{"F": {"ts_code": "600919.SH", "name": "江苏银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "城商行Ⅱ", "sw3": "城商行Ⅲ", "ind": "城商行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20160802", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.28, "pe_ttm": 6.2359, "pb": 0.8305, "dv_ttm": 4.5934, "total_mv": 22535426.486, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [520.3, 637.7, 705.7, 742.9, 808.2, 879.4], "np_series": [150.7, 196.9, 253.9, 287.5, 318.4, 345.0], "roe_series": [9.7, 10.6, 12.7, 12.5, 11.5, 10.8], "period": "20260630", "rev_ttm": 920.3, "np_ttm": 361.4, "ocf_ttm": 4368.8, "fcf_ttm": 4351.2, "fcf_yield": 193.1, "ocf_yield": 193.9, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 40.4, "roe_median": 11.5, "commodity": false, "hard_ratio": 0.1, "fix_assets": 75.5, "goodwill_ratio": 0.0, "pb_calc": 0.64, "capex_dep": 1.02, "interest_debt": 7848.3, "debt_ebitda": null, "debt_ratio": 93.5, "debt_mv": 348.3, "payout": 31.6, "div_years": 5, "rev_cagr3": 7.6, "np_cagr3": 10.8, "rev_yoy": 9.1, "np_yoy": 8.1, "np_vol": 9.5, "loss_years": 0, "far_share": 20.0, "earn_yield": 16.0, "consensus_n": 23, "fwd_pe": 6.2, "fwd_pe2": 5.6, "fwd_g1": 1.0, "fwd_g2": 10.0, "peg": 0.62, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 26.0], ["利息净收入：利息收入：发放贷款和垫款", 18.0], ["产品", 17.0], ["利息净收入", 13.0]], "ret_prev_year": 12.6, "ret_prev2_year": 70.1, "ret_ytd": 24.8, "ret_pivot": 87.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": 6.3, "ret_120": 16.8, "ret_250": 16.9, "mdd_250": -10.3, "vol_250": 19.2, "pos_52w": 99.9}, "S": {"duration": 14, "pricing": null, "hard": null, "bondness": 54}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["江苏银行 是城商行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 11.5%,PB 0.83倍,股息率 4.6%,分红率 32%。", "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 16.0%(1/PE)与股息率 4.6% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.2 倍 粗算,约 20%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 17%,最大回撤 -10%,年化波动 19%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 6% / 6% / 17%。", "行业对照": ["同申万二级「城商行Ⅱ」17 家中位:PE 6.4 / 股息率 3.9% / 毛利率 — / 固定资产占比 0% / 分红率 30%。", "江苏银行:PE 比行业中位低 0.2倍;股息率 比行业中位高 0.7个百分点;毛利率 ;固定资产占比 比行业中位低 0.2个百分点。"]}}