Up to now, the 2017 annual report of more than 3,000 listed companies of A shares has been disclosed. From the listed company's revenue, profit and R & D investment, we can see that China's real economy is in a good state of development, especially in the high-end manufacturing industry is releasing tremendous vitality.

Manufacturing outbreak

The annual report shows that in 2017, both the operating income and net profit of the SSE listed companies achieved double-digit growth. The growth rate hit a new high in recent years. The listed company's revenue and net profit growth even exceeded 20%. Among them, the performance of the real economy, especially the manufacturing industry, has become more prominent. The net profit of non-financial entities in Shanghai rose by nearly 40% year-on-year. About 70% of Shenzhen's listed companies are manufacturing industries, of which 29 manufacturing sub-sectors are all profitable, and net profit growth is as high as 34%.

In April, the manufacturing purchasing managers' index PMI was 51.4%, the highest in the same period in the past five years. The manufacturing PMI for 21 consecutive months was in the boom zone, confirming the stable growth of the manufacturing industry. Many analysts believe that high-end manufacturing is more groundbreaking than traditional manufacturing such as steel and cement. In 2017, the net profit of 133 high-end equipment manufacturing companies in Shenzhen increased by more than 100%. The quarterly report of listed companies also showed that the growth rate of net profit of GEM listed companies, which are strategically emerging industries, was 28.7%, which was a sharp rebound from 2017. According to relevant experts, behind the explosive growth of high-end manufacturing, companies have increased their investment in R&D.

Specifically, in the areas of high technological content such as cloud computing, artificial intelligence, biotechnology, and high-end equipment, the proportion of corporate R&D spending to revenue is much higher than the average level of A-shares, indicating that companies have vitality and are brave enough to compete for high technology. point. Experts pointed out that R & D investment can not ignore the foundation of the manufacturing industry, especially the major short board equipment.

According to sources, China is expected to issue guiding documents to promote innovation and development of major short board equipment, and launch a number of major short board equipment engineering projects to increase supply capacity.

Bottleneck to be broken

The problems faced by China's high-end equipment manufacturing industry also need to be seriously considered and improved, so as to gain advantages in the future global economic wave and drive the development of China's industrial economy.

The first is the low profit rate of the industry. High-end equipment manufacturing industry should have considerable benefits as a capital and technology-intensive capital industry. However, many high-end equipment manufacturing companies have not yet mastered advanced equipment and major complete equipment technologies. Many core components and technologies can only rely on imports. The continued rise in costs and the heavy tax burden of companies, and the pressure of rising costs, will lower the profit margin.

Followed by the industrial cluster effect is not obvious. In recent years, due to the strategic needs for the transformation and upgrading of economic development, the Chinese government has vigorously promoted the construction of long-range equipment manufacturing industry clusters in the Long-Hakka Bohai Sea, the Yangtze River Delta, and the Pearl River Delta. With the promotion of policies, a large number of “industrial clusters” have emerged. The infrastructure facilities in the area have not kept pace with its development. In the end, this type of industrial cluster that is separated from the market development rules, has a low degree of correlation, and does not have a close connection with production will have problems such as a short industrial chain and poor clustering results within a certain period of time.

Again, there is insufficient innovation capacity. Although China's high-end equipment manufacturing industry has achieved strong growth in recent years, growth has not been brought about by technological progress. High-end equipment manufacturing companies still lack core competitive advantages. The long-term introduction of advanced technology from abroad leads to the inertia of Chinese companies in R&D and innovation, and the high cost of introducing technology makes it impossible for companies to maintain internal R&D expenditures. Digest these high technologies.

Because China’s innovation system is not perfect, the production, research, and research in the high-end equipment manufacturing industry has not been well utilized. The R&D centers of enterprises and various universities and research centers in various fields have weak links, and the technology conversion capability is not high, and a large amount of R&D input has fallen into the water; Under the current household registration system in China, the flow of innovative talents has been hindered. In terms of the cultural atmosphere of accepting talent and embracing innovation and trial and error, there is still a big gap between China and Europe, the United States and Japan.

Finally, there is a lack of core competence. China's high-end equipment manufacturing companies still have a status quo that is big but not strong, with poor independent research and development capabilities, high dependence on key technologies, core technologies controlled by people, and few things with independent intellectual property rights. The tendency of re-introduction, light development, heavy imitation, and light innovation has not been changed, and the strange cycle of "introduction and backwardness has repeatedly been introduced again and again" remains. Although many large-scale units are manufactured in China, the key technologies are not in the hands of our country. The enterprises are still only processing and manufacturing, and are caught in the dilemma of “high-end fall”.