Digital transformation is a national development strategy and has been developing rapidly in recent years, but its performance has been a black box. In this paper, a new theoretical analysis framework is established to objectively assess China’s digital transformation based on its management innovation and technological innovation effect dimensions in a comprehensive assessment of digital transformation measurement. Taking Chinese high-tech industries as an example, an all-round analysis is conducted based on inter-provincial panel data. The research results show that: the mechanism of digital transformation is mainly management innovation and technological innovation; the development level of digital transformation is judged by its contribution to change and input; China’s digital transformation is developing fast and the regional gap is narrowing; digital transformation has technological innovation effect but no management innovation effect, and is still in its initial stage; the technological innovation effect of digital transformation may appear in its early development; it is important to objectively evaluate the development stage of China’s industrial digital transformation.