[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"app-context":3,"blog-fairfax-financial-two-engines-one-playbook-can-book-value-keep-compounding-in-2026-ZH":222},{"languages":4,"categories":41,"products":125,"competitors":149},[5,9,13,17,21,25,29,33,37],{"name":6,"code":7,"id":8},"English","EN","TGFuZ3VhZ2U6ZW4=",{"name":10,"code":11,"id":12},"Español","ES","TGFuZ3VhZ2U6ZXM=",{"name":14,"code":15,"id":16},"Português","PT","TGFuZ3VhZ2U6cHQ=",{"name":18,"code":19,"id":20},"日本語","JA","TGFuZ3VhZ2U6amE=",{"name":22,"code":23,"id":24},"한국어","KO","TGFuZ3VhZ2U6a28=",{"name":26,"code":27,"id":28},"Deutsch","DE","TGFuZ3VhZ2U6ZGU=",{"name":30,"code":31,"id":32},"Italiano","IT","TGFuZ3VhZ2U6aXQ=",{"name":34,"code":35,"id":36},"Français","FR","TGFuZ3VhZ2U6ZnI=",{"name":38,"code":39,"id":40},"中文 (中国)","ZH","TGFuZ3VhZ2U6emg=",[42,73,104],{"icon":43,"slug":44,"title":45,"description":46,"featuredLinks":47},"mingcute:stock-line","stock-market-basics","Stock Market Basics","\u003Cp>Beginners' guides and practical tips for understanding stock market investing.\u003C\u002Fp>\n",[48,53,58,63,68],{"url":49,"title":50,"description":51,"ogImage":52},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-makes-stocks-go-up-and-down","What Makes Stocks Go Up and Down | TIKR.com","Understanding what makes stock prices go up and down can help investors better navigate investing. Click to learn more!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-makes-stocks-go-up-and-down-banner\u002FWhat-makes-stocks-go-up-and-down-banner.jpg?_i=AA",{"url":54,"title":55,"description":56,"ogImage":57},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fdividend-yield-meaning-formula-example","Dividend Yield: Meaning, Formula, Example | Tikr.com Blog | TIKR.com","The dividend yield is a key metric for investors looking to gauge the income potential of their investments. It measures how much a company pays out in","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FDividend-yield\u002FDividend-yield.png?_i=AA",{"url":59,"title":60,"description":61,"ogImage":62},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fmarket-capitalization-definition-formula-and-why-it-matters","Market Capitalization: Definition, Formula, and Why It Matters | TIKR.com","Long-term investors often look at various valuation metrics when deciding whether to invest in a particular company. One helpful metric to evaluate is","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FMarket-Capitalization-Definition-Formula-and-Why-It-Matters\u002FMarket-Capitalization-Definition-Formula-and-Why-It-Matters.png?_i=AA",{"url":64,"title":65,"description":66,"ogImage":67},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fearnings-per-share-definition-formula-and-why-eps-matters","Earnings Per Share: Definition, Formula, and Why EPS Matters | TIKR.com","Earnings Per Share (EPS) represents the portion of a company's net earnings allocated to each share. Click to learn more!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEPS-Defiinition-formula-and-why-EPS-matters-1\u002FEPS-Defiinition-formula-and-why-EPS-matters-1.png?_i=AA",{"url":69,"title":70,"description":71,"ogImage":72},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-stock-price-target","What Is a Stock Price Target? | TIKR.com","A price target is a stock's estimated future price. It can help investors quickly find undervalued stocks. Learn more now!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-Stock-Price-Target-2\u002FWhat-is-a-Stock-Price-Target-2.png?_i=AA",{"icon":74,"slug":75,"title":76,"description":77,"featuredLinks":78},"material-symbols:analytics-outline","fundamental-analysis","Fundamental Analysis","\u003Cp>In-depth resources and financial metrics to help you evaluate companies like a pro.