{"F": {"ts_code": "601878.SH", "name": "浙商证券", "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": "20170626", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.47, "pe_ttm": 14.941, "pb": 1.1437, "dv_ttm": 1.7951, "total_mv": 4294659.205, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [106.4, 164.2, 168.1, 176.4, 158.2, 88.4], "np_series": [16.3, 22.0, 16.5, 17.5, 19.3, 24.1], "roe_series": [9.5, 10.2, 6.6, 6.6, 6.2, 6.7], "period": "20260630", "rev_ttm": 84.4, "np_ttm": 28.7, "ocf_ttm": 133.7, "fcf_ttm": 129.1, "fcf_yield": 30.1, "ocf_yield": 31.1, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 12.7, "roe_median": 6.6, "commodity": false, "hard_ratio": 0.3, "fix_assets": 9.2, "goodwill_ratio": 0.3, "pb_calc": 1.14, "capex_dep": 2.61, "interest_debt": 526.6, "debt_ebitda": null, "debt_ratio": 82.4, "debt_mv": 122.6, "payout": 30.6, "div_years": 5, "rev_cagr3": -19.3, "np_cagr3": 13.4, "rev_yoy": 49.3, "np_yoy": 40.2, "np_vol": 20.3, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.7, "consensus_n": 5, "fwd_pe": 14.0, "fwd_pe2": 13.1, "fwd_g1": 7.0, "fwd_g2": 7.0, "peg": 2.0, "consensus_disp": null, "mainbz": [["产品", 20.0], ["证券经纪业务", 11.0], ["手续费及佣金净收入：手续费及佣金收入", 10.0], ["手续费及佣金净收入", 9.0]], "ret_prev_year": -10.7, "ret_prev2_year": 19.6, "ret_ytd": -11.0, "ret_pivot": -11.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.2, "ret_60": 5.9, "ret_120": -6.9, "ret_250": -23.2, "mdd_250": -26.9, "vol_250": 20.2, "pos_52w": 77.8}, "S": {"duration": 31, "pricing": null, "hard": null, "bondness": 44}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["浙商证券 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 6.6%,PB 1.14倍,股息率 1.8%,分红率 31%。", "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 6.7%(1/PE)与股息率 1.8% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.9 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -23%,最大回撤 -27%,年化波动 20%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 0% / 6% / -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%。", "浙商证券:PE 比行业中位低 0.8倍;股息率 比行业中位低 0.1个百分点;毛利率 ;固定资产占比 比行业中位低 0.1个百分点。"]}}