媒体披露，网络水军现已从最初的"单兵作战"发展到"规模操作"，从侧面的舆论引导到直接的黑公关、 流量造假等，网络水军乱象成为扭曲市场竞争、破坏平台生态、侵蚀社会信任的毒瘤。与此同时，"病 态流量"也持续引起了各方关注，户晨风、蓝战非等网红近期因制造对立情绪、传播不良信息被多平台 封禁，反映出了"病态流量"现象的治理问题。 山东烟台的梁女士至今还记得账号被封那天的茫然与无措。原本经过半年摸索，她的化妆品直播业务刚 有起色，每天5场直播能带来几万元收入，然而这一切都因网络水军的恶意举报戛然而止。在莱阳警方 破获的网络水军案中，不法分子将水军业务明码标价，无论是转发、点赞还是评论，均可按需购买。 其次是冲击了平台秩序。无论是水军的批量操作，还是网红的恶意炒作，都在挑战平台的内容审核机制 与推荐逻辑。尤为严重的是，虚假流量和病态流量毒化了社会心态。如果对立成为常态，戾气被美化， 那么公众的公共讨论空间势必被压缩，理性对话和交流就会成为一种奢侈品。在这种环境中，社会信任 就会被一点点瓦解。 面对虚假流量和病态情绪交织的网络环境，多方协同治理至关重要。近年来，公安网信等部门持续开展 专项打击行动，已经取得了一定成效。公安 ...

从批量点赞到恶意举报，从虚假评论到直播间数据造假，这些身穿隐身马甲的"网络水军"，有组织地通 过引导错误认知、挑动对立、炒作热点等手段疯狂牟利，不断侵蚀行业生态、侵害网民利益、冲击平台 秩序。 前不久，山东烟台的梁女士就遭遇了竞争对手雇佣水军发起的恶意举报，导致她的直播账号带货功能遭 永久封停，苦心经营半年的心血一夜归零。 从爆单到封号 当举报成为打压同行工具 去年8月，山东烟台的梁女士从短视频营销转入了直播带货，主要商品是某国产化妆品。经过半年多的 不断摸索，从今年年初开始，梁女士的直播流量有大幅起色，并且还积累了一批稳定粉丝。 网络主播 梁女士：最好的时候我一天播五场，能卖几万块钱。因为我们没有付费，是纯免费的流量， 开始有利润了，终于开始正常有点收入了，突然被封号了。小黄车的商品分享功能永久被关停，等于这 个号废了。因为我们就是卖货的直播间，没有小黄车了，收入就等于零了。 毫无征兆的封停让原本打算大干一番的梁女士措手不及，因为直播带货功能被永久封停，就意味着之前 的努力和投入全都付诸东流。 网络主播 梁女士：我们这个设备就五万多，办公场地七万，一个员工至少每月四千块钱的工资。电商 和实体店不一样，我支起 ...

Core Viewpoint - The Chinese government has initiated a three-month special rectification action to address online chaos in the automotive industry, focusing on illegal profit-making, exaggerated and false advertising, and malicious attacks, aiming to create a fair market environment for high-quality development in the automotive sector [1] Group 1: Government Action and Industry Response - The Ministry of Industry and Information Technology and other departments have issued a notice to regulate marketing behaviors in the automotive industry [1] - Numerous car manufacturers, including BYD and Lantu, have expressed their support for the rectification action, indicating that they have long suffered from online chaos [1][2] - The monitoring platform reported over 210,000 discussions related to "internet water army" and "black public relations" from January last year to April this year, highlighting the intense competition and complex public opinion ecology in the automotive industry [1] Group 2: Legal Actions and Industry Challenges - BYD has taken legal action against a self-media influencer for spreading false and defamatory information, resulting in a court ruling that requires the influencer to apologize and compensate BYD over 2 million yuan [2] - Other brands like Great Wall and Zeekr have also joined the fight against "black public relations," indicating a collective effort among car manufacturers to protect their interests [2] - The automotive industry's online chaos is not solely due to a few "internet water armies" but is a result of a broader competitive environment where some companies are both victims and perpetrators [2] Group 3: Advertising and Marketing Issues - The China Advertising Association has criticized the automotive advertising sector for misleading marketing practices, such as exaggerating autonomous driving capabilities and concealing safety information [3] - The association warns that such disordered marketing can harm market order, consumer rights, and the reputation of honest companies, leading to a loss of consumer trust [3] Group 4: Industry Transformation and Future Directions - The automotive industry is at a critical juncture, requiring a shift towards innovation-driven and value-oriented development, alongside a fair competitive environment [4] - The special rectification action aims to establish a long-term mechanism for a clear online space, transparent consumer environment, and fair market competition through a combination of regulation, technology, and self-discipline [4][5] - The expected outcomes include the promotion of AI monitoring systems for identifying false information, the establishment of unified marketing standards, and a cultural shift towards a "cooperative and win-win" approach among car manufacturers [5]

