{"F": {"ts_code": "601318.SH", "name": "中国平安", "mkt": "CN", "ccy": "元", "sw1": "非银金融", "sw2": "保险Ⅱ", "sw3": "保险Ⅲ", "ind": "保险Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20070301", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 58.24, "pe_ttm": 6.6195, "pb": 1.0258, "dv_ttm": 4.636, "total_mv": 105458907.008, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [12183.1, 11804.4, 11105.7, 9137.9, 10289.2, 10505.1], "np_series": [1431.0, 1016.2, 837.7, 856.6, 1266.1, 1347.8], "roe_series": [19.9, 12.9, 10.0, 9.7, 13.9, 14.0], "period": "20260630", "rev_ttm": 11255.7, "np_ttm": 1593.2, "ocf_ttm": 6884.8, "fcf_ttm": 6798.4, "fcf_yield": 64.5, "ocf_yield": 65.3, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 12.0, "roe_median": 12.9, "commodity": false, "hard_ratio": 0.3, "fix_assets": 438.4, "goodwill_ratio": 0.3, "pb_calc": 1.03, "capex_dep": 0.9, "interest_debt": 9748.2, "debt_ebitda": null, "debt_ratio": 89.8, "debt_mv": 92.4, "payout": 35.6, "div_years": 5, "rev_cagr3": -1.8, "np_cagr3": 17.2, "rev_yoy": 15.0, "np_yoy": 36.1, "np_vol": 28.1, "loss_years": 0, "far_share": 24.0, "earn_yield": 15.1, "consensus_n": 28, "fwd_pe": 7.0, "fwd_pe2": 6.4, "fwd_g1": -6.0, "fwd_g2": 9.0, "peg": 0.78, "consensus_disp": null, "mainbz": [["产品", 24.0], ["个人寿险", 17.0], ["保险服务收入", 12.0], ["分红险", 5.0]], "ret_prev_year": 37.9, "ret_prev2_year": 44.1, "ret_ytd": -12.6, "ret_pivot": 49.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.1, "ret_60": 10.6, "ret_120": -2.0, "ret_250": -0.1, "mdd_250": -34.9, "vol_250": 27.4, "pos_52w": 80.3}, "S": {"duration": 15, "pricing": null, "hard": null, "bondness": 63}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["中国平安 是保险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 12.9%,PB 1.03倍,股息率 4.6%,分红率 36%。", "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 15.1%(1/PE)与股息率 4.6% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.6 倍 粗算,约 24%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -0%,最大回撤 -35%,年化波动 27%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 9% / 11% / -2%。", "行业对照": ["同申万二级「保险Ⅱ」5 家中位:PE 5.8 / 股息率 3.4% / 毛利率 — / 固定资产占比 1% / 分红率 23%。", "中国平安:PE 比行业中位高 0.8倍;股息率 比行业中位高 1.2个百分点;毛利率 ;固定资产占比 比行业中位低 0.5个百分点。"]}}