This crackdown by Xiaohongshu isn't about deleting a few posts—it’s about shifting financial content from a "traffic-driven logic" back to a "licensing-based logic." Content with high conversion potential—such as “Quickly open a Hong Kong美股 account,” “Low-cost research reports,” “Debt restructuring,” or “Gold investment”—has always been prone to turning from personal sharing into traffic redirection, even crossing into illegal business operation boundaries. For the platform, this is about plugging critical risk gaps in its financial content ecosystem. For institutions, future success won’t just depend on how well you create content, but on whether you have proper credentials and clearly defined content boundaries. In short: financial content is still viable—but relying on borderline phrasing and fake professional personas to attract traffic will become increasingly difficult.