{"F": {"ts_code": "600053.SH", "name": "*ST九鼎", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "资产管理", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "19970418", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.8, "pe_ttm": null, "pb": 1.5594, "dv_ttm": null, "total_mv": 338161.824, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [98.9, 96.5, 98.6, 99.6, 61.2, 49.8], "rev_series": [3.4, 2.1, 4.3, 2.8, 3.4, 2.8], "np_series": [0.9, 0.6, 1.8, -1.2, -1.4, -3.6], "roe_series": [3.3, 2.3, 6.2, -4.1, -5.0, -14.6], "period": "20260630", "rev_ttm": 2.6, "np_ttm": -4.0, "ocf_ttm": -1.8, "fcf_ttm": -1.9, "fcf_yield": -5.6, "ocf_yield": -5.3, "gm_median": 96.5, "gm_std": 21.3, "gm_stab": 0.78, "gm_chg_2022": -0.3, "npm_median": -40.3, "roe_median": -4.1, "commodity": false, "hard_ratio": 0.7, "fix_assets": 0.2, "goodwill_ratio": 5.1, "pb_calc": 1.56, "capex_dep": 5.36, "interest_debt": 2.1, "debt_ebitda": null, "debt_ratio": 21.0, "debt_mv": 6.1, "payout": null, "div_years": 1, "rev_cagr3": -13.3, "np_cagr3": null, "rev_yoy": -25.5, "np_yoy": -85.4, "np_vol": 128.1, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 41.0], ["建筑施工业务", 20.0], ["私募股权投资业务", 12.0], ["私募投资管理", 12.0]], "ret_prev_year": 43.3, "ret_prev2_year": -1.8, "ret_ytd": -60.7, "ret_pivot": -41.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.0, "ret_60": -1.0, "ret_120": -52.9, "ret_250": -57.9, "mdd_250": -74.9, "vol_250": 49.1, "pos_52w": 30.2}, "S": {"duration": 100, "pricing": null, "hard": null, "bondness": 23}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["*ST九鼎 是多元金融。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 -4.1%,PB 1.56倍,股息率 —,分红率 —。", "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 —(1/PE)与股息率 — 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -58%,最大回撤 -75%,年化波动 49%,现价在 52 周高点的 30%;近 20 / 60 / 120 日 6% / -1% / -53%。", "行业对照": ["同申万二级「多元金融」24 家中位:PE 20.1 / 股息率 1.4% / 毛利率 28.6% / 固定资产占比 1% / 分红率 31%。", "*ST九鼎:PE ;股息率 ;毛利率 比行业中位高 67.9个百分点;固定资产占比 与行业中位持平。"]}}