{"F": {"ts_code": "US.ARBK", "name": "Argo Blockchain", "mkt": "US", "ccy": "美元", "sw1": "资本市场", "sw2": "资本市场", "sw3": "", "ind": "资本市场", "fin_source": "futu", "market": "NASDAQ", "list_date": "20210923", "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.91, "pe_ttm": 0.585, "pb": 3.303, "dv_ttm": 0.0, "total_mv": 4258.755027, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [1.8], "rev_series": [0.2], "np_series": [0.1], "roe_series": [0.0], "rev_ttm": 0.2, "np_ttm": 0.1, "ocf_ttm": -0.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -58.7, "gm_median": 1.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 32.8, "roe_median": 0.0, "commodity": false, "hard_ratio": 100.0, "fix_assets": 0.8, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.1, "debt_ratio": 43.2, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -68.0, "np_yoy": 109.2, "np_vol": null, "loss_years": 0, "far_share": 0.0, "earn_yield": 170.9, "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": -14.7, "ret_20": 1.1, "ret_60": -22.6, "ret_120": -4.0, "ret_250": -94.3, "mdd_250": null, "vol_250": null, "pos_52w": 1.4, "eps": 4.968}, "S": {"duration": 1, "pricing": null, "hard": null, "bondness": 13}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["Argo Blockchain 是资本市场。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 0.0%,PB 3.30倍,股息率 0.0%,分红率 0%。", "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 170.9%(1/PE)与股息率 0.0% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 0.6 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -94%,现价在 52 周高点的 1%;近 20 / 60 / 120 日 1% / -23% / -4%。", "行业对照": ["同富途行业「资本市场」99 家中位:PE 15.9 / 股息率 0.0% / 毛利率 32.0% / 固定资产占比 5% / 分红率 12%。", "Argo Blockchain:PE 比行业中位低 15.3倍;股息率 与行业中位持平;毛利率 比行业中位低 30.2个百分点;固定资产占比 比行业中位高 95.0个百分点。"]}}