Abstract: Intelligent manufacturing is now a key area of competition between China and the United States, and the United States is attempting to curb the rise of China's intelligent manufacturing through a "decoupling" policy, ensuring its own digital hegemonic position. The purpose of this study is to analyze the impact of the "decoupling" policy on China from the perspective of the game of major powers. The study observes these impacts from the annual reports of listed companies, accompanied by descriptions of business activities, and conducts information verification based on the official website of them, as well as national policies and research report of relevant industries. Based on 40 representative businesses of 34 listed companies, the study involves enterprises in the "intelligent manufacturing" concept sector, and enterprises in the "industrial internet", "5G", "chip" concept sector, widely reflecting the impact on "transformants" and "empowerers" to answer the true impact of the US' decoupling policy on China's intelligent manufacturing strategy. The examination includes three levels: the organizational context level, including the three dimensions of digital nativeness, internal driving force, and competitive pressure, the micro environment level, including the two dimensions of industrial chain relationship structure and customer demand, and the macro environment level, including the four dimensions of planning guidance, green regulation, market protection, and digital hegemony. The study found that although the United States' digital hegemony measures have had a certain impact on enterprises, the organizational context level and micro environment level play more important roles in affecting the digital transformation and digital empowerment of enterprises. The dimensions of digital nativeness, internal driving force, competitive pressure, relationship structure, and customer demand all have greater impacts or in higher intensity. In addition, national policy support at the macro level have also played a significant role. Although the "decoupling" policy of the United States has a stronger impact than the traditional western market protection policy, and also has a different mechanism in affecting enterprises in digitalization, i.e., the traditional market protection has promoted the digitalization of enterprises, while the digital hegemony has a bottleneck effect due to the restrictions on key hardware technologies, but the scope and intensity of the impact are not as good as other factors. Although digital key component providers and digital equipment providers have been impacted to a certain extent by the "decoupling" policy, under the more significant promotion of the industrial and national environment, enterprises have actively resolved through increased R&D investment, intra industry collaborative innovation, and alternative solutions development, which has not put the implementation of the overall intelligent manufacturing strategy in a difficult position. This study gives more profound understanding of the impact of the "decoupling" policy of the United States from the perspective of transformation of the whole country's manufacturing industry, and also has certain enlightenment on the digital transformation of enterprises and the development of digital capabilities under the game of big countries.