今天所有人都沉浸在股市开门红的喜悦中，就王石可能心情有点糟糕，关于田女士大量删除和老王的合影，并离婚的消息，传得沸沸扬扬。 虽然当事人已经辟了谣，但老王肯定是高兴不太起来的。 我个人觉得，这几年看下来，田女士和老王之间， 有点像MCN公司的负责人，和旗下IP的关系 ，田女士负责掌舵、找项目，然后贴到老王这个 IP上去，比如，do脸这个事，就属于MCN对IP的一种打磨。 你再看老王做的个别项目，比如卖燕窝那事儿，很明显就是女性老板的视角，压根没想过老王这个IP适不适合卖燕窝，失败也是明摆着的事。 而老王这个IP，偶尔能自带点流量，比如，上次老王和田女士采访段永平，老段昨天就发了个雪球帖子，说就是为了还个人情——很显然，就是 MCN老板看到雪球的专访火了，觉得可以复刻一下，然后让旗下的IP自己去勾兑了一下，想找个爆点。 但这些年，这一IP相关的项目，无一例外都折戟了，这肯定就让MCN的老板觉得很窝火——我这么牛逼的策划，怎么就炒不火你？看来是IP本身 有问题啊。 我个人对这事，有点衍生的理解。 大家都喜欢有"能力"的人，也都喜欢有"野心"、有"进取心"的人。 但是， 大家不太喜欢的，是有野心但是没能力的人，或者说 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report conducts a detailed analysis of the financial investment, liability, and asset conditions of 42 listed banks. It reveals new trends in bank bond investment under low - interest and asset - shortage environments, and analyzes the reasons for changes in liability costs, net interest margins, and the scale and structure of liabilities and assets [2][8][9]. - By examining financial investment accounts, the report presents the characteristics of different types of banks in terms of investment scale, account structure, investment varieties, and term structure. It also analyzes the changes in liability - side costs and net interest margins, as well as the structural changes in absorption deposits, bonds payable, and inter - bank liabilities [9]. - Based on the first - quarter reports of 42 listed banks in 2025, the report analyzes the changes in major asset - side items such as loan issuance and inter - bank assets, and combines bond market performance to explain the reasons for these changes [8][9]. 3. Summary According to the Table of Contents 3.1. Listed Banks' Financial Investment: Enhanced Trading Attributes, Favor for OCI Accounts - **Financial Investment Scale**: In Q1 2025, the financial investment scale of listed banks maintained above - seasonal growth. The stock scale of financial asset investment of 42 listed banks reached 94.7 trillion yuan, accounting for about 30.17% of total assets. The investment growth rate increased from 10% in Q1 2024 to 14% in Q1 2025. Different types of banks showed different growth trends, with state - owned banks' growth slowing down and rural commercial banks' growth significantly rebounding [14][18][21]. - **Financial Investment Accounts**: The proportion of FVOCI in financial investment continued to rise. As of Q1 2025, the scales of FVTPL, FVOCI, and AC accounts were 12.8 trillion yuan, 27.0 trillion yuan, and 55.0 trillion yuan respectively. Different types of banks had different account structure changes. State - owned banks' trading characteristics were enhanced, joint - stock and city commercial banks' investment styles became more stable, and rural commercial banks' OCI accounts became the largest, with enhanced trading characteristics [25][29]. - **Financial Investment Varieties**: In the second half of 2024, listed banks' financial investments were still mainly government bonds, but more were placed in OCI accounts. Financial bonds replaced funds as the main growth point in trading accounts. Different types of banks had different investment variety focuses. State - owned banks mainly passively承接 government bonds, joint - stock banks saw significant growth in financial bonds, city commercial banks' financial bonds and policy - financial bonds increased significantly, and rural commercial banks mainly invested in trading varieties such as treasury bonds and policy - financial bonds, with a decline in fund investment scale [34][44][55]. - **Financial Investment Terms**: In the second half of 2024, the financial investment terms of listed banks were slightly extended. The overall term of financial investment increased from 4.27 years to 4.29 years. Different accounts showed different term changes, with the AC account's term compressed and the OCI account's term extended. Different types of banks also had different term structure characteristics [59][60]. 3.2. Liability Side: Obvious Effect of Inter - bank Deposit Rectification, Prominent Active Liability Characteristics of State - owned and Joint - Stock Banks - **Liability Cost**: In Q1 2025, the comprehensive liability cost of listed banks dropped to 1.65%, a significant decrease of 23bp from the end of 2024. The reasons included the accelerated manifestation of the "repricing" effect of deposit costs after the reduction of deposit listing rates and the significant cost - reduction effect of inter - bank deposits. The net interest margin continued to narrow, with state - owned and rural commercial banks under greater pressure [67][69]. - **Liability Scale**: As of Q1 2025, the total liability scale of listed banks was about 289.6 trillion yuan. The deposit expansion accelerated seasonally at the beginning of the year. The liability scale increased by 11.6 trillion yuan quarter - on - quarter, with a year - on - year growth rate of about 7.7%. Different liability items had different changes. Absorption deposits increased, bonds payable of state - owned banks increased significantly, and inter - bank liabilities decreased overall, except for rural commercial banks [70][74][85]. 3.3. Asset Side: Good Start in Credit, Reduction of Inter - bank Assets - In Q1 2025, the total asset scale of 42 listed banks was about 314 trillion yuan, a quarter - on - quarter increase of 11.9 trillion yuan, with a year - on - year growth rate of 7.5%. - **Loan Issuance and Advances**: The credit "good start" was promising. The ratio of loan assets to total assets of listed banks increased by 0.3pct to 56.34%. Different types of banks had different credit growth rates, with state - owned and joint - stock banks' loan growth slowing down, and city and rural commercial banks' loan growth accelerating [5]. - **Inter - bank Assets**: In Q1 2025, inter - bank assets decreased by 346 billion yuan quarter - on - quarter to 15.9 trillion yuan. State - owned and joint - stock banks were the main reduction items, mainly reducing repurchase funds lent out, while city and rural commercial banks maintained growth [5].