2 1 Shi Ji Jing Ji Bao Dao·2025-11-03 23:03Core Viewpoint - China's R&D investment has exceeded 1 trillion yuan for three consecutive years, marking a significant shift from "manufacturing" to "intelligent manufacturing" and emphasizing the importance of innovation-driven development [1][3]. R&D Investment Overview - In the first three quarters of 2025, listed companies in China reported a total R&D expenditure of 1.16 trillion yuan, representing a year-on-year increase of 3.88% [1][3]. - The overall revenue of listed companies reached 53.46 trillion yuan, with a net profit of 4.70 trillion yuan, reflecting a year-on-year growth of 1.36% and 5.50%, respectively [2][3]. Leading Companies in R&D Investment - BYD led the R&D spending with 43.748 billion yuan, followed by China State Construction with 23.979 billion yuan and China Mobile with 20.423 billion yuan [2][11]. - Notably, BYD's R&D expenditure increased by 31% compared to the previous year, significantly outpacing its revenue growth of 13% [9][11]. Sector Performance - Over 2,780 listed companies reported a year-on-year increase in R&D expenses, with more than 1,200 companies showing an increase of over 15% [4][5]. - The A-share market's overall R&D intensity (R&D expenditure as a percentage of revenue) was 2.16%, while the intensity for strategic emerging industries reached 5.21% [4][5]. Innovation and Technology Breakthroughs - The high R&D investment has led to significant technological advancements, including the approval of 26 new class 1 drugs and breakthroughs in semiconductor technology [6][11]. - The Science and Technology Innovation Board (STAR Market) exhibited a median R&D intensity of 12.4%, indicating a strong focus on technology-driven growth [5][11]. Industry Trends - The electronics industry has surpassed the banking sector in total market value, becoming the largest industry, with significant growth in the communication and computer sectors [13]. - Advanced manufacturing sectors, such as storage chips and new energy vehicles, have shown remarkable growth, with revenue and net profit increases exceeding 10% and 20%, respectively [12].