A股“广东军团”涨幅跑赢大盘，年内翻倍股数量居首

21世纪经济报道2025-12-23

南方财经研究员王达毓广州报道2025年的A股市场，日交投屡破2万亿元大关，结构性行情不断演绎，科技创新渐成叙事主线。截至12月23日收盘，上证指数、深证成指、创业板指年内分别上涨16.95%、28.37%、49.65%。作为上市公司数量与总市值均位居全国前列的区域板块，广东上市公司的市场表现提供了观察A股市场的一个视角。截至上周五收盘，年内广东上市公司市值加权涨幅跑赢全市场平均水平逾 5 个...

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in the number of stocks that doubled during the year","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81211":0.6,"300476":1.86,"002594":1.88,"03968":0.9,"01211":1.88,"BYDDY":1.88,"HYDD.SI":0.6},"content_text":"南方财经研究员 王达毓 广州报道2025年的A股市场，日交投屡破2万亿元大关，结构性行情不断演绎，科技创新渐成叙事主线。截至12月23日收盘，上证指数、深证成指、创业板指年内分别上涨16.95%、28.37%、49.65%。作为上市公司数量与总市值均位居全国前列的区域板块，广东上市公司的市场表现提供了观察A股市场的一个视角。截至上周五收盘，年内广东上市公司市值加权涨幅跑赢全市场平均水平逾 5 个百分点。从上市公司数量、市值结构到行业分布与成长弹性，广东上市公司群体在A股市场中形成了一种兼具规模、结构与活力的样本形态，为观察资本市场的估值偏好提供了一个较为完整的切面。在整体市场回暖、结构性机会占优的背景下，上市公司群体在市值结构、企业梯队以及产业分布等指标都颇具观察价值。从规模维度看，截至12月19日收盘，北京以超30万亿元的市值排名第一，广东合计近19万亿元，排名全国第二，上海市、浙江省、江苏省分列三到五位。截至日期：2025年12月19日 制图：南方财经研究员王达毓 数据来源：iFind（下同）观察市值排名可以发现，广东拥有独特的、符合本地产业结构的上市企业矩阵，其市值规模并非由少数超大市值公司拉动。一方面，广东不仅拥有比亚迪、美的集团、招商银行等市值位居全市场前列的行业龙头，也在多个细分产业链环节中形成了“多点分布”的上市公司矩阵：围绕新能源汽车等核心产业链，除整车龙头外，广东在电池、电控、智能驾驶等关键环节拥有欣旺达（300207.SZ）、亿纬锂能（300014.SZ）、德赛西威（002920.SZ）等一批上市公司；在AI算力驱动的细分赛道，PCB（印制电路板）领域集中涌现了胜宏科技（300476.SZ）、鹏鼎控股（002938.SZ）、生益电子（688183.SH）等领军企业。从市值结构看，这种“头部+细分龙头企业并存”的格局较为明显。在广东上市公司中，市值低于100亿元的企业多达583家，占广东上市公司数量一半以上，构成了微盘股市场活跃度的基础。从涨幅来看，截至12月19日，广东企业年内市值加权平均涨幅为44.24%，超过全市场年内市值加权涨幅的38.77%，也跑赢沪、深两大宽基指数的37.15%与26.17%。从翻倍情况来看，截至12月19日，A股年内翻倍股共计490家，其中广东企业86家，占比约六分之一，数量位居全国首位。这一现象并非集中于单一行业，而是分布在电子、通信、汽车零部件、计算机、机械设备等多个领域，也与市场活跃主线高度重合。进一步来看，广东翻倍股中相当一部分并非纯题材驱动，而是伴随着业绩改善、订单增长或行业景气度提升。观察涨幅前列广东企业所处行业可以发现，市场对这些企业的定价逻辑，更多建立在行业与企业基本面变化之上。这种由业绩驱动的上涨，在当前A股行情中具有一定的代表性。以PCB领域的细分龙头鼎泰高科（301377.SZ）为例，公司生产包含钻针、铣刀、PCB 特刀及数控刀具在内的刀具产品、研磨抛光材料等，主要面向PCB、数控精密机件制造企业等客户，公司位列《2024中国电子电路行业主要企业榜单》刀具类专用材料企业中营业收入排名第1位。研发百强榜广东揽 20 席广东上市公司在市值结构与涨幅分布上的表现，并非孤立现象，而是在一定程度上体现了今年以来A股市场科技主线的追捧程度。2025年的A股，走出了以科技为主线的慢牛走势。截至12月19日收盘，创业板指（399006.SZ）年内涨幅为45.79%，科创50指数（000688.SH）年内涨幅达32.32%。从前三季度各上市公司研发投入数据来看，北京市以2826.38亿元的研发投入总和位列全国第一，广东上市企业共投入2433.67亿元，位列第二名，高于上海、浙江、江苏等省市。其中，比亚迪（002594.SZ）以437.48亿元的研发投入总额位列全部A股首位，接近第二、第三名之和。长期以来，比亚迪在新能源汽车、动力电池等核心领域保持高研发强度。2025年半年报显示，公司研发重点仍围绕新能源汽车及关键零部件展开；2025年三季度财报进一步披露，其研发投入总额同比增长31.3%（重述后口径），研发支出的持续扩张与其全球竞争力提升形成较为清晰的对应关系。这一现象并非个例，而是制造业龙头企业在全国范围内普遍加大研发投入的缩影。整体来看，在研发投入前100名当中，广东占据了其中20席，仅次于北京的22家，位列全国第二名。观察广东研发投入榜单可以发现，上榜企业大部分为民营企业。可以看出，广东上市公司的研发投入以民营企业为主体，覆盖多项战略性新兴产业，民营经济为科技创新注入强劲动能。从上市板块分布来看，广东企业的科技属性同样清晰。截至12月19日，888家广东上市公司当中，323家登陆创业板，92家登陆科创板。“双创”板块企业合计接近一半，构成了广东上市公司颇具成长性的部分。这种板块结构，与全国科技型企业的整体分布高度契合。按申万一级行业统计，电子、机械设备、计算机、通信、汽车等高技术制造和信息技术行业，在广东上市公司中占据较高比重，也反映了当前中国资本市场对新质生产力的定价方向。除了科技投入，资本利用效率同样是衡量企业竞争力的重要维度。观察2025年三季度末ROE（净资产收益率）排名，剔除ST股（风险警示股）后，同洲电子（002052.SZ）以110.45%的ROE位列全国首位。东鹏饮料（605499.SH）、科陆电子（002121.SZ）、TCL智家（002668.SZ）、冰川网络（300533.SZ）均位列ROE榜单前列，显示出较强的资本使用率。值得注意的是，以广东企业为样本，在制造和科技属性密集的行业，更容易发现通过经营效率改善实现高资本回报的公司。以年内涨幅近600%的大牛股胜宏科技（300476.SZ）为例，其在高端PCB领域的技术积累，叠加AI和汽车电子需求释放，2025年前三季度，公司实现合计营业收入同比增长83.4%，归母净利润同比增长324.38%，最终获得市场定价的正向反馈。从全国视角看，广东上市公司在资本市场中的表现，并不是一个例外，而是一个具有代表性的样本。一方面，其折射出高端制造业与科技企业在当前 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