{"F": {"ts_code": "601901.SH", "name": "方正证券", "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": "20110810", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.92, "pe_ttm": 12.5375, "pb": 1.0791, "dv_ttm": 2.0954, "total_mv": 5696614.1688, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [75.4, 86.2, 77.8, 71.2, 77.2, 105.0], "np_series": [11.0, 18.2, 21.5, 21.5, 22.1, 39.7], "roe_series": [2.8, 4.5, 5.1, 4.9, 4.7, 8.0], "period": "20260630", "rev_ttm": 121.8, "np_ttm": 45.4, "ocf_ttm": 13.2, "fcf_ttm": 10.5, "fcf_yield": 1.9, "ocf_yield": 2.3, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 28.3, "roe_median": 4.9, "commodity": false, "hard_ratio": 0.1, "fix_assets": 3.7, "goodwill_ratio": 1.3, "pb_calc": 1.08, "capex_dep": 2.38, "interest_debt": 569.4, "debt_ebitda": null, "debt_ratio": 83.4, "debt_mv": 99.9, "payout": 30.2, "div_years": 5, "rev_cagr3": 10.5, "np_cagr3": 22.7, "rev_yoy": 29.6, "np_yoy": 24.1, "np_vol": 33.2, "loss_years": 0, "far_share": 60.0, "earn_yield": 8.0, "consensus_n": 6, "fwd_pe": 11.6, "fwd_pe2": 10.6, "fwd_g1": 8.0, "fwd_g2": 10.0, "peg": 1.16, "consensus_disp": null, "mainbz": [["产品", 19.0], ["手续费及佣金净收入：手续费及佣金收入", 14.0], ["财富管理", 12.0], ["手续费及佣金净收入", 10.0]], "ret_prev_year": -5.0, "ret_prev2_year": 4.4, "ret_ytd": -10.3, "ret_pivot": 2.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.7, "ret_60": 7.9, "ret_120": -5.7, "ret_250": -20.8, "mdd_250": -27.2, "vol_250": 21.1, "pos_52w": 79.8}, "S": {"duration": 27, "pricing": null, "hard": null, "bondness": 36}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["方正证券 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 4.9%,PB 1.08倍,股息率 2.1%,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 8.0%(1/PE)与股息率 2.1% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.5 倍 粗算,约 60%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -21%,最大回撤 -27%,年化波动 21%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -1% / 8% / -6%。", "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%。", "方正证券:PE 比行业中位低 3.2倍;股息率 比行业中位高 0.2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。"]}}