{"F": {"ts_code": "002936.SZ", "name": "郑州银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "城商行Ⅱ", "sw3": "城商行Ⅲ", "ind": "城商行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20180919", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.8, "pe_ttm": 8.4173, "pb": 0.3486, "dv_ttm": null, "total_mv": 1636576.452, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [146.1, 148.0, 151.0, 136.7, 128.8, 129.2], "np_series": [31.7, 32.3, 24.2, 18.5, 18.8, 19.0], "roe_series": [7.6, 6.3, 4.5, 3.6, 3.5, 3.5], "period": "20260630", "rev_ttm": 129.9, "np_ttm": 19.4, "ocf_ttm": 432.7, "fcf_ttm": 431.6, "fcf_yield": 263.7, "ocf_yield": 264.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 14.8, "roe_median": 3.6, "commodity": false, "hard_ratio": 0.4, "fix_assets": 33.0, "goodwill_ratio": 0.0, "pb_calc": 0.29, "capex_dep": 0.27, "interest_debt": 967.7, "debt_ebitda": null, "debt_ratio": 92.6, "debt_mv": 591.3, "payout": 13.3, "div_years": 1, "rev_cagr3": -5.1, "np_cagr3": -7.9, "rev_yoy": 1.0, "np_yoy": 3.0, "np_vol": 12.6, "loss_years": 0, "far_share": 41.0, "earn_yield": 11.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 32.0], ["产品", 18.0], ["利息收入:发放贷款及垫款:公司贷款及垫款(产品)", 17.0], ["利息净收入：利息收入：发放贷款及垫款利息收入：公", 17.0]], "ret_prev_year": -7.2, "ret_prev2_year": 4.5, "ret_ytd": -6.7, "ret_pivot": 11.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.3, "ret_60": 2.9, "ret_120": -6.7, "ret_250": -15.5, "mdd_250": -22.2, "vol_250": 15.2, "pos_52w": 84.9}, "S": {"duration": 19, "pricing": null, "hard": null, "bondness": 28}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["郑州银行 是城商行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 3.6%,PB 0.35倍,股息率 —,分红率 13%。", "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 11.9%(1/PE)与股息率 — 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.4 倍 粗算,约 41%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,最大回撤 -22%,年化波动 15%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 2% / 3% / -7%。", "行业对照": ["同申万二级「城商行Ⅱ」17 家中位:PE 6.4 / 股息率 3.9% / 毛利率 — / 固定资产占比 0% / 分红率 30%。", "郑州银行:PE 比行业中位高 2.0倍;股息率 ;毛利率 ;固定资产占比 比行业中位高 0.1个百分点。"]}}