{"F": {"ts_code": "601995.SH", "name": "中金公司", "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": "20201102", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 33.9, "pe_ttm": 11.9802, "pb": 1.5696, "dv_ttm": 0.944, "total_mv": 16364400.891, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [236.6, 301.3, 260.9, 229.9, 213.3, 284.8], "np_series": [72.1, 107.8, 76.0, 61.6, 56.9, 97.9], "roe_series": [12.0, 13.8, 8.3, 6.0, 5.2, 8.2], "period": "20260630", "rev_ttm": 349.6, "np_ttm": 136.6, "ocf_ttm": 1031.3, "fcf_ttm": 1024.5, "fcf_yield": 62.6, "ocf_yield": 63.0, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 29.1, "roe_median": 8.2, "commodity": false, "hard_ratio": 0.2, "fix_assets": 18.8, "goodwill_ratio": 0.2, "pb_calc": 1.22, "capex_dep": 2.02, "interest_debt": 1510.2, "debt_ebitda": null, "debt_ratio": 85.7, "debt_mv": 92.3, "payout": 17.1, "div_years": 5, "rev_cagr3": 3.0, "np_cagr3": 8.8, "rev_yoy": 50.5, "np_yoy": 89.3, "np_vol": 40.1, "loss_years": 0, "far_share": 58.0, "earn_yield": 8.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 21.0], ["手续费及佣金净收入：手续费及佣金收入", 12.0], ["投资收益", 11.0], ["手续费及佣金净收入", 10.0]], "ret_prev_year": 4.5, "ret_prev2_year": -10.9, "ret_ytd": -2.5, "ret_pivot": 20.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.2, "ret_60": 7.6, "ret_120": -0.1, "ret_250": -13.0, "mdd_250": -18.6, "vol_250": 24.0, "pos_52w": 87.6}, "S": {"duration": 26, "pricing": null, "hard": null, "bondness": 32}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["中金公司 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 8.2%,PB 1.57倍,股息率 0.9%,分红率 17%。", "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 8.3%(1/PE)与股息率 0.9% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.0 倍 粗算,约 58%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -13%,最大回撤 -19%,年化波动 24%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 -2% / 8% / -0%。", "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%。", "中金公司:PE 比行业中位低 3.7倍;股息率 比行业中位低 1.0个百分点;毛利率 ;固定资产占比 比行业中位低 0.2个百分点。"]}}