21调查｜25元批发“股神”，起底财经大V知识付费生意经

Core Viewpoint - The rise of financial "KOLs" (Key Opinion Leaders) in the knowledge payment sector has led to a mixed market, with many lacking qualifications and using dubious methods to attract followers and generate income [3][4][10]. Group 1: Financial KOLs and Their Operations - Many financial "KOLs" generate significant income through membership fees, with one example showing over 20 million yuan in annual revenue from a knowledge-sharing platform [3]. - The market for financial knowledge payment is becoming increasingly chaotic, prompting platforms like Knowledge Star to initiate special governance actions against illegal content and unqualified courses [3][30]. - Some "KOLs" use low-cost trading simulator software to fabricate impressive investment results, misleading followers about their actual performance [10][13]. Group 2: Attracting and Retaining Followers - To attract followers, many financial "KOLs" create professional personas on social media, often claiming backgrounds in reputable financial institutions and extensive investment experience [4][5]. - The content published by "KOLs" is frequently updated, with many providing daily insights and analyses to maintain engagement [17]. - "KOLs" often employ emotional support strategies during market volatility, reassuring followers and enhancing user retention through community bonding [23]. Group 3: Regulatory Challenges and Compliance Issues - The Knowledge Star platform has announced strict measures against illegal stock recommendations and unregistered financial products, highlighting the ongoing struggle between regulation and non-compliance [30]. - Some "KOLs" engage in questionable practices, such as using private groups for discussions that skirt regulatory scrutiny, complicating the landscape for investors seeking reliable information [22][29]. - The blurred lines of responsibility in partnerships between "KOLs" and private equity firms raise concerns about investor protection and compliance with regulations [25][28].