Group 1 - The World Intellectual Property Organization (WIPO) has ranked 24 innovation clusters from China in its 2025 Global Top 100 Innovation Clusters list, marking the third consecutive year that China leads globally in this category [1] - In 2024, China's total R&D expenditure is expected to exceed 3.6 trillion yuan, representing a year-on-year growth of 8.3%, maintaining the second position globally, with an R&D intensity of 2.68%, surpassing the average level of EU countries [1] - By June 2025, the total number of valid invention patents in China is projected to reach 5.01 million, with 524,000 enterprises holding valid invention patents, highlighting the significant role of enterprises in innovation [1] Group 2 - The innovation clusters in China are playing a leading role in promoting the integration of innovation and industry, serving as a strong engine for high-quality regional economic and social development [2] - In the Guangdong-Hong Kong-Macao Greater Bay Area, the total number of invention patents authorized in 2024 is expected to reach 113,000, accounting for 12.1% of the national total, with PCT international patent applications reaching 19,000, representing 27.5% of the national total [2] - In the first half of this year, the PCT international patent applications from the three regions exceeded 10,000, showing a year-on-year growth of 30.7%, indicating a strong growth momentum in the innovation ecosystem [2]

Core Insights - China ranks first globally for the third consecutive year in the World Intellectual Property Organization's 2025 Global Top 100 Innovation Clusters, with 24 clusters listed [1][3]. Innovation Investment - In 2024, China's total R&D expenditure is expected to exceed 3.6 trillion RMB, representing an 8.3% year-on-year increase, maintaining the second position globally [3]. - The R&D intensity in China is projected to reach 2.68%, surpassing the average level of EU countries [3]. Intellectual Property Protection - China's intellectual property legal framework is increasingly robust, with a satisfaction rate of 82.36% in 2024, marking a historical high [4]. Innovation Capacity - As of June 2025, China has 5.01 million valid invention patents, with 524,000 domestic enterprises holding 3.73 million valid invention patents, highlighting the significant role of enterprises in innovation [4]. - Since the launch of the patent transformation initiative, there have been 127,000 instances of patent transfer and licensing, facilitating the application of high-value patents in advanced, intelligent, and green scenarios [4]. Regional Innovation Example - In the Guangdong-Hong Kong-Macao Greater Bay Area, the total number of invention patents granted in 2024 reached 113,000, with PCT international patent applications amounting to 19,000, accounting for 12.1% and 27.5% of China's totals, respectively [5]. - The PCT international patent applications in the first half of this year exceeded 10,000, reflecting a robust growth of 30.7% [5].

Core Insights - China has ranked first globally for three consecutive years in the number of innovation clusters, with 24 clusters making the list in 2025 [1][3]. Group 1: Innovation Cluster Rankings - Among the top ten innovation clusters globally, China occupies three positions, specifically ranking first, fourth, and sixth [3]. - The Shenzhen-Hong Kong-Guangzhou cluster has achieved the top position for the first time [3]. Group 2: Investment in Innovation - In 2024, China's total R&D expenditure is expected to exceed 3.6 trillion RMB, reflecting an 8.3% year-on-year increase, maintaining the second position globally [3]. - The R&D investment intensity in China is projected to reach 2.68%, surpassing the average level of EU countries [3]. Group 3: Intellectual Property Protection - China's intellectual property protection satisfaction rate has reached a historical high of 82.36 points in 2024 [4]. - The legal framework for intellectual property in China is becoming increasingly robust, contributing to a more favorable protection environment [4]. Group 4: Innovation Capacity - As of June 2025, China has a total of 5.01 million valid invention patents, with 524,000 domestic enterprises holding 3.73 million valid invention patents [4]. - The number of patent transfer and licensing registrations has reached 127,000 since the launch of the patent conversion initiative, indicating a strong focus on practical application [4]. Group 5: Regional Innovation Dynamics - In the Guangdong-Hong Kong-Macau Greater Bay Area, the total number of invention patents granted in 2024 reached 113,000, accounting for 12.1% of the national total [5]. - The PCT international patent applications from this region amounted to 19,000, representing 27.5% of the national total, with a 30.7% year-on-year growth in the first half of the year [5].

