As the industrial Internet and artificial intelligence (AI) technologies further integrate, the research and development (R&D) of high-end equipment presents the characteristics of complex systems, multiple value entities, and high requirements for cross-lifecycle collaboration. Focusing on the co-creation ecology and the intelligent collaboration technology system within the R&D value chain of high-end equipment, this study analyzes the R&D scenarios of aero-engines, new energy vehicles and power batteries, as well as high-end surgical robots and their systems. It examines the value chain structure intrinsic to the high-end equipment R&D processes and delineates the evolutionary characteristics exhibited by this value chain across dimensions including value creation, operational mechanisms, regulatory approaches, and collaborative paradigms. Moreover, the study elaborates on three core mechanism design challenges regarding the co-creation along this value chain: self-organized management incentives based on value co-creation, adaptive operational regulation based on value distribution, and data‒model interoperability for collaborative R&D. Furthermore, it discusses four pivotal intelligent collaboration technologies: integration of deterministic and uncertain networks, intelligent sensing and scenario modeling, generative AI for intelligent decision-making, and intelligent Model-Based Systems Engineering (MBSE) platforms. Conclusively, four recommendations are proposed, such as strengthening the leading role of core enterprises (chain leaders), reinforcing the construction of platform-based collaborative infrastructures, and promoting the breakthroughs in core technologies alongside the establishment of standards for data‒model interoperability. This study aims to provide a theoretical basis and technical path for the collaborative innovation within the R&D value chain of high-end equipment, providing systematic support for promoting the intelligent, platform-based, and ecological transformation of the high-end manufacturing industry.