我是卢明浩 【千万粉丝私域操盘手】 【深度私域陪跑服务企业超50+】 【私域三心力与三步曲首创】 这是我的第 697 篇原创文章 感谢您的悦读 ▲ 算起来，我做知识付费这个赛道已经有好几个年头了。 经常看我公众号的读者都知道，我从事的是私域领域，主要的付费项目就是给企业提供私域陪跑，也就是所谓的咨询顾问服务，toB业务。 toC业务做的不算多，偶尔会讲讲课，做了一个私域社群圈子，但不是我的重心所在。 最近这两年经常会听到的一句话，知识付费已经不能做了，还在做知识付费的肯定完蛋。 要我说啊，知识付费不会死，而且还会一直存在，但它已经换壳了，不会再像以前那么容易，用户不会那么容易被忽悠了。 知识付费经常会跟一个词联系在一起，割韭菜，但我不认同这个词，每个人对于知识的价值感知是不一样的，你不能因为自己主观的认为课程或者服务不 值这个钱，就认为是割韭菜，更多的可能还是不适合吧。 为知识买单这件事情，我认为是对创作者的尊重，对知识的尊重，而不是一味的白嫖，拿来主义，什么都想着免费获取，这样的心态注定学不到东西。 有一句话怎么说来着，免费的东西其实才是最贵的。 最近这两年，确实能够感觉到知识付费的寒冬，就是以前很好卖的课 ...

Core Viewpoint - The rise of live-streaming entrepreneurship consultations, particularly in the food and beverage sector, has transformed niche content into a mainstream phenomenon, driven by outrageous stories from participants that attract significant viewer engagement [5][10]. Group 1: Popularity of Live-Streaming Entrepreneurship - The concept of "live-streaming entrepreneurship" has gained traction, with hosts like "Yong Ge" amassing millions of followers across platforms such as Douyin and Kuaishou, turning their sessions into entertainment due to the bizarre stories shared by participants [5][8]. - Yong Ge's live-streaming sessions, originally focused on paid consultations for restaurant operations, have evolved into a source of entertainment, with a notable video compilation reaching over 1.06 million views [7]. - The engagement on platforms like Zhihu and Bilibili indicates a growing interest in entrepreneurial stories, with discussions and video compilations achieving millions of views [7][12]. Group 2: Entrepreneurial Challenges and Failures - Many entrepreneurs are drawn to the low barriers of entry in the food and beverage industry, leading to a surge in failed ventures that are now highlighted through live-streaming, showcasing the harsh realities of entrepreneurship [10][20]. - The phenomenon of "fast recruitment" companies, which mislead aspiring entrepreneurs with false promises, has been identified as a significant issue, with many participants in live-streams sharing similar stories of being scammed [20][21]. - The case of the "Two Rivers Governor," a participant who lost significant investments in a failed tea shop venture, exemplifies the pitfalls faced by many in the industry, leading to widespread discussion and analysis online [12][14]. Group 3: Monetization and Business Models - The live-streaming entrepreneurship model has created a dual benefit: hosts earn income through consultation fees while entrepreneurs gain exposure and advice, potentially increasing their business visibility [27]. - Successful hosts have diversified their revenue streams, offering paid courses and private consultations, with some generating substantial income from these services [27][28]. - The competitive landscape of the food and beverage industry has intensified, with a significant increase in store closures, yet new entrants continue to emerge, indicating a dynamic and rapidly evolving market [30].

