Core Viewpoint - The article discusses the evolving landscape of celebrity endorsements and live-streaming commerce, highlighting how stars like Zhao Lusi are adapting to new platforms like Xiaohongshu to maintain their commercial value amidst changing industry dynamics [2][5][6]. Group 1: Zhao Lusi's Live-Streaming Success - Zhao Lusi launched a formal live-streaming session on Xiaohongshu on January 28, which lasted for 7 hours, attracting 8.7 million viewers and generating over 820,000 orders [5][6]. - Following this event, media outlets labeled Zhao Lusi as the "new sister" of Xiaohongshu, indicating her rapid rise in the platform's live-streaming rankings [5]. Group 2: The Changing Dynamics of Celebrity Value - Celebrities, despite their fame, often find themselves as mere components in the entertainment industry, lacking significant influence over profit distribution [8][9]. - Zhao Lusi's career trajectory exemplifies the dependency of celebrity value on various industry factors, including media exposure and brand endorsements [9][10]. Group 3: The Impact of New Platforms - The shift to platforms like Xiaohongshu allows celebrities to redefine their value outside traditional entertainment systems, where they can engage directly with audiences and generate revenue through live-streaming [43][44]. - The article notes that the new commercial model is more immediate and less resource-intensive compared to traditional film and television projects, which often require significant investment and time [46][47]. Group 4: The Risks of the Old System - The article highlights the fragility of celebrity value within the traditional entertainment system, where any disruption can lead to a rapid decline in perceived worth [18][21]. - Zhao Lusi's public disputes with her management company illustrate the potential for personal issues to impact professional value, leading to a reassessment of her marketability [20][22]. Group 5: The Role of New Capital - Xiaohongshu's eagerness to leverage Zhao Lusi's popularity reflects a broader trend where platforms seek to capitalize on emerging stars to drive engagement and revenue [38][42]. - The article emphasizes that the new capital landscape prioritizes immediate results and efficiency over long-term brand building, contrasting sharply with traditional entertainment practices [47][48].

Core Viewpoint - The passing of Guan Jingsheng, known as the "father of securities" in China, has evoked deep reflections within the financial community, highlighting his significant contributions to the development of China's capital markets and his legacy as a mentor to younger generations [1][10][11]. Group 1: Guan Jingsheng's Legacy - Guan Jingsheng was a pioneer in China's capital markets, having founded the first securities company in Shanghai, Wangguo Securities, and played a crucial role in establishing the Shanghai Stock Exchange [31]. - He founded Jiuzong Shanhe Fund in 2016, focusing on equity investment and aimed at serving the real economy, reflecting his commitment to "creating wealth for the country" [2][18]. - His mentorship was characterized by practical advice and a focus on risk management, which influenced many in the industry, including Chen Haiming, who recalled Guan's emphasis on understanding market dynamics and the importance of risk awareness [14][15]. Group 2: Jiuzong Shanhe Fund Operations - Jiuzong Shanhe Fund has established over 40 funds since its inception, with nearly 30 still active, focusing on sectors such as biomedicine and high-end manufacturing [24][27]. - The largest fund under Jiuzong Shanhe is the Shanghai Jiuzong Shanhe Investment Center, with a total investment of 500 million yuan [25]. - The fund's investment strategy includes a focus on new technologies and materials, with notable investments in companies like Xinghua Henghui and Kuitedi, reflecting its commitment to innovation [28][29]. Group 3: Future Vision and Goals - Guan Jingsheng envisioned Jiuzong Shanhe Fund as a platform for new capital to drive economic transformation, advocating for a model that integrates new thinking, technology, and capital [20][21]. - The fund aims to create a parallel fund structure that includes government guidance, listed companies, and high-quality limited partners, targeting a diverse range of investment opportunities [22]. - Guan's aspirations for the fund included establishing a low-carbon benchmark in Shanghai and becoming a leading taxpayer among private financial institutions [22][23].