中超本轮，成都蓉城在主场 2 比 2 惊险逼平北京国安。
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.
。比分看着不差，但放在"连续 4 场平局"的背景下，谁都笑不出来。回想赛季上半程，蓉城那是攻无不克、战无不胜，踢谁谁怕；如今却是一波四连平，活生生把"冠军相"踢成了"保平相"。
二 | 积分榜上，蓉城 44 分继续领跑，第二名重庆铜梁龙 29 分——领先多达 15 分，纸面上看相当稳。
三 | 但足球最怕"纸面"，四连平背后藏着的，是比分数更刺眼的信号：这支球队，真的开始掉速了。
四 | 为什么会突然下滑？第一口锅，得甩给密集赛程。多线作战的消耗是隐形的，上半程靠一口气顶着，到了赛季中段，体能债集中爆发，球员跑不动、对抗跟不上了，过去那种高位逼抢和快速转换自然打不出来。
五 | 你以为对手变强了，其实是自己先累了。第二，是被研究透了。上半程蓉城战术新鲜、打法超前，对手来不及应对；现在全中超都在琢磨怎么"兑子"蓉城——收缩防线、切断中场连线、掐死箭头人物。你越是被针对，越容易陷入阵地战泥潭，而阵地战恰恰是蓉城最不擅长的。当年的"新鲜感红利"，吃完了。第三，心态变了。从"追赶者"变成"被追赶的领跑者"，球员和教练组潜意识里会更保守，领先时想守、胶着时不敢冒进。四连平里好几场都是先赢后缩，最后被追平，这不全是能力问题，是心态问题——怕输，反而更容易平，甚至输。第四，锋线效率下滑。
六 | 创造机会的能力没丢太多，但临门一脚准星掉了，加上核心球员轮休、伤病增多，能一锤定音的人变少了，平局自然就多了。过去赢 1-0 的比赛，现在变成 1-1、2-2，差的不是场面，是那一下终结。
七 | 那么冠军还稳吗？我的判断很明确：主动权还在蓉城自己手里，但"稳"字要打个大问号。15 分的身位是底气，可四连平说明，追兵只要在后面咬住，赛季后半段任何一次失误都可能被放大。更何况蓉城自己若继续抱着"平局思维"，积分优势会被一场场磨平——领先 15 分不等于安全，领先 15 分却连续不掉链子，才是真安全。真正的考验在后半程：能不能在转会窗补强短板、能不能把战术套路翻新、能不能把心态从"守冠军"调回"抢冠军"。冠军从来不是算分算出来的，是一场场踢出来的。蓉城现在最需要的，不是恐慌，而是一记清醒的耳光——四连平，就是那记耳光。接得住，冠军还是你的；接不住，15 分也经不起挥霍。看中超上咪咕视频！（罗掌柜）
。比分看着不差，但放在"连续 4 场平局"的背景下，谁都笑不出来。回想赛季上半程，蓉城那是攻无不克、战无不胜，踢谁谁怕；如今却是一波四连平，活生生把"冠军相"踢成了"保平相"。
