{"F": {"ts_code": "600908.SH", "name": "无锡银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "农商行Ⅱ", "sw3": "农商行Ⅲ", "ind": "农商行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20160923", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.81, "pe_ttm": 5.43, "pb": 0.5328, "dv_ttm": 4.1308, "total_mv": 1275110.0677, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [39.0, 43.5, 44.8, 45.4, 47.3, 48.2], "np_series": [13.1, 15.8, 20.0, 22.0, 22.5, 23.1], "roe_series": [10.2, 10.6, 11.4, 10.9, 10.2, 10.0], "period": "20260630", "rev_ttm": 49.0, "np_ttm": 23.5, "ocf_ttm": 146.3, "fcf_ttm": 145.2, "fcf_yield": 113.9, "ocf_yield": 114.8, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 47.7, "roe_median": 10.6, "commodity": false, "hard_ratio": 0.3, "fix_assets": 7.8, "goodwill_ratio": 0.0, "pb_calc": 0.53, "capex_dep": 1.01, "interest_debt": 10.1, "debt_ebitda": null, "debt_ratio": 92.0, "debt_mv": 7.9, "payout": 22.4, "div_years": 5, "rev_cagr3": 2.5, "np_cagr3": 4.9, "rev_yoy": 3.0, "np_yoy": 2.8, "np_vol": 9.7, "loss_years": 0, "far_share": 8.0, "earn_yield": 18.4, "consensus_n": 2, "fwd_pe": 5.5, "fwd_pe2": 5.3, "fwd_g1": -1.0, "fwd_g2": 4.0, "peg": 1.38, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 23.0], ["利息净收入：利息收入：发放贷款及垫款利息收入", 17.0], ["产品", 17.0], ["利息收入:发放贷款及垫款:公司贷款业务(产品)", 14.0]], "ret_prev_year": 6.4, "ret_prev2_year": 24.1, "ret_ytd": 0.2, "ret_pivot": 29.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.8, "ret_60": 8.2, "ret_120": 0.0, "ret_250": -2.7, "mdd_250": -19.0, "vol_250": 19.1, "pos_52w": 95.1}, "S": {"duration": 13, "pricing": null, "hard": null, "bondness": 53}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["无锡银行 是农商行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 10.6%,PB 0.53倍,股息率 4.1%,分红率 22%。", "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 18.4%(1/PE)与股息率 4.1% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.4 倍 粗算,约 8%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -3%,最大回撤 -19%,年化波动 19%,现价在 52 周高点的 95%;近 20 / 60 / 120 日 8% / 8% / 0%。", "行业对照": ["同申万二级「农商行Ⅱ」10 家中位:PE 5.4 / 股息率 4.2% / 毛利率 — / 固定资产占比 0% / 分红率 23%。", "无锡银行:PE 与行业中位持平;股息率 比行业中位低 0.1个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}