Combining social network theory and resource-based theories, based on the perspective of the focal firm in the alliance portfolio, a theoretical model of the influence of network capacity and absorptive capacity on innovation performance is constructed, and a questionnaire survey and empirical analysis are carried out on 242 enterprises in strategic emerging industries in China. The results show that the four dimensions of network capability (network planning capability, network construction capability, relationship management capability and position occupying capability) have a significant positive impact on innovation performance; the four dimensions of network capability also have a significant positive impact on the two dimensions of absorptive capacity (potential absorptive capacity and real absorptive capacity); both dimensions of absorptive capacity have a significant positive impact on innovation performance; potential absorptive capacity and real absorptive capacity both play a partial mediating role between the four dimensions of network capability and innovation performance, and the mediating role of real absorptive capacity is stronger than that of potential absorptive capacity.