{"F": {"ts_code": "600958.SH", "name": "东方证券", "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": "20150323", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.27, "pe_ttm": 11.7752, "pb": 0.965, "dv_ttm": 3.4236, "total_mv": 7876390.1931, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [231.3, 243.7, 187.3, 170.9, 191.9, 153.6], "np_series": [27.2, 53.7, 30.1, 27.5, 33.5, 56.3], "roe_series": [4.8, 8.6, 4.3, 3.5, 4.2, 6.9], "period": "20260630", "rev_ttm": 169.2, "np_ttm": 66.9, "ocf_ttm": 172.4, "fcf_ttm": 168.8, "fcf_yield": 21.4, "ocf_yield": 21.9, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 17.5, "roe_median": 4.3, "commodity": false, "hard_ratio": 0.5, "fix_assets": 24.9, "goodwill_ratio": 0.0, "pb_calc": 0.93, "capex_dep": 0.69, "interest_debt": 928.1, "debt_ebitda": null, "debt_ratio": 84.7, "debt_mv": 117.8, "payout": 49.2, "div_years": 5, "rev_cagr3": -6.4, "np_cagr3": 23.2, "rev_yoy": 19.5, "np_yoy": 30.5, "np_vol": 50.9, "loss_years": 0, "far_share": 58.0, "earn_yield": 8.5, "consensus_n": 20, "fwd_pe": 11.5, "fwd_pe2": 10.6, "fwd_g1": 3.0, "fwd_g2": 9.0, "peg": 1.28, "consensus_disp": null, "mainbz": [["产品", 22.0], ["手续费及佣金净收入：手续费及佣金收入", 17.0], ["证券经纪业务", 10.0], ["投资收益", 8.0]], "ret_prev_year": 5.5, "ret_prev2_year": 25.9, "ret_ytd": -13.4, "ret_pivot": 15.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.1, "ret_60": 7.5, "ret_120": -3.0, "ret_250": -22.3, "mdd_250": -25.6, "vol_250": 24.9, "pos_52w": 80.1}, "S": {"duration": 26, "pricing": null, "hard": null, "bondness": 61}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["东方证券 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 4.3%,PB 0.96倍,股息率 3.4%,分红率 49%。", "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 8.5%(1/PE)与股息率 3.4% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.8 倍 粗算,约 58%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -22%,最大回撤 -26%,年化波动 25%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 2% / 8% / -3%。", "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%。", "东方证券:PE 比行业中位低 3.9倍;股息率 比行业中位高 1.5个百分点;毛利率 ;固定资产占比 比行业中位高 0.1个百分点。"]}}