{"F": {"ts_code": "601860.SH", "name": "紫金银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "农商行Ⅱ", "sw3": "农商行Ⅲ", "ind": "农商行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20190103", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.64, "pe_ttm": 7.5814, "pb": 0.4643, "dv_ttm": 3.7878, "total_mv": 966531.5352, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [44.8, 45.0, 45.1, 44.2, 44.6, 41.2], "np_series": [14.4, 15.2, 16.0, 16.2, 16.2, 12.4], "roe_series": [10.1, 9.8, 9.7, 9.1, 8.5, 6.2], "period": "20260630", "rev_ttm": 39.3, "np_ttm": 12.7, "ocf_ttm": 68.2, "fcf_ttm": 67.9, "fcf_yield": 70.2, "ocf_yield": 70.6, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 35.5, "roe_median": 9.1, "commodity": false, "hard_ratio": 0.3, "fix_assets": 9.8, "goodwill_ratio": 0.0, "pb_calc": 0.46, "capex_dep": 0.36, "interest_debt": 185.7, "debt_ebitda": null, "debt_ratio": 92.9, "debt_mv": 192.1, "payout": 22.7, "div_years": 5, "rev_cagr3": -3.0, "np_cagr3": -8.0, "rev_yoy": -7.9, "np_yoy": 3.3, "np_vol": 10.8, "loss_years": 0, "far_share": 34.0, "earn_yield": 13.2, "consensus_n": 2, "fwd_pe": 7.4, "fwd_pe2": 7.2, "fwd_g1": 2.0, "fwd_g2": 3.0, "peg": 2.47, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 25.0], ["利息净收入：利息收入：发放贷款及垫款利息收入", 20.0], ["利息收入:发放贷款及垫款:公司贷款及垫款(产品)", 15.0], ["利息净收入：利息收入：发放贷款及垫款：个人贷款及", 15.0]], "ret_prev_year": 0.4, "ret_prev2_year": 18.8, "ret_ytd": -0.8, "ret_pivot": 17.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.9, "ret_60": -0.4, "ret_120": -5.7, "ret_250": -9.3, "mdd_250": -16.3, "vol_250": 18.6, "pos_52w": 91.3}, "S": {"duration": 17, "pricing": null, "hard": null, "bondness": 54}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["紫金银行 是农商行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 9.1%,PB 0.46倍,股息率 3.8%,分红率 23%。", "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 13.2%(1/PE)与股息率 3.8% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.6 倍 粗算,约 34%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -9%,最大回撤 -16%,年化波动 19%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 4% / -0% / -6%。", "行业对照": ["同申万二级「农商行Ⅱ」10 家中位:PE 5.4 / 股息率 4.2% / 毛利率 — / 固定资产占比 0% / 分红率 23%。", "紫金银行:PE 比行业中位高 2.2倍;股息率 比行业中位低 0.4个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}