From a configurational perspective, this study aims to explain how clusters drive firm performance in the regional innovation system by considering the relationship between cluster and firm performance as causal complexity. Using an original dataset comprising 292 Chinese firms in strategic emerging industries (SEIs), this study employs a fuzzy set qualitative comparative analysis (fsQCA) to investigate the conjunction effects of interorganizational dependence, network embeddedness, and ambidextrous innovation on cluster firms’ performance. The results showed that the fsQCA method uncovers causal combinations of these cluster factors that lead to high performance. These configurations imply two alternative pathways to enhance performance, where exploitative innovation is identified as the core causal condition.