{"F": {"ts_code": "601963.SH", "name": "重庆银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "城商行Ⅱ", "sw3": "城商行Ⅲ", "ind": "城商行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20210205", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.34, "pe_ttm": 6.873, "pb": 0.6906, "dv_ttm": 3.8418, "total_mv": 4111642.7982, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [130.5, 145.2, 134.7, 132.1, 136.8, 151.1], "np_series": [44.2, 46.6, 48.7, 49.3, 51.2, 56.5], "roe_series": [11.5, 10.7, 10.1, 9.3, 8.7, 9.1], "period": "20260630", "rev_ttm": 159.4, "np_ttm": 59.8, "ocf_ttm": 598.3, "fcf_ttm": 588.9, "fcf_yield": 143.2, "ocf_yield": 145.5, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 39.6, "roe_median": 9.3, "commodity": false, "hard_ratio": 0.3, "fix_assets": 36.4, "goodwill_ratio": 0.0, "pb_calc": 0.61, "capex_dep": 2.64, "interest_debt": 1686.5, "debt_ebitda": null, "debt_ratio": 93.6, "debt_mv": 410.2, "payout": 30.0, "div_years": 5, "rev_cagr3": 3.9, "np_cagr3": 5.1, "rev_yoy": 10.8, "np_yoy": 10.3, "np_vol": 3.0, "loss_years": 0, "far_share": 27.0, "earn_yield": 14.5, "consensus_n": 17, "fwd_pe": 6.6, "fwd_pe2": 6.0, "fwd_g1": 3.0, "fwd_g2": 10.0, "peg": 0.66, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 34.0], ["利息收入:发放贷款及垫款(产品)", 23.0], ["利息净收入：利息收入：发放贷款和垫款", 23.0], ["产品", 17.0]], "ret_prev_year": 23.3, "ret_prev2_year": 47.9, "ret_ytd": 9.2, "ret_pivot": 86.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.4, "ret_60": -1.4, "ret_120": 3.1, "ret_250": 19.7, "mdd_250": -19.3, "vol_250": 27.8, "pos_52w": 94.9}, "S": {"duration": 16, "pricing": null, "hard": null, "bondness": 53}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["重庆银行 是城商行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 9.3%,PB 0.69倍,股息率 3.8%,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 14.5%(1/PE)与股息率 3.8% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.9 倍 粗算,约 27%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 20%,最大回撤 -19%,年化波动 28%,现价在 52 周高点的 95%;近 20 / 60 / 120 日 5% / -1% / 3%。", "行业对照": ["同申万二级「城商行Ⅱ」17 家中位:PE 6.4 / 股息率 3.9% / 毛利率 — / 固定资产占比 0% / 分红率 30%。", "重庆银行:PE 比行业中位高 0.5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 与行业中位持平。"]}}