{"F": {"ts_code": "000001.SZ", "name": "平安银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "股份制银行Ⅱ", "sw3": "股份制银行Ⅲ", "ind": "股份制银行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19910403", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.89, "pe_ttm": 5.3093, "pb": 0.4928, "dv_ttm": 5.0127, "total_mv": 23073636.7398, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [1535.4, 1693.8, 1799.0, 1647.0, 1467.0, 1314.4], "np_series": [289.3, 363.4, 455.2, 464.6, 445.1, 426.3], "roe_series": [8.5, 9.6, 11.0, 10.2, 9.2, 8.2], "period": "20260630", "rev_ttm": 1326.7, "np_ttm": 434.6, "ocf_ttm": 3561.9, "fcf_ttm": 3534.7, "fcf_yield": 153.2, "ocf_yield": 154.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 28.2, "roe_median": 9.6, "commodity": false, "hard_ratio": 0.2, "fix_assets": 104.6, "goodwill_ratio": 0.1, "pb_calc": 0.42, "capex_dep": 2.15, "interest_debt": 3826.6, "debt_ebitda": null, "debt_ratio": 90.9, "debt_mv": 165.8, "payout": 28.8, "div_years": 5, "rev_cagr3": -9.9, "np_cagr3": -2.2, "rev_yoy": 1.8, "np_yoy": 3.3, "np_vol": 13.7, "loss_years": 0, "far_share": 6.0, "earn_yield": 18.8, "consensus_n": 25, "fwd_pe": 5.5, "fwd_pe2": 5.3, "fwd_g1": -3.0, "fwd_g2": 4.0, "peg": 1.38, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 23.0], ["产品", 20.0], ["利息净收入：利息收入：发放贷款和垫款", 17.0], ["利息净收入", 13.0]], "ret_prev_year": 2.9, "ret_prev2_year": 43.9, "ret_ytd": 7.6, "ret_pivot": 34.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.3, "ret_60": 8.7, "ret_120": 12.5, "ret_250": 0.3, "mdd_250": -14.6, "vol_250": 15.9, "pos_52w": 99.7}, "S": {"duration": 12, "pricing": null, "hard": null, "bondness": 63}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["平安银行 是股份制银行Ⅱ。银行赚的是利差,券商保险赚的是资产端与费率,毛利率与固定资产两个轴对它没有意义。", "ROE 近 5 年中位 9.6%,PB 0.49倍,股息率 5.0%,分红率 29%。", "利率上行对银行是净息差扩张(少数受益方向);对保险是资产端浮亏、对券商是交投与融资成本。"], "加息期怎么走": "按笔记:日债/美债收益率上行期,银行股是例外的受益方向;红利型大行按'现金流红利'拿,盯息差而不盯黄金。", "四问": [["当前 FCF 能覆盖多少市值?", "金融业现金流表不适用;用盈利收益率 18.8%(1/PE)与股息率 5.0% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.3 倍 粗算,约 6%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 0%,最大回撤 -15%,年化波动 16%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 6% / 9% / 12%。", "行业对照": ["同申万二级「股份制银行Ⅱ」9 家中位:PE 5.5 / 股息率 5.0% / 毛利率 — / 固定资产占比 1% / 分红率 30%。", "平安银行:PE 比行业中位低 0.2倍;股息率 与行业中位持平;毛利率 ;固定资产占比 比行业中位低 0.5个百分点。"]}}