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卖出比买入更重要
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卖出比买入更重要
2022-11-28
$美团-W(03690)$
今天这是为啥?YQ原因吗?
卖出比买入更重要
2021-07-26
$新东方-S(09901)$
$腾讯 $网易 今天市场太悲观了吧
卖出比买入更重要
2021-06-12
老虎七周年啦 祝贺🎉
卖出比买入更重要
2021-03-31
$小米集团-W(01810)$
市场不会高估 之前的消息已经透支了部分涨幅。造车和造手机区别还是很大的。现在看苹果是否造车
卖出比买入更重要
2021-03-27
今天可不是好日子
知乎开盘破发,盘初跌幅超21%
卖出比买入更重要
2021-02-13
$Fisker Inc. Warrants(FSR.WS)$
这是美股的轮证吗
卖出比买入更重要
2021-02-11
$微软—Τ(04338)$
这是什么品种
卖出比买入更重要
2021-02-08
$荔枝(LIZI)$
老虎的期权系统出问题了吗?都显示没交易 失望了
卖出比买入更重要
2021-02-04
老虎能做暗盘交易吗?
@老虎助手
卖出比买入更重要
2021-02-01
$腾讯控股(00700)$
$阿里巴巴-SW(09988)$
$绿叶制药(02186)$
今天港股回升[微笑] 老虎的技术团队和客服。找个人回应一下吧。整整一周了 股票在IOS界面没法正常显示 每次都需要自己在二三周前的订单系统才能查到持仓股票。多次电话在线联系 都是拖拖拉拉。可笑的是技术都回复IOS版本有bug了 等了四天还没解决。幸亏我平时还开着盈透的电脑版。真没想到这么不靠谱。
卖出比买入更重要
2021-01-27
@gme @baba @aapl 有没有小伙伴遇见老虎界面不显示持仓股票的事?我的界面同一只股票显示二个一样的,有一只干脆不显示。连续二天了。重启也没用客服没反馈。晕了。下周转移阵地了。
卖出比买入更重要
2020-12-31
妈阁是座城 - 回顾2020美股的失与得 (1)
妈阁是座城 - 回顾2020美股的失与得 (1) 2020年印象最深的电影是《妈阁是座城》,在我开始接触美股的时候。当然,看电影时还没有今天这么深刻的体会。再有二个小时就迎来2021年了。脑海里是电影里最后的画面。男主为了向女主(叠马仔)证明自己有能力戒赌,冲回赌场,赢了20W后拿着现金微笑着走出来。因为女主说过,赢了钱还能离开赌桌,才证明真正戒赌了。如果我今年年中再看一遍电影,也许我会学习男主及时离场。现在账户里应该至少会多出许多美刀。年初的几次熔断,毫发无损,因为心存对市场的敬畏,清楚自己散户而且美股新手的身份。当账户盈利在六月不断增长,远超自己预期的时候,各种错误频现。所以,理智离场,及时卖出,是今年得到的最宝贵经验!
妈阁是座城 - 回顾2020美股的失与得 (1)
卖出比买入更重要
2020-12-02
$理想汽车(LI)$
差点止损被洗出去了。庄家太狠了。一眨眼功夫回涨10 真需要耐心
卖出比买入更重要
2020-12-02
$蔚来(NIO)$
留点小利都抛了 加仓理想
卖出比买入更重要
2020-12-02
$Palantir Technologies Inc.(PLTR)$
昨天卖了一半 今天这一半也快守不住了。再看半小时
卖出比买入更重要
2020-11-30
$美团-W(03690)$
财报日 今天为啥跌这么多 成交量也很大
卖出比买入更重要
2020-11-10
$安飞士(CAR)$
最怕这种借消息狂拉的招数 跟也不是 不跟也不是。肯定亏。已经试过几波了。$CCL 关键会连累纳指
卖出比买入更重要
2020-10-31
$赫兹(HTZ)$
就留了一手做纪念。不幸中的万幸。
卖出比买入更重要
2020-10-31
$陆金所(LU)$
说实话 这里打新没什么意思 一般就发个5股 10股的
$蚂蚁集团(06688)$
类似火爆的直接拒掉。昨天$陆金所破发买的 比中签的还好,还免了打新手续费。
卖出比买入更重要
2020-10-30
$赫兹(HTZ)$
赌徒心态是没法在股市挣钱的。之前在HTZ上赚的都还回去了。本以为它能在后面翻身的 疫情好了大家不还得租车嘛。撤了也好,省去许多烦恼
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之前的消息已经透支了部分涨幅。造车和造手机区别还是很大的。现在看苹果是否造车","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/354806526","isVote":1,"tweetType":1,"viewCount":2116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":356224880,"gmtCreate":1616780992240,"gmtModify":1616780992240,"author":{"id":"3533788319327826","authorId":"3533788319327826","name":"卖出比买入更重要","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3533788319327826","authorIdStr":"3533788319327826"},"themes":[],"htmlText":"今天可不是好日子","listText":"今天可不是好日子","text":"今天可不是好日子","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/356224880","repostId":"1146956977","repostType":4,"repost":{"id":"1146956977","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616780322,"share":"https://www.laohu8.com/m/news/1146956977?lang=&edition=full","pubTime":"2021-03-27 