1. Report Industry Investment Rating - No investment rating information provided in the report 2. Core View of the Report - The U.S. three major indices showed mixed performance. The previous trading day saw the stock index rebound with oscillations, with the communication sector leading the gains and the power equipment sector leading the losses. The market turnover was 2.00 trillion yuan. On September 9, the margin trading balance increased by 5952 million yuan to 2303.495 billion yuan. In 2025, domestic liquidity is expected to remain loose, and it is in a policy window period. In the fourth quarter, more incremental policies may be introduced to boost the real economy, and external risks are gradually easing. The increasing probability of the Fed's interest - rate cut in September further enhances the attractiveness of RMB assets. The current market is in a resonance period of "policy bottom + capital bottom + valuation bottom", but one needs to adapt to the accelerating sector rotation and structural differentiation. The CSI 500 and CSI 1000 indices, which are mostly composed of technology - growth stocks, are more offensive, with larger fluctuations but potentially higher returns. The SSE 50 and CSI 300, which are mostly composed of dividend blue - chip stocks, are more defensive, with smaller fluctuations but relatively weaker price elasticity. Since July, the stock index has continued to rise with a large increase, and it may undergo shock consolidation in the short term, but the probability of a long - term market continuation is high [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4426.20, 4419.20, 4399.60, and 4379.20 respectively, and the previous day's closing prices were 4432.40, 4422.80, 4400.60, and 4378.20 respectively. The price increases were 11.60, 10.00, 7.40, and 4.60 respectively, and the corresponding increases in the CSI 300 were 0.26, 0.23, 0.17, and 0.11. The trading volumes were 76988.00, 6115.00, 38360.00, and 9217.00 respectively, and the open interest was 113485.00, 15085.00, 106452.00, and 40453.00 respectively. The changes in open interest were 944.00, 828.00, 4011.00, and 1524.00 respectively [1] - **IH Contracts**: The previous two - day closing prices of IH contracts (current month, next month, next quarter, and far - quarter) were 2925.40, 2925.80, 2924.80, and 2926.60 respectively, and the previous day's closing prices were 2937.80, 2936.20, 2936.80, and 2939.80 respectively. The price increases were 15.80, 14.60, 15.00, and 16.60 respectively, and the corresponding increases in the SSE 50 were 0.54, 0.50, 0.51, and 0.57. The trading volumes were 33015.00, 2270.00, 14970.00, and 2994.00 respectively, and the open interest was 48255.00, 5673.00, 32649.00, and 9310.00 respectively. The changes in open interest were - 159.00, - 802.00, 623.00, and 245.00 respectively [1] - **IC Contracts**: The previous two - day closing prices of IC contracts (current month, next month, next quarter, and far - quarter) were 6872.80, 6813.60, 6696.40, and 6550.00 respectively, and the previous day's closing prices were 6863.40, 6803.00, 6682.80, and 6531.20 respectively. The price decreases were 3.40, 5.00, 9.20, and 15.20 respectively, and the corresponding decreases in the CSI 500 were 0.05, 0.07, 0.14, and 0.23. The trading volumes were 75803.00, 7440.00, 39131.00, and 12223.00 respectively, and the open interest was 105294.00, 15435.00, 88732.00, and 37927.00 respectively. The changes in open interest were 1013.00, 556.00, 801.00, and - 638.00 respectively [1] - **IM Contracts**: The previous two - day closing prices of IM contracts (current month, next month, next quarter, and far - quarter) were 7165.80, 7100.60, 6956.40, and 6776.80 respectively, and the previous day's closing prices were 7151.00, 7088.60, 6938.20, and 6750.00 respectively. The price decreases were 2.40, 3.80, 10.60, and 19.80 respectively, and the corresponding decreases in the CSI 1000 were 0.03, 0.05, 0.15, and 0.29. The trading volumes were 161976.00, 14887.00, 74810.00, and 23421.00 respectively, and the open interest was 154502.00, 30109.00, 132535.00, and 66557.00 respectively. The changes in open interest were - 826.00, 1901.00, 1429.00, and 539.00 respectively [1] - **Inter - month Spreads**: The current values of the inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 9.60, - 1.60, - 60.40, and - 62.40 respectively, and the previous values were - 7.00, 0.40, - 59.20, and - 65.20 respectively [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4445.36, 2939.59, 6932.11, and 7230.17 respectively, and the previous two - day values were 4436.26, 2928.63, 6928.97, and 7226.03 respectively. The increases were 0.21, 0.37, 0.05, and 0.06 respectively. The trading volumes (in billions of lots) were 203.60, 56.40, 189.92, and 252.67 respectively, and the total trading amounts (in billions of yuan) were 5355.39, 1338.02, 3596.67, and 3961.05 respectively [1] - **Industry Indexes**: Among the CSI 300 industry indexes, the