{"F": {"ts_code": "600109.SH", "name": "国金证券", "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": "19970807", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.74, "pe_ttm": 12.9849, "pb": 0.8871, "dv_ttm": 0.9128, "total_mv": 3219171.7746, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [60.6, 71.3, 57.3, 67.3, 66.6, 84.6], "np_series": [18.6, 23.2, 12.0, 17.2, 16.7, 22.8], "roe_series": [8.6, 9.9, 4.3, 5.4, 5.0, 6.6], "period": "20260630", "rev_ttm": 95.0, "np_ttm": 24.8, "ocf_ttm": 361.1, "fcf_ttm": 359.6, "fcf_yield": 111.7, "ocf_yield": 112.2, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 25.9, "roe_median": 5.4, "commodity": false, "hard_ratio": 0.1, "fix_assets": 1.1, "goodwill_ratio": 0.0, "pb_calc": 0.89, "capex_dep": 2.86, "interest_debt": 271.0, "debt_ebitda": null, "debt_ratio": 82.3, "debt_mv": 84.2, "payout": 26.5, "div_years": 5, "rev_cagr3": 13.8, "np_cagr3": 23.9, "rev_yoy": 27.0, "np_yoy": 18.2, "np_vol": 33.4, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.7, "consensus_n": 5, "fwd_pe": 12.7, "fwd_pe2": 11.5, "fwd_g1": 2.0, "fwd_g2": 10.0, "peg": 1.27, "consensus_disp": null, "mainbz": [["产品", 17.0], ["手续费及佣金净收入：手续费及佣金收入", 14.0], ["手续费及佣金净收入", 11.0], ["财富管理", 9.0]], "ret_prev_year": 8.1, "ret_prev2_year": -2.4, "ret_ytd": -5.2, "ret_pivot": 25.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.1, "ret_60": 10.9, "ret_120": 0.0, "ret_250": -16.0, "mdd_250": -27.1, "vol_250": 25.1, "pos_52w": 83.7}, "S": {"duration": 28, "pricing": null, "hard": null, "bondness": 24}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["国金证券 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 5.4%,PB 0.89倍,股息率 0.9%,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 7.7%(1/PE)与股息率 0.9% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.0 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,最大回撤 -27%,年化波动 25%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 0% / 11% / 0%。", "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%。", "国金证券:PE 比行业中位低 2.7倍;股息率 比行业中位低 1.0个百分点;毛利率 ;固定资产占比 比行业中位低 0.3个百分点。"]}}