The following article** refers to the north of Lujiazui Yangji, and the author is a national costume dish Wenji.
Heroes emerge from troubled times. "Shanghai in 1992 was as beautiful as neon and a sea of flowers. The speech of the chief designer of China's reform and opening up has accelerated the pace of China's joint-stock system reform and attracted worldwide attention. ** is the latest hot spot, also starting from 100, almost 100 years old US Dow Jones index, to today is only 3,300 points, just one year old Shanghai Composite Index has approached 1,000 ......Everyone is equal in front of opportunities, and seizing opportunities has the potential to change lives. Some people ride the wind, and some people go to zero in half a day. "Everything about the story is like the beginning of "Flowers". If it is said that ** is a transit station for wealth, behind each ** is the material of ups and downs, long and short. The rise and fall of the "shovel seller" wealth software is the most real footnote to the ups and downs of the past 30 years。When the curtain of the era is officially opened, the protagonists appear in turn. 
God reaffirmed to Moses his promise: All the land where the soles of your feet are tread shall be yours, from the wilderness and from Lebanon, and from the great Euphrates to the Western Sea, which shall be your border, a place flowing with milk and honey, and think of it, where a bunch of grapes can be carried by two strong men, and this is holy land and heaven. —Old Testament GenesisThe story began in the spring of 1994, with the east wind of **, the wealth folded, and it was staged everywhere in this land. It was an era when the market was still hand-drawn, there was no mobile phone, the computer was also a rarity, the stock market was rampant, the news was in short supply, and the market was not perfect, bringing countless myths of getting rich overnight. Ordinary workers earned a month's salary in ** a day, which was common at that time. Chen Rong of Zhonglu Group, an ordinary worker from a peasant family, known as the owner of the first Rolls-Royce in Shanghai, in 1994, relied on the bottom of July of that year, 38 days, successfully made a tenfold profit of 1.2 million US dollars into 12 million US dollars. Such stories were not uncommon at the time. 
If the ** at that time was a blessed land flowing with milk and honey, then it is clear that the gold rush in San Francisco in 1848 has told everyone in the next 200 yearsOn top of all the outlets, selling shovels is the most profitable business。The popular "Silicon Valley Fire" at the time put the answer more bluntly: over time, it is as normal for people to buy software as they are to buy the computer itself. High gross margins, batch replication, and scale effects, in those days, there was nothing more than software for a better business model. What if software is combined with capital markets? **Need information, large accounts need to analyze, brokerage institutions need to see in real time**, need a data system, need an order system,In a blank market, the wealth software that was born not long ago vividly explains what is called a golden shovel that makes sure to make money without losing money. In 1994, a young man named Lu Feng stumbled upon it during a meal and found that outside the company, as long as the hawker copied the information of the listed company, he could sell it for a piece of A4 paper at a sky-high price of ten yuan. Inspired by this, Lufeng hired a group of students to enter the information of listed companies, newspapers and magazines into floppy disks in the student dormitory of Shanghai Maritime University, and sold them to the business hall through "cats", which sold well in major securities institutions for a while. And this has since laid the foundation for the prototype of Wind that countless financial practitioners love and hate in the following decades. 
At that time, such a set of software, at its highest, could sell for tens of thousands of yuan. It was more than 10 times the per capita annual income of ordinary peasants in those years. At the same time, a graduate of Zhejiang University named Yi Zheng set his sights on the hot trading and developed a trading software called "Dragon and Tiger List". In addition to daily transactions, the most special thing about this software is that it allows large investors to see the transactions of other seats, in the era when ordinary people are still hand-drawn trading charts, the 120,000 sets of dragon and tiger lists, undoubtedly let its users lead the opponent several positions at the information level. All of a sudden, there was a long queue of users who used plastic bags to carry money to buy the Dragon and Tiger List. 