\u003C\u002Fp>\n",[79,84,89,94,99],{"url":80,"title":81,"description":82,"ogImage":83},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fshare-repurchase-why-do-companies-buy-back-their-stock","Share Repurchase: Why Do Companies Buy Back Their Stock? | TIKR.com","Share repurchases, or share buybacks, have gained popularity in the last two decades. According to a report from Goldman Sachs, stock buybacks initiated","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FTIKR-BLOG-COVER-PHOTOS-3_544a7f4e\u002FTIKR-BLOG-COVER-PHOTOS-3_544a7f4e.png?_i=AA",{"url":85,"title":86,"description":87,"ogImage":88},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-return-on-invested-capital","What Is a Good Return on Invested Capital? | TIKR.com","Learning about Return on Invested Capital (ROIC) can help investors spot highly profitable stocks that can drive long-term returns. Learn more now!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-return-on-Invested-capital\u002FWhat-is-a-good-return-on-Invested-capital.png?_i=AA",{"url":90,"title":91,"description":92,"ogImage":93},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-return-on-equity-ratio","What is a Good Return on Equity Ratio | Tikr.com Blog | TIKR.com","Return on Equity (ROE) is a financial ratio that reflects a company's profitability in relation to the equity invested by shareholders. It basically","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-return-on-equity-ratio-1\u002FWhat-is-a-good-return-on-equity-ratio-1.jpg?_i=AA",{"url":95,"title":96,"description":97,"ogImage":98},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-p-e-ratio","What Is a Good P\u002FE Ratio? | TIKR.com","Financial analysts and investors look at various metrics before deciding whether a stock is a buy. One of the metrics is the price-to-earnings ratio (P\u002FE","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-PE-ratio-1\u002FWhat-is-a-good-PE-ratio-1.jpg?_i=AA",{"url":100,"title":101,"description":102,"ogImage":103},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Ftop-6-metrics-for-investing-in-reits","Top 6 Metrics for Investing in REITs | TIKR.com","Real estate has been one of the greatest asset classes for wealth creation in history, and investing in Real Estate Investment Trusts (REITs) can allow","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FGroup-10\u002FGroup-10.png?_i=AA",{"icon":105,"slug":106,"title":107,"description":108,"featuredLinks":109},"hugeicons:investigation","investing-lingo","Investing Lingo","\u003Cp>A comprehensive glossary of investing terms and jargon so you can speak the language of the markets confidently.\u003C\u002Fp>\n",[110,115,120],{"url":111,"title":112,"description":113,"ogImage":114},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fenterprise-value-definition-and-calculation","Enterprise Value: Definition and Calculation | Tikr.com Blog | TIKR.com","Enterprise value (EV) is a financial metric that offers a comprehensive snapshot of a company's total value. Unlike market capitalization which solely","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEnterprise-Value-Definition-and-Calculation_37576e40\u002FEnterprise-Value-Definition-and-Calculation_37576e40.png?_i=AA",{"url":116,"title":117,"description":118,"ogImage":119},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Febitda-definition-formula-how-to-use-it","EBITDA: Definition, Formula, How to Use It | TIKR.com","EBITDA stands for earnings before interest, taxes, depreciation and amortization. It's a financial metric commonly used to evaluate a company's financial","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEBITDA-Definition-Formula-How-to-Use-It\u002FEBITDA-Definition-Formula-How-to-Use-It.png?