01:38","market":"us","language":"zh","title":"知乎开盘破发,盘初跌幅超21%","url":"https://stock-news.laohu8.com/highlight/detail?id=1146956977","media":"老虎资讯综合","summary":"3月26日(周五),中国最大的问答式在线社区知乎在美股上市,开盘报8.11美元,公司发行价为9.5美元。截至发稿,知乎跌幅超21%,盘中最低见7.15美元。按照每股ADS 9.5美元的发行价,通过此次","content":"<p>3月26日(周五),中国最大的问答式在线社区<a href=\"https://laohu8.com/S/ZH\">知乎</a>在美股上市,开盘报8.11美元,公司发行价为9.5美元。截至发稿,知乎跌幅超21%,盘中最低见7.15美元。</p><p><img src=\"https://static.tigerbbs.com/5f13e2c938a440ccf5e77c06654fcb51\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>按照每股ADS 9.5美元的发行价,通过此次IPO和同步进行的私募配售,知乎最高募资规模将达8.5亿美金(全额行使超额配售后)。招股书显示,知乎计划将此次募集所得款项用于知乎产品和服务的开发、营销和用户的增长、研究与开发技术,以及一般公司用途,包括潜在的战略投资和收购。</p><p>知乎成立于2010年,以问答社区起步,如今已发展成为中国最大的问答式在线社区,也是中国前五大综合在线内容社区之一。作为内容领域的优质资产,知乎在中文互联网内容赛道上独树一帜,被认为是最具有差异性和稀缺性的标的。</p><p><b>独特的知乎</b></p><p>2017年左右,中国互联网领域开始流行“独角兽”一词。也正是从那时开始,中国互联网开启新一轮的上市“超强周期”。</p><p>继2000 年左右百度、腾讯、盛大、搜狐、网易等上市,2010年左右阿里、京东等电商上市之后,这可以说是国内互联网公司的第三次上市潮。</p><p>2018年的美团、爱奇艺、B站、拼多多、蔚来汽车、小米,2019年港交所二次上市的阿里,2020年京东、网易二次在香港上市,2021年上市的快手,计划二次在港上市的B站和爱奇艺,正二次上市的百度,以及最近递交IPO申请的知乎,曾被看作是“独角兽”的互联网企业们纷纷开启了上市征程。</p><p>这一波“超强周期”IPO的企业大多创立于2010年之后,比如快手诞生于2011年,最近递交IPO申请的知乎同样上线于2011年。</p><p>“或许很多人已不记得,知乎是在一片质疑声中诞生的”,周源曾回忆道,那时正是微博客这一形式萌芽与快速发展的时候,很多人觉得那是短阅读甚至读图的时代,是娱乐主导网络的时代,“没有人还会愿意书写或阅读长篇大论”。</p><p>而正是以独特的长问答、长阅读,知乎不但于中国互联网立足,还获得了快速发展。2011年上线后,经历两年邀请注册和专业、精英的社区调性,2013年知乎面向公众开放注册,注册用户数因此由2013年上半年的40万人快速增长至2015年3月的1700万人,平均MAU从2019年的4800万人增长至2020年Q4的7570万人,同比增速达到42.7%。</p><p>这7570万用户的数字,在成立十年之后的知乎身上仍然在高速增长,更重要的是在这个日益增长的数字背后,是每个用户身上所蕴藏着的待挖潜的价值。</p><p>作为中国唯一以深度内容为起点的社区,知乎虽然从一开始定向邀请的精英圈层到现在的大众化,面向的用户越来越多,但它仍然还保持着与众不同的用户格调,以兴趣、知识、求知等为标签,连接、聚拢着一批用户,而这也是中国最富求知欲、最乐于分享自身专业知识的人群。</p><p>同时,这些人身上的标签还有一二线城市、偏年轻、高消费能力等。广发证券援引数据显示,知乎用户78.7%为30岁以下,53%来自一线和新一线城市、21%来自二线城市。</p><p><img src=\"https://static.tigerbbs.com/902c2a2b21a79bf6eae66ab2d47b3084\" tg-width=\"796\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>知乎独特的产品架构和社区属性,使这些人是创作者,也是用户与消费者,并在两种角色转换中相互间保持着极高的互动性。</p><p>截至2020年12月31日,知乎上的内容创作者累计达到4310万,贡献了3.15亿个问题和答案;2020年第四季度,知乎平均MAU(月活跃用户)为7570万。</p><p>与其他社交平台的发文、评论不同,知乎对用户的一切行为都给予了互动的可能,包括动态、回答、点赞等,同时观点碰撞与沟通的需求让问答用户天然有了极强的互动需求。</p><p>腾讯媒体研究院的调查结果显示,对于问答产品,用户最常参与、感兴趣的互动形式是评论、关注问题、赞同或反对答案、分享等,其中有近一半的人对赞同或反对回答感兴趣/最常参与。