{"F": {"ts_code": "US.DINO", "name": "HF Sinclair", "mkt": "US", "ccy": "美元", "sw1": "油气炼制与销售", "sw2": "油气炼制与销售", "sw3": "", "ind": "油气炼制与销售", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 105.41, "pe_ttm": 10.048, "pb": 1.822, "dv_ttm": 1.9, "total_mv": 1874019.552309, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [5.2], "rev_series": [268.7], "np_series": [5.9], "roe_series": [6.2], "rev_ttm": 268.7, "np_ttm": 19.0, "ocf_ttm": 27.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 14.9, "gm_median": 5.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.2, "roe_median": 6.2, "commodity": true, "hard_ratio": 34.7, "fix_assets": 57.6, "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": 18.6, "debt_ratio": 44.0, "debt_mv": null, "payout": 19.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -6.0, "np_yoy": 218.5, "np_vol": null, "loss_years": 0, "far_share": 50.0, "earn_yield": 10.0, "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": 134.1, "ret_20": 30.3, "ret_60": 49.9, "ret_120": 88.7, "ret_250": 113.1, "mdd_250": null, "vol_250": null, "pos_52w": 97.4, "eps": 3.08}, "S": {"duration": 22, "pricing": 70, "hard": 56, "bondness": 31}, "label": "钱的替代品", "tags": ["商品定价"], "text": {"像什么": ["硬资产:固定资产 58 亿,占总资产 35%,重置成本随通胀上升。", "定价权来自商品本身:油气炼制与销售 的价格是通胀的组成部分,利润是商品价格的函数。", "当期现金流:经营现金流/市值 14.9%,股息率 1.9%,估值里 5 年后的故事约占 50%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 35%)和定价权(商品价格)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 14.9%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 5.2%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 35%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.0 倍 粗算,约 50%(1 − 5/PE)。中等。"]], "价格行为": "近一年 113%,现价在 52 周高点的 97%;近 20 / 60 / 120 日 30% / 50% / 89%。 钱的替代品是体制切换的 β:过去一年已经跑过,加仓看信号。", "行业对照": ["同富途行业「油气炼制与销售」19 家中位:PE 15.0 / 股息率 1.5% / 毛利率 6.6% / 固定资产占比 34% / 分红率 28%。", "HF Sinclair:PE 比行业中位低 5.0倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 1.4个百分点;固定资产占比 比行业中位高 0.9个百分点。"]}}