_i=AA",{"url":121,"title":122,"description":123,"ogImage":124},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-the-free-cash-flow-formula-and-why-does-it-matter","What is the Free Cash Flow Formula and Why Does It Matter | TIKR.com","Free cash flow, or FCF, is the cash a company generates after it accounts for outflows required to maintain business operations and support capital","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-the-free-cash-flow-formula\u002FWhat-is-the-free-cash-flow-formula.png?_i=AA",[126,130,134,137,141,145],{"slug":127,"modified":128,"title":129},"valuation-model-builder","2025-07-03T00:18:53","Value Stocks Quickly and Accurately",{"slug":131,"modified":132,"title":133},"stock-portfolio-tracking","2024-12-02T22:21:28","Monitor Your Portfolio",{"slug":75,"modified":135,"title":136},"2025-01-21T22:10:52","Instantly Analyze Companies with In-Depth Metrics",{"slug":138,"modified":139,"title":140},"stock-screener","2024-12-02T22:13:31","Find the Best Stocks to Buy",{"slug":142,"modified":143,"title":144},"investor-stock-portfolio","2025-01-21T22:02:56","Follow Investment Moves of Top Investors",{"slug":146,"modified":147,"title":148},"analyze-stocks","2025-07-23T16:04:24","Analyze Stocks",[150,154,158,162,166,170,174,178,182,186,190,194,198,202,206,210,214,218],{"slug":151,"title":152,"modified":153},"bloomberg","Bloomberg","2025-01-16T14:23:44",{"slug":155,"title":156,"modified":157},"morningstar","Morningstar","2025-01-16T14:25:16",{"slug":159,"title":160,"modified":161},"sentieo","Sentieo","2025-01-16T17:58:27",{"slug":163,"title":164,"modified":165},"googlefinance","Google Finance","2025-01-17T19:39:37",{"slug":167,"title":168,"modified":169},"tradingview","TradingView","2025-01-16T18:17:01",{"slug":171,"title":172,"modified":173},"factset","Factset","2025-01-16T18:20:16",{"slug":175,"title":176,"modified":177},"finviz","Finviz","2025-01-16T18:23:40",{"slug":179,"title":180,"modified":181},"ycharts","YCharts","2025-01-16T18:32:19",{"slug":183,"title":184,"modified":185},"marketbeat","MarketBeat","2025-03-11T00:27:23",{"slug":187,"title":188,"modified":189},"benzinga","Benzinga","2025-03-11T00:31:00",{"slug":191,"title":192,"modified":193},"gurufocus","Gurufocus","2025-03-11T00:31:12",{"slug":195,"title":196,"modified":197},"fast-graphs","FAST Graphs","2025-03-11T00:31:19",{"slug":199,"title":200,"modified":201},"tipranks","TipRanks","2025-03-11T00:31:26",{"slug":203,"title":204,"modified":205},"seeking-alpha","Seeking Alpha","2025-03-11T00:31:45",{"slug":207,"title":208,"modified":209},"thestreet","TheStreet","2025-03-11T00:31:52",{"slug":211,"title":212,"modified":213},"investing-com","Investing.com","2025-03-11T00:32:00",{"slug":215,"title":216,"modified":217},"zacks","Zacks","2025-03-26T15:40:40",{"slug":219,"title":220,"modified":221},"alphasense","AlphaSense","2025-03-11T00:32:15",{"post":223,"seo":259,"relatedPosts":265,"suggestedPosts":344},{"id":224,"title":225,"date":226,"modified":227,"excerpt":228,"content":229,"wordCount":230,"lang":231,"uri":232,"slug":233,"cloudinaryAssetId":234,"featuredImageOriginalUrl":235,"featuredImageMetadata":236,"author":239,"editor":245,"categories":250,"relatedPosts":256,"seo":257},84143,"费尔法克斯金融公司：两台引擎，一本指南，2026 年账面价值能否继续攀升？","2025-10-31T14:39:00","2025-10-30T03:07:38","\u003Cp>费尔法克斯第二季度的业绩表明，这一模式正在发挥作用：承保盈利、投资收益丰厚、账面价值不断攀升。2026 年的安排取决于将综合比率保持在 95% 以下，同时由投资引擎完成其他工作。\u003C\u002Fp>\n","\n\u003Cp>费尔法克斯金融公司\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fstock\u002Fabout?cid=698550&tid=2610966&ref=tikrblog\">（FFH\u003C\u002Fa>）仍然是加拿大最具特色的金融机构之一，是一家以保险为主导的企业集团，建立在严谨的承保和价值驱动型投资的基础上。