{"F": {"ts_code": "600036.SH", "name": "招商银行", "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": "20020409", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 41.69, "pe_ttm": 6.9311, "pb": 0.9182, "dv_ttm": 4.8357, "total_mv": 105141536.3064, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [2904.8, 3312.5, 3447.8, 3391.2, 3374.9, 3375.3], "np_series": [973.4, 1199.2, 1380.1, 1466.0, 1483.9, 1501.8], "roe_series": [14.6, 15.2, 15.3, 14.5, 12.9, 12.0], "period": "20260630", "rev_ttm": 3457.4, "np_ttm": 1517.0, "ocf_ttm": 6216.1, "fcf_ttm": 5779.2, "fcf_yield": 55.0, "ocf_yield": 59.1, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 43.6, "roe_median": 14.5, "commodity": false, "hard_ratio": 1.0, "fix_assets": 1365.5, "goodwill_ratio": 0.1, "pb_calc": 0.78, "capex_dep": 3.84, "interest_debt": 1360.4, "debt_ebitda": null, "debt_ratio": 90.2, "debt_mv": 12.9, "payout": 35.3, "div_years": 5, "rev_cagr3": -0.7, "np_cagr3": 2.9, "rev_yoy": 4.8, "np_yoy": 2.0, "np_vol": 8.6, "loss_years": 0, "far_share": 28.0, "earn_yield": 14.4, "consensus_n": 23, "fwd_pe": 6.9, "fwd_pe2": 6.6, "fwd_g1": -0.0, "fwd_g2": 4.0, "peg": 1.73, "consensus_disp": null, "mainbz": [["产品", 17.0], ["净利息收入：利息收入", 17.0], ["净利息收入", 11.0], ["净利息收入：利息收入：贷款和垫款", 11.0]], "ret_prev_year": 13.6, "ret_prev2_year": 61.6, "ret_ytd": 4.0, "ret_pivot": 52.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.4, "ret_60": 10.5, "ret_120": 7.6, "ret_250": -0.4, "mdd_250": -16.9, "vol_250": 17.8, "pos_52w": 100.0}, "S": {"duration": 16, "pricing": null, "hard": null, "bondness": 64}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["招商银行 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 14.5%,PB 0.92倍,股息率 4.8%,分红率 35%。", "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 14.4%(1/PE)与股息率 4.8% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.9 倍 粗算,约 28%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -0%,最大回撤 -17%,年化波动 18%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 7% / 10% / 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%。", "招商银行:PE 比行业中位高 1.4倍;股息率 比行业中位低 0.2个百分点;毛利率 ;固定资产占比 比行业中位高 0.3个百分点。"]}}