</p><p><img src=\"https://static.tigerbbs.com/e7f17a99eee71ac1abd92d82817986fe\" tg-width=\"816\" tg-height=\"660\" referrerpolicy=\"no-referrer\"></p><p>由此来看,知乎的产品设计天然符合了用户的这一需求,也能引导用户积极互动,增强用户对平台的粘性。2020年四季度,日活跃用户平均每天打开知乎应用程序的数据是6.2次。</p><p>“奇怪”的起点为知乎造就了独特的产品设计和社区氛围,也让它吸引了众多独特的、“格调”相似、颇具忠诚度的用户。在中国互联网,用户就是价值,尤其是标签明显的用户,知乎独特的用户成为它独特商业化的前提。</p><p><b>独特的内容</b></p><p>在2021年内开年的十周年答谢礼上,周源分享了一个故事:两年前,一个媒体前辈问他怎么在文章里插入动图,从哪儿找动图。通过这则故事,他试图表明内容领域表达方式与媒介的升级,“今天的中文互联网,在媒介升级和技术进步的推动下,内容行业还会不断拓展边界”。</p><p>从文字出发的知乎,正是在一路拓展自己的边界,一是内容领域的边界,一是内容表达形式的边界。</p><p>每个人都有自己的知识边界,作为问答社区,知乎最开始的用户边界决定着它的内容边界。在接受媒体采访时,周源曾表示知乎有200名种子用户。有人通过对四位创始人各自关注的前200名用户进行数据分析后发现,这些用户以创业者、程序员、媒体人、产品经理、投资人等为主。</p><p>这决定了早期知乎的内容以科技、商业、阅读、科学、生活等为主。知乎最近公布的“知乎十年百问”即每年十个热议话题中,2011年的话题四个互联网科技相关话题,包括“设计一个手机APP”、“电影中的黑客”、“乔布斯”、“张小龙”等。</p><p>此后,随着用户圈层的扩大,用户规模的大幅增长,知乎平台上的内容越来越丰富,涉足的领域越来越多,越来越泛化。</p><p>2015年时的知乎热议问题中已经10个问题中5个是生活、娱乐、文娱类话题,包括租房、周杰伦婚礼、健身、《夏洛特烦恼》、《康熙来了》停播;2020年热议话题中,10个问题中6个是文娱相关。</p><p><img src=\"https://static.tigerbbs.com/39c84a0e26141dea6c62b7ef7ef466e7\" tg-width=\"1080\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"></p><p>各领域的用户,为知乎共享了海量、丰富的内容。招股书显示,截至2020年12月31日,知乎累计拥有 4310 万内容创作者,已贡献 3 .53亿条内容,其中包括 3.15 亿个问答。</p><p><b>此次IPO,阿里巴巴、京东、腾讯、LilithGames四家顶流公司参与私募配售为知乎站台,无疑也在释放一个强烈信号:来自电商、内容、游戏甚至更多产业都在“觊觎”知乎的内容,这里面既包括抢占中文互联网最优质内容高地的意味,更包含了整个互联网对内容商业潜力的一致看好。能引发这种“趋之若鹜”的效应,放眼行业,能做到的屈指可数,知乎就是其中一个。</b></p><p>在拓宽内容纬度的同时,伴随着用户群体的逐步扩大,知乎的媒介形式也从早期的文字、图片,到声音、动图、视频、直播,媒介形式不断丰富。</p><p>“以各个领域的创作者为中心,为广大用户创造价值,将是知乎的长期战略。”如周源所说,知乎在聚集中国互联网科技、商业、影视、时尚、文化等领域极具创造力人群的同时,也为他们提供了包括图文、音频、视频、直播在内的内容表达工具,一切是为了内容与知识本身。</p><p>以特色的产品和社区氛围吸引各领域用户,为他们提供各种内容表达工具,在周源的畅想中,知乎应该“像一个规模空前的虚拟咖啡馆,我们穿梭于此,或者仔细聆听,或者高谈阔论,大家君子之交,和而不同”。</p><p>这当然是理想的场景。越来越丰富的内容,必然也会夹杂着庞杂的内容噪音。对此,知乎的解决之道是依靠社区机制,鼓励了真诚的表达、专业的讨论、友善的互动,保证高质量内容的产出、传播和沉淀。</p><p>从目前来看,内容噪音并未对知乎带来太大的困扰,丰富的内容反而支撑它的商业化上取得了发展。</p><p>招股书显示,付费会员是知乎第二大收入来源,也是它增长最快的业务,2020年知乎付费会员收入3.2亿元,同比增长264%,营收占比从2019年的13.1%上升至2020年的23.7%。</p><p><img src=\"https://static.tigerbbs.com/b04deb042acf2598c891a4c2844bd586\" tg-width=\"1080\" tg-height=\"226\" referrerpolicy=\"no-referrer\"></p><p>知乎于2019年推出了“盐选”付费会员体系,付费会员可以畅享3000+场盐选专栏、近10000场Live讲座、30000+本电子书/讲书、国内外近万本杂志期刊,专栏、Live等也可以单独付费购买。</p><p>这一会员体系依托的正是知乎丰富的内容体系,广发证券研报显示,截至2021年1月的3635场盐选专栏,94.8%的对盐选会员免费开放,形式分别为文字内容(39.7%)、音频内容(28.3%)、视频内容(32.0%),内容涵盖科学、财商、故事、亲子等,知乎独家或自制的内容占比达到28.2%。</p><p>独特的内容,支撑知乎商业化的快速推进。有粘性的用户、有质量的内容,知乎对二者的结合目前来看还是较为初级,还有很大的操作空间,十年知乎还沉淀着庞大的内容待挖掘。</p><p>在挖掘沉淀内容的同时,知乎的新内容创造也未停止。随着2021年年初,知乎表示再投入数十亿元的现金和流量,继续加大对创作者的支持。</p><p>在帮助更多的创作者成为“全新的内容品牌”的同时,知乎也在为自己拓展内容商业化的边界。