在董事长兼首席执行官 Prem Watsa 的领导下，该公司通过财产保险公司、再保险公司和非保险子公司的组合开展业务，业务遍及数十个市场。\u003C\u002Fp>\n\n\n\n\u003Cp>\u003Cstrong>\u003Cem>\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003Cstrong>\u003Cem>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fa>\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003Cstrong>\u003Cem>使用 TIKR 的新估值模型（免费）>> 了解您最喜爱的股票有多少上涨空间。\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Cp>该战略简单而有力：通过持续的承保利润和长期的投资回报两大引擎实现账面价值的复合增长。2025 年，这一模式再次取得成功，公司实现净利润 14.4 亿美元（摊薄后每股 61.61 美元），综合比率达到 93.3%，承保利润达到 4.27 亿美元。净投资收益达到 9.52 亿美元，主要得益于 8 亿美元的股票收益以及收益率上升带来的利息收入大幅增长。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"2076\" height=\"1340\" data-public-id=\"images\u002FFairfax-Street-Target\u002FFairfax-Street-Target.webp\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_2076,h_1340,c_scale\u002Ff_webp,q_auto\u002Fv1761756923\u002Fimages\u002FFairfax-Street-Target\u002FFairfax-Street-Target.webp?_i=AA\" alt=\"Fairfax Street Target\" class=\"wp-post-84143 wp-image-84160\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1761756923\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1761756923\u002Fimages\u002FFairfax-Street-Target\u002FFairfax-Street-Target.webp?_i=AA 2076w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_194,c_scale\u002Ff_webp,q_auto\u002Fv1761756923\u002Fimages\u002FFairfax-Street-Target\u002FFairfax-Street-Target.webp?_i=AA 300w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1024,h_661,c_scale\u002Ff_webp,q_auto\u002Fv1761756923\u002Fimages\u002FFairfax-Street-Target\u002FFairfax-Street-Target.webp?_i=AA 1024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_768,h_496,c_scale\u002Ff_webp,q_auto\u002Fv1761756923\u002Fimages\u002FFairfax-Street-Target\u002FFairfax-Street-Target.webp?_i=AA 768w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1536,h_991,c_scale\u002Ff_webp,q_auto\u002Fv1761756923\u002Fimages\u002FFairfax-Street-Target\u002FFairfax-Street-Target.webp?_i=AA 1536w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_2048,h_1322,c_scale\u002Ff_webp,q_auto\u002Fv1761756923\u002Fimages\u002FFairfax-Street-Target\u002FFairfax-Street-Target.webp?_i=AA 2048w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_775,c_scale\u002Ff_webp,q_auto\u002Fv1761756923\u002Fimages\u002FFairfax-Street-Target\u002FFairfax-Street-Target.webp?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_904,c_scale\u002Ff_webp,q_auto\u002Fv1761756923\u002Fimages\u002FFairfax-Street-Target\u002FFairfax-Street-Target.webp?_i=AA 1400w\" sizes=\"auto, (max-width: 2076px) 100vw, 2076px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">费尔法克斯金融公司的目标股价凸显了其多年来的强劲增长势头。\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">(TIKR\u003C\u002Fa>)\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp>每基本股账面价值攀升至 1,158.47 美元，扣除 15 美元的年度股息后，年初至今上涨了 10.8%。费尔法克斯拥有近 30 亿美元的控股公司现金和定位保守的 678 亿美元投资组合（约 15% 为现金和短期投资），继续在增长和弹性之间保持平衡。\u003C\u002Fp>\n\n\n\n\u003Cp>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003Cem>\u003Cstrong>使用 TIKR 功能强大的新估值模型快速评估任何股票的价值（免费！） >>>\u003C\u002Fstrong>\u003C\u002Fem>\u003C\u002Fa>\u003C\u002Fp>\n\n\n\n\u003Ch2 class=\"wp-block-heading\" id=\"h-financial-story\">财务故事\u003C\u002Fh2>\n\n\n\n\u003Cp>费尔法克斯的核心财险业务在第二季度稳步扩张，毛承保保费增长 2.6%，达到 91.8 亿美元，净承保保费增长 4.8%，达到 72.6 亿美元。在费率适度上调和选择性承保的支持下，再保险和人身险业务均实现了增长。由于较低的巨灾损失和有利的上年准备金发展抵消了温和的成本通胀，综合比率从 93.9% 提高到 93.3%。