{"F": {"ts_code": "601377.SH", "name": "兴业证券", "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": "20101013", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.96, "pe_ttm": 14.0266, "pb": 0.9153, "dv_ttm": 2.5168, "total_mv": 5147048.4308, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [175.8, 189.7, 106.6, 106.3, 123.5, 118.4], "np_series": [40.0, 47.4, 26.4, 19.6, 21.6, 28.7], "roe_series": [11.1, 12.0, 5.6, 3.6, 3.8, 4.8], "period": "20260630", "rev_ttm": 131.7, "np_ttm": 36.7, "ocf_ttm": 293.0, "fcf_ttm": 289.4, "fcf_yield": 56.2, "ocf_yield": 56.9, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 30.9, "roe_median": 4.8, "commodity": false, "hard_ratio": 0.2, "fix_assets": 7.1, "goodwill_ratio": 0.0, "pb_calc": 0.83, "capex_dep": 2.22, "interest_debt": 715.7, "debt_ebitda": null, "debt_ratio": 82.7, "debt_mv": 139.0, "payout": 47.5, "div_years": 4, "rev_cagr3": 3.6, "np_cagr3": 2.9, "rev_yoy": 24.5, "np_yoy": 60.1, "np_vol": 28.7, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["手续费及佣金净收入：手续费及佣金收入", 18.0], ["手续费及佣金净收入", 14.0], ["利息净收入：利息收入", 9.0], ["手续费及佣金净收入：证券经纪业务净收入：证券经纪", 9.0]], "ret_prev_year": 21.8, "ret_prev2_year": 9.5, "ret_ytd": -18.6, "ret_pivot": 20.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": 3.8, "ret_120": -5.8, "ret_250": -14.5, "mdd_250": -27.5, "vol_250": 26.9, "pos_52w": 77.7}, "S": {"duration": 30, "pricing": null, "hard": null, "bondness": 51}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["兴业证券 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 4.8%,PB 0.92倍,股息率 2.5%,分红率 48%。", "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 7.1%(1/PE)与股息率 2.5% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.0 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -14%,最大回撤 -28%,年化波动 27%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 1% / 4% / -6%。", "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%。", "兴业证券:PE 比行业中位低 1.7倍;股息率 比行业中位高 0.6个百分点;毛利率 ;固定资产占比 比行业中位低 0.2个百分点。"]}}