{"F": {"ts_code": "600864.SH", "name": "哈投股份", "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": "19940809", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.78, "pe_ttm": 32.344, "pb": 0.9078, "dv_ttm": 0.8824, "total_mv": 1202569.749, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.5, 15.0, 2.3, 10.2, 10.6, 8.6], "rev_series": [13.1, 16.5, 16.3, 17.3, 17.4, 16.2], "np_series": [1.9, 2.4, -9.7, 2.1, 3.4, 3.5], "roe_series": [1.4, 1.8, -7.7, 1.7, 2.7, 2.7], "period": "20260630", "rev_ttm": 16.0, "np_ttm": 3.7, "ocf_ttm": 20.5, "fcf_ttm": 16.2, "fcf_yield": 13.5, "ocf_yield": 17.1, "gm_median": 10.2, "gm_std": 4.1, "gm_stab": 0.6, "gm_chg_2022": -15.2, "npm_median": 13.8, "roe_median": 1.8, "commodity": false, "hard_ratio": 8.3, "fix_assets": 36.4, "goodwill_ratio": 0.0, "pb_calc": 0.91, "capex_dep": 1.51, "interest_debt": 280.3, "debt_ebitda": null, "debt_ratio": 70.2, "debt_mv": 233.1, "payout": 30.6, "div_years": 3, "rev_cagr3": -0.1, "np_cagr3": null, "rev_yoy": -2.3, "np_yoy": 6.3, "np_vol": 227.5, "loss_years": 1, "far_share": 85.0, "earn_yield": 3.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["热电业务：供暖", 23.0], ["供暖", 23.0], ["证券及期货经纪业务", 10.0], ["证券业务：证券及期货经纪业务", 10.0]], "ret_prev_year": -9.2, "ret_prev2_year": 29.7, "ret_ytd": -12.1, "ret_pivot": 23.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.2, "ret_60": 15.9, "ret_120": -9.8, "ret_250": -29.2, "mdd_250": -38.0, "vol_250": 33.9, "pos_52w": 71.8}, "S": {"duration": 55, "pricing": null, "hard": null, "bondness": 39}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["哈投股份 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 1.8%,PB 0.91倍,股息率 0.9%,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 3.1%(1/PE)与股息率 0.9% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.3 倍 粗算,约 85%(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 -29%,最大回撤 -38%,年化波动 34%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 7% / 16% / -10%。", "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%。", "哈投股份:PE 比行业中位高 16.6倍;股息率 比行业中位低 1.0个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位高 7.9个百分点。"]}}