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-table\">\u003Ctable class=\"has-fixed-layout\">\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>指标\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Q2 2025\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>变化（同比）\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>注释\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>净利润\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>$1.44 B\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>+57%\u003C\u002Ftd>\u003Ctd>投资收益增加\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>摊薄后每股收益\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>$61.61\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>+66%\u003C\u002Ftd>\u003Ctd>受到股票投资组合业绩的推动\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>承保总保费\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>$9.18 B\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>+2.6%\u003C\u002Ftd>\u003Ctd>各业务线均有广泛增长\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>净承保保费\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>$7.26 B\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>+4.8%\u003C\u002Ftd>\u003Ctd>自留额和新业务增加\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>承保利润\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>$427 M\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>+15%\u003C\u002Ftd>\u003Ctd>综合比率提高到 93.3\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>投资净收益\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>$952 M\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>+293%\u003C\u002Ftd>\u003Ctd>8 亿美元的股票收益推动了业绩的增长\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>利息与股息\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>$666 M\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>+8%\u003C\u002Ftd>\u003Ctd>短期债券利差增加\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>每股账面价值\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>$1,158.47\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>本年度 +10.8%\u003C\u002Ftd>\u003Ctd>派息 15 美元后\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>债务与资本比率\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>25.9%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>+1.1 个百分点\u003C\u002Ftd>\u003Ctd>发行 9 亿美元票据后\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003C\u002Ffigure>\n\n\n\n\u003Cp>投资收入再次证明了费尔法克斯的与众不同之处。在股票投资的带动下，投资净收益飙升至 9.52 亿美元，而利息和股息收入则增长了 8%，达到 6.66 亿美元，这要归功于利率上升带来的利好。公司调整后的保险业务营业收入为 11.3 亿美元，同比基本持平，在市场波动中彰显了稳定性。\u003C\u002Fp>\n\n\n\n\u003Cp>即使在本季度发行了 9 亿美元的新优先票据后，杠杆率仍控制在 25.9% 的水平。账面价值继续以中位数的速度增长，证明了费尔法克斯有能力将市场优势转化为有形的股东价值。\u003C\u002Fp>\n\n\n\n\u003Cp>\u003Cstrong>\u003Cem>\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">查看费尔法克斯金融公司的完整财务业绩和预期（免费） >>>\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Ch2 class=\"wp-block-heading\" id=\"h-broader-market-context\">更广泛的市场背景\u003C\u002Fh2>\n\n\n\n\u003Cp>全球 P&C 定价依然坚挺，再保险能力紧张，这为 Fairfax 严谨的承保方法提供了有利的背景。该公司注重费率充足性，而不是不计成本的增长，这有助于在通胀持续的情况下维持盈利能力。\u003C\u002Fp>\n\n\n\n\u003Cp>在投资方面，较高的债券收益率是一个结构性利好因素，使 Fairfax 能够在保持较短存续期的同时赚取有吸引力的利差。然而，市场波动仍然是一个摇摆因素：在形势好的季度，股票投资会迅速提升账面价值；而在风险低迷的时期，则很容易出现逆转。\u003C\u002Fp>\n\n\n\n\u003Ch2 class=\"wp-block-heading\" id=\"h-1-underwriting-discipline-still-showing-up\">\u003Cstrong>\u003Cstrong>\u003Cstrong>1. \u003C\u002Fstrong>\u003C\u002Fstrong>\u003C\u002Fstrong>承保纪律仍在显现\u003C\u002Fh2>\n\n\n\n\u003Cp>费尔法克斯的承保业绩表明了其对稳定盈利增长的承诺。该集团的财产险和责任险承保利润达到 4.27 亿美元，再保险和特殊险种的优势抵消了北美商业险业务量的疲软。\u003C\u002Fp>\n\n\n\n\u003Cp>1.63 亿美元的有利准备金发展和 1.4 亿美元的巨灾损失减少增强了本季度的盈利能力。费尔法克斯坚持严格定价和风险选择的决定继续取得成效，该公司不追求市场份额，只追求承保的精确性。这一纪律使其综合比率始终保持在 95% 以下，为其提供了令大多数保险公司羡慕的安全边际。\u003C\u002Fp>\n\n\n\n\u003Ch2 class=\"wp-block-heading\" id=\"h-2-the-investment-engine-keeps-compounding\">2.投资引擎持续增长\u003C\u002Fh2>\n\n\n\n\u003Cp>费尔法克斯的投资组合仍然是其决定性的优势。公司拥有 678 亿美元的保险投资组合，70% 的固定收益资产为美国国债和政府债券，这使得公司能够在不承担风险的情况下从短期高收益中获益。\u003C\u002Fp>\n\n\n\n\u003Cp>与此同时，公司的选择性股票仓位也增加了扭矩。本季度 8 亿美元的已实现和未实现股票收益显示了以价值为导向的投资风格的潜在上升空间。同样的方法在历史上也推动了 Fairfax 账面价值的增长。Watsa 将耐心资本部署到被误解的资产中的策略，继续使 Fairfax 有别于较为被动的同行。