C
CPPPS 中国综合评价指数
China Panoramic Public Performance Score
中国榜 · 商界 China · Business

上市公司质量Listed Company Quality

六维质量加权模型 · 排名更新日期：2026-10-20Six-dimensional quality-weighted model · Last updated: 2026-10-20

综述Overview

Listed companies are the cornerstone of the capital market and the most dynamic and best-governed group of enterprises in the national economy. Evaluating the "quality" of a listed company cannot look only at its size; one must also examine whether it has the ability to create value continuously, whether it brings tangible returns to shareholders, and whether it possesses long-term competitiveness in innovation. Precisely for this reason, this ranking deliberately distinguishes "quality" from "scale": a company with enormous revenue but low profitability is not necessarily a high-quality company.
上市公司是资本市场之基石，也是国民经济中最具活力、治理最规范的企业群体。评价一家上市公司的"质量"，不能只看体量大小，更要看它是否具备持续创造价值的能力、是否为股东带来真金白银的回报、是否在创新上具备长期竞争力。正因如此，本榜将"质量"与"规模"刻意区分：一家营收庞大但盈利效率低下的公司，未必是一家优质公司。
This index builds a "quality-oriented" weighted evaluation model across six dimensions — profitability quality, profitability scale, market recognition, shareholder return, business foundation, and innovation investment — to evaluate about 50 of the most representative high-quality A-share listed companies. The model takes return on equity (ROE) as the core of quality, net profit and market value as size-quality, dividend payout ratio as shareholder return, operating revenue as the business foundation, and R&D investment as innovation quality, striving to depict the intrinsic quality of listed companies comprehensively and objectively.
本指数从盈利质量、盈利规模、市场认可、股东回报、经营根基、创新投入六个维度，构建"质量导向"的加权评价模型，对 A 股约 50 家最具代表性的优质上市公司进行评价。模型以净资产收益率（ROE）为质量核心，以净利润与市值为体量质量，以分红率为股东回报，以营业收入为业务根基，以研发投入为创新质量，力求全面、客观地刻画上市公司的内在质量。
Evaluation results: Kweichow Moutai, ICBC, PetroChina, CCB, and China Mobile rank in the top five. Overall, companies with a balance of profitability efficiency (ROE), profitability scale (net profit), and market recognition (market value) rank highest; companies that are large in scale but have low profitability efficiency and weak shareholder returns rank relatively lower, which is precisely the embodiment of "quality-oriented rather than purely scale-oriented." The ranking data are based on approximate values from public common knowledge (marked "subject to official sources"), referencing public data such as listed-company annual reports, Wind, and Eastmoney, permanently free and public, for research and reference only.
评价结果：贵州茅台、工商银行、中国石油、建设银行、中国移动 位列前五。整体看，盈利效率（ROE）、盈利规模（净利润）与市场认可（市值）均衡的公司居前；纯规模大但盈利效率偏低、股东回报偏弱的公司相对靠后，这正是"质量导向而非纯规模"的体现。本排名数据以公开常识近似值为准（标注"以官方为准"），参考上市公司年度报告、Wind、东方财富等公开数据，永久免费公开，仅供研究与参考。

分层梯队Tiers

A++ 前三Top 3 A+ 四至十4th–10th A 十一至二十11th–20th B 其余Rest

优质上市公司质量排名（约50家）Quality Ranking of Premium Listed Companies (about 50)

