"价投不是教科书，逆风才是试金石"，这是近期中泰资管基金经理田瑀做客播客节目"面基"的内容标题。 "面基"是2024年度小宇宙播客大赏的"创作者喜爱播客"，上述内容自上周发布至今，光"小宇宙"APP，就 有近5万的收听量。 从后台数据看，这档113分钟的访谈，完播率超过了50%。 要知道，在这个什么都要比快的社会，2小时可不是一块时间碎片。 我们和一部分听友聊了聊，大家说，从这期节目中，听到了 价值投资者的特质 。 价值投资者是 诚实 的。 主播：在A股做价值投资，有啥困难的不？ 田瑀：只要你别全要，也没啥难的。 只有对自己诚实，才能清晰努力的方向。 价值投资者还是 理性 的。 主播：我后悔了，市场不是没给过卖的机会。 田瑀：啥叫卖的机会？你要定义你什么时候卖股票，要事先就有。不能说事后它跌了、我错过了卖 的机会。如果你没有卖的标准，那就谈不上错过机会。 事先确定应对原则，坚决执行，就不会陷在事后无用的情绪回味中。 价值投资者也是 坦率 的。 主播：你有的标的都持有20个季度，非要扛着吗？ 田瑀：站在任何一个时间点，如果知道未来20个季度都不涨，那我肯定不等，如果知道是买在左 侧，我肯定不买，等等不好吗？但是 ...

Core Viewpoint - The podcast industry in China is facing significant challenges despite its potential, with recent leadership changes at major platforms like Xiaoyuzhou indicating instability and the need for a breakthrough in business models [3][4][5]. Group 1: Industry Dynamics - Recent departures of key personnel at Xiaoyuzhou, a leading podcast platform, could significantly impact its future direction, as these individuals were responsible for critical operational, content, and commercialization aspects [3]. - The Chinese podcast market has seen a surge in content creation, with over 10,000 shows launched, yet user engagement remains stagnant, with monthly active users hovering around one million [3][4]. - Despite the challenges, companies like Tencent Music and Bilibili are actively investing in the podcast space, indicating a strong belief in the market's potential [4][5]. Group 2: Audience Insights - According to the 2024 Podcast Industry Report by Ipsos, 78.7% of podcast listeners are aged 18-40, with 81.3% holding a bachelor's degree or higher, primarily from first-tier and new first-tier cities [7]. - The willingness to pay for podcast content is high, with 45.9% of users having purchased paid podcast programs in the past year, and 63.6% showing a high acceptance of advertisements [8][10]. Group 3: Commercial Viability - The podcast industry struggles with a "high cost, low return" environment, making it difficult for creators to fully commit to content production, with nearly 80% of creators working part-time [23]. - The average podcast creator spends 12.9 hours per episode, with significant time dedicated to editing, which further complicates the financial viability of podcasting as a full-time endeavor [22][23]. - Current monetization strategies primarily include ad placements, custom podcasts, listener donations, and paid content, with ad placements being the most accepted model at 72.7% [23]. Group 4: Competitive Landscape - The rise of AI and video podcasts presents both opportunities and challenges for traditional audio podcasts, with platforms like Google and ByteDance introducing AI podcast functionalities [28][31]. - Video podcasts are gaining traction, with platforms like Bilibili and Xiaoyuzhou exploring this format, which has shown significant audience growth and engagement [32][33]. - The integration of video into podcasting could potentially enhance monetization opportunities, as video content has established commercial pathways that audio alone has not yet fully realized [32][33].