</p><p><b>独特的赚钱逻辑</b></p><p>内容平台的商业化,在全球范围内都是难题之一。对它们来说,一边是理想,一边是商业,前者支撑平台走出来,后者支撑平台走下去。</p><p>近年来,国内的内容平台集中地从理想迈步向现实,成功者有之,但商业成功的同时往往带来用户体验的下降,“理想”的退步与让位似乎也是必然。</p><p>知乎的商业化似乎进展较慢,或者说非常谨慎。</p><p>2018年,在内容、用户多有足够积累后,知乎开始推出付费内容,并在之后沿着知识与内容付费道路加快商业化探索,2019年上半年推出付费会员计划。</p><p>长期以来,知识都是知乎商业化的重头戏,甚至是它付费会员模式的唯一支撑。这种以知识为内核的盈利模式,决定了知乎天然与长短视频、社交等内容平台有着不同的发展路径,即赚慢钱。</p><p>事实证明,它在这一道路上走得很稳。招股书显示,受益于不断扩大的用户群和较高的用户参与度,知乎付费会员规模从2019年的60万(平均每月付费会员数)增长到2020年的240万,付费用户比例稳步攀升,从2019年第四季度的1.8%提高到2020年的4%。</p><p>值得注意的是,在知乎付费会员增长的同时,知乎的营销开支却不升反降。招股书显示,知乎的营销开支从2019年的7.66亿元减少到了2020年的7.35亿元,营收占比也从114.3%下降到了54.3%。</p><p><img src=\"https://static.tigerbbs.com/963fdb771adbf7064312a21d1070d158\" tg-width=\"1080\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p>这意味着,知乎用户的增长尤其是付费用户的增长,并不是互联网常见的烧钱换用户,而主要依靠自身的专栏、小说、音视频等内容,换而言之,知乎的知识内容对用户的吸引力足够,它的慢钱之路走稳了。</p><p>这或许正是知乎近段时间在商业化上加快动作的原因之一。2020年初,知乎正式推出内容商业解决方案,所谓内容商业解决方案,包含在线教育和电子商务相关服务,其中在线教育包括职业培训、在线课程等,与知乎内容有着相当高的契合性。</p><p>一年下来,招股书显示,内容商业解决方案2020年贡献收入达1.36亿元,营收占比从2019年的0.7%增长到3.9%。其中,在线教育和电商服务全年收入5263万元。</p><p><img src=\"https://static.tigerbbs.com/479f90bfe9657de9eb3511981a817e0f\" tg-width=\"1080\" tg-height=\"221\" referrerpolicy=\"no-referrer\"></p><p>一切都在表明,知乎正在慢钱快赚,以知识为内核,充分挖掘自身的商业价值。一方面是内容从科技到生活、娱乐的延伸,形式从文字到音视频的拓展;一方面是付费会员的升级,服务产品的不断开发,再加上知识源头对创作者的重视,知乎正在全方位地进行商业化“深潜”。</p><p>最终,这带来用户规模的增加,以及单用户价值的提升。</p><p>“付费率自 2019 年开始加速,是因为盐选专栏的形式(文字)、类别(故事)、流量入口(插入问答社区作为回答)与知乎原有内容生态的适配性很强,预计随着知乎持续完善付费内容产品,付费用户渗透率将进一步提升。”广发证券在研报中分析称。</p><p>如果说知乎的独特性在于它的社区,在于它的用户和内容,那么谨慎而迅速的商业化探索,是它掌握的对用户与自己,自己与外界的平衡术。</p>","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n知乎开盘破发,盘初跌幅超21%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-03-27 01:38</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>3月26日(周五),中国最大的问答式在线社区<a href=\"https://laohu8.com/S/ZH\">知乎</a>在美股上市,开盘报8.11美元,公司发行价为9.5美元。截至发稿,知乎跌幅超21%,盘中最低见7.15美元。</p><p><img src=\"https://static.tigerbbs.com/5f13e2c938a440ccf5e77c06654fcb51\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>按照每股ADS 9.5美元的发行价,通过此次IPO和同步进行的私募配售,知乎最高募资规模将达8.5亿美金(全额行使超额配售后)。招股书显示,知乎计划将此次募集所得款项用于知乎产品和服务的开发、营销和用户的增长、研究与开发技术,以及一般公司用途,包括潜在的战略投资和收购。</p><p>知乎成立于2010年,以问答社区起步,如今已发展成为中国最大的问答式在线社区,也是中国前五大综合在线内容社区之一。作为内容领域的优质资产,知乎在中文互联网内容赛道上独树一帜,被认为是最具有差异性和稀缺性的标的。</p><p><b>独特的知乎</b></p><p>2017年左右,中国互联网领域开始流行“独角兽”一词。也正是从那时开始,中国互联网开启新一轮的上市“超强周期”。</p><p>继2000 年左右百度、腾讯、盛大、搜狐、网易等上市,2010年左右阿里、京东等电商上市之后,这可以说是国内互联网公司的第三次上市潮。