{"F": {"ts_code": "600928.SH", "name": "西安银行", "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": "20190301", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.58, "pe_ttm": 5.9348, "pb": 0.4384, "dv_ttm": 2.7933, "total_mv": 1591111.131, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [71.4, 72.0, 65.7, 72.0, 81.9, 99.7], "np_series": [27.6, 28.0, 24.2, 24.6, 25.6, 26.5], "roe_series": [11.2, 10.6, 8.5, 8.2, 8.0, 7.2], "period": "20260630", "rev_ttm": 104.2, "np_ttm": 26.8, "ocf_ttm": 153.6, "fcf_ttm": 153.2, "fcf_yield": 96.3, "ocf_yield": 96.6, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 34.2, "roe_median": 8.2, "commodity": false, "hard_ratio": 0.0, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 0.39, "capex_dep": 0.21, "interest_debt": 963.6, "debt_ebitda": null, "debt_ratio": 92.5, "debt_mv": 605.6, "payout": 16.7, "div_years": 5, "rev_cagr3": 14.9, "np_cagr3": 3.0, "rev_yoy": 8.8, "np_yoy": 2.1, "np_vol": 6.6, "loss_years": 0, "far_share": 16.0, "earn_yield": 16.8, "consensus_n": 1, "fwd_pe": 5.4, "fwd_pe2": 5.0, "fwd_g1": 9.0, "fwd_g2": 8.0, "peg": 0.68, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 25.0], ["利息净收入：利息收入：发放贷款和垫款", 19.0], ["产品", 16.0], ["利息收入:发放贷款及垫款:公司贷款及垫款(产品)", 15.0]], "ret_prev_year": 5.6, "ret_prev2_year": 10.9, "ret_ytd": -0.6, "ret_pivot": 27.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.4, "ret_60": 5.6, "ret_120": -1.9, "ret_250": -6.0, "mdd_250": -27.1, "vol_250": 26.2, "pos_52w": 82.3}, "S": {"duration": 14, "pricing": null, "hard": null, "bondness": 31}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["西安银行 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 8.2%,PB 0.44倍,股息率 2.8%,分红率 17%。", "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 16.8%(1/PE)与股息率 2.8% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.9 倍 粗算,约 16%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -6%,最大回撤 -27%,年化波动 26%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 1% / 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%。", "西安银行:PE 比行业中位低 0.5倍;股息率 比行业中位低 1.1个百分点;毛利率 ;固定资产占比 比行业中位低 0.3个百分点。"]}}