{"F": {"ts_code": "US.SLNH", "name": "Soluna Holdings", "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": null, "is_fin": true, "roles": {"fin": true, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.2, "pe_ttm": -1.739, "pb": 1.898, "dv_ttm": 0.0, "total_mv": 29604.245639999997, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [21.7], "rev_series": [0.3], "np_series": [-0.6], "roe_series": [-326.8], "rev_ttm": 0.3, "np_ttm": -0.9, "ocf_ttm": -0.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -6.6, "gm_median": 21.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -191.8, "roe_median": -326.8, "commodity": false, "hard_ratio": 28.4, "fix_assets": 0.4, "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": -0.4, "debt_ratio": 40.3, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -21.8, "np_yoy": 2.2, "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": 2.6, "ret_20": 2.6, "ret_60": -12.4, "ret_120": 52.4, "ret_250": 130.7, "mdd_250": null, "vol_250": null, "pos_52w": 23.3, "eps": -2.38}, "S": {"duration": 100, "pricing": null, "hard": null, "bondness": 13}, "label": "金融·利差生意", "tags": [], "text": {"像什么": ["Soluna Holdings 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 -326.8%,PB 1.90倍,股息率 0.0%,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 0.0% 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 131%,现价在 52 周高点的 23%;近 20 / 60 / 120 日 3% / -12% / 52%。", "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%。", "Soluna Holdings:PE 比行业中位低 17.6倍;股息率 与行业中位持平;毛利率 比行业中位低 10.3个百分点;固定资产占比 比行业中位高 23.4个百分点。"]}}