{"F": {"ts_code": "US.VOC", "name": "VOC ENERGY TRUST", "mkt": "US", "ccy": "美元", "sw1": "油气勘探与开发", "sw2": "油气勘探与开发", "sw3": "", "ind": "油气勘探与开发", "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": 3.29, "pe_ttm": 8.123, "pb": 6.161, "dv_ttm": 12.31, "total_mv": 5593.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [null], "rev_series": [0.1], "np_series": [0.1], "roe_series": [66.4], "rev_ttm": 0.1, "np_ttm": 0.1, "ocf_ttm": null, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 0.0, "gm_median": null, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 85.8, "roe_median": 66.4, "commodity": true, "hard_ratio": null, "fix_assets": null, "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": 0.0, "debt_mv": null, "payout": 100.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -36.7, "np_yoy": -40.4, "np_vol": null, "loss_years": 0, "far_share": 38.0, "earn_yield": 12.3, "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": 40.9, "ret_20": 7.9, "ret_60": 22.2, "ret_120": 5.5, "ret_250": 46.0, "mdd_250": null, "vol_250": null, "pos_52w": 94.0, "eps": 0.435}, "S": {"duration": 18, "pricing": 70, "hard": 0, "bondness": 78}, "label": "现金流红利", "tags": ["商品定价", "股息率≥4%"], "text": {"像什么": ["分红率 100%、股息率 12.3%、最新一年营收增速 -36.7%、资产负债率 0%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 —),硬资产占比 —。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 0.0%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率未披露(公用事业 / 地产 / 综合企业常见)。无法从毛利率判断。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 —。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 8.1 倍 粗算,约 38%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 46%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 8% / 22% / 6%。", "行业对照": ["同富途行业「油气勘探与开发」72 家中位:PE 11.4 / 股息率 1.1% / 毛利率 39.8% / 固定资产占比 78% / 分红率 23%。", "VOC ENERGY TRUST:PE 比行业中位低 3.3倍;股息率 比行业中位高 11.2个百分点;毛利率 ;固定资产占比 。"]}}