Based on the outward direct investment data of each manufacturing industry segment in Jiangsu Province from 2000 to 2020, this paper establishes a correlation network by constructing a grey incidence model with the average value of absolute grey incidence as the threshold. We further analyze the relationship between each manufacturing industry segment in Jiangsu Province in the process of outward direct investment from two perspectives, namely, point and surface. The study shows that from the perspective of each node, the correlation coefficient between equipment manufacturing and other industries is significantly higher, i.e., the influence of equipment manufacturing on other industries is significantly greater. Chemical raw materials and chemical products manufacturing, general equipment manufacturing, special equipment manufacturing, and transportation equipment manufacturing are the important nodes in the network. From the perspective of the network as a whole, the Jiangsu manufacturing OFDI affiliation network is not concentrated. Still, it has small-world characteristics, which are conducive to disseminating information. In contrast, the close nature of the industry has more commonalities, leading to it being more easily divided into the same module in the network block model analysis.