深圳创新四姐妹：万亿龙头的2025年，韧性与分化并存

21世纪经济报道04-16 08:35

21世纪经济报道记者曹媛深圳报道来自深圳的四家万亿级龙头企业——华为、比亚迪、腾讯、中国平安，我们称之为“深圳创新四姐妹”，各自交出年度答卷。她们来自硬科技、新能源制造、互联网、综合金融等不同领域，面对的行业周期与市场环境差异较大，但四家企业不约而同地将技术创新、人工智能与全球化布局，作为穿越周期的核心抓手。业绩冷暖交织、研发投入加码、AI驱动业绩增长、出海步伐不断加快，这是四家企业2025年...

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深圳报道来自深圳的四家万亿级龙头企业——华为、比亚迪、腾讯、中国平安，我们称之为“深圳创新四姐妹”，各自交出年度答卷。她们来自硬科技、新能源制造、互联网、综合金融等不同领域，面对的行业周期与市场环境差异较大，但四家企业不约而同地将技术创新、人工智能与全球化布局，作为穿越周期的核心抓手。业绩冷暖交织、研发投入加码、AI驱动业绩增长、出海步伐不断加快，这是四家企业2025年业绩表现的共性特点，但内在逻辑迥异。2025年，这四家龙头企业展现出中国核心资产的韧性，也折射出不同行业在转型升级中的真实图景。截至4月15日港股收盘，比亚迪（1211.HK）收107.3港元/股，今年以来涨幅12.53%；腾讯控股（0700.HK）收499港元/股，今年以来降16.69%；中国平安（2318.HK）收62.55港元/股，今年以来降幅3.99%。（记者曹媛/制图）业绩冷暖分化：三家稳增，比亚迪“增收不增利”整体来看，2025年，四家企业整体保持营收扩张态势，全年营收均超过7500亿元。其中，中国平安营收最高，已超万亿；而腾讯的营收增速最快，达14%。但“四姐妹”的盈利水平明显分化：华为、腾讯、中国平安的营收、净利润均同比增长，其中腾讯归母净利润最高；比亚迪则在行业激烈竞争、高研发投入等因素影响下陷入“增收不增利”的局面。具体看各企业业绩表现。从营收规模、净利润的绝对值及增速看，腾讯在“四姐妹”的增长势头最猛。2025年，腾讯迎来“高质量增长”之年：全年营收7517.66亿元，增长14%；归母净利润2248.42亿元，增长16%；毛利率攀升至56%，创历史新高。腾讯将盈利改善归结于：AI技术对广告精准定向能力的持续提升、《三角洲行动》等新游戏表现，以及腾讯云实现规模化盈利。中国平安的业绩表现同样不俗。2025年，在保险业周期性回暖背景下，也受益于其持续出清风险与寿险改革等，平安核心财务指标均正增长：全年营收10505.06亿元，增长2.1%；其营运利润同比增长10.3%、扣非净利润大增22.5%、净资产首破万亿为险企首家。更需注意的是，在平安核心主业保持高增同时，其资管业务大幅减亏70%，金融赋能业务板块（原科技板块）也实现扭亏为盈。“轻装上阵”的平安，能为主业腾挪出更多资源、拓展增长空间。而在持续承压的外部环境中，华为业绩呈现“V型复苏”。对比其近6年业绩，去年营收8809亿元仅次于2020年的8914亿元；净利润680亿元，增长8.6%。支撑华为业绩稳健复苏的，是其“基本盘”业务与新兴业务的驱动。ICT基础设施业务作为“压舱石”保持稳定，去年收入3750.14亿元，增长2.6%，占总营收比例约43%。华为另一“支柱”终端业务也保持增长，去年收入3444.73亿元，同比增长1.6%，占总营收比例为39%。其中，智能手机国内份额重返第一，鸿蒙智行等智能汽车相关业务快速上量；其他业务板块贡献增量。相比前三家企业，比亚迪身处高度竞争的新能源汽车行业，虽然规模再上新台阶，却面临盈利下滑的压力。2025年比亚迪营收约8040亿元，增长3.46%，全年汽车销量超460万辆，首次跻身全球车企集团销量前五；但其归母净利润同比下滑近19%，是近三年首次踩下利润“刹车”。影响其净利润下降的核心原因是，一方面国内车市价格战持续白热化，叠加原材料价格波动，单车利润大幅下降、汽车业务毛利率收窄。2025年，比亚迪汽车业务毛利率降至20.49%。另一核心原因是，2025年，其研发费用化率达91.4%，这意味着，比亚迪将绝大部分研发投入在当期直接计入费用，未来不需要背负大量摊销成本。 AI竞速：重金投入是共识，落地路径各有侧重面对人工智能带来的产业变革，四家企业无一例外选择加大研发投入，将AI视为未来核心竞争力，除平安未披露外，其他三家企业去年研发投入均超600亿元，华为最高约2000亿元。但由于主业场景差异，四家企业的AI布局呈现出差异化落地路径：华为主攻底层算力与技术生态，腾讯聚焦C/B端应用与生态闭环，比亚迪深耕制造端与汽车智能化，平安则立足金融服务流程再造。