排名公司行业质量指数市值(亿)营收(亿)净利(亿)ROE(%)分红率(%)研发(亿)梯队
1贵州茅台Kweichow Moutai600519白酒60.5821000150674734.0758A++
2工商银行ICBC601398银行56.44195008430363910.630200A++
3中国石油PetroChina601857石油54.461550030110161111.045250A++
4建设银行CCB601939银行51.87158007697332611.530200A+
5中国移动China Mobile600941电信49.831650010093131810.865240A+
6农业银行Agricultural Bank of China601288银行46.96152006948269311.030190A+
7中国石化Sinopec600028石化42.317200321226048.565160A+
8中国银行Bank of China601988银行41.54125006241231910.030190A+
9宁德时代CATL300750动力电池41.2910500400944122.050184A+
10比亚迪BYD002594汽车41.237200602330024.030396A+
11迈瑞医疗Mindray300760医疗器械38.47360034911633.06037A
12山西汾酒Shanxi Fenjiu600809白酒37.46250031910437.0501A
13美的集团Midea Group000333家电37.05200372033722.060145A
14泸州老窖Luzhou Laojiao000568白酒36.14250030213235.0501A
15招商银行China Merchants Bank600036银行35.382003391146616.235100A
16中国神华China Shenhua601088煤炭35.077500343169615.07040A
17五粮液Wuliangye000858白酒34.31520083230225.0602A
18中国建筑China State Construction601668建筑31.922002265554213.020300A
19格力电器Gree Electric Appliances000651家电31.622000205029025.05070A
20中国平安Ping An601318保险31.459000913885613.030100A
21珀莱雅Proya603605化妆品29.38400891232.0402B
22伊利股份Yili Industrial Group600887乳业28.841700125710420.07010B
23长江电力China Yangtze Power600900电力28.82640078027215.0652B
24陕西煤业Shaanxi Coal Industry601225煤炭28.62000170021221.06010B
25海康威视Hikvision002415安防28.3310089314118.055114B
26工业富联Foxconn Industrial Internet601138电子27.884600476321015.050100B
27海天味业Haitian Flavouring & Food603288调味品27.220002455621.06010B
28紫金矿业Zijin Mining601899有色25.154100293421121.03020B
29福耀玻璃Fuyao Glass600660汽车玻璃24.4512003315618.06015B
30中国中铁China Railway Group601390建筑24.4115001263033411.020280B
31海尔智家Haier Smart Home600690家电24.292300261416617.040100B
32洋河股份Yanghe Brewery002304白酒23.9130033110020.0501B
33万华化学Wanhua Chemical600309化工22.842500175316820.03040B
34片仔癀Pien Tze Huang600436中药22.4714001002824.0302B
35汇川技术Inovance300124工控20.5216003044720.03027B
36药明康德WuXi AppTec603259医药外包20.3815004039620.03013B
37立讯精密Luxshare Precision002475电子20.02500231911020.01090B
38恒立液压Hengli Hydraulic601100液压19.61800902518.0406B
39中国太保CPIC601601保险19.352800323927212.03540B
40中国交建China Communications Construction601800建筑18.83130075872389.020220B
41海大集团Haid Group002311饲料17.8280011612715.0406B
42东方财富East Money300059金融科技16.8121001108212.04012B
43恒瑞医药Hengrui Pharma600276医药16.3230002284311.53062B
44中远海控COSCO Shipping Holdings601919航运16.251500175423910.04010B
45中国中免China Tourism Group Duty Free601888免税16.1615006756712.0402B
46中信证券CITIC Securities600030券商15.97280060019710.03520B
47三一重工Sany Heavy Industry600031机械12.361300732458.03058B
48隆基绿能LONGi Green Energy601012光伏12.0315001294579.02077B
49中芯国际SMIC688981半导体7.345000452484.5074B
50韦尔股份Will Semiconductor603501半导体5.4812002105.53.02030B

算法详细论述Methodology

一、上市公司质量的多维定义与理论依据

This algorithm does not equate "quality" with "scale," but instead synthesizes classical theories of value investing and corporate governance and maps them onto six dimensions:
本算法不把"质量"等同于"规模"，而是综合价值投资与企业治理的经典理论，将其映射到六个维度：
  1. 净资产收益率（ROE）：源自杜邦分析法（DuPont Analysis），ROE＝净利率×资产周转率×权益乘数，是衡量"股东投入资本创造利润效率"的核心指标，也是巴菲特所强调的"长期持有优质公司"的首要筛选标准。
  2. 净利润：企业经营的最终成果，是"质量×规模"的绝对体现——优质不仅看效率，也看实实在在赚到的钱。
  3. 市值：市场对企业未来现金流的综合定价，反映全体投资者对公司质量的集体认可，是"市场用脚投票"的结果。
  4. 分红率：将利润以真金白银回馈股东的比例，是"盈利真实性"与"股东回报意识"的直接证据，也是价值投资中"现金牛"的标志。
  5. 营业收入：业务规模的根基，反映企业市场份额与经营体量，是质量的"底盘"。
  6. 研发投入：创新的物质基础，衡量企业构筑长期护城河、维持持续成长的能力，体现"质量"的时间维度。

二、模型的数学结构

This index adopts a six-dimensional weighted-summation model. Each dimension is first mapped to the [0,1] interval via min-max normalization, then linearly weighted, and finally multiplied by 100 to obtain a 0-100 score:
本指数采用六维加权求和模型。每个维度先经 min-max 归一化映射到 [0,1] 区间，再按权重线性加权，最终乘以 100 得到 0~100 分：
质量指数 = 100 × ( 0.25·ROE′ + 0.20·净利润′ + 0.18·市值′ + 0.15·分红率′ + 0.12·营收′ + 0.10·研发′ )
Here x′ denotes the min-max normalized value of indicator x: x′ = (x − xmin) / (xmax − xmin). Normalization removes dimensional differences, making the six indicators comparable; the weights sum to 1, ensuring that the index falls within the stable 0-100 range.
其中 x′ 表示指标 x 的 min-max 归一化值：x′ = (x − xmin) / (xmax − xmin)。归一化消除量纲差异，使六项指标可比；权重之和为 1，保证指数落在 0~100 的稳定区间。

