{"F": {"ts_code": "601108.SH", "name": "财通证券", "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": "20171024", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.75, "pe_ttm": 11.7816, "pb": 1.0427, "dv_ttm": 1.2461, "total_mv": 4063297.875, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [65.3, 64.1, 48.3, 65.2, 62.9, 69.2], "np_series": [22.9, 25.7, 15.2, 22.5, 23.4, 26.3], "roe_series": [10.2, 10.5, 5.2, 6.7, 6.6, 7.1], "period": "20260630", "rev_ttm": 83.1, "np_ttm": 34.5, "ocf_ttm": -41.4, "fcf_ttm": -42.7, "fcf_yield": -10.5, "ocf_yield": -10.2, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 37.2, "roe_median": 6.7, "commodity": false, "hard_ratio": 1.1, "fix_assets": 22.5, "goodwill_ratio": 0.0, "pb_calc": 1.03, "capex_dep": 0.94, "interest_debt": 412.5, "debt_ebitda": null, "debt_ratio": 80.1, "debt_mv": 101.5, "payout": 32.0, "div_years": 5, "rev_cagr3": 12.8, "np_cagr3": 20.2, "rev_yoy": 46.9, "np_yoy": 75.4, "np_vol": 28.5, "loss_years": 0, "far_share": 58.0, "earn_yield": 8.5, "consensus_n": 14, "fwd_pe": 13.0, "fwd_pe2": 11.9, "fwd_g1": -9.0, "fwd_g2": 10.0, "peg": 1.3, "consensus_disp": null, "mainbz": [["产品", 20.0], ["手续费及佣金净收入：手续费及佣金收入", 10.0], ["手续费及佣金净收入", 10.0], ["证券经纪业务", 7.0]], "ret_prev_year": 9.1, "ret_prev2_year": 7.6, "ret_ytd": 0.9, "ret_pivot": 39.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.4, "ret_60": 20.2, "ret_120": 6.1, "ret_250": 0.2, "mdd_250": -22.6, "vol_250": 31.0, "pos_52w": 93.0}, "S": {"duration": 26, "pricing": null, "hard": null, "bondness": 29}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["财通证券 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 6.7%,PB 1.04倍,股息率 1.2%,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 8.5%(1/PE)与股息率 1.2% 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 0%,最大回撤 -23%,年化波动 31%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 3% / 20% / 6%。", "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%。", "财通证券:PE 比行业中位低 3.9倍;股息率 比行业中位低 0.7个百分点;毛利率 ;固定资产占比 比行业中位高 0.7个百分点。"]}}