The latest 13F from Fairfax Financial reflects a steady, high-conviction allocation toward real assets, energy, and restructuring platforms — with minimal turnover during the quarter. The portfolio remains concentrated in long-duration value exposures where Fairfax believes intrinsic value exceeds market pricing. Activity this quarter was modest, signaling portfolio satisfaction rather than tactical repositioning.1. Orla Mining (ORLA) — No Change56.8M shares — $610.5M position (~29.6% of portfolio)Change Sh ...

责任编辑：张恒星 责任编辑：张恒星 1月16日，汽车之家等开展不规范测评被罚，"万能的大熊"等自媒体账号"拉踩引战"，煽动消费群体对 立，诋毁汽车企业及企业家。 1月16日，汽车之家等开展不规范测评被罚，"万能的大熊"等自媒体账号"拉踩引战"，煽动消费群体对 立，诋毁汽车企业及企业家。 ...

责任编辑：张恒星 责任编辑：张恒星 ...

Core Viewpoint - The article discusses the need for credible third-party testing in the rapidly evolving electric vehicle (EV) industry, emphasizing that consumer trust cannot solely rely on manufacturers' claims [3][5][14]. Group 1: Industry Challenges - The current EV industry is characterized by a trend of "extreme narratives," where manufacturers conduct tests in extreme conditions that may not reflect everyday user experiences, leading to a disconnect between marketing and actual consumer needs [5][14]. - As the penetration rate of EVs in China approaches 60% by 2025, consumers are increasingly concerned about the reliability and usability of vehicles under normal conditions rather than just peak performance [5][14]. - The credibility of testing standards and the transparency of methodologies are under scrutiny, as seen in the "quasi-winter test" controversy, which highlighted the blurred lines between marketing and professional testing [9][15]. Group 2: Role of Media - The recent winter test conducted by Autohome serves as a reference model, focusing on real-world winter driving scenarios and covering six core dimensions, including performance, safety, and reliability [6][10]. - Autohome's approach aims to establish itself as a trusted third-party evaluator, providing a reliable reference point between manufacturers' technical narratives and user experiences [7][10]. - The media's role in building trust is crucial, as consumers increasingly rely on independent testing to validate vehicle performance, especially in the context of ongoing safety controversies and winter range reductions [5][14]. Group 3: Autohome's Strategy - Autohome has invested significantly in a large-scale winter test, ensuring all vehicles tested are standard production models available to consumers, thereby enhancing the fairness and credibility of the results [11][13]. - The winter test involved a comprehensive setup, including a dedicated testing facility and standardized conditions, to minimize external variables and focus on product performance [11][13]. - Autohome's commitment to transparency and accountability is reflected in its proactive communication strategy, which includes public engagement and real-time monitoring of the testing process [10][19]. Group 4: Future Implications - The ongoing efforts to rebuild trust in the EV sector highlight the importance of credible testing and transparent communication in an era dominated by fragmented information and emotional responses [9][19]. - Autohome's evolution from a content provider to a trusted automotive consumer center underscores its focus on user-centric services and the need for reliable information in the decision-making process [17][19]. - The path to restoring trust may be challenging, but it is essential for the long-term credibility of the EV industry and consumer confidence [19].

Core Viewpoint - The article discusses the recent actions taken by the National Internet Information Office and the Ministry of Industry and Information Technology to address online misconduct in the automotive industry, highlighting specific cases of accounts and platforms that have engaged in harmful practices [1][3]. Group 1: Online Misconduct Cases - Accounts such as "万能的大熊" and others have been reported for continuously posting derogatory information that incites consumer group conflicts, leading to personal attacks on users of specific automotive brands [3]. - Accounts like "Blood旌旗" have been involved in maliciously hyping negative topics about automotive companies, attacking both the companies and their leaders, thereby damaging their reputations [3]. - The account "金融飒姐喵掌门" has distorted the interpretation of automotive companies' financial reports, exaggerating financial data fluctuations as signs of a "financial crisis," which misleads the public about the prospects of certain electric vehicle companies [4]. Group 2: Industry Impact - Platforms such as "汽车之家" and "太平洋汽车" have been conducting non-standard evaluations, disrupting the market order in the automotive industry by providing misleading assessments of vehicle quality and performance [4].

根据公开资料整理，网信办会同工信部等部门近期启动汽车行业网络乱象专项整治，重点打击挑动群体 对立、不实测评等违规行为，已依法依约处置一批违法违规账号。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点地产网 观点网讯：1月16日，国家互联网信息办公室通报，汽车之家AH等平台因开展不规范测评、炒作负面话 题，被认定扰乱汽车市场秩序，股价应声低开2.18%，中午收44.04港元，跌幅扩大至4.18%，成交3300 股，涉资14.65万港元。 ...