Core Insights - 360doc, a well-known knowledge management platform, announced the free transfer of its core technology, data, and operations team, requiring a minimum of 5 million yuan in funding from potential buyers, marking a critical turning point for the platform that has served 80 million users and stored 1.1 billion articles over 20 years [1][11]. Financial Performance - The financial reports of Sixzhi Information reveal a continuous decline in revenue from 2022 to 2024, with figures of 10.9372 million yuan, 10.0394 million yuan, and 8.0880 million yuan respectively, alongside net losses for three consecutive years [3][4]. - In the first half of 2025, the situation worsened with revenue of 2.5181 million yuan, a year-on-year decrease of 43.84%, and a net loss of 4.1843 million yuan, representing a year-on-year increase in losses of 585.92% [3][4]. Business Model Challenges - The platform's heavy reliance on advertising revenue, which peaked at 63.34% of total income, has become a critical vulnerability due to the low quality and mixed nature of content, leading to difficulties in attracting high-value advertisers [2][3]. - The over-dependence on search engines for traffic has resulted in a precarious business model, where any algorithm changes could lead to significant drops in user engagement and revenue [4][14]. Operational Burdens - The maintenance of 1.1 billion articles has created unsustainable operational costs, including server upkeep and a dedicated team for copyright compliance, which far exceed the platform's meager advertising income [5][15]. - Continuous losses have stripped the small team of its ability to sustain operations independently, leading to the current crisis [5][15]. Industry Transformation - The emergence of AI tools has fundamentally altered knowledge acquisition methods, shifting from active searching to intelligent Q&A, which undermines the traditional value proposition of platforms like 360doc [6][19]. - Major industry players, such as Baidu and Zhihu, are rapidly adapting to AI advancements, while 360doc struggles to transition from a static knowledge repository to an interactive knowledge partner [6][18]. Future Considerations - The founder has set three core conditions for potential buyers: a minimum of 5 million yuan in funding to ensure two years of stable operations, respect for user rights, and a clear operational plan, indicating the platform's precarious future [19].

Core Viewpoint - The article provides an objective ranking of open-end fund net values, highlighting the top-performing and bottom-performing funds without any subjective bias or investment advice [1]. Fund Performance Summary Top 10 Funds by Net Value Growth - The top 10 funds with the highest net value growth over the past 10 days include: 1. 招商体育文化休闲股票C: 2.3610, growth of 5.64% 2. 招商体育文化休闲股票A: 2.4370, growth of 5.64% 3. 东财卓越成长A: 1.8342, growth of 5.42% 4. 东财卓越成长C: 1.8035, growth of 5.42% 5. 华夏中证动漫游戏ETF发起式联接D: 1.7213, growth of 4.96% 6. 华夏中证动漫游戏ETF发起式联接A: 1.7427, growth of 4.96% 7. 华夏中证动漫游戏ETF发起式联接C: 1.7197, growth of 4.96% 8. 国泰中证动漫游戏ETF联接C: 1.7438, growth of 4.93% 9. 国泰中证动漫游戏ETF联接E: 1.7616, growth of 4.93% 10. 国泰中证动漫游戏ETF联接A: 1.7680, growth of 4.93% [2]. Bottom 10 Funds by Net Value Growth - The bottom 10 funds with the lowest net value growth over the past 10 days include: 1. 东财景气驱动A: 1.7003, decline of 3.69% 2. 东财景气驱动C: 1.6791, decline of 3.68% 3. 浙商鼎盈事件驱动混合: 1.5690, decline of 3.21% 4. 平安高端装备混合发起式C: 1.3971, decline of 3.17% 5. 平安高端装备混合发起式A: 1.3991, decline of 3.16% 6. 前海开源沪港深强国产业混合: 1.8074, decline of 3.10% 7. 中邮能源革新混合型发起C: 0.8881, decline of 2.98% 8. 中邮能源革新混合型发起A: 0.9092, decline of 2.98% 9. 中金先进制造混合C: 1.3399, decline of 2.65% 10. 中金先进制造混合A: 1.3592, decline of 2.64% [3]. Market Analysis - The Shanghai Composite Index experienced a slight increase, while the ChiNext Index showed a decline after an initial rise. The total trading volume reached 2.12 trillion, with a ratio of advancing to declining stocks at 2195:3128 [5]. - Leading sectors included media and entertainment, shipbuilding, and comprehensive industries, with gains exceeding 3%. Notable concepts with significant growth included knowledge payment and short drama games, with increases over 4% [5]. Fund Strategy Insights - The fund with the fastest net value growth, 招商体育文化休闲股票C, has a focus on the media industry, with a top ten holding concentration of 41.25% [6]. - Conversely, the fund with the poorest performance, 东财景气驱动A, has a high holding concentration of 66.44% in the defense and aerospace sector, indicating a potential mismatch with market trends [7].

