本文從閱讀觀點分析崇禎本《金瓶梅》評點，藉這部書籍探討晚明世情小說的閱讀及其隱含的文化意義。筆者詳細分析評點的形式、用語、插圖，勾勒這位不知名讀者的在階級、性別的預設和盲點，討論閱讀情色小說所隱含的窺視慾，道德與情慾的衝突等問題。其次從「細節」、「無要緊」等批評術語探討世情小說的敘事特質及其文化意義，再從人性觀、市井語言、日常閒談、方言等方面探索晚明新興話語世界的形成。針對「冷熱」觀念，筆者分別從對白、場景、人物、冷筆、寓意等方面指出其社會與心理的功能和意義，以及一種晚明隱私話語的形成。最後援引巴赫金的多音性觀念，論述世情小說多語體、雜語類、多聲部的特徵，說明這部評點在小說史及評點史上的意義。

　　　　　This paper proposes to "reread" a Chong-zhen marginalia of The Plum in the Golden Vase, hoping to reconstruct the general reading theory and the cultural implications for a species known as "the worldly novels" (世情小說) in the late Ming Dynasty. I give a general picture of the anonymous reader's rank, sexual assumptions and aporia. And I also discuss the implied voyeurism in the erotic reading, at the same time going into the conflicts between social moral codes and individual desire. Then from commentary jargons such as "details" (細節) and "this doesn't matter" (無要緊) I discuss the naratological characters and cultural significance of the worldly novels. I further investigate the formation of a new discursive world during late Ming from these points of view: human psyche, market language, lower-class everyday idioms, and dialects. With the theory of "cold" (冷) and "warm" (熱), I also point out-using the dialogues, settings, characters, "cold writing" (冷筆), and allegory-the functional implications of the society, the age's psyche, and the formation of private discourse in the late Ming Dynasty. Finally, applying Bakhtin's theory of polyphony, I discuss the characters of heteroglossia, the multiplicity of social voices, and the multi-accentuality of heteroglossia, the multiplicity of social voices, and the multi-accentuality of linguistic signs from our case study, hoping to illustrate its significance both in the history of the novel and in the history of the marginalia.