三、指标与权重依据

指标方向权重所属维度依据
净资产收益率 ROE正向0.25盈利质量杜邦分析法；巴菲特价值投资"质量核心"
净利润正向0.20盈利规模质量的绝对体现（质量×规模）
市值正向0.18市场认可市场对质量的集体定价
分红率正向0.15股东回报盈利真实性与股东回报意识
营业收入正向0.12经营根基业务规模与市场份额
研发投入正向0.10创新质量长期护城河与持续成长
The weight design follows "quality-oriented rather than purely scale-oriented": ROE (profitability efficiency), net profit (profitability scale), and market value (market recognition) together total 0.63, constituting the main body of quality; dividend payout ratio and R&D investment reflect the two quality aspects of "return" and "growth"; operating revenue has the lowest weight (0.12), avoiding a "scale-is-king" mentality that would mask profitability efficiency and return quality.
权重设计遵循"质量导向而非纯规模"：ROE（盈利效率）、净利润（盈利规模）、市值（市场认可）三者合计 0.63，构成质量的主体；分红率与研发投入体现"回报"与"成长"两个质量侧面；营业收入权重最低（0.12），避免"规模为王"掩盖盈利效率与回报质量。

四、质量导向与规模导向之辨

Traditional scale rankings sort by revenue and total assets, placing inefficient companies with enormous revenue in high positions. This ranking deliberately lowers the weight of operating revenue (0.12) and raises the weights of ROE (0.25) and net profit (0.20), so that "profitability efficiency" and "profitability capability" take priority over "business size." Consequently, companies with high ROE, high net profit, and high dividends can rank highly even if their revenue is not the largest, while companies with enormous revenue but low ROE and weak dividends rank relatively lower — this is precisely the essential difference between "quality" and "scale."
传统规模榜以营收、总资产排序，会把营收巨大的低效企业排到高位。本榜刻意压低营业收入权重（0.12）、抬高 ROE（0.25）与净利润（0.20）的权重，使"赚钱效率"与"赚钱能力"优先于"摊子大小"。由此，高 ROE、高净利、高分红的公司即便营收并非最大，也能位居前列；而营收巨大但 ROE 偏低、分红偏弱的公司则相对靠后——这正是"质量"与"规模"的本质区别。

五、数据来源与局限性

The six indicators all use approximate values from public common knowledge (mainly the 2023 annual-report basis), marked "subject to official sources," referencing public data such as listed-company annual reports, Wind, Eastmoney Choice, and CNINFO; among them, the "R&D investment" of financial and construction companies is approximated using the "information-technology investment / R&D expense" item in annual reports, which is not fully comparable to manufacturing R&D expenses. This model does not include factors that are difficult to quantify uniformly, such as governance structure, ESG, goodwill impairment, and industry cycles; moreover, the approximate values carry errors. The ranking is for research and reference only.
六项指标均采用公开常识近似值（2023 年报口径为主），标注"以官方为准"，参考上市公司年度报告、Wind、东方财富 Choice、巨潮资讯网等公开数据；其中金融、建筑类企业的"研发投入"以年报"信息科技投入/研发费用"口径近似，与制造业研发费用不完全可比。本模型不包含治理结构、ESG、商誉减值、行业周期等难以统一量化的因素，且近似值存在误差，排名仅供研究与参考。

六、参考文献

  1. Graham, B. & Dodd, D.（1934）：《证券分析》——价值投资的起源，强调以基本面质量而非市场情绪估值。
  2. Fisher, P.（1958）：《怎样选择成长股》——成长型优质企业的定性标准。
  3. Lynch, P.（1989）：《彼得·林奇的成功投资》——"买自己了解的好公司"。
  4. Buffett, W. 致股东的信（历年）：长期持有高 ROE、有护城河的优质企业。
  5. 杜邦公司：杜邦分析法（ROE 分解：净利率×资产周转率×权益乘数）。
  6. 中国证监会：《上市公司治理准则》《上市公司信息披露管理办法》——信息披露与治理规范。
  7. 财政部：《企业会计准则》——财务指标核算口径。
  8. 上市公司年度报告、Wind、东方财富 Choice、巨潮资讯网等公开数据。

说明Notes

本版采用六维质量加权模型（加权求和），质量导向而非纯规模：质量指数=100×(0.25·ROE+0.20·净利润+0.18·市值+0.15·分红率+0.12·营收+0.10·研发)，ROE、净利润、市值三项合计权重 0.63，构成质量主体。六项指标均为公开常识近似值（2023年报口径为主），标注"以官方为准"，参考上市公司年报、Wind、东方财富 Choice、巨潮资讯网等公开数据；金融、建筑类"研发投入"以年报"信息科技投入"口径近似。数据永久免费公开，永不卖榜，仅供研究与参考。
This edition adopts a six-dimension quality-weighted model (weighted sum), quality-oriented rather than purely scale-oriented: quality index = 100×(0.25·ROE+0.20·net profit+0.18·market cap+0.15·dividend payout ratio+0.12·revenue+0.10·R&D), with ROE, net profit, and market cap together carrying a weight of 0.63, forming the core of quality. All six indicators are public approximate values (mainly 2023 annual report basis), marked "subject to official figures", referencing listed company annual reports, Wind, Eastmoney Choice, CNINFO, and other public data; for financial and construction companies, "R&D investment" is approximated by the annual report's "information technology investment" basis. Data are permanently free and public, rankings are never sold, and it is for research and reference only.