{"F": {"ts_code": "601162.SH", "name": "天风证券", "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": "20181019", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.83, "pe_ttm": 117.5639, "pb": 1.4095, "dv_ttm": null, "total_mv": 3858336.3699, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [43.6, 44.1, 17.2, 34.3, 27.0, 28.5], "np_series": [4.5, 5.9, -15.1, 3.1, -0.3, 1.6], "roe_series": [3.1, 2.8, -6.3, 1.3, -0.1, 0.6], "period": "20260630", "rev_ttm": 32.2, "np_ttm": 3.3, "ocf_ttm": 13.2, "fcf_ttm": 12.4, "fcf_yield": 3.2, "ocf_yield": 3.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.4, "roe_median": 0.6, "commodity": false, "hard_ratio": 0.4, "fix_assets": 3.8, "goodwill_ratio": 0.1, "pb_calc": 1.41, "capex_dep": 1.5, "interest_debt": 196.3, "debt_ebitda": null, "debt_ratio": 69.4, "debt_mv": 50.9, "payout": null, "div_years": 1, "rev_cagr3": 18.4, "np_cagr3": null, "rev_yoy": 29.9, "np_yoy": 549.0, "np_vol": 324.4, "loss_years": 2, "far_share": 96.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 23.0], ["手续费及佣金净收入：手续费及佣金收入", 20.0], ["手续费及佣金净收入", 17.0], ["手续费及佣金净收入：证券经纪业务净收入：证券经纪", 13.0]], "ret_prev_year": -7.1, "ret_prev2_year": 45.0, "ret_ytd": -7.9, "ret_pivot": 40.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.5, "ret_60": 25.2, "ret_120": -3.3, "ret_250": -34.1, "mdd_250": -48.5, "vol_250": 31.9, "pos_52w": 64.5}, "S": {"duration": 95, "pricing": null, "hard": null, "bondness": 5}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["天风证券 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 0.6%,PB 1.41倍,股息率 —,分红率 —。", "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 0.9%(1/PE)与股息率 — 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 117.6 倍 粗算,约 96%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -34%,最大回撤 -48%,年化波动 32%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 6% / 25% / -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%。", "天风证券:PE 比行业中位高 101.9倍;股息率 ;毛利率 ;固定资产占比 与行业中位持平。"]}}