{"F": {"ts_code": "600061.SH", "name": "国投资本", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "证券Ⅱ", "sw3": "证券Ⅲ", "ind": "证券Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19970519", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.53, "pe_ttm": 11.0537, "pb": 0.7761, "dv_ttm": 2.3637, "total_mv": 4175345.8634, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.3, 0.3, 0.5, 1.6, 2.4, 59.3], "rev_series": [9.6, 11.9, 19.4, 25.1, 20.4, 0.5], "np_series": [41.5, 47.9, 29.4, 23.6, 26.9, 32.8], "roe_series": [9.8, 10.1, 5.8, 4.5, 5.0, 5.9], "period": "20260630", "rev_ttm": -6.5, "np_ttm": 37.8, "ocf_ttm": 372.5, "fcf_ttm": 368.3, "fcf_yield": 88.2, "ocf_yield": 89.2, "gm_median": 1.6, "gm_std": 23.3, "gm_stab": -13.55, "gm_chg_2022": -4.8, "npm_median": 179.1, "roe_median": 5.8, "commodity": false, "hard_ratio": 0.3, "fix_assets": 12.6, "goodwill_ratio": 1.1, "pb_calc": 0.74, "capex_dep": 1.31, "interest_debt": 3456.9, "debt_ebitda": 121.0, "debt_ratio": 85.5, "debt_mv": 827.9, "payout": 31.0, "div_years": 5, "rev_cagr3": -69.9, "np_cagr3": 3.7, "rev_yoy": 76.4, "np_yoy": 29.3, "np_vol": 23.6, "loss_years": 0, "far_share": 55.0, "earn_yield": 9.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["经纪业务", 29.0], ["信用业务", 8.0], ["资产管理业务", 6.0]], "ret_prev_year": 3.6, "ret_prev2_year": 14.0, "ret_ytd": -12.9, "ret_pivot": 15.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.0, "ret_60": 8.2, "ret_120": -8.6, "ret_250": -23.4, "mdd_250": -29.3, "vol_250": 23.0, "pos_52w": 76.5}, "S": {"duration": 24, "pricing": null, "hard": null, "bondness": 60}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["国投资本 是证券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 5.8%,PB 0.78倍,股息率 2.4%,分红率 31%。", "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 9.0%(1/PE)与股息率 2.4% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.1 倍 粗算,约 55%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -23%,最大回撤 -29%,年化波动 23%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 2% / 8% / -9%。", "行业对照": ["同申万二级「证券Ⅱ」50 家中位:PE 15.7 / 股息率 1.9% / 毛利率 10.2% / 固定资产占比 0% / 分红率 33%。", "国投资本:PE 比行业中位低 4.6倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 8.6个百分点;固定资产占比 比行业中位低 0.1个百分点。"]}}