Core Insights - The Shenzhen-Hong Kong-Guangzhou innovation cluster has ranked first globally, surpassing the Tokyo-Yokohama cluster for the first time in the World Intellectual Property Organization's (WIPO) "Global Innovation Index 2025" [2][3] Group 1: Global Innovation Cluster Rankings - The Shenzhen-Hong Kong-Guangzhou cluster achieved a PCT application volume of 144,000, ranking first globally, while the Tokyo-Yokohama cluster had 135,129 applications, ranking second [2][4] - The cluster also ranked third in scientific paper publications, contributing 2.4% of global publications, and second in PCT applications, accounting for 9% of the global total [3][4] - China occupies five positions in the top 15 global innovation clusters, with Beijing at fourth, Shanghai-Suzhou at sixth, Hangzhou at thirteenth, and Nanjing at fifteenth [2][3] Group 2: Contributions of Key Cities - Shenzhen is noted for its strong private sector and emphasis on R&D, leading to a high volume of PCT applications, with 16,300 applications in 2024 [6] - Guangzhou focuses on foundational research, publishing 70,843 scientific papers in 2024, which is 45.32% of the cluster's total, and has over 1.35 million high-tech enterprises [7] - Hong Kong serves as a capital hub, facilitating significant risk capital transactions, with 53 IPOs raising approximately HKD 127 billion in the first seven months of the year [9] Group 3: Key Metrics and Indicators - The introduction of the "risk capital transaction volume" metric in 2025 significantly contributed to the cluster's top ranking, with Guangzhou accounting for over one-third of the total investment in the cluster [3][9] - The cluster's performance in PCT applications and scientific publications is bolstered by major companies like Huawei leading in PCT applications and Sun Yat-sen University in scientific publications [5][6]

Core Insights - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster has topped the global innovation cluster ranking for the first time, surpassing the "Tokyo-Yokohama" cluster, which had held the second position for five consecutive years [1][2] - The Global Innovation Index (GII) cluster ranking now includes three indicators: international patent applications via the Patent Cooperation Treaty (PCT), scientific paper publications, and the newly added venture capital transaction volume [1] Indicator Contributions - Scientific paper publications are primarily contributed by universities and research institutions in Guangzhou and Hong Kong [2] - Shenzhen leads in PCT patent applications with a total of 16,300 applications, accounting for 9% of the global total, second only to Tokyo-Yokohama's 10.3% [2] - The venture capital transaction volume is also significantly contributed by Shenzhen, although without this new indicator, the cluster would still rank second [2] Innovation Ecosystem - The high concentration of venture capital indicates a robust innovation ecosystem, allowing for the aggregation of innovative enterprises, talent, and technological achievements [2] - The PCT patent application volume reflects the region's economic development driven by technological innovation rather than traditional factors, enhancing the quality and sustainability of regional economic growth [2] - Major technology companies such as BYD, Huawei, and Tencent are key contributors to the PCT patent applications, although there is a need for improvement in source innovation and key node innovation [2] Collaborative Network - The innovation network within the "Shenzhen-Hong Kong-Guangzhou" cluster is characterized by Guangzhou's research foundation, Shenzhen's industrial transformation capabilities, and Hong Kong's internationalization and intellectual property system [3] - This cluster is seen as a significant observation and practice window as China enters the "engineer dividend" phase, with the potential to continuously gather innovative resources and unleash greater development momentum [3]

