一、评价对象与依据
Digital-technology enterprises in this ranking refer to domestic and Hong Kong/Macau/Taiwan-capital-controlled enterprises whose main business is communication networks, computing-power infrastructure, intelligent IoT, artificial intelligence, software and cloud services, enterprise digitalization services, cybersecurity, industrial software and the like. The evaluation covers about 25 industry leaders and major listed/to-be-listed enterprises, selected on the basis of revenue volume, industry standing and the availability of public data. Unlisted enterprises (such as Huawei) are handled with approximate public-market valuations and noted in the remarks.
本排名所称数字技术企业,指以通信网络、算力基础设施、智能物联、人工智能、软件与云服务、企业数字化服务、网络安全、工业软件等为主营业务的境内及港澳台资本控股企业。评价范围覆盖行业头部与主要上市/拟上市企业约 25 家,选取依据为企业的营收体量、行业地位与公开数据可得性。未上市企业(如华为)按公开市场估值近似处理,并在说明中标注。
二、指标体系与理论依据
Enterprise strength is a multi-dimensional concept that a single revenue indicator cannot fully reflect. Drawing on the 'Scale—Quality—Innovation—Contribution' framework of enterprise-competitiveness evaluation, this model selects six indicators grouped into four dimensions:
企业实力是一个多维概念,单一营收指标无法全面反映。本模型借鉴企业竞争力评价的"规模—质量—创新—贡献"框架,选取六项指标、归入四个维度:
- 营业收入(规模维度):反映企业经营体量与市场占有率,是企业综合实力的最直接体现,也是行业地位排序的基石。
- 净利润(质量维度):反映企业真实盈利质量与经营效率,有效区分"规模"与"效益",避免"大而不强"。
- 市值(质量维度):反映资本市场对企业成长性与内在价值的定价,是前瞻性指标,能捕捉传统财务指标无法体现的成长预期。
- 研发投入(创新维度):反映企业技术创新的资源投入强度,对应数字技术行业高研发密度的特征。
- 专利数(创新维度):反映企业技术积累的存量与知识产权护城河,与研发投入形成"投入—产出"互补。
- 数字化赋能(贡献维度):反映企业以软件、云、平台、解决方案等方式服务实体经济数字化的深度,对应"数实融合"的国家战略导向。
三、模型的数学结构
The six indicators differ in dimension and span and must first be standardized. Four large-span indicators—revenue, market value, patents and R&D—are log-transformed (in line with the principle of diminishing marginal returns to scale, to avoid head enterprises monopolizing the score gap); net profit and digitalization empowerment are normalized to 0–1 (min-max standardization); the results are then linearly aggregated by weight:
六项指标量纲与跨度不同,须先做标准化处理。对营收、市值、专利、研发四类大跨度指标取对数(依据规模经济边际递减原理,避免头部企业垄断分差),净利润与数字化赋能做 0-1 归一化(最小-最大标准化),再按权重线性加总:
x′ = (x − xmin) / (xmax − xmin) ; 对数类指标:x′ = (ln x − ln xmin) / (ln xmax − ln xmin)
综合实力分 = 100 × ( 0.30·营收′ + 0.15·净利′ + 0.15·市值′ + 0.15·研发′ + 0.10·专利′ + 0.15·数字化赋能′ )
The basis of the weight setting: operating revenue is the cornerstone of strength evaluation and carries the highest weight (0.30); net profit and market value together form the Quality dimension (0.30 in total), highlighting 'equal emphasis on scale and quality'; R&D and patents form the Innovation dimension (0.25 in total), in which the weight of R&D investment is higher than that of the patent stock (0.15 vs 0.10), emphasizing the resource intensity of current-period innovation; digitalization empowerment forms a dimension on its own (0.15), highlighting the CPPPS distinctive Contribution dimension. The six weights sum to 1, ensuring the score falls within the 0–100 range.