Core Viewpoint - The audio market is undergoing a significant evolution, highlighted by Tencent Music's acquisition of Ximalaya, which aims to redefine the value of audio content and enhance the long audio segment's potential [3][5][11]. Group 1: Acquisition Details - Tencent Music announced a plan to acquire Ximalaya for $1.26 billion in cash and up to 5.1986% of A-class common stock, along with incentives for Ximalaya's founding shareholders [3]. - The acquisition is seen as a strategic move to connect the core scenarios of the "ear economy" and innovate content consumption [11]. Group 2: Industry Landscape - The long audio segment is characterized by intense competition, with early players like Ximalaya, Qingting FM, and Lizhi FM educating consumers about long audio [5]. - Ximalaya has achieved profitability for nine consecutive quarters, with an adjusted net profit of 224 million yuan in 2023 and projected profits exceeding 500 million yuan in 2024 [5][6]. Group 3: User Engagement and Content Strategy - By the end of 2023, Ximalaya reached an average of 303 million monthly active users, indicating strong user engagement [6]. - Ximalaya has accumulated 4.88 billion audio pieces across 459 categories, providing a diverse audio experience that caters to various user demographics [12]. Group 4: AI and Technological Integration - Ximalaya is committed to integrating AI tools into its content ecosystem, with plans to enhance user experience through personalized recommendations and content generation [20][21]. - The platform has developed an AI audio multimodal model and launched intelligent voice assistants, which are expected to improve user engagement and content matching [21][23]. Group 5: Future Growth Opportunities - The integration of audio content with new scenarios, such as in-car and smart home environments, presents significant growth opportunities for the audio industry [17][18]. - Ximalaya's strategy includes leveraging hardware to drive software services, enhancing user retention and payment willingness [11][17].

Group 1 - Tencent Music Entertainment Group announced a merger agreement with Ximalaya Holdings, involving a cash payment of $1.26 billion and up to 5.1986% of Class A common stock [1] - Ximalaya has achieved significant financial milestones, including a net profit of 224 million yuan in 2023 and a projected net profit exceeding 500 million yuan in 2024, marking nine consecutive quarters of profitability [3][7] - The audio industry is experiencing intense competition, with major players like Tencent and ByteDance entering the market, altering the landscape established by early platforms like Ximalaya and others [3][6] Group 2 - The merger aims to enhance the "ear economy" by integrating technology and innovating content consumption, potentially raising the ceiling for the streaming music industry [7] - Ximalaya has accumulated a vast audio library, with 4.88 billion audio pieces across 459 categories, catering to diverse user needs [7][8] - The platform has established a comprehensive content strategy, including PGC, PUGC, and UGC, with 2.9 million active content creators by the end of 2023 [8] Group 3 - Ximalaya is actively exploring new monetization opportunities through partnerships with over 80 automotive companies, enhancing user engagement in various scenarios [9][11] - The company is committed to integrating AI technology into its operations, focusing on content detection, distribution, and generation, with significant advancements in AI tools [12][14] - By the end of 2023, AIGC content accounted for 6.6% of Ximalaya's audio offerings, indicating a growing trend in AI-driven content creation [14]

Group 1 - The podcasting industry in China is experiencing growth due to increased car ownership and the popularity of noise-canceling Bluetooth headphones, which facilitate listening during commutes [5][6] - Commuting accounts for 70% of the time people spend listening to podcasts, with additional growth seen in fitness and household chores [6][7] - The potential audience for podcasts in China is estimated to be around 200 million, influenced by urbanization and lifestyle changes [9][10] Group 2 - Unlike the U.S., where podcasts significantly influence consumer decisions, Chinese audiences are still developing their engagement with this medium [11][12] - The podcast format is seen as a slower, more in-depth medium compared to other forms of media, which may not yield immediate results in terms of audience engagement [22][24] - High-quality content and the establishment of trust are crucial for converting podcast listeners into consumers [16][41] Group 3 - The podcasting medium is suitable for individuals who prefer not to appear on camera and are comfortable with audio content creation [46][47] - Successful podcasters often come from backgrounds in writing or traditional media, as they can effectively translate long-form content into audio [60][62] - The monetization of podcasts can be achieved through personal products and services, as well as through brand partnerships and sponsorships [64][67] Group 4 - The average price for top-tier podcast advertising is around 200,000 to 300,000 yuan per episode, which is higher than typical rates for platforms like Douyin and Bilibili [68] - The podcasting landscape in China is characterized by a unique audience that is often highly educated and budget-conscious, making them challenging yet valuable targets for advertisers [71][72] - Emotional engagement and the ability to resonate with listeners' experiences are essential for building a loyal audience [79][82]