{"F": {"ts_code": "601916.SH", "name": "浙商银行", "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": "20191126", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.97, "pe_ttm": 6.2324, "pb": 0.449, "dv_ttm": 4.4108, "total_mv": 8156996.892, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [477.0, 544.7, 610.9, 637.0, 676.5, 625.1], "np_series": [123.1, 126.5, 136.2, 150.5, 151.9, 129.3], "roe_series": [9.6, 8.6, 8.3, 8.6, 7.9, 6.4], "period": "20260630", "rev_ttm": 625.2, "np_ttm": 130.9, "ocf_ttm": 1529.2, "fcf_ttm": 1478.8, "fcf_yield": 181.3, "ocf_yield": 187.5, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 23.2, "roe_median": 8.3, "commodity": false, "hard_ratio": 1.0, "fix_assets": 380.0, "goodwill_ratio": 0.0, "pb_calc": 0.39, "capex_dep": 1.48, "interest_debt": 4740.0, "debt_ebitda": null, "debt_ratio": 94.3, "debt_mv": 581.1, "payout": 29.8, "div_years": 4, "rev_cagr3": 0.8, "np_cagr3": -1.7, "rev_yoy": 0.0, "np_yoy": 2.0, "np_vol": 8.8, "loss_years": 0, "far_share": 20.0, "earn_yield": 16.0, "consensus_n": 8, "fwd_pe": 6.7, "fwd_pe2": 6.6, "fwd_g1": -7.0, "fwd_g2": 1.0, "peg": 6.7, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 24.0], ["利息净收入：利息收入：发放贷款和垫款", 17.0], ["产品", 17.0], ["利息收入:发放贷款及垫款:公司贷款及垫款(产品)", 12.0]], "ret_prev_year": 10.9, "ret_prev2_year": 26.8, "ret_ytd": 2.1, "ret_pivot": 31.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.4, "ret_60": 0.7, "ret_120": 0.0, "ret_250": -8.3, "mdd_250": -17.8, "vol_250": 17.8, "pos_52w": 92.8}, "S": {"duration": 14, "pricing": null, "hard": null, "bondness": 59}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["浙商银行 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 8.3%,PB 0.45倍,股息率 4.4%,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 16.0%(1/PE)与股息率 4.4% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.2 倍 粗算,约 20%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -8%,最大回撤 -18%,年化波动 18%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 2% / 1% / 0%。", "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%。", "浙商银行:PE 比行业中位高 0.7倍;股息率 比行业中位低 0.6个百分点;毛利率 ;固定资产占比 比行业中位高 0.3个百分点。"]}}