{"F": {"ts_code": "HK.01282", "name": "中泽丰", "mkt": "HK", "ccy": "港元", "sw1": "证券及经纪", "sw2": "证券及经纪", "sw3": "", "ind": "证券及经纪", "fin_source": "futu", "market": "主板", "list_date": "20101215", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.1, "pe_ttm": -8.333, "pb": 0.089, "dv_ttm": 0.0, "total_mv": 50000.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [28.4], "rev_series": [10.2], "np_series": [-1.2], "roe_series": [-2.3], "rev_ttm": 10.2, "np_ttm": -0.6, "ocf_ttm": 2.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 49.7, "gm_median": 28.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -11.5, "roe_median": -2.3, "commodity": false, "hard_ratio": 2.5, "fix_assets": 2.4, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -0.2, "debt_ratio": 40.0, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -10.9, "np_yoy": 63.3, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": -4.8, "ret_20": 23.5, "ret_60": 25.0, "ret_120": -18.7, "ret_250": -32.9, "mdd_250": null, "vol_250": null, "pos_52w": 51.8, "eps": -0.024}, "S": {"duration": 100, "pricing": null, "hard": null, "bondness": 13}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["中泽丰 是证券及经纪。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 -2.3%,PB 0.09倍,股息率 0.0%,分红率 —。", "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 —(1/PE)与股息率 0.0% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -33%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 24% / 25% / -19%。", "行业对照": ["同富途行业「证券及经纪」40 家中位:PE 7.3 / 股息率 0.1% / 毛利率 70.0% / 固定资产占比 0% / 分红率 13%。", "中泽丰:PE 比行业中位低 15.6倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 41.6个百分点;固定资产占比 比行业中位高 2.2个百分点。"]}}