Abstract: The integration of the digital and real economies is a key pathway for fostering new quality productive forces and a central policy priority for advancing high-quality economic development in China's 15th Five-Year Plan period. Drawing on 617 national- and provincial-level policy documents issued between 2018 and March 2026, this study employs a two-dimensional analytical framework of policy domains and policy instruments, grounded in the theory of adaptive institutional reconstruction, to examine the evolution and structural characteristics of digital–real economies integration policies. The findings indicate that policies related to industrial digital transformation, policy support, and ecological and environmental governance account for nearly 80% of the total, whereas support for technological innovation, infrastructure development, and the market-based allocation of data factors remains insufficient. Supply-side and environmental policy instruments together account for more than 94% of all policy measures, while demand-side instruments represent only 5.83%, suggesting a weak market-pull mechanism. Overall, current policies place strong emphasis on application while providing inadequate support for key production factors. Over time, policy development has evolved from initial exploration to accelerated implementation and ultimately to large-scale expansion. Spatially, an eastern region-led pattern has emerged, with central and western regions following closely behind. Existing policies continue to prioritize application over foundational capabilities, supply over demand, and specialization over coordination. Accordingly, policy priorities should shift from application-driven to factor-driven development, from supply-led intervention to demand-responsive governance, and from vertical specialization to integrated coordination. Based on these findings, this study proposes an integrated policy framework encompassing objectives, principles, targets, content, mechanisms, institutions, and implementation pathways, with the aim of strengthening institutional support for digital–real economies integration and providing policy guidance for high-quality economic development.