透过数据看“十四五”答卷： 新质生产力培育见效 资本市场向新提质

Core Viewpoint - The article emphasizes the importance of "new quality productivity" in China's economic development, highlighting the role of capital markets in fostering this growth and the significance of emerging and future industries in building a modern industrial system [1][2]. Group 1: Economic Growth and Performance - China's new quality productivity has shown strong growth, with the added value of equipment manufacturing and high-tech manufacturing industries increasing by 7.7% and 8.9% respectively in 2024, surpassing the overall industrial growth rates by 1.9 and 3.1 percentage points [2]. - The new quality productivity sector's total operating revenue grew from 24.9 trillion yuan to 26.6 trillion yuan from 2022 to 2024, with median revenue growth rates of 2.99% and 3.16% in 2023 and 2024, respectively, slightly above the A-share average [2][3]. Group 2: Market Performance - The Wande New Quality Productivity Composite Index has shown a continuous upward trend for three years, with a cumulative increase of over 37% in 2023, significantly outperforming the CSI 300 Index [3]. - The total market capitalization of the new quality productivity sector has exceeded 48 trillion yuan, with leading companies like BYD and CATL achieving market values above one trillion yuan [3]. Group 3: Financial Health - The new quality productivity sector has demonstrated strong financial health, with a weighted return on equity nearing 9% in 2024, and operating cash flow exceeding 3 trillion yuan for two consecutive years [4]. - The sector's dividend amounts and payout ratios reached historical highs in 2024, indicating robust profitability [4]. Group 4: R&D Investment - China's R&D expenditure reached 3.61 trillion yuan in 2024, growing by 8.3%, with an R&D intensity of 2.68%, reflecting a commitment to innovation [6]. - The new quality productivity sector's R&D spending approached 1.3 trillion yuan in 2024, accounting for 4.87% of total revenue, marking a historical high [6]. Group 5: Leading Industries - China is a leader in six key emerging sectors, including new energy vehicles, where production and sales exceeded 31 million units in 2024, with over 12.8 million being electric vehicles [7]. - In the robotics sector, China accounted for over 52% of global industrial robot installations, leading the world in this technology [7]. Group 6: Technological Advancements - China leads globally in artificial intelligence research, with the highest number of published papers and patents, and accounted for 61.5% of new generative AI patents in 2024 [8]. - In quantum technology and 6G, China holds a dominant position in research output and patent filings, with 6,001 6G-related patents, significantly outpacing other countries [9].