veterinary drugs [1]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue of 1.077 billion yuan for 2024, representing a year-over-year increase of 46.21%. The net profit attributable to shareholders was 128 million yuan, up 8.67% year-over-year [4]. - In Q1 2025, the company achieved a revenue of 285 million yuan, marking a 55.39% year-over-year growth, and a net profit of 26 million yuan, indicating a turnaround from losses [4]. - The company is increasing its investment in high-end production capacity and has completed significant capital expenditures, totaling 1.483 billion yuan in 2024, to enhance its competitive position in the market [6]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 1.401 billion yuan in 2025 to 2.306 billion yuan by 2027, with year-over-year growth rates of 30.1%, 29.1%, and 27.6% respectively [5]. - The net profit attributable to shareholders is expected to rise from 187 million yuan in 2025 to 386 million yuan in 2027, with corresponding year-over-year growth rates of 46.0%, 43.0%, and 44.1% [5]. - The earnings per share are forecasted to increase from 1.64 yuan in 2025 to 3.39 yuan in 2027 [5]. Revenue and Profitability Analysis - The company’s revenue from CP testing reached 615 million yuan in 2024, a 38.91% increase year-over-year, while FT testing revenue was 367 million yuan, up 50.07% year-over-year [6]. - The gross margin for CP testing was 42.45%, and for FT testing, it was 29.16%, with slight decreases compared to the previous year [6]. - The company’s R&D investment increased by 37.16% year-over-year to 142 million yuan, reflecting a commitment to innovation and development [6].