“深圳创新四姐妹”年终三重奏：价值重估、AI突围、全球拓局

Core Viewpoint - The rapid development of artificial intelligence (AI) is prompting a revaluation of technology assets globally, with Shenzhen emerging as a focal point for investors seeking opportunities in China. The city has produced several leading tech giants, referred to as the "Shenzhen Innovation Four Sisters," including Huawei, Tencent, China Ping An, and BYD, all of which have market capitalizations exceeding 1 trillion yuan and revenues above 600 billion yuan [1][2]. Group 1: Performance and Market Trends - The "Shenzhen Innovation Four Sisters" have experienced significant stock price and market capitalization increases, benefiting from a narrative of asset revaluation in China. Notably, Tencent, Ping An, and BYD have all reached new highs in stock prices and market values this year [1][4]. - The average annual stock price increase for the "Four Sisters" is 44.87%, outperforming the average increase of 27.95% for the "Magnificent Seven" in the U.S. stock market [4][6]. - As of December 29, 2025, China Ping An's stock price increased by 52.25%, Tencent by 44.29%, and BYD by 10.47%, with Ping An leading the group [4][6]. Group 2: AI Development and Talent Acquisition - The "Four Sisters" are heavily investing in AI, with each company focusing on different aspects of AI technology to gain competitive advantages. They are engaged in a talent acquisition race to attract top AI professionals [9][10]. - Huawei's R&D expenditure reached 96.95 billion yuan in the first half of the year, accounting for 22.7% of its revenue, while Tencent's R&D spending in Q3 was 22.82 billion yuan, marking a 28% year-on-year increase [10][11]. - The companies are implementing differentiated AI strategies: Huawei focuses on foundational technologies, Tencent aims to reshape consumer services, Ping An emphasizes specialized AI services, and BYD integrates AI into smart mobility solutions [12][11]. Group 3: Global Expansion and Influence - The global influence of the "Four Sisters" is on the rise, as evidenced by their improved rankings in the 2025 Fortune Global 500 and Kantar BrandZ lists. China Ping An ranks 13th, Huawei 24th, BYD 27th, and Tencent 32nd in the Fortune list [12][13]. - BYD has surpassed Tesla to become the top seller of electric vehicles globally, with exports reaching 878,000 units from January to November, a 144% increase year-on-year [13][14]. - Tencent's international gaming revenue grew by 43% to 20.8 billion yuan in Q3, while Huawei's wearable device shipments exceeded 200 million units globally, maintaining a leading position in the market [13][14].