In less than four months, this software earned Yi Zheng a full 1 million yuan in Shanghai, where the monthly salary was only about 100 yuan at that time. And this software also became the predecessor of the most expensive mobile game in A-shares, which was later jokingly called the most expensive mobile game in A-shares. Good dreams are the easiest to wake up from. The money that is too easy to earn is naturally not easy to earn for a long time:On June 14, 2001, the Shanghai Composite Index was rapidly pulled up to 2245After 43 o'clock, the crash came, and the market ushered in a three-year slow**. The brokerage firms that once spent a lot of money are difficult to protect themselves, and they are accompanied by a number of financial ** and wealth software to survive the winter: 158 Hairong**.com, which was once famous in the industry for its $4.5 million financing, was later sold to Hexun.com; Once hailed as China's best financial and economic database, Juling Information simply transformed into television, radio, and satellite, and then was sold into the financial industry in 2006 for $1 million**. Wind, which mainly focuses on the secondary market, has encountered competitors from Hong Kong and Macao information, Visette and other competitors, a set of tens of thousands of products, in the fierce market competition, ** was pressed to a set of only one or two thousand yuan, bleeding business. In order to survive, Wind has done database and management consulting, and the price of sufficient orders is to be yelled at by brokerage institutions. The "rollover" of ** is earlier than ** market。In 1995, the 327 incident broke out, and China's ** market ushered in the darkest day, once smashed 146 billion super-large orders within 8 minutes, accounting for 1 30 of the gross national product that year, and countless wealth was wiped out in an instant. The treasury bonds, which started less than three years ago, have since been stopped, and the dragon and tiger list has also been hidden by the market. At that time, it was also called "nuclear new software" Straight flush, instantly fell into business difficulties, and in the following years, it had to extend the outsourcing territory to the first transaction system, the first system, the transaction security software, and even established a biomedical company for a time. Everyone is fed up with working as a contractor for the agency, and the transformation is imminent. **Always born in despair, grow in half-belief, mature in longing, and destroy in hope. – John TempletonPoverty is thinking about change, and more changes can always be born in despairYi Zheng turned his gaze to the C end with a straight flush。Coinciding with the extreme in 2001, the financial portal represented by the financial community completely ran through the channel of traffic aggregation - software payment, and the software for the first software sprung up like mushrooms after a rain during this period. Straight flush, which has accumulated many years of institutional experience, is naturally no exception. Since then, although it has been suppressed by the great wisdom of the same period on the PC side, but with the launch of mobile phone software in 2006, Flush launched mobile phone software, and in the following year successively bound Telecom, Mobile, Unicom cooperation, become the only mobile phone financial information service provider of the three major operators, relying on SMS, MMS, WAP, GPRS and other products, Flush won a large number of loyal seed users on the mobile phone. 
A straight flush mounted on a feature machineAnd Lu Feng Wind has set its sights on the business model of idol Bloomberg and has become China's Bloomberg。In the 80s of the last century, Bloomberg Financial Terminal was popular on Wall Street at the beginning of its birth, and it took only 22 years to complete the counterattack on Reuters, the world's largest financial consulting company, by providing financial information and data services. Compared with the Bloomberg terminal, the latecomer Wind is more Internet, which simplifies the terminal with software and hardware into a client software with a capacity of only 25M, which is lower in cost and easier to disseminate and use. But whether it's turning to personal ** software, or doing domestic Bloomberg, is it really the right choice? The answer was officially revealed in a new bull run in 2005. This year, with the reform of equity division, the sharp enlargement of the domestic financial market, the power of ordinary **, began to show in China's capital market. But what really earned this wave of traffic was a new opponent that no one could have imagined. In the previous year, a ** called "Oriental Fortune Network" was quietly launched. Its founder, Shen Jun, may be more familiar with his pen name "Actually" than his real name. 
In the 90s of the last century, after the company suffered repeated beatings of soybeans, foreign exchange, and coffee, and witnessed the limit of 327 national bonds for 8 minutes, a young man named Shen Jun began to use his pen name to write stock reviews in succession in the "Shanghai ** News", Dragon TV, and Shanghai People's Radio Financial Channel, and became a famous celebrity, and was once rated as "the first person in China's B-share research" by Ta Kung Pao. Since then, continuing the previous media experience and Shen Jun's personal IP, as soon as Oriental Fortune was born, it broke out of the encirclement with financial information and became the guide of "Internet celebrity to industry" in that era. Relying on the popularity of Shen Jun's stock reviews for many years, Oriental Fortune once won the promotion position of more than a dozen financial companies in the country for a consecutive year with a symbolic fee, and then became famous with a number of consecutive popular stock reviews during the equity division reform. In 2006, Shen Jun, who was not willing to just be a financial information leader, was influenced by the forum and launched the "stock bar" product that focuses on the distribution center of stockholders. Shareholders make money here to show off, lose money here to scold their mothers, bored to gather here to tell jokes, "turn off the lights and eat noodles", "Chinese god car" These jokes are from the stock bar