energy, raw materials, industrial, and optional consumption sectors had decreases of - 0.47%, - 1.21%, - 0.88%, and - 0.61% respectively. The major consumption, medical and health, real - estate finance, and information technology sectors had increases of 0.31%, - 0.71%, - 0.08%, and 2.13% respectively. The telecommunications business and public utilities sectors had increases of 4.05% and 0.00% respectively [1] 3.3 Futures - Spot Basis - **IF Contracts and CSI 300**: The previous values of the basis of IF (current month - CSI 300), IF (next month - CSI 300), IF (next quarter - CSI 300), and IF (far - quarter - CSI 300) were - 12.96, - 22.56, - 44.76, and - 67.16 respectively, and the previous two - day values were - 10.06, - 17.06, - 36.66, and - 57.06 respectively [1] - **IH Contracts and SSE 50**: The previous values of the basis of IH (current month - SSE 50), IH (next month - SSE 50), IH (next quarter - SSE 50), and IH (far - quarter - SSE 50) were - 1.79, - 3.39, - 2.79, and 0.21 respectively, and the previous two - day values were - 3.23, - 2.83, - 3.83, and - 2.03 respectively [1] - **IC Contracts and CSI 500**: The previous values of the basis of IC (current month - CSI 500), IC (next month - CSI 500), IC (next quarter - CSI 500), and IC (far - quarter - CSI 500) were - 68.71, - 129.11, - 249.31, and - 400.91 respectively, and the previous two - day values were - 56.17, - 115.37, - 232.57, and - 378.97 respectively [1] - **IM Contracts and CSI 1000**: The previous values of the basis of IM (current month - CSI 1000), IM (next month - CSI 1000), IM (next quarter - CSI 1000), and IM (far - quarter - CSI 1000) were - 79.17, - 141.57, - 291.97, and - 480.17 respectively, and the previous two - day values were - 60.23, - 125.43, - 269.63, and - 449.23 respectively [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3812.22, 12557.68, 7686.96, and 2904.27 respectively, and the previous two - day values were 3807.29, 12510.60, 7676.37, and 2867.97 respectively. The increases were 0.13%, 0.38%, 0.14%, and 1.27% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26200.26, 43837.67, 6532.04, and 23632.95 respectively, and the previous two - day values were 25938.13, 43459.29, 6512.61, and 23718.45 respectively. The increases were 1.01%, 0.87%, 0.30%, and - 0.36% respectively [1] 3.5 Macroeconomic Information - China's CPI in August was flat month - on - month and decreased by 0.4% year - on - year due to the high base and the drag of food prices. The core CPI increased by 0.9% year - on - year, with the increase expanding for the fourth consecutive month. The PPI decreased by 2.9% year - on - year, with the decline narrowing by 0.7 percentage points compared with the previous month, and was flat month - on - month, ending the eight - month downward trend [2] - The report on the implementation of the national economic and social development plan since this year pointed out that in the second half of the year, it is necessary to better coordinate domestic economic work and international economic and trade struggles, coordinate high - quality development and high - level security, maintain policy continuity and stability, enhance flexibility and predictability, focus on stabilizing employment, enterprises, the market, and expectations, and promote the domestic and international dual - cycle, aiming to promote a reasonable recovery of the price level, social employment stability, and economic growth [2] - China will unswervingly expand high - level opening - up, actively align with international high - standard economic and trade rules, accelerate pilot implementation in platforms such as free trade pilot zones and national service trade innovation and development demonstration zones, and promote high - quality development of service trade [2] - China opposed the negative words and deeds of the US side, which damaged China's legitimate rights and interests and interfered in China's internal affairs [2] 3.6 Industry Information - Six departments including the Ministry of Industry and Information Technology jointly launched a special rectification action on network chaos in the automotive industry, focusing on issues such as online trolls and "black public relations" [2] - China has made major breakthroughs in prospecting for strategic emerging industry minerals, discovering an "Asian lithium belt" spanning four provinces and regions and multiple large and super - large lithium mines [2] - In August, the comprehensive inventory coefficient of automobile dealers was 1.31, a 3% month - on - month decrease and a 12.9% year - on - year increase. The inventory level was below the warning line but higher than the reasonable range. The passenger car terminal retail sales in September are expected to increase steadily month - on - month [2] - The China E - commerce Logistics Index in August was 112.3 points, up 0.3 points from the previous month, reaching a new high this year, and has increased for six consecutive months [2]

