{"F": {"ts_code": "002736.SZ", "name": "国信证券", "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": "20141229", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.26, "pe_ttm": 9.1877, "pb": 1.0803, "dv_ttm": 4.386, "total_mv": 10508028.4206, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [187.8, 238.2, 158.8, 173.2, 201.7, 241.4], "np_series": [66.2, 101.1, 60.9, 64.3, 82.2, 110.7], "roe_series": [9.6, 11.4, 6.0, 5.9, 7.2, 8.9], "period": "20260630", "rev_ttm": 256.3, "np_ttm": 114.4, "ocf_ttm": 130.5, "fcf_ttm": 126.5, "fcf_yield": 12.0, "ocf_yield": 12.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 40.7, "roe_median": 7.2, "commodity": false, "hard_ratio": 0.4, "fix_assets": 21.4, "goodwill_ratio": 0.0, "pb_calc": 0.83, "capex_dep": 0.89, "interest_debt": 1293.7, "debt_ebitda": null, "debt_ratio": 78.9, "debt_mv": 123.1, "payout": 48.6, "div_years": 5, "rev_cagr3": 15.0, "np_cagr3": 22.1, "rev_yoy": 13.4, "np_yoy": 6.8, "np_vol": 28.0, "loss_years": 0, "far_share": 46.0, "earn_yield": 10.9, "consensus_n": 6, "fwd_pe": 9.0, "fwd_pe2": 8.2, "fwd_g1": 2.0, "fwd_g2": 9.0, "peg": 1.0, "consensus_disp": null, "mainbz": [["产品", 19.0], ["手续费及佣金净收入：手续费及佣金收入合计", 14.0], ["证券经纪业务", 12.0], ["手续费及佣金净收入：证券经纪业务净收入：证券经纪", 11.0]], "ret_prev_year": 21.8, "ret_prev2_year": 39.2, "ret_ytd": -19.0, "ret_pivot": 24.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": 6.0, "ret_120": -13.5, "ret_250": -32.0, "mdd_250": -37.2, "vol_250": 27.1, "pos_52w": 68.0}, "S": {"duration": 21, "pricing": null, "hard": null, "bondness": 51}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["国信证券 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 7.2%,PB 1.08倍,股息率 4.4%,分红率 49%。", "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 4.4% 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 -32%,最大回撤 -37%,年化波动 27%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 2% / 6% / -14%。", "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%。", "国信证券:PE 比行业中位低 6.5倍;股息率 比行业中位高 2.5个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}