at the earliest. By the end of that year, the average daily number of users visiting the stock bar had exceeded 20 million. The pace of expansion doesn't stop there. In 2008, Shen Jun founded the daily ** network, and at the most, the sales of ** products that had covered more than 90% of the market; In 2010, Shen Jun led Oriental Fortune to enter the Growth Enterprise Market (GEM) and reached a new level with the help of capital. In 2013, Oriental Fortune launched Choice Data to expand its business territory to Wind's territory; In 2015, Oriental Fortune acquired **Communications**, started an Internet brokerage, and its daily ** hit 7432A record sales record of 5.5 billion yuan. So far, the latecomer has taken the lead in Oriental Fortune, and the business territory has filled the audience. In stark contrast to Dongcai's territorial expansion, it is Wind that anchors a single field and makes a lot of money. The turning point in its fate occurred in 2006, when the Chinese version of Bloomberg had begun to take shape, and in this year, the Shanghai Stock Exchange sent an assist - *Information level-2 officially began to charge. For professional investors, since they all have to spend money, instead of spending on raw information, they have to do it themselves. It's better to add a little more money and directly use the ready-made information processed by Wind. It was also in this year that Wind's revenue reached 30 million for the first time, breaking even. By 2007, with more than 1,200 institutional customers, almost all commercial banks and ** companies in the country, as well as 85% of ** companies, 78% of insurance companies, and 75% of QFII institutions, had an income of more than 1200 million mark, and continues to grow at a rate of continuous doubling. The windfall profits behind the data business, according to public disclosuresIn 2014, Wind's net profit was as high as 60.1 billion, which is the same period of competitor straight flush (6045.550,000 yuan), Oriental Fortune (16.6 billion), Great Wisdom (20.9 billion yuan) The sum of the net profits of the three companies is more。Sitting on the gold mountain of data, it is too easy to make money, so easy that it makes peers red. In 2010, Flush launched the ifind financial data terminal with similar positioning to Wind, and in 2013, Oriental Fortune launched online choice data, which once again caught Wind off guard. During the same period, neither in the volume of the superior, the profit is slightly inferior to the Wind Straight Flush, the opportunity is in the **. In the crazy bull market in 2015, the straight flush that boosted the formation of the bull market also became the most eye-catching part of the bull market. This year, on the institutional side, represented by Ren Zesong, a large number of new generation managers made a lot of money by speculating on the small and medium-sized market value of the technology Internet; The people, the boost of HOMS, the first loan of the city business, under the pretext of splitting the position, the virtual brokerage is popular, and the allocation of capital is prevalent for a while. Driven by fanaticism, the Shanghai Composite Index once exceeded 5,000 points, and the number of A-share shareholders who made profits accounted for as high as 62% that year, completely breaking the iron law of eight losses, one draw and one profit for many years. Extreme leverage promotes extreme **, and extreme ** has brought a large number of young shareholders who have run into the market. The number of A-share investors has increased from 9,536 in 2014 in just one year90,000 people rose to 13,536 in 201530,000 people, an increase of 4194%。The ** analysis function of the straight flush is a weapon for them to meet the gods and kill the gods, and to obtain them, as long as they are in the mobile phone payment window, with a single click, you can easily have a shortcut to get rich overnight. Driven by fresh blood, this year, the revenue of the straight flush increased by 78 times, net profit increased by 435 times, the stock price has increased by 69 times. 
At this point, the market is divided into three parts. Wind firmly occupies the institutional side and quietly makes a lot of money; Oriental Fortune has blossomed in many battlefields such as information, stock bars, first-class consignment sales, and Internet brokerages; The straight flush card is at the C end, becoming the ordinary**"most expensive mobile game". At the same time when the bosses of Fortune Software were still running wildly with their heads down and blindfolded, Forbes had calculated each other's net worth for them through a "Forbes China 400 Rich List": the Shen Jun family, the founder of Dongcai, ranked 50th with $3.1 billion; Wind's founder, Landwind, ranked 66th with $2.7 billion (new); Zhang Changhong, the founder of Great Wisdom, ranked 156th with 1.6 billion US dollars, and Yi Zheng, the founder of Flush, ranked 212th with 1.3 billion US dollars. It was a time when Hurun was not yet on the pig killing list, and Forbes had not yet wholesaled the list everywhere. Everyone believes that the era of getting rich has arrived. It wasn't until 2018 that the wind direction began to change gradually. The state of a business is only half the facts, and the other half is people's opinions. – Benjamin GrahamOver the past 200 years, countless business cases have proven that buying a shovel is the most profitable thing in the Nuggets Rush. But about the second half of the story, if the Nuggets don't make money anymore, how many people will buy shovels? After the end of the bull market in 2015, there was a bear market that lasted for three years. In a bear market, competitors always come out by surprise. In 2015, Dongcai's Tiantian Network, which won the Internet sales champion, ushered in the most ferocious opponent - Ant in the same year. Just three years later, in 2018, Ant**, a subsidiary of Ant, completed the revenue surpassing of Tiantian**. The number of active users of the daily ** platform is also shrinking under the attack of the Internet: 314 in 2021Of the 70,000 average daily active users, in the first half of 2023, only 169 remain560,000, declining year after year, has become a footnote in the scale in recent years. It's not just Dongcai who has a