{"F": {"ts_code": "US.IVZ", "name": "景顺", "mkt": "US", "ccy": "美元", "sw1": "资产管理", "sw2": "资产管理", "sw3": "", "ind": "资产管理", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 33.07, "pe_ttm": -48.632, "pb": 1.465, "dv_ttm": 2.56, "total_mv": 1460039.7724600001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [35.2], "rev_series": [63.8], "np_series": [-1.7], "roe_series": [-7.2], "rev_ttm": 63.8, "np_ttm": -3.1, "ocf_ttm": 20.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 13.8, "gm_median": 35.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -2.7, "roe_median": -7.2, "commodity": false, "hard_ratio": 2.5, "fix_assets": 6.8, "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": 15.4, "debt_ratio": 52.0, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 5.1, "np_yoy": -123.2, "np_vol": null, "loss_years": 1, "far_share": 100, "earn_yield": null, "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": 28.7, "ret_20": 5.4, "ret_60": 21.2, "ret_120": 45.7, "ret_250": 55.1, "mdd_250": null, "vol_250": null, "pos_52w": 98.2, "eps": -1.6}, "S": {"duration": 100, "pricing": null, "hard": null, "bondness": 28}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["景顺 是资产管理。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 -7.2%,PB 1.47倍,股息率 2.6%,分红率 —。", "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 —(1/PE)与股息率 2.6% 看。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 55%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 5% / 21% / 46%。", "行业对照": ["同富途行业「资产管理」136 家中位:PE 16.4 / 股息率 3.2% / 毛利率 51.0% / 固定资产占比 2% / 分红率 92%。", "景顺:PE 比行业中位低 65.0倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 15.8个百分点;固定资产占比 比行业中位高 0.5个百分点。"]}}