{"F": {"ts_code": "HK.00388", "name": "香港交易所", "mkt": "HK", "ccy": "港元", "sw1": "其他金融", "sw2": "其他金融", "sw3": "", "ind": "其他金融", "fin_source": "futu", "market": "主板", "list_date": "20000627", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 408.8, "pe_ttm": 26.171, "pb": 8.544, "dv_ttm": 3.41, "total_mv": 51829172.2676, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [237.4], "np_series": [178.4], "roe_series": [31.7], "rev_ttm": 237.4, "np_ttm": 198.0, "ocf_ttm": 227.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 75.1, "roe_median": 31.7, "commodity": false, "hard_ratio": 0.3, "fix_assets": 16.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 228.2, "debt_ratio": 89.9, "debt_mv": null, "payout": 89.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 36.9, "np_yoy": 35.6, "np_vol": null, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 3.8, "ret_20": 1.1, "ret_60": 8.8, "ret_120": 1.2, "ret_250": -4.9, "mdd_250": null, "vol_250": null, "pos_52w": 91.6, "eps": 14.003}, "S": {"duration": 48, "pricing": null, "hard": null, "bondness": 65}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["香港交易所 是其他金融。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 最新年报 31.7%,PB 8.54倍,股息率 3.4%,分红率 89%。", "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 3.8%(1/PE)与股息率 3.4% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.2 倍 粗算,约 81%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -5%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 1% / 9% / 1%。", "行业对照": ["同富途行业「其他金融」9 家中位:PE 16.0 / 股息率 0.0% / 毛利率 51.5% / 固定资产占比 1% / 分红率 0%。", "香港交易所:PE 比行业中位高 10.2倍;股息率 比行业中位高 3.4个百分点;毛利率 ;固定资产占比 比行业中位低 0.5个百分点。"]}}