{"F": {"ts_code": "601688.SH", "name": "华泰证券", "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": "20100226", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 19.56, "pe_ttm": 8.6022, "pb": 0.9873, "dv_ttm": 2.8119, "total_mv": 17656545.5928, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [314.4, 379.1, 320.3, 365.8, 414.7, 358.1], "np_series": [108.2, 133.5, 110.5, 127.5, 153.5, 163.8], "roe_series": [8.6, 9.6, 7.1, 7.4, 8.3, 8.2], "period": "20260630", "rev_ttm": 432.5, "np_ttm": 205.3, "ocf_ttm": 586.2, "fcf_ttm": 572.1, "fcf_yield": 32.4, "ocf_yield": 33.2, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 35.9, "roe_median": 8.2, "commodity": false, "hard_ratio": 0.4, "fix_assets": 59.5, "goodwill_ratio": 0.0, "pb_calc": 0.82, "capex_dep": 3.03, "interest_debt": 2426.5, "debt_ebitda": null, "debt_ratio": 84.0, "debt_mv": 137.4, "payout": 31.9, "div_years": 5, "rev_cagr3": 3.8, "np_cagr3": 14.0, "rev_yoy": 45.9, "np_yoy": 54.9, "np_vol": 14.6, "loss_years": 0, "far_share": 42.0, "earn_yield": 11.6, "consensus_n": 22, "fwd_pe": 8.7, "fwd_pe2": 7.9, "fwd_g1": -2.0, "fwd_g2": 11.0, "peg": 0.79, "consensus_disp": null, "mainbz": [["产品", 22.0], ["投资收益", 16.0], ["手续费及佣金净收入：手续费及佣金收入合计", 12.0], ["财富管理", 9.0]], "ret_prev_year": 39.1, "ret_prev2_year": 33.9, "ret_ytd": -15.7, "ret_pivot": 62.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.6, "ret_60": 3.5, "ret_120": 1.6, "ret_250": -10.2, "mdd_250": -31.7, "vol_250": 33.5, "pos_52w": 77.7}, "S": {"duration": 19, "pricing": null, "hard": null, "bondness": 47}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["华泰证券 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 8.2%,PB 0.99倍,股息率 2.8%,分红率 32%。", "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 11.6%(1/PE)与股息率 2.8% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.6 倍 粗算,约 42%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -10%,最大回撤 -32%,年化波动 34%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 4% / 4% / 2%。", "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%。", "华泰证券:PE 比行业中位低 7.1倍;股息率 比行业中位高 0.9个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}