</p><p>2018年的美团、爱奇艺、B站、拼多多、蔚来汽车、小米,2019年港交所二次上市的阿里,2020年京东、网易二次在香港上市,2021年上市的快手,计划二次在港上市的B站和爱奇艺,正二次上市的百度,以及最近递交IPO申请的知乎,曾被看作是“独角兽”的互联网企业们纷纷开启了上市征程。</p><p>这一波“超强周期”IPO的企业大多创立于2010年之后,比如快手诞生于2011年,最近递交IPO申请的知乎同样上线于2011年。</p><p>“或许很多人已不记得,知乎是在一片质疑声中诞生的”,周源曾回忆道,那时正是微博客这一形式萌芽与快速发展的时候,很多人觉得那是短阅读甚至读图的时代,是娱乐主导网络的时代,“没有人还会愿意书写或阅读长篇大论”。</p><p>而正是以独特的长问答、长阅读,知乎不但于中国互联网立足,还获得了快速发展。2011年上线后,经历两年邀请注册和专业、精英的社区调性,2013年知乎面向公众开放注册,注册用户数因此由2013年上半年的40万人快速增长至2015年3月的1700万人,平均MAU从2019年的4800万人增长至2020年Q4的7570万人,同比增速达到42.7%。</p><p>这7570万用户的数字,在成立十年之后的知乎身上仍然在高速增长,更重要的是在这个日益增长的数字背后,是每个用户身上所蕴藏着的待挖潜的价值。</p><p>作为中国唯一以深度内容为起点的社区,知乎虽然从一开始定向邀请的精英圈层到现在的大众化,面向的用户越来越多,但它仍然还保持着与众不同的用户格调,以兴趣、知识、求知等为标签,连接、聚拢着一批用户,而这也是中国最富求知欲、最乐于分享自身专业知识的人群。</p><p>同时,这些人身上的标签还有一二线城市、偏年轻、高消费能力等。广发证券援引数据显示,知乎用户78.7%为30岁以下,53%来自一线和新一线城市、21%来自二线城市。</p><p><img src=\"https://static.tigerbbs.com/902c2a2b21a79bf6eae66ab2d47b3084\" tg-width=\"796\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p>知乎独特的产品架构和社区属性,使这些人是创作者,也是用户与消费者,并在两种角色转换中相互间保持着极高的互动性。</p><p>截至2020年12月31日,知乎上的内容创作者累计达到4310万,贡献了3.15亿个问题和答案;2020年第四季度,知乎平均MAU(月活跃用户)为7570万。</p><p>与其他社交平台的发文、评论不同,知乎对用户的一切行为都给予了互动的可能,包括动态、回答、点赞等,同时观点碰撞与沟通的需求让问答用户天然有了极强的互动需求。</p><p>腾讯媒体研究院的调查结果显示,对于问答产品,用户最常参与、感兴趣的互动形式是评论、关注问题、赞同或反对答案、分享等,其中有近一半的人对赞同或反对回答感兴趣/最常参与。</p><p><img src=\"https://static.tigerbbs.com/e7f17a99eee71ac1abd92d82817986fe\" tg-width=\"816\" tg-height=\"660\" referrerpolicy=\"no-referrer\"></p><p>由此来看,知乎的产品设计天然符合了用户的这一需求,也能引导用户积极互动,增强用户对平台的粘性。2020年四季度,日活跃用户平均每天打开知乎应用程序的数据是6.2次。</p><p>“奇怪”的起点为知乎造就了独特的产品设计和社区氛围,也让它吸引了众多独特的、“格调”相似、颇具忠诚度的用户。在中国互联网,用户就是价值,尤其是标签明显的用户,知乎独特的用户成为它独特商业化的前提。</p><p><b>独特的内容</b></p><p>在2021年内开年的十周年答谢礼上,周源分享了一个故事:两年前,一个媒体前辈问他怎么在文章里插入动图,从哪儿找动图。通过这则故事,他试图表明内容领域表达方式与媒介的升级,“今天的中文互联网,在媒介升级和技术进步的推动下,内容行业还会不断拓展边界”。</p><p>从文字出发的知乎,正是在一路拓展自己的边界,一是内容领域的边界,一是内容表达形式的边界。</p><p>每个人都有自己的知识边界,作为问答社区,知乎最开始的用户边界决定着它的内容边界。在接受媒体采访时,周源曾表示知乎有200名种子用户。有人通过对四位创始人各自关注的前200名用户进行数据分析后发现,这些用户以创业者、程序员、媒体人、产品经理、投资人等为主。</p><p>这决定了早期知乎的内容以科技、商业、阅读、科学、生活等为主。知乎最近公布的“知乎十年百问”即每年十个热议话题中,2011年的话题四个互联网科技相关话题,包括“设计一个手机APP”、“电影中的黑客”、“乔布斯”、“张小龙”等。</p><p>此后,随着用户圈层的扩大,用户规模的大幅增长,知乎平台上的内容越来越丰富,涉足的领域越来越多,越来越泛化。</p><p>2015年时的知乎热议问题中已经10个问题中5个是生活、娱乐、文娱类话题,包括租房、周杰伦婚礼、健身、《夏洛特烦恼》、《康熙来了》停播;2020年热议话题中,10个问题中6个是文娱相关。</p><p><img src=\"https://static.tigerbbs.com/39c84a0e26141dea6c62b7ef7ef466e7\" tg-width=\"1080\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"></p><p>各领域的用户,为知乎共享了海量、丰富的内容。招股书显示,截至2020年12月31日,知乎累计拥有 4310 万内容创作者,已贡献 3 .53亿条内容,其中包括 3.15 亿个问答。</p><p><b>此次IPO,阿里巴巴、京东、腾讯、LilithGames四家顶流公司参与私募配售为知乎站台,无疑也在释放一个强烈信号:来自电商、内容、游戏甚至更多产业都在“觊觎”知乎的内容,这里面既包括抢占中文互联网最优质内容高地的意味,更包含了整个互联网对内容商业潜力的一致看好。