\u003C\u002Fp>\n\n\n\n\u003Cp>\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003C\u002Fa>\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">使用 TIKR 在 60 秒内评估 Fairfax Financial 等股票的价值（免费） >>>\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Ch2 class=\"wp-block-heading\" id=\"h-3-capital-deployment-and-strategic-investments\">\u003Cstrong>\u003Cstrong>3.\u003C\u002Fstrong>\u003C\u002Fstrong> \u003Cstrong>资本部署和战略投资\u003C\u002Fstrong>\u003C\u002Fh2>\n\n\n\n\u003Cp>费尔法克斯继续积极调整投资组合，以实现长期复合增长。本季度，它收购了法国专业保险公司 Albingia 33% 的股份，并推进了以 1.51 亿美元收购 The Keg Royalties Fund 的交易。该公司还将 Sleep Country 和 Peak Achievement 等较新的子公司并入其不断增长的非保险业务旗下。\u003C\u002Fp>\n\n\n\n\u003Cp>股东回报依然丰厚但有节制：公司支付了 15 美元的年度股息，回购了 25.7 万股股票，母公司层面的流动资金仍超过 30 亿美元。费尔法克斯的债务处于可控范围内，20 亿美元的信贷额度也已延长至 2030 年，因此公司在进入 2026 年时拥有雄厚的资金实力。公司的资本灵活性确保其即使在宽容度较低的市场中也能保持复合增长。\u003C\u002Fp>\n\n\n\n\u003Ch2 class=\"wp-block-heading\" id=\"h-the-tikr-takeaway\">TIKR 的启示\u003C\u002Fh2>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"1810\" height=\"1226\" data-public-id=\"images\u002FFairfax-YTD\u002FFairfax-YTD.webp\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1810,h_1226,c_scale\u002Ff_webp,q_auto\u002Fv1761756932\u002Fimages\u002FFairfax-YTD\u002FFairfax-YTD.webp?_i=AA\" alt=\"Fairfax YTD\" class=\"wp-post-84143 wp-image-84161\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1761756932\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1761756932\u002Fimages\u002FFairfax-YTD\u002FFairfax-YTD.webp?_i=AA 1810w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_203,c_scale\u002Ff_webp,q_auto\u002Fv1761756932\u002Fimages\u002FFairfax-YTD\u002FFairfax-YTD.webp?_i=AA 300w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1024,h_694,c_scale\u002Ff_webp,q_auto\u002Fv1761756932\u002Fimages\u002FFairfax-YTD\u002FFairfax-YTD.webp?_i=AA 1024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_768,h_520,c_scale\u002Ff_webp,q_auto\u002Fv1761756932\u002Fimages\u002FFairfax-YTD\u002FFairfax-YTD.webp?_i=AA 768w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1536,h_1040,c_scale\u002Ff_webp,q_auto\u002Fv1761756932\u002Fimages\u002FFairfax-YTD\u002FFairfax-YTD.webp?_i=AA 1536w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_813,c_scale\u002Ff_webp,q_auto\u002Fv1761756932\u002Fimages\u002FFairfax-YTD\u002FFairfax-YTD.webp?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_948,c_scale\u002Ff_webp,q_auto\u002Fv1761756932\u002Fimages\u002FFairfax-YTD\u002FFairfax-YTD.webp?_i=AA 1400w\" sizes=\"auto, (max-width: 1810px) 100vw, 1810px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">费尔法克斯金融公司 2025 年的增长势头强劲，预计 2026 年将有更大的增长空间。(\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">TIKR）\u003C\u002Fa>\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp>费尔法克斯金融公司（Fairfax）继续在其业务手册的两方面开展工作：严格的承保纪律和高收益的投资收益。该公司的账面价值年增长率为 10.8%，这凸显了其即使在喜忧参半的宏观背景下也能实现两位数复利增长的能力。\u003C\u002Fp>\n\n\n\n\u003Cp>展望 2026 年，公司的前景取决于三个杠杆：低于 95% 的承保利润率、利率上升带来的持续投资收益以及可控的股票波动。如果这些因素保持一致，费尔法克斯的账面价值将保持在 10%左右的复合增长率。了解其周期性节奏的投资者都知道，当市场正常化时，耐心往往会带来成倍的回报。\u003C\u002Fp>\n\n\n\n\u003Ch2 class=\"wp-block-heading\" id=\"h-should-you-buy-sell-or-hold-fairfax-financial-stock-in-2025\">2025 年，您应该买入、卖出还是持有费尔法克斯金融公司的股票？\u003C\u002Fh2>\n\n\n\n\u003Cp>公司股价在过去一年中上涨了约 17%，反映了人们对公司恢复能力的信心。虽然估值已接近账面价值，但费尔法克斯严谨的承保、强劲的流动性和成熟的投资框架使其成为一家稳健的复合型公司。寻求保险投资和长期价值投资的投资者仍会发现，费尔法克斯是一个令人信服的核心控股公司。\u003C\u002Fp>\n\n\n\n\u003Ch2 class=\"wp-block-heading\" id=\"h-how-much-upside-does-fairfax-financial-stock-have-from-here\">费尔法克斯金融公司的股票还有多少上涨空间？\u003C\u002Fh2>\n\n\n\n\u003Cp>使用 TIKR 的\u003Cstrong>新估值模型工具\u003C\u002Fstrong>，您可以在一分钟内估算出股票的潜在股价。