Manufacturing is the main factor and backbone of the national economy，also is material basis for building a well-off society and modernizing，also do a lot in transforming the pattern of economic development，adjusting and optimizing the industrial structure. Since 2010，for five consecutive years，the added value of Chinese manufacturing industry is more than United States，China is a big manufacturing country now. However，China’s manufacturing industry is large but not strong，in areas such as innovation and core competence，quality and efficiency，china’s manufacturing is still an apparent gap compare with developed countries. Accelerate the transformation and upgrading of manufacturing industry，shift from a large manufacturing country to a strong manufacturing country power is strategic goals in a new-normal economy. In this transformation and upgrading，many point，long industry chain will involve，and amount of capital investment is required. Adhere to the principles of overall progress，breakthrough at key points，strengthen efforts to structural reform of the supply side，around industry chain deploy Innovation chain，improve the capital chain around the innovation chain，focus on strategic object of a strong manufacturing country，centralized government，enterprises and social capital resources，form an effective joint effort of investment policy and funding is needed. Based on above overall analyze，this report first from theory level describe manufacturing of upgrade path；then，from theory analysis to practice level，prepropose the seven directions of medium-and long-term manufacturing upgrading；further，from macro to micro view，in the perspective of institutional investors，explore the investment opportunities in China’s manufacturing medium-and long-term upgrading，the capital need in six key areas and industries；in the last，put forward five risks which should be cared about during the manufacturing transformation and upgrading.