能引发这种“趋之若鹜”的效应,放眼行业,能做到的屈指可数,知乎就是其中一个。</b></p><p>在拓宽内容纬度的同时,伴随着用户群体的逐步扩大,知乎的媒介形式也从早期的文字、图片,到声音、动图、视频、直播,媒介形式不断丰富。</p><p>“以各个领域的创作者为中心,为广大用户创造价值,将是知乎的长期战略。”如周源所说,知乎在聚集中国互联网科技、商业、影视、时尚、文化等领域极具创造力人群的同时,也为他们提供了包括图文、音频、视频、直播在内的内容表达工具,一切是为了内容与知识本身。</p><p>以特色的产品和社区氛围吸引各领域用户,为他们提供各种内容表达工具,在周源的畅想中,知乎应该“像一个规模空前的虚拟咖啡馆,我们穿梭于此,或者仔细聆听,或者高谈阔论,大家君子之交,和而不同”。</p><p>这当然是理想的场景。越来越丰富的内容,必然也会夹杂着庞杂的内容噪音。对此,知乎的解决之道是依靠社区机制,鼓励了真诚的表达、专业的讨论、友善的互动,保证高质量内容的产出、传播和沉淀。</p><p>从目前来看,内容噪音并未对知乎带来太大的困扰,丰富的内容反而支撑它的商业化上取得了发展。</p><p>招股书显示,付费会员是知乎第二大收入来源,也是它增长最快的业务,2020年知乎付费会员收入3.2亿元,同比增长264%,营收占比从2019年的13.1%上升至2020年的23.7%。</p><p><img src=\"https://static.tigerbbs.com/b04deb042acf2598c891a4c2844bd586\" tg-width=\"1080\" tg-height=\"226\" referrerpolicy=\"no-referrer\"></p><p>知乎于2019年推出了“盐选”付费会员体系,付费会员可以畅享3000+场盐选专栏、近10000场Live讲座、30000+本电子书/讲书、国内外近万本杂志期刊,专栏、Live等也可以单独付费购买。</p><p>这一会员体系依托的正是知乎丰富的内容体系,广发证券研报显示,截至2021年1月的3635场盐选专栏,94.8%的对盐选会员免费开放,形式分别为文字内容(39.7%)、音频内容(28.3%)、视频内容(32.0%),内容涵盖科学、财商、故事、亲子等,知乎独家或自制的内容占比达到28.2%。</p><p>独特的内容,支撑知乎商业化的快速推进。有粘性的用户、有质量的内容,知乎对二者的结合目前来看还是较为初级,还有很大的操作空间,十年知乎还沉淀着庞大的内容待挖掘。</p><p>在挖掘沉淀内容的同时,知乎的新内容创造也未停止。随着2021年年初,知乎表示再投入数十亿元的现金和流量,继续加大对创作者的支持。</p><p>在帮助更多的创作者成为“全新的内容品牌”的同时,知乎也在为自己拓展内容商业化的边界。</p><p><b>独特的赚钱逻辑</b></p><p>内容平台的商业化,在全球范围内都是难题之一。对它们来说,一边是理想,一边是商业,前者支撑平台走出来,后者支撑平台走下去。</p><p>近年来,国内的内容平台集中地从理想迈步向现实,成功者有之,但商业成功的同时往往带来用户体验的下降,“理想”的退步与让位似乎也是必然。</p><p>知乎的商业化似乎进展较慢,或者说非常谨慎。</p><p>2018年,在内容、用户多有足够积累后,知乎开始推出付费内容,并在之后沿着知识与内容付费道路加快商业化探索,2019年上半年推出付费会员计划。</p><p>长期以来,知识都是知乎商业化的重头戏,甚至是它付费会员模式的唯一支撑。这种以知识为内核的盈利模式,决定了知乎天然与长短视频、社交等内容平台有着不同的发展路径,即赚慢钱。</p><p>事实证明,它在这一道路上走得很稳。招股书显示,受益于不断扩大的用户群和较高的用户参与度,知乎付费会员规模从2019年的60万(平均每月付费会员数)增长到2020年的240万,付费用户比例稳步攀升,从2019年第四季度的1.8%提高到2020年的4%。</p><p>值得注意的是,在知乎付费会员增长的同时,知乎的营销开支却不升反降。招股书显示,知乎的营销开支从2019年的7.66亿元减少到了2020年的7.35亿元,营收占比也从114.3%下降到了54.3%。</p><p><img src=\"https://static.tigerbbs.com/963fdb771adbf7064312a21d1070d158\" tg-width=\"1080\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p>这意味着,知乎用户的增长尤其是付费用户的增长,并不是互联网常见的烧钱换用户,而主要依靠自身的专栏、小说、音视频等内容,换而言之,知乎的知识内容对用户的吸引力足够,它的慢钱之路走稳了。</p><p>这或许正是知乎近段时间在商业化上加快动作的原因之一。2020年初,知乎正式推出内容商业解决方案,所谓内容商业解决方案,包含在线教育和电子商务相关服务,其中在线教育包括职业培训、在线课程等,与知乎内容有着相当高的契合性。</p><p>一年下来,招股书显示,内容商业解决方案2020年贡献收入达1.36亿元,营收占比从2019年的0.7%增长到3.9%。其中,在线教育和电商服务全年收入5263万元。</p><p><img src=\"https://static.tigerbbs.com/479f90bfe9657de9eb3511981a817e0f\" tg-width=\"1080\" tg-height=\"221\" referrerpolicy=\"no-referrer\"></p><p>一切都在表明,知乎正在慢钱快赚,以知识为内核,充分挖掘自身的商业价值。