{"F": {"ts_code": "601997.SH", "name": "贵阳银行", "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": "20160816", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.62, "pe_ttm": 4.0014, "pb": 0.3112, "dv_ttm": 5.3381, "total_mv": 2054783.3322, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [160.8, 150.0, 156.4, 151.0, 149.3, 130.0], "np_series": [59.2, 60.4, 61.1, 55.6, 51.6, 52.5], "roe_series": [14.4, 12.7, 11.2, 9.4, 8.0, 7.7], "period": "20260630", "rev_ttm": 137.1, "np_ttm": 51.4, "ocf_ttm": 187.9, "fcf_ttm": 147.4, "fcf_yield": 71.7, "ocf_yield": 91.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 39.9, "roe_median": 9.4, "commodity": false, "hard_ratio": 1.3, "fix_assets": 98.1, "goodwill_ratio": 0.0, "pb_calc": 0.29, "capex_dep": 7.75, "interest_debt": 935.3, "debt_ebitda": null, "debt_ratio": 90.5, "debt_mv": 455.2, "payout": 21.5, "div_years": 5, "rev_cagr3": -6.0, "np_cagr3": -4.9, "rev_yoy": 10.9, "np_yoy": -4.6, "np_vol": 4.8, "loss_years": 0, "far_share": 0.0, "earn_yield": 25.0, "consensus_n": 3, "fwd_pe": 4.0, "fwd_pe2": 3.9, "fwd_g1": -0.0, "fwd_g2": 2.0, "peg": 2.0, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 25.0], ["利息净收入：利息收入：发放贷款和垫款", 16.0], ["利息净收入：利息收入：发放贷款和垫款：公司及个人", 16.0], ["个人和公司贷款及垫款(产品)", 16.0]], "ret_prev_year": 3.0, "ret_prev2_year": 27.0, "ret_ytd": 0.9, "ret_pivot": 33.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.5, "ret_60": -1.7, "ret_120": 0.4, "ret_250": -8.8, "mdd_250": -14.8, "vol_250": 19.3, "pos_52w": 93.4}, "S": {"duration": 10, "pricing": null, "hard": null, "bondness": 61}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["贵阳银行 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 9.4%,PB 0.31倍,股息率 5.3%,分红率 22%。", "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 25.0%(1/PE)与股息率 5.3% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 4.0 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -9%,最大回撤 -15%,年化波动 19%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 0% / -2% / 0%。", "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%。", "贵阳银行:PE 比行业中位低 2.4倍;股息率 比行业中位高 1.4个百分点;毛利率 ;固定资产占比 比行业中位高 1.0个百分点。"]}}