{"F": {"ts_code": "601166.SH", "name": "兴业银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "股份制银行Ⅱ", "sw3": "股份制银行Ⅲ", "ind": "股份制银行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20070205", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.22, "pe_ttm": 5.1099, "pb": 0.4611, "dv_ttm": 5.8507, "total_mv": 38558730.009, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [2031.4, 2212.4, 2223.7, 2108.3, 2122.3, 2127.4], "np_series": [666.3, 826.8, 913.8, 771.2, 772.0, 774.7], "roe_series": [11.5, 12.7, 12.8, 10.0, 9.2, 8.7], "period": "20260630", "rev_ttm": 2124.6, "np_ttm": 754.6, "ocf_ttm": 7243.0, "fcf_ttm": 7149.9, "fcf_yield": 185.4, "ocf_yield": 187.8, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 36.8, "roe_median": 10.0, "commodity": false, "hard_ratio": 0.3, "fix_assets": 328.4, "goodwill_ratio": 0.0, "pb_calc": 0.41, "capex_dep": 2.73, "interest_debt": 9352.5, "debt_ebitda": null, "debt_ratio": 91.6, "debt_mv": 242.6, "payout": 30.2, "div_years": 5, "rev_cagr3": -1.5, "np_cagr3": -5.4, "rev_yoy": -0.3, "np_yoy": -4.7, "np_vol": 13.1, "loss_years": 0, "far_share": 2.0, "earn_yield": 19.6, "consensus_n": 17, "fwd_pe": 5.1, "fwd_pe2": 5.0, "fwd_g1": -0.0, "fwd_g2": 3.0, "peg": 1.7, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 22.0], ["产品", 17.0], ["利息净收入：利息收入：发放贷款和垫款", 15.0], ["利息净收入", 11.0]], "ret_prev_year": 17.4, "ret_prev2_year": 30.6, "ret_ytd": -8.9, "ret_pivot": 26.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.7, "ret_60": -0.4, "ret_120": -0.6, "ret_250": -16.7, "mdd_250": -24.1, "vol_250": 18.9, "pos_52w": 83.5}, "S": {"duration": 12, "pricing": null, "hard": null, "bondness": 64}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["兴业银行 是股份制银行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 10.0%,PB 0.46倍,股息率 5.9%,分红率 30%。", "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 19.6%(1/PE)与股息率 5.9% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.1 倍 粗算,约 2%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -17%,最大回撤 -24%,年化波动 19%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 -1% / -0% / -1%。", "行业对照": ["同申万二级「股份制银行Ⅱ」9 家中位:PE 5.5 / 股息率 5.0% / 毛利率 — / 固定资产占比 1% / 分红率 30%。", "兴业银行:PE 比行业中位低 0.4倍;股息率 比行业中位高 0.9个百分点;毛利率 ;固定资产占比 比行业中位低 0.4个百分点。"]}}