权重设定依据:营业收入是实力评价的基石,权重最高(0.30);净利润与市值共同构成质量维度(合计 0.30),突出"规模与质量并重";研发与专利构成创新维度(合计 0.25),其中研发投入权重高于专利存量(0.15 vs 0.10),强调当期创新的资源强度;数字化赋能单独成维(0.15),凸显 CPPPS 特色贡献维度。六项权重合计为 1,保证得分落在 0-100 区间。
四、指标与权重依据
| 指标 | 方向 | 权重 | 所属维度 | 处理 | 依据 |
| 营业收入 | 正向 | 0.30 | 规模 | 对数 | 体量与市占率;大跨度取对数避免垄断 |
| 净利润 | 正向 | 0.15 | 质量 | 线性 | 真实盈利质量,区分"规模"与"效益" |
| 市值 | 正向 | 0.15 | 质量 | 对数 | 资本市场对成长性与价值的定价 |
| 研发投入 | 正向 | 0.15 | 创新 | 对数 | 高研发密度的当期创新强度 |
| 专利数 | 正向 | 0.10 | 创新 | 对数 | 技术存量与知识产权护城河 |
| 数字化赋能 | 正向 | 0.15 | 贡献 | 线性 | 服务实体经济数字化(数实融合)贡献 |
五、数字化赋能指数的构建
'Digitalization empowerment' is the CPPPS distinctive Contribution dimension; it uses a self-built index to measure an enterprise's comprehensive capability in serving the digitalization of the real economy, on a 0–100 scale. The index is synthesized from three aspects of public approximate information: (1) the coverage of enterprise-grade digitalization product lines (the breadth of software, cloud, platforms, industrial software and solutions); (2) the ability to serve industries in the real economy (the scale of digitalization projects and solutions in sectors such as government and enterprises, manufacturing, energy, finance and construction); (3) the industry breadth of 'digital-real integration' customers and the density of benchmark cases. Because this dimension is hard to measure with a single financial indicator, the index is normalized from public-knowledge approximations and explicitly noted in the data sources for reader calibration.
"数字化赋能"是 CPPPS 特色贡献维度,采用自建指数衡量企业服务实体经济数字化的综合能力,取值范围 0-100。该指数综合三方面公开近似信息合成:①企业级数字化产品线覆盖度(软件、云、平台、工业软件、解决方案的广度);②面向实体经济的行业服务能力(政企、制造、能源、金融、建筑等行业的数字化项目与解决方案规模);③"数实融合"的客户行业广度与标杆案例密度。由于该维度难以用单一财务指标度量,指数以公开知识近似值归一化处理,并在数据来源中显式标注,供读者校准。
六、模型的特点与局限
This model adopts a 'standardization + weighted summation' structure that is intuitive, reproducible and traceable, consistent with the CPPPS iron rules of 'open weights, open algorithm and open data sources'. Its limitations are: (1) the market value of unlisted enterprises (such as Huawei) is an approximation of public-market valuation and carries errors; (2) market value is fairly volatile under secondary-market sentiment; (3) net profit is affected by economic cycles and investment pacing, and some enterprises record current-period losses; (4) patent counts differ in caliber (applications/grants/cumulative totals); (5) the digitalization-empowerment index is a CPPPS self-built approximate index with a relatively high subjective component; (6) the list covers about 25 enterprises and does not exhaust all enterprises in every sub-sector. All these limitations are explicitly noted under the principle of 'open data sources'.
本模型为"标准化+加权求和"结构,含义直观、可复现、可追溯,符合 CPPPS"权重公开、算法公开、数据源公开"的铁律。其局限在于:①未上市企业(如华为)市值为公开市场估值近似,存在误差;②市值受二级市场情绪影响波动较大;③净利润受经济周期与投入节奏影响,部分企业当期亏损;④专利数存在口径差异(申请量/授权量/累计量);⑤数字化赋能指数为 CPPPS 自建近似指数,主观成分相对较高;⑥榜单范围约 25 家,未穷尽所有细分领域企业。上述局限均在"数据源公开"原则下显式标注。
七、数据来源
Operating revenue, net profit, market value, R&D investment and patent count are all based on public-knowledge approximations (marked 'subject to official figures'), mainly referencing: the annual reports and periodic financial reports of listed companies, industry-association statistics, public market data and institutional valuations; the digitalization-empowerment index is a CPPPS self-built index synthesized approximately from public information. The data cut-off date is 2026-10-20.
营业收入、净利润、市值、研发投入、专利数均以公开知识近似值为准(标注"以官方为准"),主要参考:各上市公司年度报告与定期财务报告、行业协会统计、市场公开数据与机构估值;数字化赋能指数为 CPPPS 自建指数,基于公开信息近似合成。数据标注截止日为 2026-10-20。
八、参考文献
- 各数字技术上市公司年度报告、定期财务报告(营业收入、净利润、市值、研发投入)。
- 中国信息通信研究院(信通院):《中国数字经济发展研究报告》。
- 中国电子信息产业发展研究院(赛迪研究院):ICT 产业年度报告。
- 国家统计局:规模以上软件和信息技术服务业、计算机通信电子设备制造业统计公报。
- 国家知识产权局:企业发明专利授权与累计申请公开数据。
- 未上市企业公开披露信息与市场机构估值报告。