{"F": {"ts_code": "600000.SH", "name": "浦发银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "股份制银行Ⅱ", "sw3": "股份制银行Ⅲ", "ind": "股份制银行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19991110", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.43, "pe_ttm": 6.1305, "pb": 0.4166, "dv_ttm": 4.4539, "total_mv": 31407405.5169, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [1963.8, 1909.8, 1886.2, 1734.3, 1707.5, 1739.6], "np_series": [583.2, 530.0, 511.7, 367.0, 452.6, 500.2], "roe_series": [9.8, 8.1, 7.5, 5.2, 6.2, 6.4], "period": "20260630", "rev_ttm": 1771.8, "np_ttm": 512.3, "ocf_ttm": 7588.8, "fcf_ttm": 7403.1, "fcf_yield": 235.7, "ocf_yield": 241.6, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 27.6, "roe_median": 6.4, "commodity": false, "hard_ratio": 0.7, "fix_assets": 703.9, "goodwill_ratio": 0.1, "pb_calc": 0.38, "capex_dep": 2.16, "interest_debt": 8064.9, "debt_ebitda": null, "debt_ratio": 91.9, "debt_mv": 256.8, "payout": 30.0, "div_years": 5, "rev_cagr3": -2.7, "np_cagr3": -0.8, "rev_yoy": 3.6, "np_yoy": 4.1, "np_vol": 17.5, "loss_years": 0, "far_share": 18.0, "earn_yield": 16.3, "consensus_n": 15, "fwd_pe": 6.2, "fwd_pe2": 5.8, "fwd_g1": -1.0, "fwd_g2": 7.0, "peg": 0.89, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 21.0], ["产品", 15.0], ["利息净收入：利息收入：发放贷款和垫款", 15.0], ["利息净收入", 11.0]], "ret_prev_year": 27.1, "ret_prev2_year": 73.0, "ret_ytd": -21.5, "ret_pivot": 20.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.4, "ret_60": 3.3, "ret_120": -4.2, "ret_250": -30.7, "mdd_250": -40.2, "vol_250": 23.6, "pos_52w": 68.8}, "S": {"duration": 14, "pricing": null, "hard": null, "bondness": 60}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["浦发银行 是股份制银行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 6.4%,PB 0.42倍,股息率 4.5%,分红率 30%。", "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 16.3%(1/PE)与股息率 4.5% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.1 倍 粗算,约 18%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -31%,最大回撤 -40%,年化波动 24%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 2% / 3% / -4%。", "行业对照": ["同申万二级「股份制银行Ⅱ」9 家中位:PE 5.5 / 股息率 5.0% / 毛利率 — / 固定资产占比 1% / 分红率 30%。", "浦发银行:PE 比行业中位高 0.6倍;股息率 比行业中位低 0.5个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}