\u003C\u002Fp>\n\n\n\n\u003Cp>只需简单输入以下三项\u003C\u002Fp>\n\n\n\n\u003Col class=\"wp-block-list\">\n\u003Cli>\u003Cem>收入增长\u003C\u002Fem>\u003C\u002Fli>\n\n\n\n\u003Cli>\u003Cem>运营利润率\u003C\u002Fem>\u003C\u002Fli>\n\n\n\n\u003Cli>\u003Cem>退出市盈率倍数\u003C\u002Fem>\u003C\u002Fli>\n\u003C\u002Fol>\n\n\n\n\u003Cp>如果您不确定要输入什么内容，TIKR 会使用分析师的一致估计自动填写每个输入内容，为您提供一个快速、可靠的起点。\u003C\u002Fp>\n\n\n\n\u003Cp>在此基础上，TIKR 会计算\u003Cstrong>牛市、基本市和熊市\u003C\u002Fstrong> \u003Cstrong>情景\u003C\u002Fstrong>下的潜在股价和总回报，这样您就可以快速了解股票的价值是否\u003Cstrong>被低估或高估\u003C\u002Fstrong>。\u003C\u002Fp>\n\n\n\n\u003Cp>\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003Cstrong>\u003Cem>立即估算公司的公允价值（使用 TIKR 免费） >>>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Ch2 class=\"wp-block-heading\">\u003Cstrong>寻找新机会？\u003C\u002Fstrong>\u003C\u002Fh2>\n\n\n\n\u003Cul class=\"wp-block-list\">\n\u003Cli>查看哪些\u003Cstrong> 股票 \u003C\u002Fstrong>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003Cstrong>亿万富翁投资者正在购买的股票\u003C\u002Fstrong>\u003C\u002Fa>\u003Cstrong> 这样 \u003C\u002Fstrong>您就可以跟随聪明的投资者。\u003C\u002Fli>\n\n\n\n\u003Cli>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003Cstrong>分析股票只需 5 分钟\u003C\u002Fstrong>\u003C\u002Fa>使用 TIKR 的一体化易用平台。\u003C\u002Fli>\n\n\n\n\u003Cli>推倒的石头越多......您发现的机会就越多。\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003Cstrong>使用 TIKR 搜索 100K+ 全球股票、全球顶级投资者持有的股票等。\u003C\u002Fstrong>\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\n\n\n\u003Ch2 class=\"wp-block-heading\">\u003Cstrong>免责声明：\u003C\u002Fstrong>\u003C\u002Fh2>\n\n\n\n\u003Cp>\u003Cem>\u003Cem>请注意，TIKR 上的文章无意作为 TIKR 或我们内容团队的投资或财务建议，也不是买卖任何股票的建议。我们根据 TIKR 终端的投资数据和分析师的估计创建内容。我们的分析可能不包括最近的公司新闻或重要更新。TIKR 不持有所提及的任何股票。感谢您的阅读，祝您投资愉快！\u003C\u002Fem>\u003C\u002Fem>\u003C\u002Fp>\n\n\n\n\u003Cp>\u003C\u002Fp>\n",1328,"zh","\u002Fblog\u002Ffairfax-financial-two-engines-one-playbook-can-book-value-keep-compounding-in-2026","fairfax-financial-two-engines-one-playbook-can-book-value-keep-compounding-in-2026","images\u002FFairfax-Financial-Featured\u002FFairfax-Financial-Featured","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1761793085\u002Fimages\u002FFairfax-Financial-Featured\u002FFairfax-Financial-Featured.png?_i=AA",{"altText":237,"imageCredit":238},"Fairfax Financial: Two Engines, One Playbook, Can Book Value Keep Compounding in 2026?","@Andy445 via Canva",{"name":240,"slug":241,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":244},"David Beren","davidberentikr","author","",[],{"name":246,"slug":247,"role":248,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":249},"Thomas Richmond","thomastikr","editor",[],[251],{"name":252,"slug":253,"uri":254,"description":243,"postsCount":255},"股票评论","reviews","\u002Fblog\u002Fcategory\u002Freviews",0,[],{"title":237,"metaDesc":258,"opengraphDescription":258,"twitterTitle":237,"twitterDescription":258},"Fairfax’s Q2 showed the model working: profitable underwriting, big investment gains, and book value marching higher. The setup for 2026 hinges on keeping the combined ratio sub-95% while the investment engine does the rest.",{"title":237,"description":258,"twitterTitle":237,"twitterDescription":258,"author":240,"articlePublisher":260,"articlePublishedTime":226,"articleModifiedTime":227,"twitterLabel1":261,"twitterData1":262,"ogTitle":237,"ogDescription":258,"ogUrl":232,"ogImage":235,"ogImageWidth":263,"ogImageHeight":264,"ogImageSecureUrl":235,"ogImageAlt":237,"twitterImage":235},"TIKR.com","预计阅读时间","2 minutes",1200,630,[266,283,298,313,329],{"id":255,"title":267,"date":268,"excerpt":269,"wordCount":270,"uri":271,"slug":272,"cloudinaryAssetId":273,"featuredImageOriginalUrl":274,"featuredImageMetadata":275,"author":276,"categories":280,"relatedPosts":282},"Marvell Technology 股票预测：分析师眼中的 2028 年股票走向","2025-10-31 13:35:00","以下是分析师认为 Marvell Technology（纳斯达克股票代码：MRVL）在强劲的人工智能需求、利润扩张和稳定执行力的推动下，到 2028 年可能会有约 64% 的上升空间的原因。",794,"\u002Fblog\u002Fmarvell-technology-stock-prediction-where-analysts-see-the-stock-going-by-2028","marvell-technology-stock-prediction-where-analysts-see-the-stock-going-by-2028","images\u002FMarvell-Technology-stock\u002FMarvell-Technology-stock","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1761882951\u002Fimages\u002FMarvell-Technology-stock\u002FMarvell-Technology-stock.png?