一方面是内容从科技到生活、娱乐的延伸,形式从文字到音视频的拓展;一方面是付费会员的升级,服务产品的不断开发,再加上知识源头对创作者的重视,知乎正在全方位地进行商业化“深潜”。</p><p>最终,这带来用户规模的增加,以及单用户价值的提升。</p><p>“付费率自 2019 年开始加速,是因为盐选专栏的形式(文字)、类别(故事)、流量入口(插入问答社区作为回答)与知乎原有内容生态的适配性很强,预计随着知乎持续完善付费内容产品,付费用户渗透率将进一步提升。”广发证券在研报中分析称。</p><p>如果说知乎的独特性在于它的社区,在于它的用户和内容,那么谨慎而迅速的商业化探索,是它掌握的对用户与自己,自己与外界的平衡术。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3648aef4be7c4fe90101fe0dbc9bd5da","relate_stocks":{"ZH":"知乎"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146956977","content_text":"3月26日(周五),中国最大的问答式在线社区知乎在美股上市,开盘报8.11美元,公司发行价为9.5美元。截至发稿,知乎跌幅超21%,盘中最低见7.15美元。按照每股ADS 9.5美元的发行价,通过此次IPO和同步进行的私募配售,知乎最高募资规模将达8.5亿美金(全额行使超额配售后)。招股书显示,知乎计划将此次募集所得款项用于知乎产品和服务的开发、营销和用户的增长、研究与开发技术,以及一般公司用途,包括潜在的战略投资和收购。知乎成立于2010年,以问答社区起步,如今已发展成为中国最大的问答式在线社区,也是中国前五大综合在线内容社区之一。作为内容领域的优质资产,知乎在中文互联网内容赛道上独树一帜,被认为是最具有差异性和稀缺性的标的。独特的知乎2017年左右,中国互联网领域开始流行“独角兽”一词。也正是从那时开始,中国互联网开启新一轮的上市“超强周期”。继2000 年左右百度、腾讯、盛大、搜狐、网易等上市,2010年左右阿里、京东等电商上市之后,这可以说是国内互联网公司的第三次上市潮。2018年的美团、爱奇艺、B站、拼多多、蔚来汽车、小米,2019年港交所二次上市的阿里,2020年京东、网易二次在香港上市,2021年上市的快手,计划二次在港上市的B站和爱奇艺,正二次上市的百度,以及最近递交IPO申请的知乎,曾被看作是“独角兽”的互联网企业们纷纷开启了上市征程。这一波“超强周期”IPO的企业大多创立于2010年之后,比如快手诞生于2011年,最近递交IPO申请的知乎同样上线于2011年。“或许很多人已不记得,知乎是在一片质疑声中诞生的”,周源曾回忆道,那时正是微博客这一形式萌芽与快速发展的时候,很多人觉得那是短阅读甚至读图的时代,是娱乐主导网络的时代,“没有人还会愿意书写或阅读长篇大论”。而正是以独特的长问答、长阅读,知乎不但于中国互联网立足,还获得了快速发展。2011年上线后,经历两年邀请注册和专业、精英的社区调性,2013年知乎面向公众开放注册,注册用户数因此由2013年上半年的40万人快速增长至2015年3月的1700万人,平均MAU从2019年的4800万人增长至2020年Q4的7570万人,同比增速达到42.7%。这7570万用户的数字,在成立十年之后的知乎身上仍然在高速增长,更重要的是在这个日益增长的数字背后,是每个用户身上所蕴藏着的待挖潜的价值。作为中国唯一以深度内容为起点的社区,知乎虽然从一开始定向邀请的精英圈层到现在的大众化,面向的用户越来越多,但它仍然还保持着与众不同的用户格调,以兴趣、知识、求知等为标签,连接、聚拢着一批用户,而这也是中国最富求知欲、最乐于分享自身专业知识的人群。同时,这些人身上的标签还有一二线城市、偏年轻、高消费能力等。广发证券援引数据显示,知乎用户78.7%为30岁以下,53%来自一线和新一线城市、21%来自二线城市。知乎独特的产品架构和社区属性,使这些人是创作者,也是用户与消费者,并在两种角色转换中相互间保持着极高的互动性。截至2020年12月31日,知乎上的内容创作者累计达到4310万,贡献了3.15亿个问题和答案;2020年第四季度,知乎平均MAU(月活跃用户)为7570万。与其他社交平台的发文、评论不同,知乎对用户的一切行为都给予了互动的可能,包括动态、回答、点赞等,同时观点碰撞与沟通的需求让问答用户天然有了极强的互动需求。腾讯媒体研究院的调查结果显示,对于问答产品,用户最常参与、感兴趣的互动形式是评论、关注问题、赞同或反对答案、分享等,其中有近一半的人对赞同或反对回答感兴趣/最常参与。由此来看,知乎的产品设计天然符合了用户的这一需求,也能引导用户积极互动,增强用户对平台的粘性。2020年四季度,日活跃用户平均每天打开知乎应用程序的数据是6.2次。“奇怪”的起点为知乎造就了独特的产品设计和社区氛围,也让它吸引了众多独特的、“格调”相似、颇具忠诚度的用户。在中国互联网,用户就是价值,尤其是标签明显的用户,知乎独特的用户成为它独特商业化的前提。独特的内容在2021年内开年的十周年答谢礼上,周源分享了一个故事:两年前,一个媒体前辈问他怎么在文章里插入动图,从哪儿找动图。通过这则故事,他试图表明内容领域表达方式与媒介的升级,“今天的中文互联网,在媒介升级和技术进步的推动下,内容行业还会不断拓展边界”。从文字出发的知乎,正是在一路拓展自己的边界,一是内容领域的边界,一是内容表达形式的边界。每个人都有自己的知识边界,作为问答社区,知乎最开始的用户边界决定着它的内容边界。在接受媒体采访时,周源曾表示知乎有200名种子用户。有人通过对四位创始人各自关注的前200名用户进行数据分析后发现,这些用户以创业者、程序员、媒体人、产品经理、投资人等为主。