石评大财经

一 |     Unitree: Valuation rise reflects optimism    Investors are showing a strong appetite for Unitree Robotics' initial public offering, reflecting growing optimism about China's ambition to turn its industrial chain strengths into commercially viable artificial intelligence applications in the physical world, market experts and investment banks said.    Though still at an early stage of commercialization, China's embodied intelligence industry is gaining momentum in scaling up applications, first in business scenarios and later in consumer markets, creating a distinctive opportunity set for global investors, they said.    The IPO of Unitree on Shanghai's STAR Market — the first A-share listing of a major producer of humanoid robots — has entered the subscription stage, with buoyant demand helping to lift its issue price and fundraising size above earlier expectations.    Its issuing announcement showed that it had priced its IPO at 150.80 yuan ($22.35) per share, with expected proceeds amounting to 6.099 billion yuan, higher than the 4.202 billion yuan estimated in its earlier IPO filing at an implied price of about 104 yuan per share.    Its IPO price represents a price-to-earnings ratio of 219.23 times, far surpassing the industry average of 38.56 times and giving it a market capitalization of about 60.99 billion yuan at the IPO price, the announcement said.    The offering attracted a group of strategic investors, including the National Council for Social Security Fund, DeepSeek, as well as investment arms or affiliates of China National Petroleum Corp, China Southern Power Grid, China Telecom, Tencent and CITIC Securities.    Notably, the social security fund has become Unitree's largest strategic investor, subscribing to 933,402 shares, or 2.31 percent of the offering, for around 141 million yuan.    The move underscores long-term institutional capital's recognition of the humanoid robotics sector's prospects.    Retail investors have also shown enthusiasm ahead of Unitree's online subscriptions that open on Monday, with posts wishing for successful allocations piling up on financial information platform Eastmoney's online stock forum for the company.    Yang Shuning, executive director and partner at Wenzhi Capital, a Beijing-based private equity company focused on high-tech investments, said the keen demand and high valuation reflect investors' optimism about Unitree's commercialization prospects and its positioning in the embodied intelligence sector.    "Given the scarcity premium enjoyed by leading players in tech sectors and the multibillion-dollar valuations seen among overseas humanoid robotics peers, Unitree's valuation is not without justification," he said.    But Yang cautioned that Unitree's valuation is less about current earnings than about investors pricing in its future profitability. "If Unitree falls behind in scaling up commercialization, revenue growth weakens or investors start using a different valuation yardstick, valuations would come under pressure."    Commercial promise    Wang Xingxing, Unitree's founder and chairman, said on Friday that the company's pure humanoid robot shipments exceeded 5,500 units in 2025, the highest in the world.    Unitree's rise has come as China's humanoid robotics sector takes the lead worldwide in terms of shipments, with its commercialization prospects becoming increasingly visible.    Citing exhibition examples at the World Artificial Intelligence Conference in Shanghai, UBS said in a recent report that humanoid robots are "increasingly being evaluated as production tools rather than exhibition assets".    Commercialization should first scale in structured business-to-business scenarios such as factories, logistics and smart pharmacies, while consumer use cases remain a longer-term prospect, the report said.    Zhao Liang, a partner at Unique Capital, an investment institution focused on AI innovation, said that humanoid robots may integrate with specific application scenarios on a large scale in the next three to five years.    "Given China's advantages in industrial supply chains and talent, the country's embodied intelligence industry chain may bring a surprise to the world," Zhao said.    Unitree's listing, which took only 104 days to go from the application acceptance stage to registration approval, is expected to further boost financing, investment and development of China's embodied intelligence sector, experts said.    Besides Unitree, another major Chinese humanoid manufacturer, AGIBOT, is seeking an IPO in Hong Kong. According to UBS, China's embodied AI sector saw a wave of IPO filings and strong primary market financing this year, with first-half funding going above 34.5 billion yuan.    With a buoyant listing pipeline, China's embodied intelligence industry — and the broader physical AI sector — could offer global investors a distinct exposure to the next phase of AI development where physical-world applications become increasingly important, experts added.    Goldman Sachs said in a report that while the US and North Asian tech companies hold a dominant position in sectors such as semiconductor and AI models, China's AI opportunity set seems better populated in power, infrastructure and physical AI, implying a potentially strong value proposition and diversification benefits to global investors.                    。    2026凤凰杯国际青少年足球邀请赛，前国脚马明宇带领的U15队以0-13大比分输给越南PVF，无缘决赛，中国足球小将创始人董路发文，引起热议。         PVF全称越南足球人才推广基金学院，由越南官方基金扶持，硬件拉满，多块专业球场、完整食宿教育，全免费选拔天才少年，越南U17、U23国青大量球员出自这里，相当于越南版的崇明根宝基地，堪称东南亚天花板级别青训，是亚足联三星认证精英青训营。

二 |          U15这支队伍是越南全国U15联赛卫冕冠军，代表越南该年龄段最高民间青训水平，这次来到成都参加凤凰杯，小组赛12-0大胜浩成U15，2-0击败仁德RD，等等，顺利出线。         马明宇是2002世界杯国足队长，扎根四川，创办马明宇冠军工作室，引入日本教练，优先打磨基本功，强调过程大于比分，立足校园足球，循序渐进。         今天这场半决赛，董路晒出截图，显示比赛进行到第47分钟，马明宇的球队已经0-9落后PVF，并配文嘲讽道：“老挝来了，越南也来了… ”          而最终的比分，则是0-13，马明宇的球队遭遇一场惨败，无缘决赛。越南球队则将与来自中国香港的球队争夺本届凤凰杯的冠军。