{"F": {"ts_code": "600155.SH", "name": "华创云信", "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": "19980918", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.23, "pe_ttm": 39.7925, "pb": 0.673, "dv_ttm": null, "total_mv": 1360126.6224, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [87.8, null, null, null, null, null], "rev_series": [3.1, 37.7, 25.3, 30.0, 33.5, 31.5], "np_series": [6.6, 9.7, 3.8, 4.6, 0.6, 1.8], "roe_series": [4.4, 6.2, 2.1, 2.4, 0.3, 0.9], "period": "20260630", "rev_ttm": 35.9, "np_ttm": 3.4, "ocf_ttm": 31.1, "fcf_ttm": 29.4, "fcf_yield": 21.6, "ocf_yield": 22.9, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 15.2, "roe_median": 2.1, "commodity": false, "hard_ratio": 1.3, "fix_assets": 9.2, "goodwill_ratio": 5.8, "pb_calc": 0.67, "capex_dep": 2.56, "interest_debt": 128.7, "debt_ebitda": null, "debt_ratio": 69.7, "debt_mv": 94.6, "payout": null, "div_years": 0, "rev_cagr3": 7.5, "np_cagr3": -21.6, "rev_yoy": 33.9, "np_yoy": 202.6, "np_vol": 99.1, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "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], ["投资与交易业务", 18.0], ["财富管理业务", 14.0], ["机构业务", 11.0]], "ret_prev_year": -10.5, "ret_prev2_year": -11.3, "ret_ytd": -5.9, "ret_pivot": 2.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.4, "ret_60": 19.8, "ret_120": -8.4, "ret_250": -22.2, "mdd_250": -34.4, "vol_250": 25.4, "pos_52w": 78.6}, "S": {"duration": 63, "pricing": null, "hard": null, "bondness": 16}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["华创云信 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 2.1%,PB 0.67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 2.5%(1/PE)与股息率 — 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.8 倍 粗算,约 87%(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 -22%,最大回撤 -34%,年化波动 25%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 5% / 20% / -8%。", "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%。", "华创云信:PE 比行业中位高 24.1倍;股息率 ;毛利率 ;固定资产占比 比行业中位高 0.9个百分点。"]}}