{"F": {"ts_code": "HK.06178", "name": "光大证券", "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": "20160818", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.655, "pe_ttm": 7.181, "pb": 0.498, "dv_ttm": 4.18, "total_mv": 3529557.9376545, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [176.2], "np_series": [41.8], "roe_series": [5.4], "rev_ttm": 176.2, "np_ttm": 48.7, "ocf_ttm": -53.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -15.2, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 23.7, "roe_median": 5.4, "commodity": false, "hard_ratio": 0.3, "fix_assets": 8.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.0, "debt_ratio": 77.1, "debt_mv": null, "payout": 30.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 16.7, "np_yoy": 27.3, "np_vol": null, "loss_years": 0, "far_share": 30.0, "earn_yield": 13.9, "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": -11.9, "ret_20": 2.5, "ret_60": 5.0, "ret_120": -4.5, "ret_250": -28.3, "mdd_250": null, "vol_250": null, "pos_52w": 69.2, "eps": 0.894}, "S": {"duration": 16, "pricing": null, "hard": null, "bondness": 49}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["光大证券 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 5.4%,PB 0.50倍,股息率 4.2%,分红率 30%。", "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 13.9%(1/PE)与股息率 4.2% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.2 倍 粗算,约 30%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -28%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 2% / 5% / -4%。", "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%。", "光大证券:PE 比行业中位低 0.1倍;股息率 比行业中位高 4.1个百分点;毛利率 ;固定资产占比 与行业中位持平。"]}}