{"F": {"ts_code": "601229.SH", "name": "上海银行", "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": "20161116", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.61, "pe_ttm": 5.6283, "pb": 0.5311, "dv_ttm": 5.411, "total_mv": 13654886.1907, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [507.5, 562.3, 531.1, 505.6, 529.9, 547.6], "np_series": [208.9, 220.4, 222.8, 225.4, 235.6, 241.9], "roe_series": [11.4, 11.1, 10.5, 9.8, 9.6, 9.5], "period": "20260630", "rev_ttm": 562.6, "np_ttm": 242.6, "ocf_ttm": 625.9, "fcf_ttm": 615.9, "fcf_yield": 45.1, "ocf_yield": 45.8, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 44.1, "roe_median": 9.8, "commodity": false, "hard_ratio": 0.3, "fix_assets": 96.1, "goodwill_ratio": 0.0, "pb_calc": 0.51, "capex_dep": 0.48, "interest_debt": 5237.8, "debt_ebitda": null, "debt_ratio": 92.2, "debt_mv": 383.6, "payout": 31.2, "div_years": 5, "rev_cagr3": 1.0, "np_cagr3": 2.8, "rev_yoy": 5.5, "np_yoy": 0.5, "np_vol": 1.8, "loss_years": 0, "far_share": 11.0, "earn_yield": 17.8, "consensus_n": 13, "fwd_pe": 5.6, "fwd_pe2": 5.4, "fwd_g1": 1.0, "fwd_g2": 3.0, "peg": 1.87, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 25.0], ["产品", 18.0], ["利息净收入：利息收入：发放贷款和垫款", 14.0], ["利息净收入", 11.0]], "ret_prev_year": 17.5, "ret_prev2_year": 87.3, "ret_ytd": -2.7, "ret_pivot": 59.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.3, "ret_60": 5.1, "ret_120": -0.4, "ret_250": 1.9, "mdd_250": -13.5, "vol_250": 19.9, "pos_52w": 95.8}, "S": {"duration": 13, "pricing": null, "hard": null, "bondness": 63}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["上海银行 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 9.8%,PB 0.53倍,股息率 5.4%,分红率 31%。", "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 17.8%(1/PE)与股息率 5.4% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.6 倍 粗算,约 11%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 2%,最大回撤 -14%,年化波动 20%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 4% / 5% / -0%。", "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%。", "上海银行:PE 比行业中位低 0.8倍;股息率 比行业中位高 1.5个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}