{"F": {"ts_code": "601818.SH", "name": "光大银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "股份制银行Ⅱ", "sw3": "股份制银行Ⅲ", "ind": "股份制银行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20100818", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.05, "pe_ttm": 5.475, "pb": 0.355, "dv_ttm": 5.7377, "total_mv": 18021093.0855, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [1424.8, 1527.5, 1516.3, 1456.8, 1354.2, 1263.1], "np_series": [378.2, 434.1, 448.1, 407.9, 417.0, 388.3], "roe_series": [9.0, 9.3, 9.0, 7.7, 7.3, 6.5], "period": "20260630", "rev_ttm": 1234.6, "np_ttm": 329.1, "ocf_ttm": 115.1, "fcf_ttm": 44.4, "fcf_yield": 2.5, "ocf_yield": 6.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 29.7, "roe_median": 7.7, "commodity": false, "hard_ratio": 0.4, "fix_assets": 309.6, "goodwill_ratio": 0.0, "pb_calc": 0.29, "capex_dep": 1.13, "interest_debt": 12185.4, "debt_ebitda": null, "debt_ratio": 91.5, "debt_mv": 676.2, "payout": 30.2, "div_years": 5, "rev_cagr3": -5.9, "np_cagr3": -4.7, "rev_yoy": -4.3, "np_yoy": -24.0, "np_vol": 8.4, "loss_years": 0, "far_share": 9.0, "earn_yield": 18.3, "consensus_n": 8, "fwd_pe": 5.5, "fwd_pe2": 5.5, "fwd_g1": -1.0, "fwd_g2": 2.0, "peg": 2.75, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 31.0], ["利息净收入：利息收入：发放贷款和垫款利息收入", 21.0], ["产品", 20.0], ["利息净收入", 15.0]], "ret_prev_year": -5.4, "ret_prev2_year": 48.4, "ret_ytd": -8.0, "ret_pivot": 9.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.0, "ret_60": -1.6, "ret_120": -6.4, "ret_250": -20.3, "mdd_250": -25.5, "vol_250": 16.7, "pos_52w": 80.6}, "S": {"duration": 13, "pricing": null, "hard": null, "bondness": 64}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["光大银行 是股份制银行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 7.7%,PB 0.35倍,股息率 5.7%,分红率 30%。", "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 18.3%(1/PE)与股息率 5.7% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 5.5 倍 粗算,约 9%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -20%,最大回撤 -26%,年化波动 17%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 0% / -2% / -6%。", "行业对照": ["同申万二级「股份制银行Ⅱ」9 家中位:PE 5.5 / 股息率 5.0% / 毛利率 — / 固定资产占比 1% / 分红率 30%。", "光大银行:PE 与行业中位持平;股息率 比行业中位高 0.7个百分点;毛利率 ;固定资产占比 比行业中位低 0.3个百分点。"]}}