Core Viewpoint - The Chinese government is launching a three-month special campaign to address online chaos in the automotive industry, targeting illegal profit-making, exaggerated and false advertising, and malicious attacks [1][2]. Group 1: Government Action - Six government departments have jointly issued a notice to conduct a nationwide special rectification action in the automotive sector [1]. - The campaign aims to investigate and punish public relations and marketing companies involved in online chaos, as well as the automotive companies that purchase their services [2]. Group 2: Industry Context - The rapid development of China's new energy vehicle industry has led to significant achievements, making it the global leader in production and sales for several consecutive years [1]. - However, the industry faces threats from online chaos, which undermines the innovation environment and long-term development of the sector [1]. Group 3: Online Chaos and Its Impact - The rise of social media and public opinion platforms has increased the influence of public sentiment on product sales, but it has also led to negative impacts, such as black public relations and online attacks against competitors [2]. - New technologies, including generative artificial intelligence, are being used to create fake content and manipulate public perception, which poses a risk to the automotive industry [2]. Group 4: Importance of a Healthy Public Opinion Environment - A healthy industry requires not only advanced technology and a robust supply chain but also a clear public opinion environment that allows for accurate information transmission and stable trust [2]. - The notice outlines detailed governance plans to address illegal profit-making, exaggerated advertising, and malicious attacks, indicating a comprehensive approach to tackling these issues [2]. Group 5: Role of Media and Industry Responsibility - The automotive industry must actively report and cut ties with black public relations firms to eliminate the financial incentives for online chaos [3]. - A clear public opinion environment is essential for the healthy development of the automotive industry, and media supervision plays a crucial role in maintaining this environment [3].