_i=AA",{"altText":267},{"name":277,"slug":278,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":279},"Nikko Henson","nikkotikr",[],[281],{"name":252,"slug":253,"uri":254,"description":243,"postsCount":255},[],{"id":255,"title":284,"date":285,"excerpt":286,"wordCount":287,"uri":288,"slug":289,"cloudinaryAssetId":290,"featuredImageOriginalUrl":291,"featuredImageMetadata":292,"author":293,"categories":295,"relatedPosts":297},"模拟器件公司股票预测：分析师眼中的 2027 年股票走向","2025-10-31 13:05:00","以下是分析师认为 Analog 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12:35:00","以下是分析师认为德州仪器（纳斯达克股票代码：TXN）股价到 2027 年可能上涨约 44% 的原因：稳健的利润率、强劲的现金流和芯片需求的稳步复苏。",965,"\u002Fblog\u002Ftexas-instruments-stock-forecast-where-analysts-see-the-stock-going-by-2027","texas-instruments-stock-forecast-where-analysts-see-the-stock-going-by-2027","images\u002FTexas-Instruments-stock\u002FTexas-Instruments-stock","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1761867654\u002Fimages\u002FTexas-Instruments-stock\u002FTexas-Instruments-stock.png?_i=AA",{"altText":299},{"name":277,"slug":278,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":309},[],[311],{"name":252,"slug":253,"uri":254,"description":243,"postsCount":255},[],{"id":255,"title":314,"date":315,"excerpt":316,"wordCount":317,"uri":318,"slug":319,"cloudinaryAssetId":320,"featuredImageOriginalUrl":321,"featuredImageMetadata":322,"author":324,"categories":326,"relatedPosts":328},"AT&T 股票预测：分析师眼中的 2027 年股票走向","2025-10-31 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13:30:00","应用材料公司的股票在 2025 年上涨了 40%，在该公司宣布裁员 4% 之后，股价可能会进一步上涨。",955,"\u002Fblog\u002Fapplied-materials-nasdaq-amat-stock-reduces-workforce-by-4-stock-up-40-in-2025","applied-materials-nasdaq-amat-stock-reduces-workforce-by-4-stock-up-40-in-2025",{"altText":488},{"name":356,"slug":357,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":496},[],[498],{"name":438,"slug":439,"uri":440,"description":243,"postsCount":255},[],{"id":255,"title":501,"date":502,"excerpt":503,"wordCount":504,"uri":505,"slug":506,"cloudinaryAssetId":507,"featuredImageOriginalUrl":508,"featuredImageMetadata":509,"author":510,"categories":512,"relatedPosts":517},"您是否应该购买国家电网股票，以获得 2025 年 10 月 4.2% 的股息率？","2025-10-28 14:00:00","国家电网公司（National Grid）是一家支付红利的蓝筹巨头，属于抗经济衰退的公用事业部门。 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14:30:00","SLM 股票属于周期性贷款行业，但在未来五年内为股东提供了上涨潜力。 ",1275,"\u002Fblog\u002Fon-the-beach-lse-otb-stock-price-prediction-is-it-a-buy-sell-or-hold","on-the-beach-lse-otb-stock-price-prediction-is-it-a-buy-sell-or-hold","images\u002FNEW-FEATURED-IMAGE-MAKER-18-24_839811e445\u002FNEW-FEATURED-IMAGE-MAKER-18-24_839811e445","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1761566192\u002Fimages\u002FNEW-FEATURED-IMAGE-MAKER-18-24_839811e445\u002FNEW-FEATURED-IMAGE-MAKER-18-24_839811e445.png?_i=AA",{"altText":534},{"name":356,"slug":357,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":544},[],[546],{"name":514,"slug":515,"uri":516,"description":243,"postsCount":255},[],{"id":255,"title":549,"date":535,"excerpt":536,"wordCount":550,"uri":551,"slug":552,"cloudinaryAssetId":553,"featuredImageOriginalUrl":554,"featuredImageMetadata":555,"author":556,"categories":558,"relatedPosts":560},"SLM 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