Group 1 - The "Shenzhen-Hong Kong-Guangzhou" cluster ranks first globally in the 2025 Global Innovation Index, as announced by the World Intellectual Property Organization [1][4] - The cluster excels in three core indicators: international patent applications, scientific publications, and venture capital transactions, with a notable advantage in venture capital transactions [4][11] - Huawei and Sun Yat-sen University are the top patent applicant and research institution, respectively, within the "Shenzhen-Hong Kong-Guangzhou" cluster [4][11] Group 2 - The Hong Kong government emphasizes a four-pillar strategy of "education, technology, talent, and investment" to enhance innovation and technology infrastructure [7][10] - Hong Kong's financial market provides ample venture capital opportunities, supporting the transformation of innovative ideas into tangible results [9][12] - The government has introduced three major funding plans, each involving 10 billion HKD, to support innovation and technology development [10][12] Group 3 - The active venture capital environment in the "Shenzhen-Hong Kong-Guangzhou" cluster is crucial for the development of the technology innovation industry [12][13] - Regional cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area enhances connectivity and synergy between manufacturing and financial sectors [12][13] - The global interest in emerging markets, particularly in technology innovation, is expected to provide further support for the Greater Bay Area's innovation ecosystem [13]

Core Insights - The World Intellectual Property Organization (WIPO) released the 2025 Global Innovation Index, highlighting that the Shenzhen-Hong Kong-Guangzhou innovation cluster has surpassed the Tokyo-Yokohama cluster to become the world's top innovation cluster for the first time [1] - The Shenzhen-Hong Kong-Guangzhou cluster has ranked second globally for five consecutive years from 2020 to 2024, and this year marks its ascent to the top of the global rankings [1] - The Macau-Zhuhai innovation cluster has also improved its position, moving up two spots in the global top 100 [1] Industry Developments - The Guangdong-Hong Kong-Macao Greater Bay Area Development Plan aims to establish the region as a "globally influential international technology innovation center," and the recent achievement of the Shenzhen-Hong Kong-Guangzhou cluster reflects positive progress in this initiative [1] - The inclusion of venture capital (VC) transaction activities as a new metric in this year's Global Innovation Index cluster research has reshaped the ranking landscape, emphasizing the importance of financial backing in innovation [1] - WIPO's Director General emphasized that innovation clusters are vital components of a strong national innovation ecosystem, facilitating the transformation of scientific research into economic outcomes [1]

Core Viewpoint - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster has surpassed the Tokyo-Yokohama cluster to become the top-ranked innovation cluster globally, as reported in the 2025 Global Innovation Index by the World Intellectual Property Organization [3][4]. Group 1: Innovation Cluster Ranking - The "Shenzhen-Hong Kong-Guangzhou" cluster achieved the first position, followed by Tokyo-Yokohama and San Jose-San Francisco [4]. - The inclusion of venture capital (VC) transactions as a new indicator in the Global Innovation Index has significantly influenced the ranking, highlighting the importance of converting scientific research into economic outcomes [7][8]. Group 2: Investment Attraction - From 2019 to 2023, the top 100 clusters attracted nearly 169,000 VC transactions, with San Jose-San Francisco leading at 6.9% [7]. - Guangzhou has established a comprehensive financial support system for technology innovation, including a 150 billion yuan investment fund and a 50 billion yuan technology innovation fund, positioning it as a leading city for venture capital in China [9]. Group 3: Policy Support and Collaboration - The three cities have implemented various supportive policies for technology innovation, such as reducing rents for specialized small and medium enterprises and promoting cross-city resource collaboration [11]. - The Guangdong-Hong Kong-Macao Greater Bay Area is focusing on enhancing cooperation in technology incubation, with initiatives like the Hong Kong University of Science and Technology's entrepreneurship competition being held in Guangzhou [13]. Group 4: Future Opportunities - The innovation cluster is expected to capitalize on opportunities presented by the integration of artificial intelligence across various industries, aiming to lead in global industrial transformation [14]. - The development of educational institutions and research facilities in Guangzhou and Dongguan is aimed at strengthening the region's technological capabilities [16].

