Listed companies are the main subject and source of capital market value creation. Manufacturing industry is the most important force among listed companies and has a significant influence on the entire capital market. This chapter evaluates the value creation of listed companies in manufacturing from four aspects：capital value，industrial value，innovation value and social value. Through analysis，it can be found that in terms of the capital value creation of manufacturing listed companies，compared with the average level of A shares，the listed companies in the manufacturing industry in 2018 are higher than the A shares in terms of return on assets，return on net assets and net interest rate. The gross profit margin is slightly lower than A-shares，but at the valuation level，manufacturing companies are lower than A-shares companies. Therefore，we can come out the conclusion that the valuation of manufacturing sector is low. As for industrial value creation，the core business value of listed companies has accelerated and the industrial influence has been strengthened. However，the growth rate of industrial influence has slowed down sharply and entered a gradual period. Besides，the return value of industrial inputs has fluctuated greatly. With regard to innovation value creation，the listed companies in the manufacturing sector accounted for a slightly higher proportion of the average R&D expenditure than the overall level of the A-shares. The other indicators were all lower than the overall level of manufacturing，which indicates that the investment in manufacturing research was weaker than the whole A-shares. In terms of social value creation，listed companies in manufacturing industry are in a dominant position in listed companies in tax contribution，employment resolution，and cumulative dividends. It can be seen that listed companies in manufacturing industry play an important role in maintaining social stability.