Core Insights - The AI comic industry is experiencing a surge in popularity, but not all participants are profiting from it [1][2] - While some creators have made money, many others feel left out, and a new "teaching industry" has emerged, profiting from the demand for AI comic courses [4][5] Group 1: Market Dynamics - The AI comic market is characterized by a significant increase in production, with 46,931 new comics launched in 2025, leading to a market size exceeding 200 billion yuan [15] - The daily revenue in the AI comic industry grew by 900% from Q4 2024 to Q3 2025, indicating rapid market expansion [15] - Despite the hype, it is acknowledged that over 90% of produced works do not generate profit, highlighting the challenges faced by creators [18][20] Group 2: Educational Opportunities - A plethora of AI comic training courses has emerged, with prices ranging from 2,000 to 3,000 yuan, catering to the influx of aspiring creators [11][14] - Many training programs lack quality and are often just compilations of publicly available materials, leading to concerns about their effectiveness [15][20] - The demand for these courses is driven by the fear of missing out on the lucrative opportunities in the AI comic space, as evidenced by the numerous success stories circulating on social media [10][19] Group 3: Future Outlook - The AI comic industry is expected to undergo a transformation as the initial excitement wanes, with a potential market reshuffle as user engagement and platform benefits decline [21][22] - The true value in this sector may lie in understanding narrative art and combining AI technology with creativity, rather than merely producing content [21][23] - The sustainability of high-priced quick-fix courses is questioned, as they may fade away once the initial hype subsides [22][23]

我们常常感叹"钱越来越难赚"，与朋友闲聊时，这个话题总是不免被提起。然而，真正的机会往往藏匿 于生活的细微之处，只是被大多数人的惯性思维所遮蔽。当大众市场日趋饱和，挤在同一条赛道上争夺 有限的资源，结果自然难如人意。2026年，或许我们该转变思路，去寻找那些未被众人察觉的财富源 泉。 打破思维定式，拓宽视野 许多人被"只有上班才能赚钱"的固有观念所束缚。事实上，创造财富的途径是多元化的。当大多数人追 求所谓的"安稳"时，不妨反思：真正的安稳是什么？或许，它不是依赖某个固定职位，而是培养自己无 论身处何地都能创造价值的能力。打开格局，才能看见围墙之外的广阔天地。 理性审视知识付费 近年来，知识付费兴起，但也伴随着"割韭菜"的争议。如果总是怀着戒备心态，视一切付费学习为陷 阱，那可能也关闭了提升自我的大门。这本质上也是一种认知局限。市场上确实良莠不齐，但我们不应 全盘否定。关键在于如何甄别并选择与自己当前水平、目标相匹配的学习资源。就像让初中生直接学习 大学课程，效果往往适得其反。找到一位经验、背景与你相近，且已取得成果的引路人，为其认知价值 付费，往往是更高效的成长路径。 财富的积累，从来不只是辛勤努力的结果， ...

#黑白颠周媛付费课收入已超2400万#近日，在社交媒体上火爆的"黑白颠周媛"，因其教授女性吸引异性 课程引发热议。玩梗热闹之外，周媛身后还有一个隐秘而庞大的商业帝国，覆盖知识付费、美业医疗等 产品服务。据记者不完全统计，其官方商城的付费课程收入已超2400万元，累计学员或达数万人。线下 方面，黑白颠主推售价2999元的两天两夜训练营、4980元的三天三夜训练营。相关声明显示课程仅服务 成年女性，导师具有国家认证心理咨询师等专业资质。工作人员透露其线下活动非常火爆，一个月可能 会开设10多场，至少需要提前10天预约。（封面新闻） （来源：今晚报） 转自：今晚报 ...