据网信中国，近期，国家网信办会同工业和信息化部等部门聚焦挑动群体对立、炒作负面话题、开展不 规范测评等突出问题，持续深入开展汽车行业网络乱象专项整治，依法依约处置一批违法违规账号。现 将部分典型案例通报如下： 1."万能的大熊"等账号持续发布贬损性信息，挑动消费群体对立。微博账号"万能的大熊""诗人书法家鲁 克"、今日头条账号"捌拾贰號"、哔哩哔哩账号"大象主观说车"等，以"贴标签""污名化"等方式拉踩引 战，对特定汽车品牌用户进行人身攻击，煽动消费群体对立。涉及的账号已被依法依约采取处置措施。 4."汽车之家"等平台开展不规范测评，扰乱汽车行业市场秩序。"汽车之家""太平洋汽车"等汽车类垂直 平台，开展"冬测""智驾横评"等不规范测评项目，并通过相关账号发布以偏概全的汽车测评类信息，误 导社会公众对汽车产品质量、功能性能等方面的认知。涉及的账号已被依法依约采取处置措施。 来源：网信中国 编辑：王伊萌 责编：赵一凡 2."Blood旌旗"等账号恶意炒作汽车企业负面话题，诋毁攻击汽车企业、企业家。微博账号"Blood旌 旗""张栋伟"、抖音账号"胖哥试车"、微信公众号"五星评车"等，长期针对部分汽车产品、企业经 ...

（原标题："汽车之家"等平台开展不规范测评，扰乱汽车行业市场秩序，涉及账号已被依法依约采取处 置措施） 来源：央视新闻 近期，国家网信办会同工业和信息化部等部门聚焦挑动群体对立、炒作负面话题、开展不规范测评等突 出问题，持续深入开展汽车行业网络乱象专项整治，依法依约处置一批违法违规账号。现将部分典型案 例通报如下： 2."Blood旌旗"等账号恶意炒作汽车企业负面话题，诋毁攻击汽车企业、企业家。微博账号"Blood旌 旗""张栋伟"、抖音账号"胖哥试车"、微信公众号"五星评车"等，长期针对部分汽车产品、企业经营模 式等发表诋毁言论，恶意抹黑攻击汽车企业、企业家。涉及的账号已被依法依约采取处置措施。 3."金融飒姐喵掌门"等账号歪曲解读汽车企业财务报表，干扰企业正常经营。抖音账号"金融飒姐喵掌 门"、微博账号"姐疯哥""费妮斯"等，恶意歪曲解读企业财务报表，将企业研发投入增加引发的财务数 据波动夸大渲染为"财务危机"，使用"XX快要倒闭""XX汽车必凉"等词汇唱衰部分新能源汽车企业发展 前景。涉及的账号已被依法依约采取处置措施。 4."汽车之家"等平台开展不规范测评，扰乱汽车行业市场秩序。"汽车之家""太平洋汽 ...

Core Viewpoint - The National Internet Information Office, in collaboration with the Ministry of Industry and Information Technology, is addressing issues in the automotive industry related to inciting group conflicts, negative topic hype, and irregular evaluations, leading to the legal action against several accounts involved in these activities [1][2]. Group 1: Inciting Group Conflicts - Accounts such as "万能的大熊" and "诗人书法家鲁克" have been reported for continuously posting derogatory information that incites consumer group conflicts by attacking specific automotive brands and users [1]. - The involved accounts have been legally dealt with according to regulations [1]. Group 2: Malicious Negative Hype - Accounts like "Blood旌旗" and "张栋伟" have been identified for maliciously hyping negative topics about automotive companies, attacking their products and business models, and spreading defamatory statements [2]. - These accounts have also faced legal actions as per regulatory measures [2]. Group 3: Distorted Financial Reporting - Accounts such as "金融飒姐喵掌门" and "姐疯哥" have been accused of distorting the interpretation of automotive companies' financial reports, exaggerating financial data fluctuations as signs of a "financial crisis" and predicting the downfall of certain electric vehicle companies [2]. - Legal actions have been taken against these accounts as well [2]. Group 4: Irregular Evaluations - Platforms like "汽车之家" and "太平洋汽车" have been conducting irregular evaluations, such as "冬测" and "智驾横评," which mislead the public regarding the quality and performance of automotive products [2]. - The accounts associated with these platforms have also been subjected to legal measures [2].

Core Viewpoint - The results of the second "Juyongmi Listed Company Selection" initiated by the public academic platform "Juyongmi" have been announced, with Autohome-S (02518) recognized as one of the "Top 20 ESG Companies" for its outstanding ESG practices [1] Group 1 - The selection process covered over 3,000 A-share, Hong Kong stock, and Chinese concept (proposed) listed companies [1] - The evaluation involved an initial material selection, followed by a rigorous voting process with over 20,000 professional participants over 7 days, and concluded with a comprehensive review by expert judges [1] - This honor highlights Autohome's comprehensive strength in the areas of environment, social responsibility, and governance, receiving high recognition from the capital market [1]