{"F": {"ts_code": "000686.SZ", "name": "东北证券", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "证券Ⅱ", "sw3": "证券Ⅲ", "ind": "证券Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19970227", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.11, "pe_ttm": 10.6331, "pb": 0.9289, "dv_ttm": 3.0826, "total_mv": 1898107.3019, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [66.1, 74.8, 50.8, 64.8, 65.1, 50.7], "np_series": [13.3, 16.2, 2.3, 6.7, 8.7, 14.5], "roe_series": [8.3, 9.4, 1.3, 3.7, 4.6, 7.4], "period": "20260630", "rev_ttm": 56.7, "np_ttm": 17.9, "ocf_ttm": 83.8, "fcf_ttm": 82.5, "fcf_yield": 43.5, "ocf_yield": 44.1, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 14.3, "roe_median": 4.6, "commodity": false, "hard_ratio": 0.4, "fix_assets": 5.7, "goodwill_ratio": 0.1, "pb_calc": 0.93, "capex_dep": 1.33, "interest_debt": 117.9, "debt_ebitda": null, "debt_ratio": 83.9, "debt_mv": 62.1, "payout": 35.0, "div_years": 5, "rev_cagr3": -0.1, "np_cagr3": 84.5, "rev_yoy": 29.4, "np_yoy": 77.5, "np_vol": 88.5, "loss_years": 0, "far_share": 53.0, "earn_yield": 9.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["手续费及佣金净收入：手续费及佣金收入合计", 17.0], ["手续费及佣金净收入", 14.0], ["证券经纪业务", 14.0], ["手续费及佣金净收入：证券经纪业务净收入：证券经纪", 10.0]], "ret_prev_year": 21.1, "ret_prev2_year": 14.2, "ret_ytd": -11.6, "ret_pivot": 45.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.6, "ret_60": 9.6, "ret_120": -4.1, "ret_250": -7.7, "mdd_250": -28.0, "vol_250": 32.0, "pos_52w": 78.9}, "S": {"duration": 23, "pricing": null, "hard": null, "bondness": 54}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["东北证券 是证券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 4.6%,PB 0.93倍,股息率 3.1%,分红率 35%。", "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 9.4%(1/PE)与股息率 3.1% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.6 倍 粗算,约 53%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -8%,最大回撤 -28%,年化波动 32%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 1% / 10% / -4%。", "行业对照": ["同申万二级「证券Ⅱ」50 家中位:PE 15.7 / 股息率 1.9% / 毛利率 10.2% / 固定资产占比 0% / 分红率 33%。", "东北证券:PE 比行业中位低 5.1倍;股息率 比行业中位高 1.2个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}