hard time. In 2018, Xinhu Zhongbao disclosed the information of its shareholding in Wind in the form of an announcement, 136.8 billion yuan in exchange for 6% equity of Wind. According to this estimate, the market value of Wind is 22.8 billion yuan. Time rewinds to 2016, when the valuation of Wind's primary market was still at a high level of 60 billion, and in two and a half years, the market value has shrunk by nearly 40 billion yuan. Although the market value of the primary market rises and falls, it is rich on paper, but behind it is more changes in the situation. Over the past years, Wind has saved researchers a lot of energy in data sorting because it has gathered a large number of macroeconomic and corporate operation data, and even the models in many brokerage reports are directly imported by Wind formulas. Relying on this professionalism and comprehensiveness, the price has risen year after year, and it has also become a public trick for Wind to crush its peers on the profit side. In the past, when A-shares were in full swing, it was just common for large institutions to spend millions or even tens of millions of dollars on Wind every year. But once the bear market coincides with the price increase, the story becomes interesting. In November 2018, rumors of a 30% price increase by Wind swiped the screen in the circle of friends. That night, East Fortune Choice and Flush iFind, which focus on similar functions, announced price reductions at the right time, and one announced that brokerages and financial institution users would be free for half a year; A homeopathic announcement of a 30% price cut, three years without a price increase, "bastard price increase!" In 2020, a similar plot played out again. At the end of 2020, Lu Ying, director of Haitong ** Research Institute, publicly angrily rebuked in the circle of friends: "I wrote a report for 14 years,......I haven't used wind, and I thought it was expensive back then. Raising his arms and shouting, he immediately attracted the praise of Zheng Zhiguo, chairman of the Shenwan Research Institute. After that, at the end of each year, the organization changed overnight, and spraying wind became a routine in the industry。Perhaps because the user's Wind belief is no longer so firm, or perhaps because of the requirements of the advertising law, around 2021, Wind quietly updated the homepage of the company's official website and began to use vague words such as "many" to replace the previous "85%" and "78%" data that made peers blush. 
However, it is impossible to reduce the price reduction. In the past, institutions purchased one account, gave away ten trial accounts, and negotiated discounts. Now that the trial account has been gradually withdrawn, or the EDB permission has been revoked, the previous 80%, 9%, and 95% off discounts have begun to be gradually canceled. As a result, within the organization, Wind's access to it began to change from one person to only analysts with Wind accounts, sales, back-office, bonds, and IPO additional approval accounts; Finally, each wind account is allocated to the employee's personal cost, and one account is assigned to each group, and interns are encouraged to bring wind to work. By the end of 2023, policy has shifted again – in a more unfavorable direction. From December 8 of this year, it is strictly forbidden to transfer and pay fees to third parties for public trial trading commissions. (including but not limited to the cost of trial external expert consultation, financial terminals, research platforms, databases, etc.). To put it more bluntly, in the past, the public offering that could bear the cost of wind through the help of a brokerage firm is now necessary to purchase wind by itself. At this time, Choice and iFind, which have been complained about for many years, are also particularly cost-effective. Compared with the annual fee of 39,800 for the basic version of Wind, the average unit price of iFind is 1-150,000 years can still be discounted, and the choice promotion price is simply only around 5,800 yuan. In order to win Wind customers, the sales of Straight Flush and Dongcai are simply free for two or three years for some large brokerages and institutions. For users' special function export needs, a one-click replacement of templates has been introduced. Even, if there is a problem with one-click replacement, there is also an account manager, and human flesh will help to change it. Of course, when Straight Flush and Oriental Fortune continue to salivate over the fat on Wind's lips, Wind's territory is also quietly approaching the opponent's territory. In the first quarter of 2023, Shanghai Wind's **sales*** debuted in the public offering ** top 100 holdings, ranking 95th. By the third quarter of 2023, the scale of Wind**'s equity category has reached 4.3 billion yuan, ranking 89th. When the blindfolded rush is passed, the relationship between the survivors begins to change from incremental dislocation competition to gradual overlapping body shape into the era of stock competitionEveryone had to end that helpless ending of the story - when the Nuggets no longer make money, the shovel also had to roll in. Time enters 2024, and China's first batch of wealth software will be 30 years old. Behind it is still the smell of money, and new wealth myths are still being born, but the flow of this wealth, the share that belongs to ordinary people, is becoming thinner and thinner. The extremes of 2022-2024 have pulled the star ** manager off the altar, and also shattered the dream of countless ordinary people** to get rich overnight. Will the audience for wealth software be dwindling? This seems to be a hypothetical speculation. According to ChinaClear, as of August 2023, the number of investors in the country has reached 2200 million, in the same period of 2022, this data is 20.8 billion; The data for 21 years is 19.2 billion; 20 years is 17.1 billion——Regardless of the bears and bulls, the number of investors in A-shares is still soaring at 15 million per year. And every fluctuation will bring a steady stream of fresh blood to it. There will always be people who believe that this time is different; And history will press the same rhyme, telling the leeks in the ups and downsThis time is no different from the last time.