{"F": {"ts_code": "601628.SH", "name": "中国人寿", "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": "20070109", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 39.17, "pe_ttm": 4.4708, "pb": 1.6669, "dv_ttm": 2.1853, "total_mv": 110712849.485, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [8249.6, 8585.0, 8260.5, 8378.6, 5285.7, 6156.8], "np_series": [502.7, 509.2, 320.8, 211.1, 1069.3, 1540.8], "roe_series": [11.8, 11.0, 7.0, 4.7, 22.1, 27.9], "period": "20260630", "rev_ttm": 8107.5, "np_ttm": 2476.4, "ocf_ttm": 4423.6, "fcf_ttm": 4400.0, "fcf_yield": 39.7, "ocf_yield": 40.0, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 6.1, "roe_median": 11.0, "commodity": false, "hard_ratio": 0.6, "fix_assets": 484.5, "goodwill_ratio": 0.0, "pb_calc": 1.67, "capex_dep": null, "interest_debt": 357.0, "debt_ebitda": null, "debt_ratio": 91.6, "debt_mv": 3.2, "payout": 17.2, "div_years": 5, "rev_cagr3": -9.3, "np_cagr3": 68.7, "rev_yoy": 81.5, "np_yoy": 228.6, "np_vol": 54.7, "loss_years": 0, "far_share": 0.0, "earn_yield": 22.4, "consensus_n": 26, "fwd_pe": 6.9, "fwd_pe2": 6.7, "fwd_g1": -35.0, "fwd_g2": 3.0, "peg": 2.3, "consensus_disp": null, "mainbz": [["人寿保险(产品)", 38.0], ["产品", 31.0], ["寿险业务", 26.0], ["健康险业务与意外险业务", 4.0]], "ret_prev_year": 10.5, "ret_prev2_year": 53.8, "ret_ytd": -12.7, "ret_pivot": 15.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": 16.2, "ret_120": -5.2, "ret_250": -6.7, "mdd_250": -36.8, "vol_250": 32.2, "pos_52w": 77.7}, "S": {"duration": 11, "pricing": null, "hard": null, "bondness": 42}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["中国人寿 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 11.0%,PB 1.67倍,股息率 2.2%,分红率 17%。", "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 22.4%(1/PE)与股息率 2.2% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 4.5 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -7%,最大回撤 -37%,年化波动 32%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 2% / 16% / -5%。", "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%。", "中国人寿:PE 比行业中位低 1.3倍;股息率 比行业中位低 1.2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。"]}}