{"F": {"ts_code": "601555.SH", "name": "东吴证券", "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": "20111212", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.47, "pe_ttm": 10.4141, "pb": 0.974, "dv_ttm": 4.2267, "total_mv": 4208491.2716, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [73.6, 92.5, 104.9, 112.8, 115.3, 90.3], "np_series": [17.1, 23.9, 17.4, 20.0, 23.7, 35.5], "roe_series": [7.0, 7.4, 4.6, 5.2, 5.8, 8.4], "period": "20260630", "rev_ttm": 103.5, "np_ttm": 40.4, "ocf_ttm": 277.9, "fcf_ttm": 276.5, "fcf_yield": 65.7, "ocf_yield": 66.0, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 20.7, "roe_median": 5.8, "commodity": false, "hard_ratio": 1.2, "fix_assets": 28.4, "goodwill_ratio": 0.1, "pb_calc": 0.97, "capex_dep": 1.09, "interest_debt": 321.1, "debt_ebitda": null, "debt_ratio": 81.7, "debt_mv": 76.3, "payout": 50.4, "div_years": 5, "rev_cagr3": -4.9, "np_cagr3": 27.0, "rev_yoy": 29.9, "np_yoy": 25.3, "np_vol": 26.8, "loss_years": 0, "far_share": 52.0, "earn_yield": 9.6, "consensus_n": 7, "fwd_pe": 11.7, "fwd_pe2": 10.7, "fwd_g1": -11.0, "fwd_g2": 10.0, "peg": 1.17, "consensus_disp": null, "mainbz": [["产品", 26.0], ["手续费及佣金净收入：手续费及佣金收入", 15.0], ["手续费及佣金净收入", 11.0], ["利息净收入：利息收入", 9.0]], "ret_prev_year": 22.7, "ret_prev2_year": 11.7, "ret_ytd": -4.2, "ret_pivot": 53.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.5, "ret_60": 18.1, "ret_120": -6.6, "ret_250": -16.2, "mdd_250": -28.4, "vol_250": 26.9, "pos_52w": 85.5}, "S": {"duration": 23, "pricing": null, "hard": null, "bondness": 66}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["东吴证券 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 5.8%,PB 0.97倍,股息率 4.2%,分红率 50%。", "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 9.6%(1/PE)与股息率 4.2% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.4 倍 粗算,约 52%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,最大回撤 -28%,年化波动 27%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 6% / 18% / -7%。", "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%。", "东吴证券:PE 比行业中位低 5.3倍;股息率 比行业中位高 2.3个百分点;毛利率 ;固定资产占比 比行业中位高 0.8个百分点。"]}}