Core Viewpoint - The automotive industry is facing a surge in malicious rumors and misinformation, significantly impacting companies like Jianghuai Automobile, which recently reported over 3,000 false information attacks, prompting police investigations [2][3][4]. Group 1: Company Responses - Jianghuai Automobile's legal department has taken a firm stance against the spread of false information, stating that it will not tolerate such actions and is committed to protecting consumer rights [3][4]. - The company has experienced a positive growth trajectory, with significant improvements in its commercial vehicle sector and successful product launches, such as the luxury sedan S800, which has achieved over 10,000 orders in just 60 days [4][9]. - Other companies in the automotive sector, including BYD and NIO, have also faced similar challenges with online rumors and have actively pursued legal actions against malicious entities [6][7]. Group 2: Industry Trends - The rise of online misinformation is a growing concern across the automotive industry, with many companies reporting similar experiences of being targeted by malicious rumors [6][9]. - The competitive landscape has shifted, with companies now focusing on combating "black public relations" and misinformation campaigns, indicating a significant change in how competition is perceived within the industry [9][10]. - Regulatory bodies and industry organizations are increasingly taking action to address these issues, with initiatives aimed at curbing the influence of online misinformation and promoting fair competition [9][10].

Core Viewpoint - The article discusses organized malicious attacks against Li Auto, highlighting the use of social media to spread negative content about the brand and its users, which has raised concerns among the company and its customers [4][5]. Group 1: Organized Malicious Activities - A screenshot revealed a chat group where individuals were paid to collect and disseminate negative behaviors associated with Li Auto vehicles, such as improper parking and driving violations, with payments of 5 yuan per image and 8 yuan per video [3][4]. - Li Auto's management has acknowledged receiving numerous complaints from car owners about these organized attacks aimed at tarnishing the image of Li Auto users [4][5]. Group 2: Company Response - Li Auto has initiated legal actions against the perpetrators of these malicious activities, including gathering evidence and pursuing civil and criminal complaints to protect the rights of its users [5][6]. - The company has encouraged affected car owners to report any issues caused by these attacks, assuring them of support in combating the spread of false information [5][6]. Group 3: Industry Reactions - NIO's executive, Ma Lin, expressed disapproval of the indiscriminate attacks on Li Auto's user base, emphasizing the importance of fair treatment and urging for legal resolutions to the issue [9].

Core Viewpoint - Recent negative online sentiment against Li Auto has been attributed to organized misinformation campaigns targeting its vehicle owners, leading to significant reputational damage for the company and distress among its customers [2][4][8]. Group 1: Company Response - Li Auto's legal department has acknowledged complaints from car owners about their vehicles being unfairly criticized online, causing anxiety among users [2]. - The company has identified a surge of misleading negative information across various platforms, with a notable example being 45 similar posts published on a single platform within a span of just 7 hours on August 3 [4]. - Li Auto has committed to supporting its customers and is taking legal action against those responsible for the misinformation, including filing complaints and pursuing civil and criminal charges [4][7]. Group 2: Market Impact - Following the emergence of these negative sentiments, Li Auto's stock price has experienced a decline, with a reported drop of 5.43% in its U.S. shares [8].

Core Viewpoint - Recent organized attacks against Li Auto and its owners have been identified, with evidence of malicious behavior aimed at tarnishing the brand's image [1][2][3] Group 1: Organized Malicious Activities - A screenshot from a chat group revealed a plan to collect negative behaviors of Li Auto owners, offering payments for photos and videos of infractions [1] - Li Auto's legal department confirmed that negative information was being disseminated continuously across multiple platforms, indicating a coordinated effort [2] - On August 3, a single platform saw 45 identical posts targeting Li Auto owners within a few hours, showcasing the high frequency and similarity of the content [2] Group 2: Company Response - Li Auto has begun legal actions against the perpetrators, including evidence collection, platform complaints, civil lawsuits, and criminal reports to protect its owners' rights [2][3] - The company encourages affected owners to report any issues caused by these attacks, emphasizing its commitment to defending their rights [3] Group 3: Industry Reactions - NIO's executive, Ma Lin, expressed disapproval of the attacks on Li Auto, urging users to remain vigilant against misinformation and emphasizing that NIO has no motive to create conflict with Li Auto [6][7]

Core Viewpoint - The article discusses the negative impact of online misinformation on Li Auto and its customers, highlighting the company's response to protect its brand and users [1][4][9]. Group 1: Company Response - Li Auto's legal department reported that many car owners have expressed concerns about their vehicles being targeted, leading to widespread negative sentiment online [1]. - The company identified a significant amount of misleading negative information being disseminated across multiple platforms, with 45 similar posts appearing on one platform within a single morning [4]. - Li Auto stated that this situation severely damages the image of its users and disrupts their daily lives, prompting the company to take legal action against those responsible for the misinformation [6]. Group 2: Market Impact - Following the negative publicity, Li Auto's stock price fell by approximately 1.3% in Hong Kong, with a 5.43% decline in its U.S. stock price the previous night [9]. - The company's product head shared evidence of organized online attacks against Li Auto, indicating a coordinated effort to undermine the brand [8].