在“四姐妹”中，华为2025年研发投入最高，达1923亿元，占全年收入超20%，近十年累计研发费用超13820亿元。华为认为AI“将是未来十年，甚至更长周期里最大的发展机会。”华为的AI布局不局限于单一产品，而是全面融入通信、终端、数字能源、智能汽车等全业务链条，以技术底座支撑长期增长。目前，华为升腾384超节点规模服务于互联网、金融、运营商、电力等行业，筑牢算力根基；鲲鹏、升腾生态稳步发展，已有380万鲲鹏开发者和400万升腾开发者；鲲鹏应用使能套件BoostKit、升腾CANN和Mind系列软件全面开源开放，支持用户深度挖潜鲲鹏和升腾算力。腾讯同样保持高强度研发投入，全年研发开支857.47亿元，增长21%。AI已驱动腾讯核心业务增长；另外，腾讯混元3.0大语言模型智能水平持续提升，元宝、WorkBuddy及QClaw等AI产品也开始产生实际效用。“去年腾讯在AI新产品上的投入约为180亿元，2026年该项预算将实现至少翻倍。”腾讯总裁刘炽平公开说。在汽车行业，AI赋能已超越智能驾驶单一场景，全面渗透至研发、制造、供应链、服务与能源管理等全产业链环节，成为决定车企未来竞争力、效率边界与价值创造能力的关键要素。2025年报中，比亚迪明确电动化、智能化作为突破口，推动汽车从单一的交通工具向移动智能终端转型。2025年其研发投入达634亿元，增长7.4%。在高研发投入下，比亚迪技术成果持续落地。2026年3月初，比亚迪发布第二代刀片电池及闪充技术，攻克了电动化上半场“充电慢”和“低温充电难”的难题；其天神之眼辅助驾驶系统、第五代DM等技术持续优化。中国平安则将AI技术作为赋能金融、医疗健康等核心主业的工具。2025年平安超23万员工使用内部智能体平台，开发超7万个智能体应用，全年模型调用36.5亿次；平安还推出名医数字分身、AI家庭医生、AI养老管家等AI产品，\"AI+真人\"医生覆盖集团100%个人客户，第四季度单次问诊成本同比下降45%。近期，据中国平安CTO王晓航介绍，平安希望通过AI“快捷服务”入口，让客户用一句话，直达金融、医疗、健康和生活服务。不难看出，坚持高研发投入、布局AI战略，是四家龙头企业的共同选择，也是它们应对行业竞争、穿越周期的底气。全球化提速：出海逻辑不同，扩张模式差异显著国内市场竞争日趋激烈、增长空间逐步见顶，推动四家企业不约而同将全球化视为重要增长曲线。但受制于行业属性不同，四家企业的出海模式、扩张节奏与盈利贡献呈现巨大差异。对于比亚迪，出海是对冲内地高度竞争市场的重要支点，拉动增长的重要新引擎。比亚迪采取“自建工厂、自控渠道”的产业出海模式。2025年，比亚迪境外收入达3107亿元，同比增长40.05%，占总营收的38.65%。为支撑全球化扩张，比亚迪加速在匈牙利、泰国、巴西等地建设工厂，自建运输船队保障全球交付，上调海外销量目标。在国内市场陷入存量竞争的背景下，出海成为比亚迪突破盈利瓶颈、打开长期增长空间的重要战略。与比亚迪不同，腾讯采用相对“轻资产”的内容、技术、服务出海模式，如去年腾讯国际市场游戏全年收入同比大增33%至774亿元，突破100亿美元大关；腾讯云深度服务国内出海企业，同时逐步将AI大模型、数字化解决方案推向海外市场。华为出海则以技术输出、标准输出、生态合作为核心，拓展全球市场。目前，华为业务遍及全球170多个国家和地区。其以ICT基础设施为“基本盘”，同时推动终端、数字能源、智能汽车解决方案等业务走向海外，通过开放鸿蒙、鲲鹏、升腾生态，与全球合作伙伴共建产业生态。面对持续动荡、更趋复杂的外部环境，华为年报中也强调，“华为坚持全球化发展路线，积极响应所在国的政策法规和标准规范的公开咨询及公开讨论。”中国平安的全球化则紧紧围绕主业展开。如平安依托超万亿规模的保险资金，在政策允许范围内配置全球优质资产，提升投资收益；同时平安旗下子公司为客户提供全球急难救援、跨境结算等服务。2025年，华为、比亚迪、腾讯、中国平安“深圳创新四姐妹”，在业绩表现、技术/AI布局、全球化三条主线上走出了差异化路径：华为以技术定力实现稳健复苏，比亚迪在行业高度竞争中坚守长期投入，腾讯依托AI开启高质量增长，中国平安在寿险改革、风险渐出清后保持增长。面对复杂的市场环境，这四家万亿企业的表现，也是中国经济发展的折射。\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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