The impact of performance feedback on organizational innovation has always been a concern. However, the impact mechanism of the feedback correlation between historical performance and industry performance on the heterogeneous innovation strategy choices of enterprises has not been clarified yet. Based on performance feedback theory, this study explores the impact mechanism of dual performance feedback correlation on heterogeneous innovation strategy choices and the moderating effect of executive equity incentives by taking Shanghai-Shenzhen A-share high-tech manufacturing listed companies from 2010 to 2022 as samples. The results show that there is a U-shaped relationship between double performance feedback correlation and firm breakthrough innovation, and an inverted U-shaped relationship between double performance feedback correlation and incremental innovation in enterprises. Executive equity incentives strengthen the relationship between strong correlation in dual performance feedback and breakthrough innovation in enterprises, and also strengthens the relationship between weak correlation and firm incremental innovation.