{"F": {"ts_code": "601939.SH", "name": "建设银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "国有大型银行Ⅱ", "sw3": "国有大型银行Ⅲ", "ind": "国有大型银行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20070925", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.98, "pe_ttm": 8.2922, "pb": 0.8023, "dv_ttm": 1.8479, "total_mv": 287237218.887, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [7558.6, 8242.5, 8224.7, 7697.4, 7501.5, 7610.5], "np_series": [2710.5, 3025.1, 3238.6, 3326.5, 3355.8, 3389.1], "roe_series": [11.8, 12.2, 11.9, 11.1, 10.4, 9.7], "period": "20260630", "rev_ttm": 8033.1, "np_ttm": 3463.9, "ocf_ttm": 11953.1, "fcf_ttm": 11682.5, "fcf_yield": 40.7, "ocf_yield": 41.6, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 43.2, "roe_median": 11.1, "commodity": false, "hard_ratio": 0.4, "fix_assets": 1716.9, "goodwill_ratio": 0.0, "pb_calc": 0.75, "capex_dep": 0.96, "interest_debt": 28351.8, "debt_ebitda": null, "debt_ratio": 91.9, "debt_mv": 98.7, "payout": 30.5, "div_years": 5, "rev_cagr3": -2.6, "np_cagr3": 1.5, "rev_yoy": 10.7, "np_yoy": 4.6, "np_vol": 4.2, "loss_years": 0, "far_share": 40.0, "earn_yield": 12.1, "consensus_n": 12, "fwd_pe": 8.3, "fwd_pe2": 8.0, "fwd_g1": 0.0, "fwd_g2": 4.0, "peg": 2.08, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 25.0], ["产品", 19.0], ["利息净收入", 14.0], ["利息收入:发放贷款及垫款:公司贷款业务(产品)", 10.0]], "ret_prev_year": 13.5, "ret_prev2_year": 50.4, "ret_ytd": 21.0, "ret_pivot": 67.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.0, "ret_60": 5.6, "ret_120": 22.7, "ret_250": 24.8, "mdd_250": -11.5, "vol_250": 20.4, "pos_52w": 98.6}, "S": {"duration": 19, "pricing": null, "hard": null, "bondness": 45}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["建设银行 是国有大型银行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 11.1%,PB 0.80倍,股息率 1.8%,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 12.1%(1/PE)与股息率 1.8% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.3 倍 粗算,约 40%(1 − 5/PE)。中等。"]], "价格行为": "近一年 25%,最大回撤 -12%,年化波动 20%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 9% / 6% / 23%。", "行业对照": ["同申万二级「国有大型银行Ⅱ」6 家中位:PE 8.0 / 股息率 3.7% / 毛利率 — / 固定资产占比 0% / 分红率 32%。", "建设银行:PE 比行业中位高 0.3倍;股息率 比行业中位低 1.9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。"]}}