{"F": {"ts_code": "601169.SH", "name": "北京银行", "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": "20070919", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.6, "pe_ttm": 5.6562, "pb": 0.4153, "dv_ttm": 4.9643, "total_mv": 11840071.208, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [643.0, 662.8, 662.8, 667.1, 699.2, 680.4], "np_series": [214.8, 222.3, 247.6, 256.2, 258.3, 200.9], "roe_series": [10.1, 8.6, 8.2, 8.1, 7.6, 5.5], "period": "20260630", "rev_ttm": 700.7, "np_ttm": 209.3, "ocf_ttm": 2132.6, "fcf_ttm": 2121.9, "fcf_yield": 179.2, "ocf_yield": 180.1, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 37.0, "roe_median": 8.1, "commodity": false, "hard_ratio": 0.4, "fix_assets": 181.8, "goodwill_ratio": 0.0, "pb_calc": 0.29, "capex_dep": 0.43, "interest_debt": 4947.2, "debt_ebitda": null, "debt_ratio": 91.4, "debt_mv": 417.8, "payout": 30.2, "div_years": 5, "rev_cagr3": 0.9, "np_cagr3": -6.7, "rev_yoy": 5.6, "np_yoy": 5.6, "np_vol": 11.9, "loss_years": 0, "far_share": 12.0, "earn_yield": 17.7, "consensus_n": 9, "fwd_pe": 6.0, "fwd_pe2": 5.6, "fwd_g1": -6.0, "fwd_g2": 6.0, "peg": 1.0, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 29.0], ["产品", 19.0], ["利息净收入", 14.0], ["利息收入:发放贷款及垫款:公司贷款业务(产品)", 11.0]], "ret_prev_year": -6.3, "ret_prev2_year": 53.7, "ret_ytd": 7.7, "ret_pivot": 24.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.8, "ret_60": 14.0, "ret_120": 7.4, "ret_250": -7.0, "mdd_250": -22.3, "vol_250": 17.2, "pos_52w": 94.1}, "S": {"duration": 13, "pricing": null, "hard": null, "bondness": 62}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["北京银行 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 8.1%,PB 0.42倍,股息率 5.0%,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 17.7%(1/PE)与股息率 5.0% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.7 倍 粗算,约 12%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -7%,最大回撤 -22%,年化波动 17%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 12% / 14% / 7%。", "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%。", "北京银行:PE 比行业中位低 0.7倍;股息率 比行业中位高 1.1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。"]}}