The new energy industry is of great significance for national industrial security and energy security, and the level of technological innovation determines the international competitiveness of the new energy industry. This paper takes 105 Shanghai and Shenzhen A-share new energy listed companies in China from 2016 to 2021 as the research object, analyzes whether government policies effectively promote the overall technological innovation level of the new energy industry, and explores the sensitivity of upstream, midstream and downstream enterprises to policy incentives. The results show that there are differences in innovation efficiency, innovation willingness and innovation ability in different positions of industrial development. Tax incentives favor upstream and midstream firms for technological innovation, while government subsidies encourage R&D investment for all firms. It also suggested that the future new energy industry policy should be measured by innovation efficiency, design more accurate policy means, and establish differentiated policies for different positions in the industrial chain.