{"F": {"ts_code": "601009.SH", "name": "南京银行", "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": "20070719", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.98, "pe_ttm": 6.4855, "pb": 0.7667, "dv_ttm": 4.4169, "total_mv": 14811553.5056, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [344.7, 409.3, 446.1, 451.6, 502.7, 555.4], "np_series": [131.0, 158.6, 184.1, 185.0, 201.8, 218.1], "roe_series": [13.5, 13.9, 13.3, 11.4, 11.3, 11.0], "period": "20260630", "rev_ttm": 586.6, "np_ttm": 228.4, "ocf_ttm": 1958.9, "fcf_ttm": 1951.1, "fcf_yield": 131.7, "ocf_yield": 132.3, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 40.5, "roe_median": 11.4, "commodity": false, "hard_ratio": 0.3, "fix_assets": 100.1, "goodwill_ratio": 0.0, "pb_calc": 0.68, "capex_dep": 0.88, "interest_debt": 3939.4, "debt_ebitda": null, "debt_ratio": 93.1, "debt_mv": 266.0, "payout": 59.6, "div_years": 5, "rev_cagr3": 7.6, "np_cagr3": 5.8, "rev_yoy": 10.9, "np_yoy": 8.2, "np_vol": 7.1, "loss_years": 0, "far_share": 23.0, "earn_yield": 15.4, "consensus_n": 21, "fwd_pe": 6.4, "fwd_pe2": 5.9, "fwd_g1": 1.0, "fwd_g2": 9.0, "peg": 0.71, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 24.0], ["利息净收入：利息收入：发放贷款及垫款", 17.0], ["产品", 16.0], ["利息净收入", 11.0]], "ret_prev_year": 13.0, "ret_prev2_year": 72.0, "ret_ytd": 6.9, "ret_pivot": 31.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.9, "ret_60": 4.6, "ret_120": 9.3, "ret_250": 10.5, "mdd_250": -16.2, "vol_250": 21.3, "pos_52w": 100.0}, "S": {"duration": 15, "pricing": null, "hard": null, "bondness": 63}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["南京银行 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 11.4%,PB 0.77倍,股息率 4.4%,分红率 60%。", "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 15.4%(1/PE)与股息率 4.4% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.5 倍 粗算,约 23%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 10%,最大回撤 -16%,年化波动 21%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 7% / 5% / 9%。", "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%。", "南京银行:PE 比行业中位高 0.1倍;股息率 比行业中位高 0.5个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}