{"F": {"ts_code": "600926.SH", "name": "杭州银行", "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": "20161027", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.25, "pe_ttm": 6.1964, "pb": 0.8695, "dv_ttm": 3.8261, "total_mv": 12504529.3125, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [248.1, 293.6, 329.3, 350.2, 383.8, 388.0], "np_series": [71.4, 92.6, 116.8, 143.8, 169.8, 190.3], "roe_series": [10.0, 10.8, 12.4, 13.7, 13.7, 12.7], "period": "20260630", "rev_ttm": 397.5, "np_ttm": 201.8, "ocf_ttm": 955.2, "fcf_ttm": 949.6, "fcf_yield": 75.9, "ocf_yield": 76.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 41.1, "roe_median": 12.7, "commodity": false, "hard_ratio": 0.1, "fix_assets": 32.9, "goodwill_ratio": 0.0, "pb_calc": 0.72, "capex_dep": 1.41, "interest_debt": 3497.0, "debt_ebitda": null, "debt_ratio": 93.0, "debt_mv": 279.7, "payout": 23.7, "div_years": 5, "rev_cagr3": 5.6, "np_cagr3": 17.7, "rev_yoy": 4.7, "np_yoy": 9.9, "np_vol": 6.2, "loss_years": 0, "far_share": 19.0, "earn_yield": 16.1, "consensus_n": 19, "fwd_pe": 6.1, "fwd_pe2": 5.5, "fwd_g1": 2.0, "fwd_g2": 11.0, "peg": 0.55, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 24.0], ["产品", 16.0], ["利息净收入：利息收入：发放贷款和垫款", 14.0], ["利息净收入", 12.0]], "ret_prev_year": 9.7, "ret_prev2_year": 67.1, "ret_ytd": 15.0, "ret_pivot": 56.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.8, "ret_60": 5.6, "ret_120": 2.2, "ret_250": 11.1, "mdd_250": -15.7, "vol_250": 18.9, "pos_52w": 100.0}, "S": {"duration": 14, "pricing": null, "hard": null, "bondness": 49}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["杭州银行 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 12.7%,PB 0.87倍,股息率 3.8%,分红率 24%。", "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 16.1%(1/PE)与股息率 3.8% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.2 倍 粗算,约 19%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 11%,最大回撤 -16%,年化波动 19%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 8% / 6% / 2%。", "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%。", "杭州银行:PE 比行业中位低 0.2倍;股息率 比行业中位低 0.1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。"]}}