{"F": {"ts_code": "600909.SH", "name": "华安证券", "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": "20161206", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.25, "pe_ttm": 13.0762, "pb": 1.5174, "dv_ttm": 1.906, "total_mv": 4144972.6725, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [33.6, 34.8, 31.6, 36.5, 45.4, 50.7], "np_series": [12.7, 14.2, 11.8, 12.7, 14.9, 21.1], "roe_series": [9.1, 8.4, 6.0, 6.2, 6.8, 9.1], "period": "20260630", "rev_ttm": 62.7, "np_ttm": 31.7, "ocf_ttm": 76.9, "fcf_ttm": 74.7, "fcf_yield": 18.0, "ocf_yield": 18.6, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 36.4, "roe_median": 6.8, "commodity": false, "hard_ratio": 1.2, "fix_assets": 13.7, "goodwill_ratio": 0.0, "pb_calc": 1.52, "capex_dep": 1.86, "interest_debt": 197.2, "debt_ebitda": null, "debt_ratio": 76.9, "debt_mv": 47.6, "payout": 35.6, "div_years": 5, "rev_cagr3": 17.1, "np_cagr3": 21.3, "rev_yoy": 65.3, "np_yoy": 102.5, "np_vol": 18.9, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.6, "consensus_n": 5, "fwd_pe": 9.7, "fwd_pe2": 10.8, "fwd_g1": 35.0, "fwd_g2": -10.0, "peg": null, "consensus_disp": null, "mainbz": [["产品", 23.0], ["手续费及佣金净收入：手续费及佣金收入", 9.0], ["公司总部及其他", 8.0], ["手续费及佣金净收入", 7.0]], "ret_prev_year": 14.8, "ret_prev2_year": 28.3, "ret_ytd": 23.9, "ret_pivot": 99.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.5, "ret_60": 15.4, "ret_120": 37.0, "ret_250": 26.5, "mdd_250": -38.7, "vol_250": 49.1, "pos_52w": 68.2}, "S": {"duration": 28, "pricing": null, "hard": null, "bondness": 30}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["华安证券 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 6.8%,PB 1.52倍,股息率 1.9%,分红率 36%。", "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 7.6%(1/PE)与股息率 1.9% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.1 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 26%,最大回撤 -39%,年化波动 49%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 0% / 15% / 37%。", "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%。", "华安证券:PE 比行业中位低 2.6倍;股息率 与行业中位持平;毛利率 ;固定资产占比 比行业中位高 0.8个百分点。"]}}