{"F": {"ts_code": "601988.SH", "name": "中国银行", "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": "20060705", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.57, "pe_ttm": 8.5009, "pb": 0.7696, "dv_ttm": 3.4444, "total_mv": 211693554.5526, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [5655.3, 6055.6, 6180.1, 6228.9, 6300.9, 6583.1], "np_series": [1928.7, 2165.6, 2274.4, 2319.0, 2378.4, 2430.2], "roe_series": [9.9, 10.2, 9.8, 9.2, 8.7, 8.3], "period": "20260630", "rev_ttm": 6862.1, "np_ttm": 2490.2, "ocf_ttm": 12941.9, "fcf_ttm": 12314.2, "fcf_yield": 58.2, "ocf_yield": 61.1, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 39.2, "roe_median": 9.2, "commodity": false, "hard_ratio": 0.7, "fix_assets": 2645.3, "goodwill_ratio": 0.0, "pb_calc": 0.68, "capex_dep": 2.99, "interest_debt": 22624.4, "debt_ebitda": null, "debt_ratio": 91.9, "debt_mv": 106.9, "payout": 31.9, "div_years": 5, "rev_cagr3": 2.1, "np_cagr3": 2.2, "rev_yoy": 8.5, "np_yoy": 5.1, "np_vol": 3.8, "loss_years": 0, "far_share": 41.0, "earn_yield": 11.8, "consensus_n": 17, "fwd_pe": 8.6, "fwd_pe2": 8.2, "fwd_g1": -2.0, "fwd_g2": 5.0, "peg": 1.72, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 22.0], ["产品", 16.0], ["利息净收入：利息收入：发放贷款和垫款", 14.0], ["利息净收入", 10.0]], "ret_prev_year": 11.3, "ret_prev2_year": 53.5, "ret_ytd": 17.0, "ret_pivot": 55.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.9, "ret_60": 8.0, "ret_120": 24.6, "ret_250": 20.5, "mdd_250": -15.0, "vol_250": 21.0, "pos_52w": 98.4}, "S": {"duration": 19, "pricing": null, "hard": null, "bondness": 53}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["中国银行 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 9.2%,PB 0.77倍,股息率 3.4%,分红率 32%。", "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 11.8%(1/PE)与股息率 3.4% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.5 倍 粗算,约 41%(1 − 5/PE)。中等。"]], "价格行为": "近一年 20%,最大回撤 -15%,年化波动 21%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 14% / 8% / 25%。", "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%。", "中国银行:PE 比行业中位高 0.5倍;股息率 比行业中位低 0.3个百分点;毛利率 ;固定资产占比 比行业中位高 0.2个百分点。"]}}