The Outline of the 14^th Five-Year Plan （2021-2025） for National Economic and Social Development and Vision 2035 of the People’s Republic of China put forward that China should keep the focus of economic development on the real economy and deeply implement the strategy of being a strong manufacturing country. This report briefly reviews the history of manufacturing investment and development in Shenzhen for more than 40 years，reveals the relationship and internal logical characteristics of the rapid expansion of extensive investment in manufacturing，rapid economic growth，intensive manufacturing investment，economic transformation and upgrading，targeted manufacturing investment and high-quality economic development in different periods. The report also summarizes the issues from six aspects，including the current shortage of land resource elements and the insufficient supply of industrial land for manufacturing investment in Shenzhen. Other issues also include the rising labor costs，migrant workers who have been returned to their hometowns，the de-manufacturing，the intensified external competition in manufacturing industry，the cross-regional transfer of industrial production. In addition，the proportion of industrial investment and industrial added value are decreasing synchronously；major projects have weakened support to investment，leading to fewer manufacturing capacity projects. The investment-driven economic growth is sloping down. In the last part，the Report has put forward policy suggestions for strengthening and optimizing the manufacturing investment in the new era. The report believes that it is necessary to deeply understand the importance and urgency of promoting the high-quality development of the manufacturing industry，which should be based on the new development stage，and the implementation the new development philosophy，serving the new development paradigm. The Report has also proposed that the focus should be put on cracking the bottleneck constraints in manufacturing investment，further optimizing the investment environment，creating Shenzhen investment proposal，increase effective investment，thus promoting the high-quality development of the manufacturing industry.