{"F": {"ts_code": "600015.SH", "name": "华夏银行", "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": "20030912", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.32, "pe_ttm": 4.0081, "pb": 0.314, "dv_ttm": 6.6456, "total_mv": 10058234.812, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [953.1, 958.7, 938.1, 932.1, 971.5, 919.1], "np_series": [212.8, 235.3, 250.3, 263.6, 276.8, 272.0], "roe_series": [7.8, 8.1, 8.1, 8.3, 8.1, 7.2], "period": "20260630", "rev_ttm": 977.0, "np_ttm": 250.9, "ocf_ttm": 363.3, "fcf_ttm": 135.7, "fcf_yield": 13.5, "ocf_yield": 36.1, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 28.8, "roe_median": 8.1, "commodity": false, "hard_ratio": 1.7, "fix_assets": 838.0, "goodwill_ratio": 0.0, "pb_calc": 0.25, "capex_dep": 5.73, "interest_debt": 5784.5, "debt_ebitda": null, "debt_ratio": 91.9, "debt_mv": 575.1, "payout": 25.9, "div_years": 5, "rev_cagr3": -0.7, "np_cagr3": 2.8, "rev_yoy": 12.7, "np_yoy": -18.4, "np_vol": 4.0, "loss_years": 0, "far_share": 0.0, "earn_yield": 24.9, "consensus_n": 9, "fwd_pe": 3.9, "fwd_pe2": 3.8, "fwd_g1": 2.0, "fwd_g2": 2.0, "peg": 1.95, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 21.0], ["产品", 16.0], ["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": -10.2, "ret_prev2_year": 62.9, "ret_ytd": -2.0, "ret_pivot": 12.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.1, "ret_60": -4.1, "ret_120": -7.6, "ret_250": -16.3, "mdd_250": -19.3, "vol_250": 19.6, "pos_52w": 84.8}, "S": {"duration": 10, "pricing": null, "hard": null, "bondness": 62}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["华夏银行 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 8.1%,PB 0.31倍,股息率 6.6%,分红率 26%。", "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 24.9%(1/PE)与股息率 6.6% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 4.0 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,最大回撤 -19%,年化波动 20%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 -6% / -4% / -8%。", "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%。", "华夏银行:PE 比行业中位低 1.5倍;股息率 比行业中位高 1.6个百分点;毛利率 ;固定资产占比 比行业中位高 1.0个百分点。"]}}