{"F": {"ts_code": "000776.SZ", "name": "广发证券", "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": "19970611", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 22.2, "pe_ttm": 9.1991, "pb": 1.2574, "dv_ttm": 2.7027, "total_mv": 17371157.01, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [291.5, 342.5, 251.3, 233.0, 272.0, 354.9], "np_series": [100.4, 108.5, 79.3, 69.8, 96.4, 137.0], "roe_series": [10.6, 10.6, 7.0, 5.5, 6.8, 9.0], "period": "20260630", "rev_ttm": 469.8, "np_ttm": 188.8, "ocf_ttm": 35.1, "fcf_ttm": 28.5, "fcf_yield": 1.6, "ocf_yield": 2.0, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 35.4, "roe_median": 7.0, "commodity": false, "hard_ratio": 0.2, "fix_assets": 29.2, "goodwill_ratio": 0.0, "pb_calc": 0.98, "capex_dep": 1.38, "interest_debt": 1791.1, "debt_ebitda": null, "debt_ratio": 84.6, "debt_mv": 103.1, "payout": 36.1, "div_years": 5, "rev_cagr3": 12.2, "np_cagr3": 20.0, "rev_yoy": 74.6, "np_yoy": 80.1, "np_vol": 27.1, "loss_years": 0, "far_share": 46.0, "earn_yield": 10.9, "consensus_n": 21, "fwd_pe": 9.3, "fwd_pe2": 8.4, "fwd_g1": -1.0, "fwd_g2": 11.0, "peg": 0.85, "consensus_disp": null, "mainbz": [["产品", 21.0], ["手续费及佣金净收入：手续费及佣金收入", 10.0], ["手续费及佣金净收入", 10.0], ["证券投资业务", 8.0]], "ret_prev_year": 41.5, "ret_prev2_year": 18.0, "ret_ytd": 3.2, "ret_pivot": 95.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.0, "ret_60": 19.0, "ret_120": 18.0, "ret_250": 2.3, "mdd_250": -27.9, "vol_250": 36.7, "pos_52w": 91.1}, "S": {"duration": 21, "pricing": null, "hard": null, "bondness": 40}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["广发证券 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 7.0%,PB 1.26倍,股息率 2.7%,分红率 36%。", "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 10.9%(1/PE)与股息率 2.7% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.2 倍 粗算,约 46%(1 − 5/PE)。中等。"]], "价格行为": "近一年 2%,最大回撤 -28%,年化波动 37%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 6% / 19% / 18%。", "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%。", "广发证券:PE 比行业中位低 6.5倍;股息率 比行业中位高 0.8个百分点;毛利率 ;固定资产占比 比行业中位低 0.2个百分点。"]}}