{"F": {"ts_code": "HK.02611", "name": "国泰海通", "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": "20170411", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.42, "pe_ttm": 7.283, "pb": 0.711, "dv_ttm": 4.85, "total_mv": 27109991.355816, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [1153.4], "np_series": [324.4], "roe_series": [11.2], "rev_ttm": 1153.4, "np_ttm": 371.0, "ocf_ttm": -335.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -12.4, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 28.1, "roe_median": 11.2, "commodity": false, "hard_ratio": 0.8, "fix_assets": 136.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.0, "debt_ratio": 83.6, "debt_mv": null, "payout": 35.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 108.4, "np_yoy": 125.1, "np_vol": null, "loss_years": 0, "far_share": 31.0, "earn_yield": 13.7, "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": -3.0, "ret_20": 9.6, "ret_60": 10.9, "ret_120": 9.3, "ret_250": -1.2, "mdd_250": null, "vol_250": null, "pos_52w": 86.7, "eps": 1.751}, "S": {"duration": 17, "pricing": null, "hard": null, "bondness": 54}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["国泰海通 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 11.2%,PB 0.71倍,股息率 4.8%,分红率 35%。", "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 13.7%(1/PE)与股息率 4.8% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.3 倍 粗算,约 31%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -1%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 10% / 11% / 9%。", "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%。", "国泰海通:PE 与行业中位持平;股息率 比行业中位高 4.8个百分点;毛利率 ;固定资产占比 比行业中位高 0.5个百分点。"]}}