Group 1 - The incident involving Yang Dong, an assistant general manager and fund manager at GF Fund Management, has raised compliance concerns and personal controversies after a former analyst, Tan Jun, claimed to be pregnant and accused him of misconduct [1][25][32] - Yang Dong manages assets worth 288 billion and has an annualized return of nearly 20%, but his reputation is now at risk due to the personal and compliance issues surrounding him [2][25] - The situation escalated from a personal relationship issue to a compliance controversy, questioning why a fund manager with over 100 billion in assets would engage in potentially risky private activities [10][36] Group 2 - Tan Jun, the female lead in the incident, has a notable background with dual master's degrees and a history of controversy, including a previous incident where she made unverified market predictions [13][39] - The knowledge payment platform "Knowledge Star" has become a common tool for financial professionals to expand their influence, but it poses compliance risks, especially for public fund managers [10][36] - Yang Dong's investment performance has been strong, with his managed products showing returns of 48.02%, 80.32%, and 47.12% over the past one, two, and three years, respectively, all outperforming the CSI 300 index [17][42]

Group 1 - The core viewpoint of the news is that Tuolisi's stock has experienced fluctuations, with a recent decline of 2.08% and a year-to-date increase of 20.70% [1] - As of January 20, Tuolisi's stock price is 24.02 yuan per share, with a total market capitalization of 20.984 billion yuan [1] - The company has seen significant trading activity, with a net inflow of 51.49 million yuan from main funds and a notable presence on the "Dragon and Tiger List" [1] Group 2 - Tuolisi operates in the computer software development sector, focusing on vertical application software, and is involved in AI products, big data services, and data security [2] - For the period from January to September 2025, Tuolisi reported a revenue of 337 million yuan, a year-on-year decrease of 45.57%, and a net profit loss of 160 million yuan, a decrease of 460.24% [2] - The company has distributed a total of 325 million yuan in dividends since its A-share listing, with 55.67 million yuan distributed in the last three years [2] Group 3 - As of September 30, 2025, Tuolisi's top ten circulating shareholders include notable ETFs, with the Huabao Zhongzheng Financial Technology Theme ETF being the third-largest shareholder, increasing its holdings by 5.03 million shares [3] - The Hong Kong Central Clearing Limited is the fourth-largest shareholder, having reduced its holdings by 526,200 shares [3] - Other ETFs, such as the Southern Zhongzheng 1000 ETF and Huaxia Zhongzheng 1000 ETF, have also seen changes in their holdings, indicating active institutional interest [3]

Core Viewpoint - Donghua Software's stock has experienced fluctuations, with a recent decline of 2.09% and a year-to-date increase of 7.43%, indicating volatility in its market performance [1]. Financial Performance - For the period from January to September 2025, Donghua Software reported a revenue of 8.488 billion yuan, reflecting a year-on-year growth of 3.69%. However, the net profit attributable to shareholders decreased by 28.45% to 350 million yuan [2]. - Cumulatively, since its A-share listing, Donghua Software has distributed a total of 2.826 billion yuan in dividends, with 481 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Donghua Software was 315,200, a decrease of 2.68% from the previous period. The average number of circulating shares per person increased by 2.76% to 9,226 shares [2]. - The stock's trading activity showed a net outflow of 51.01 million yuan from major funds, with significant buying and selling activity recorded [1]. Company Overview - Donghua Software, established in January 2001 and listed in August 2006, is primarily engaged in industry application software development, computer information system integration, and related services. Its revenue composition includes 68.15% from system integration, 17.71% from technical services, and 14.09% from software sales [1]. - The company operates within the computer-IT services sector and is associated with various concept sectors, including IPV6, knowledge payment, DRG concept, digital economy, and AI applications in healthcare [1]. Institutional Holdings - As of September 30, 2025, notable institutional shareholders include Huabao Zhongzheng Financial Technology Theme ETF, holding 36.935 million shares, and Southern Zhongzheng 500 ETF, holding 32.659 million shares, with varying changes in their holdings compared to the previous period [3].