中信建投:未来五年 制造业发展的核心逻辑将从“保总量”向“优结构”跃迁
Di Yi Cai Jing·2026-01-08 23:57

Core Viewpoint - The "14th Five-Year Plan" period is a critical window for China to overcome the middle-income trap and respond to the global restructuring of industrial chains [1] Group 1: Manufacturing Sector Insights - The proportion of manufacturing value added to GDP has decreased to 24.87%, yet it remains within a reasonable range according to international standards [1] - Maintaining a reasonable share of manufacturing is essential for economic security and serves as a core vehicle for cultivating new productive forces [1] Group 2: Future Development Logic - The core logic of manufacturing development will shift from "maintaining total volume" to "optimizing structure" over the next five years [1] - In terms of total volume, the goal is to maintain a bottom line in the range of 20%-25%, drawing on experiences from Germany and Japan [1] - Structurally, the focus will be on enhancing total factor productivity (TFP) through "entry and exit" in industries, promoting an increase in the share of high-tech manufacturing, and achieving a fundamental shift from factor-driven to innovation-driven growth [1]

CSC-中信建投:未来五年 制造业发展的核心逻辑将从“保总量”向“优结构”跃迁 - Reportify