High-speed rail is a successful example of China’s independent innovation, and also an important embodiment of new quality productivity. By constructing game model of the R&D cost allocation and intellectual property sharing of China High-Speed EMUs between China State Railway Group and China Railway Rolling Stock Corporation, this paper discusses the earnings change and decision choice under different ratio of R&D cost allocation and intellectual property sharing, and further analyzes the influence factors on the strategy choice through the simulation analysis of game model. The results show that the collaborative innovation mode is the best strategy between the two parties, which should further strengthen cooperation, reduce R&D costs, set the reasonably ratio of R&D cost allocation and intellectual property sharing, promote patent transformation, and maximize the positive synergistic effect.