{"F": {"ts_code": "601998.SH", "name": "中信银行", "mkt": "CN", "ccy": "元", "sw1": "银行", "sw2": "股份制银行Ⅱ", "sw3": "股份制银行Ⅲ", "ind": "股份制银行Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20070427", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.89, "pe_ttm": 6.8953, "pb": 0.6624, "dv_ttm": 4.2857, "total_mv": 49468549.2847, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, null, null], "rev_series": [1947.3, 2045.6, 2113.9, 2059.0, 2136.5, 2124.8], "np_series": [489.8, 556.4, 621.0, 670.2, 685.8, 706.2], "roe_series": [9.2, 9.5, 9.6, 9.7, 9.1, 8.7], "period": "20260630", "rev_ttm": 2161.2, "np_ttm": 717.4, "ocf_ttm": 6454.2, "fcf_ttm": 6196.9, "fcf_yield": 125.3, "ocf_yield": 130.5, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 32.5, "roe_median": 9.5, "commodity": false, "hard_ratio": 0.8, "fix_assets": 790.3, "goodwill_ratio": 0.0, "pb_calc": 0.57, "capex_dep": 5.38, "interest_debt": 10891.8, "debt_ebitda": null, "debt_ratio": 91.4, "debt_mv": 220.2, "payout": 44.0, "div_years": 5, "rev_cagr3": 0.2, "np_cagr3": 4.4, "rev_yoy": 3.1, "np_yoy": 3.1, "np_vol": 4.5, "loss_years": 0, "far_share": 27.0, "earn_yield": 14.5, "consensus_n": 16, "fwd_pe": 7.0, "fwd_pe2": 6.7, "fwd_g1": -1.0, "fwd_g2": 4.0, "peg": 1.75, "consensus_disp": null, "mainbz": [["利息净收入：利息收入", 20.0], ["产品", 16.0], ["利息净收入：利息收入：发放贷款及垫款", 15.0], ["利息净收入", 11.0]], "ret_prev_year": 16.8, "ret_prev2_year": 52.0, "ret_ytd": 18.4, "ret_pivot": 68.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 19.2, "ret_60": 16.4, "ret_120": 21.5, "ret_250": 15.5, "mdd_250": -16.6, "vol_250": 22.2, "pos_52w": 100.0}, "S": {"duration": 16, "pricing": null, "hard": null, "bondness": 64}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["中信银行 是股份制银行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 9.5%,PB 0.66倍,股息率 4.3%,分红率 44%。", "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 4.3% 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 16%,最大回撤 -17%,年化波动 22%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 19% / 16% / 22%。", "行业对照": ["同申万二级「股份制银行Ⅱ」9 家中位:PE 5.5 / 股息率 5.0% / 毛利率 — / 固定资产占比 1% / 分红率 30%。", "中信银行:PE 比行业中位高 1.4倍;股息率 比行业中位低 0.7个百分点;毛利率 ;固定资产占比 比行业中位高 0.1个百分点。"]}}