Developing new quality productive forces is an inherent requirement and an important focus for promoting high-quality development. Based on the perspective of peer group effects, the industry peer group effects of the development level of new quality productive forces for A-share listed companies in China from 2011 to 2022 were examined. It is found that there is a significant peer group effect in the development of new quality productive forces in the industry-based peer group classification standard. In terms of the formation mechanism, the learning mechanism and competition mechanism are the main reasons for the peer group effect of new quality productive forces. The heterogeneity analysis shows that the new quality productive forces level of peer group enterprises can better promote the development of focal enterprises in the environment of state-owned enterprises and medium-level marketization process.