{"F": {"ts_code": "000563.SZ", "name": "陕国投A", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "信托", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "19940110", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.04, "pe_ttm": 10.8349, "pb": 0.8223, "dv_ttm": 2.9605, "total_mv": 1554647.0016, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [21.3, 19.1, 19.3, 28.1, 29.3, 29.5], "np_series": [6.9, 7.3, 8.4, 10.8, 13.6, 14.3], "roe_series": [6.0, 6.1, 5.9, 6.5, 7.8, 7.8], "period": "20260630", "rev_ttm": 29.9, "np_ttm": 14.3, "ocf_ttm": -17.2, "fcf_ttm": -18.4, "fcf_yield": -11.8, "ocf_yield": -11.1, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 43.5, "roe_median": 6.5, "commodity": false, "hard_ratio": 3.9, "fix_assets": 10.0, "goodwill_ratio": 0.0, "pb_calc": 0.82, "capex_dep": 3.01, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 26.2, "debt_mv": null, "payout": 33.1, "div_years": 5, "rev_cagr3": 15.3, "np_cagr3": 19.6, "rev_yoy": 2.9, "np_yoy": 0.3, "np_vol": 9.7, "loss_years": 0, "far_share": 54.0, "earn_yield": 9.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["金融信托业务", 50.0], ["产品", 50.0]], "ret_prev_year": -0.9, "ret_prev2_year": 22.6, "ret_ytd": -10.3, "ret_pivot": 15.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": 7.0, "ret_120": -13.4, "ret_250": -18.9, "mdd_250": -27.6, "vol_250": 22.9, "pos_52w": 79.8}, "S": {"duration": 24, "pricing": null, "hard": null, "bondness": 37}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["陕国投A 是多元金融。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 6.5%,PB 0.82倍,股息率 3.0%,分红率 33%。", "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 9.2%(1/PE)与股息率 3.0% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.8 倍 粗算,约 54%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -19%,最大回撤 -28%,年化波动 23%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 2% / 7% / -13%。", "行业对照": ["同申万二级「多元金融」24 家中位:PE 20.1 / 股息率 1.4% / 毛利率 28.6% / 固定资产占比 1% / 分红率 31%。", "陕国投A:PE 比行业中位低 9.3倍;股息率 比行业中位高 1.6个百分点;毛利率 ;固定资产占比 比行业中位高 3.2个百分点。"]}}