Abstract:     Against the backdrop that key core technologies are under a stranglehold, whether manufacturing intelligentization can enhance enterprise key core technology capabilities is a question worthy of further research. Based on the data from manufacturing companies listed on the Shanghai and Shenzhen A-shares from 2010 to 2021，this study designed a systematic measure for manufacturing intelligentization and empirically examined the impact and mechanisms of manufacturing intelligentization on enterprise key core technology capabilities using the fixed effect model and mediating effect model. The results indicated that: (1) Manufacturing intelligentization has a significant inverted U-shaped impact on enterprise key core technology capabilities, showing a nonlinear evolution trend where the enterprise key core technology capabilities first increase and then decrease as manufacturing intelligentization shifts from low to high levels. This impact has been amplified after the China-U.S. trade dispute; (2) Capital allocation efficiency and labor skill structure mediate the relationship between manufacturing intelligentization and enterprise key core technology capabilities in an inverted U-shaped manner while the mediating effect of technology flows is not significant; and (3) Compared to non-state-owned and low R&D intensity enterprises, the impact of manufacturing intelligentization on enterprise key core technology capabilities is more pronounced in state-owned and high R&D intensity enterprises. The research conclusion will enrich the literature on the economic consequences of manufacturing intelligentization and the influencing factors of enterprise key core technology capabilities. Additionally, it will provide important theoretical references and empirical evidence for promoting the deep integration of artificial intelligence and manufacturing and for deepening the innovation-driven development strategy.

Key words: key core technology capability, manufacturing intelligentization, paradox of intelligence, mediating effect