{"F": {"ts_code": "600816.SH", "name": "建元信托", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "多元金融", "sw3": "信托", "ind": "多元金融", "fin_source": "tushare", "market": "主板", "list_date": "19940128", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.5, "pe_ttm": 21.4367, "pb": 1.6278, "dv_ttm": null, "total_mv": 2461112.05, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, 0.0, null], "rev_series": [null, null, null, null, 0.0, null], "np_series": [-67.4, -11.3, -10.4, 0.4, 0.5, 1.2], "roe_series": [-158.1, -197.7, -518.7, 0.6, 0.4, 0.8], "period": "20260630", "rev_ttm": null, "np_ttm": 11.5, "ocf_ttm": -0.5, "fcf_ttm": -0.9, "fcf_yield": -0.3, "ocf_yield": -0.2, "gm_median": 0.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 1106.9, "roe_median": 0.4, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.2, "goodwill_ratio": 0.0, "pb_calc": 1.63, "capex_dep": 6.37, "interest_debt": 21.3, "debt_ebitda": 4.5, "debt_ratio": 41.1, "debt_mv": 8.6, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": null, "np_yoy": 2559.1, "np_vol": 44.1, "loss_years": 2, "far_share": 77.0, "earn_yield": 4.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 27.0], ["手续费及佣金净收入：手续费及佣金收入：信托报酬", 20.0], ["手续费及佣金净收入：手续费及佣金收入", 20.0], ["手续费及佣金净收入", 20.0]], "ret_prev_year": -19.1, "ret_prev2_year": 22.0, "ret_ytd": -11.7, "ret_pivot": 6.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.4, "ret_60": -4.2, "ret_120": -7.7, "ret_250": -21.1, "mdd_250": -33.8, "vol_250": 33.5, "pos_52w": 69.8}, "S": {"duration": 41, "pricing": null, "hard": null, "bondness": 24}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["建元信托 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 0.4%,PB 1.63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 4.7%(1/PE)与股息率 — 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.4 倍 粗算,约 77%(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 -21%,最大回撤 -34%,年化波动 34%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -0% / -4% / -8%。", "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%。", "建元信托:PE 比行业中位高 1.3倍;股息率 ;毛利率 比行业中位低 28.6个百分点;固定资产占比 比行业中位低 0.6个百分点。"]}}