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Technological innovation is an important engine to support the development of China from a big manufacturing country to a powerful manufacturing country. With the support of government policies, China’s high-end manufacturing industry urgently needs to solve the problems of insufficient technological innovation and weak core competitiveness. This paper uses the super-SBM model to measure the impact of incentive policies related to high-end manufacturing industry on innovation efficiency of China’s high-end manufacturing industry in 2012–2017. The DEA Malmquist model is used to analyse the dynamic change trend of efficiency. The results show that the innovation efficiency of China’s high-end manufacturing industry shows a trend of gradual optimization, stepping into the middle and high-end levels, but there are large differences in innovation efficiency among industries, and the optimization process is not stable; at the same time, China’s high-end industry is not stable. Manufacturing industry needs to improve its pure technical efficiency as soon as possible and solve the problems of low efficiency of system and management level. Accordingly, this paper puts forward a series of policy suggestions, such as increasing financial and talent support, encouraging technological innovation, and promoting industrial synergy.

Innovation Efficiency of China’s High-End Manufacturing Industry: Evidence from Super-SBM Model and Malmquist Index