这决定了早期知乎的内容以科技、商业、阅读、科学、生活等为主。知乎最近公布的“知乎十年百问”即每年十个热议话题中,2011年的话题四个互联网科技相关话题,包括“设计一个手机APP”、“电影中的黑客”、“乔布斯”、“张小龙”等。此后,随着用户圈层的扩大,用户规模的大幅增长,知乎平台上的内容越来越丰富,涉足的领域越来越多,越来越泛化。2015年时的知乎热议问题中已经10个问题中5个是生活、娱乐、文娱类话题,包括租房、周杰伦婚礼、健身、《夏洛特烦恼》、《康熙来了》停播;2020年热议话题中,10个问题中6个是文娱相关。各领域的用户,为知乎共享了海量、丰富的内容。招股书显示,截至2020年12月31日,知乎累计拥有 4310 万内容创作者,已贡献 3 .53亿条内容,其中包括 3.15 亿个问答。此次IPO,阿里巴巴、京东、腾讯、LilithGames四家顶流公司参与私募配售为知乎站台,无疑也在释放一个强烈信号:来自电商、内容、游戏甚至更多产业都在“觊觎”知乎的内容,这里面既包括抢占中文互联网最优质内容高地的意味,更包含了整个互联网对内容商业潜力的一致看好。能引发这种“趋之若鹜”的效应,放眼行业,能做到的屈指可数,知乎就是其中一个。在拓宽内容纬度的同时,伴随着用户群体的逐步扩大,知乎的媒介形式也从早期的文字、图片,到声音、动图、视频、直播,媒介形式不断丰富。“以各个领域的创作者为中心,为广大用户创造价值,将是知乎的长期战略。”如周源所说,知乎在聚集中国互联网科技、商业、影视、时尚、文化等领域极具创造力人群的同时,也为他们提供了包括图文、音频、视频、直播在内的内容表达工具,一切是为了内容与知识本身。以特色的产品和社区氛围吸引各领域用户,为他们提供各种内容表达工具,在周源的畅想中,知乎应该“像一个规模空前的虚拟咖啡馆,我们穿梭于此,或者仔细聆听,或者高谈阔论,大家君子之交,和而不同”。这当然是理想的场景。越来越丰富的内容,必然也会夹杂着庞杂的内容噪音。对此,知乎的解决之道是依靠社区机制,鼓励了真诚的表达、专业的讨论、友善的互动,保证高质量内容的产出、传播和沉淀。从目前来看,内容噪音并未对知乎带来太大的困扰,丰富的内容反而支撑它的商业化上取得了发展。招股书显示,付费会员是知乎第二大收入来源,也是它增长最快的业务,2020年知乎付费会员收入3.2亿元,同比增长264%,营收占比从2019年的13.1%上升至2020年的23.7%。知乎于2019年推出了“盐选”付费会员体系,付费会员可以畅享3000+场盐选专栏、近10000场Live讲座、30000+本电子书/讲书、国内外近万本杂志期刊,专栏、Live等也可以单独付费购买。这一会员体系依托的正是知乎丰富的内容体系,广发证券研报显示,截至2021年1月的3635场盐选专栏,94.8%的对盐选会员免费开放,形式分别为文字内容(39.7%)、音频内容(28.3%)、视频内容(32.0%),内容涵盖科学、财商、故事、亲子等,知乎独家或自制的内容占比达到28.2%。独特的内容,支撑知乎商业化的快速推进。有粘性的用户、有质量的内容,知乎对二者的结合目前来看还是较为初级,还有很大的操作空间,十年知乎还沉淀着庞大的内容待挖掘。在挖掘沉淀内容的同时,知乎的新内容创造也未停止。随着2021年年初,知乎表示再投入数十亿元的现金和流量,继续加大对创作者的支持。在帮助更多的创作者成为“全新的内容品牌”的同时,知乎也在为自己拓展内容商业化的边界。独特的赚钱逻辑内容平台的商业化,在全球范围内都是难题之一。对它们来说,一边是理想,一边是商业,前者支撑平台走出来,后者支撑平台走下去。近年来,国内的内容平台集中地从理想迈步向现实,成功者有之,但商业成功的同时往往带来用户体验的下降,“理想”的退步与让位似乎也是必然。知乎的商业化似乎进展较慢,或者说非常谨慎。2018年,在内容、用户多有足够积累后,知乎开始推出付费内容,并在之后沿着知识与内容付费道路加快商业化探索,2019年上半年推出付费会员计划。长期以来,知识都是知乎商业化的重头戏,甚至是它付费会员模式的唯一支撑。这种以知识为内核的盈利模式,决定了知乎天然与长短视频、社交等内容平台有着不同的发展路径,即赚慢钱。事实证明,它在这一道路上走得很稳。招股书显示,受益于不断扩大的用户群和较高的用户参与度,知乎付费会员规模从2019年的60万(平均每月付费会员数)增长到2020年的240万,付费用户比例稳步攀升,从2019年第四季度的1.8%提高到2020年的4%。值得注意的是,在知乎付费会员增长的同时,知乎的营销开支却不升反降。招股书显示,知乎的营销开支从2019年的7.66亿元减少到了2020年的7.35亿元,营收占比也从114.3%下降到了54.3%。这意味着,知乎用户的增长尤其是付费用户的增长,并不是互联网常见的烧钱换用户,而主要依靠自身的专栏、小说、音视频等内容,换而言之,知乎的知识内容对用户的吸引力足够,它的慢钱之路走稳了。这或许正是知乎近段时间在商业化上加快动作的原因之一。2020年初,知乎正式推出内容商业解决方案,所谓内容商业解决方案,包含在线教育和电子商务相关服务,其中在线教育包括职业培训、在线课程等,与知乎内容有着相当高的契合性。一年下来,招股书显示,内容商业解决方案2020年贡献收入达1.36亿元,营收占比从2019年的0.7%增长到3.9%。其中,在线教育和电商服务全年收入5263万元。一切都在表明,知乎正在慢钱快赚,以知识为内核,充分挖掘自身的商业价值。一方面是内容从科技到生活、娱乐的延伸,形式从文字到音视频的拓展;一方面是付费会员的升级,服务产品的不断开发,再加上知识源头对创作者的重视,知乎正在全方位地进行商业化“深潜”。最终,这带来用户规模的增加,以及单用户价值的提升。“付费率自 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