{"F": {"ts_code": "HK.06099", "name": "招商证券", "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": "20161007", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.76, "pe_ttm": 6.692, "pb": 0.946, "dv_ttm": 4.1, "total_mv": 13705726.246256, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [385.0], "np_series": [137.0], "roe_series": [9.3], "rev_ttm": 385.0, "np_ttm": 203.3, "ocf_ttm": -600.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -43.8, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 35.6, "roe_median": 9.3, "commodity": false, "hard_ratio": 0.2, "fix_assets": 18.1, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 253.0, "debt_ratio": 81.7, "debt_mv": null, "payout": 27.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 18.2, "np_yoy": 23.9, "np_vol": null, "loss_years": 0, "far_share": 25.0, "earn_yield": 14.9, "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": 17.4, "ret_20": 3.3, "ret_60": 6.4, "ret_120": 21.8, "ret_250": -5.8, "mdd_250": null, "vol_250": null, "pos_52w": 86.9, "eps": 1.572}, "S": {"duration": 15, "pricing": null, "hard": null, "bondness": 47}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["招商证券 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 9.3%,PB 0.95倍,股息率 4.1%,分红率 27%。", "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 14.9%(1/PE)与股息率 4.1% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.7 倍 粗算,约 25%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -6%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 3% / 6% / 22%。", "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%。", "招商证券:PE 比行业中位低 0.6倍;股息率 比行业中位高 4.0个百分点;毛利率 ;固定资产占比 比行业中位低 0.1个百分点。"]}}