Core Insights - The Shenzhen-Hong Kong-Guangzhou innovation cluster has topped the "Global Innovation Index 2025" ranking, marking a significant milestone for the Guangdong-Hong Kong-Macao Greater Bay Area and showcasing China's growing innovation capabilities on the global stage [1] Group 1: Ranking and Metrics - The ranking evaluates innovation concentration through three core indicators: PCT international patent applications, scientific publications, and venture capital transactions, with the latter being a new addition this year [1] - Over the past five years, the Shenzhen-Hong Kong-Guangzhou cluster had a patent application density of 2,292 per million people, a scientific publication density of 3,775 per million, and a venture capital transaction density of 135 per million [1] - The cluster accounted for 9% of global patent applications and 2.4% of global scientific publications, ranking second and third globally, respectively [1] Group 2: Factors Contributing to Success - The new ranking method incorporates venture capital data, reflecting entrepreneurial activities and innovation financing, which has positively impacted the cluster's overall score [2] - The balanced development across inventors, scientific authors, and venture capital activities indicates strong vitality within the Shenzhen-Hong Kong-Guangzhou cluster [2] - The Greater Bay Area's technological innovation strength is attributed to continuous accumulation and collaboration among its cities, with each city contributing unique strengths [3] Group 3: Financial Support and Infrastructure - The financial support, including venture capital, is crucial for transforming favorable conditions into technological innovation capabilities [4] - By the end of 2024, Shenzhen had over 1,560 venture capital firms managing more than 1.5 trillion yuan, with 90% of funds directed towards technological innovation [4] - The combination of strong industrial foundations and supportive policies creates an ideal innovation chain from basic research to international markets [4] Group 4: Challenges and Future Directions - Despite the achievements, the Greater Bay Area faces challenges, such as insufficient investment in basic research and systemic barriers in collaboration between cities [5] - The innovation intensity ranking for the Shenzhen-Hong Kong-Guangzhou cluster is 45th globally, indicating a need to enhance per capita innovation metrics [5] - Continuous improvement and addressing weaknesses are essential for maintaining competitiveness in technological innovation [5]

Core Insights - The Shenzhen-Hong Kong-Guangzhou innovation cluster has topped the "Global Innovation Index 2025" ranking, marking a significant milestone for the Guangdong-Hong Kong-Macau Greater Bay Area and showcasing China's growing innovation capabilities on the global stage [1][2] Group 1: Innovation Metrics - The ranking evaluates innovation concentration through three core indicators: PCT international patent applications, scientific paper publications, and venture capital transaction volume, with the latter being a new addition this year [1][2] - Over the past five years, the Shenzhen-Hong Kong-Guangzhou cluster has achieved a patent application density of 2,292 per million people, a scientific paper publication density of 3,775 per million, and a venture capital transaction density of 135 per million [1] - The cluster accounts for 9% of global patent applications and 2.4% of global scientific paper publications, ranking second and third globally, respectively [1] Group 2: Factors Contributing to Success - The rise to the top position is attributed to the adjustment of evaluation metrics and the continuous strengthening of technological innovation within the Greater Bay Area [2] - The inclusion of venture capital data in the ranking reflects entrepreneurial activities and innovation financing, highlighting the balanced development of inventors, scientific authors, and venture capital activities in the cluster [2] - The Greater Bay Area benefits from a rich talent pool, with numerous universities and research institutions fostering high-quality local talent and attracting international expertise [3] Group 3: Financial Support and Infrastructure - Financial support, including venture capital, plays a crucial role in transforming favorable conditions into technological innovation strength, with over 1,560 venture capital firms in Shenzhen managing more than 1.5 trillion yuan, 90% of which is directed towards technological innovation [4] - The Guangdong province has seen an increase of 830.55 billion yuan in patent and trademark pledge financing during the "14th Five-Year Plan" period, benefiting 16,700 enterprises [4] - The combination of basic research, application development, industrial incubation, and international market access forms an ideal innovation chain that underpins the rise of technological innovation in the Greater Bay Area [4] Group 4: Challenges and Future Directions - Despite the achievements, the Greater Bay Area faces challenges, including insufficient investment in basic research and systemic barriers to collaboration between cities, particularly between Hong Kong, Macau, and mainland China [5] - The innovation intensity ranking for the Shenzhen-Hong Kong-Guangzhou cluster is 45th globally, indicating a need to enhance per capita innovation metrics [5] - To maintain competitiveness, the Greater Bay Area must focus on improving population quality, increasing research density, and fostering a knowledge-based economy for high-quality development [5]