More than 3,000 cuttingedge robots and related products packed the 2026 World Robot Conference, which opened in Beijing on Wednesday, the same day that Unitree Robotics made its debut on the STAR Market in Shanghai and surged 629.44 percent to 1,100 yuan ($163) per share from its initial public offering price. 2026年世界机器人大会于周三在北京开幕，展会汇集3000余台前沿机器人及相关产品。就在同一天，宇树科技登陆上海科创板上市，股价较发行价暴涨629.44%，达到每股1100元（折合163美元）。 As the Beijing conference showcased China's strength as the world's largest producer of robots and a supplychain hub for the industry, Shanghai's capital market bet on what comes next — whether that industrial muscle can drive faster innovation, lower costs and, ultimately, expand share in the global robotics market, industry experts said. 业内专家表示，北京这场大会展现出中国作为全球最大机器人生产国与行业供应链中心的实力；而上海资本市场则押注后续发展：这套产业实力能否推动创新提速、降低成本，并最终扩大中国机器人在全球市场的份额。 That bet played out vividly on Unitree's first trading day. At its peak, a single winning IPO allotment translated into a paper profit of up to 474,600 yuan. Although the shares retreated from that high, they still closed at 845 yuan, up 460.3 percent, valuing the company at 341.77 billion yuan. 这份押注在宇树科技上市首日表现得淋漓尽致。该股盘中巅峰时，中一签账面盈利最高可达47.46万元。尽管股价自高点回落，收盘仍报845元，涨幅460.3%，公司市值达3417.7亿元。 Pan Helin, a member of the expert committee for information and communication economy of the Ministry of Industry and Information Technology, said the surge reflects robust investor confidence in China's embodied artificial intelligence industry. 工信部信息通信经济专家委员会委员盘和林表示，股价暴涨反映出投资者对中国具身智能产业抱有十足信心。 "Despite the share price retreating from its opening high amid broader market pressure, Unitree's performance far outpaced earlier expectations," he said. 他称：“受大盘整体压力影响，股价虽较开盘高点有所回落，但宇树科技的市场表现仍远超此前预期。” During the 14th FiveYear Plan (202125) period, President Xi Jinping made multiple visits to robotics companies. At the 2026 World AI Conference and HighLevel Meeting on Global AI Governance in Shanghai last month, Xi said that AI is moving from the digital world into the physical world, and he called for greater efforts to advance technological innovation, industrial development and scenariobased applications. “十四五”（20212025）期间，习近平总书记多次考察机器人企业。在上月于上海举办的2026世界人工智能大会暨全球人工智能治理高层会议上，习近平总书记指出，人工智能正从数字世界走向物理世界，并呼吁加大力度推进技术创新、产业发展与场景化应用落地。 Robotics sits at the heart of this transition, serving as the primary vehicle for bringing AI technologies into the physical realm. 机器人正是这一转型的核心载体，是把人工智能技术落地到现实物理世界的主要工具。 The World Robot Conference brought together more than 300 Chinese and overseas companies with over 3,000 products, ranging from humanoid, industrial and medical robots to core components such as dexterous hands, reducers and sensors, and embodied AI models. 世界机器人大会汇聚国内外300余家企业，展出3000多款产品，涵盖人形机器人、工业机器人、医疗机器人，灵巧手、减速器、传感器等核心零部件，以及各类具身智能模型。 Galbot unveiled a new humanoid robot capable of learning to play tennis. Unitree demonstrated its H1 humanoid robot, which can run at a peak speed of 10 meters per second — rivaling the pace of elite human sprinters. Galbot发布一款可学习打网球的全新人形机器人；宇树科技展示H1人形机器人，其奔跑峰值速度可达每秒10米，比肩人类顶尖短跑运动员。 Xin Guobin, viceminister of industry and information technology, said at the robot conference that revenue from major robotics companies reached 165.5 billion yuan in the first half of the year, a 24.5 percent yearonyear increase. 工信部副部长辛国斌在机器人大会上表示，国内重点机器人企业上半年营收达1655亿元，同比增长24.5%。 Xin said China will focus on overcoming bottlenecks in core robotics components and embodied AI. The country also aims to expand the integration of robots into agriculture, healthcare, elderly care and emergency response, he added. 辛国斌补充道，我国将着力攻克机器人核心零部件与具身智能领域的技术瓶颈，推动机器人进一步融入农业、医疗健康、养老、应急处置等领域。 Xu Xiaolan, president of the Chinese Institute of Electronics, said that embodied AI is entering a critical window for largescale adoption, with Chinese products at a pivotal juncture transitioning from smallbatch trials to broader deployment. 中国电子学会理事长徐晓兰表示，具身智能正迎来大规模落地的关键窗口期，国产产品正处在从小批量试点走向规模化应用的关键节点。 "Public and commercial services are leading the way," she said. "In China, robots are now being deployed in traffic guidance, at tourist attractions, in shopping malls and in education, leveraging capabilities such as autonomous positioning, dynamic obstacle avoidance and question answering." “公共与商业服务领域走在应用前列，”她说道，“国内机器人已经投入交通疏导、景区、商场、教育等场景，可实现自主定位、动态避障、问答交互等功能。” JPMorgan has forecast that global humanoid robot shipments will climb from an estimated 18,000 units in 2025 to 60,000 this year, before surging to 1.75 million by 2030. China is expected to account for more than half of global demand, according to the bank. 摩根大通预测，全球人形机器人出货量将从2025年预估1.8万台增长至今年6万台，到2030年飙升至175万台。该行认为，中国市场需求将占到全球总需求的一半以上。 The National Development and Reform Commission said that eight out of every 10 humanoid and quadruped intelligent robots sold worldwide are made in China. 国家发改委表示，全球每售出10台人形、四足智能机器人，就有8台产自中国。 Zhang Yiming, chief analyst for the machinery sector at Guosheng Securities, said that humanoid robots are emerging as a key arena in the technology competition between China and the United States, making Unitree's market performance a potential bellwether for the broader industry. 国盛证券机械行业首席分析师张一鸣称，人形机器人正成为中美科技竞争的关键赛道，宇树科技的市场表现有望成为整个行业发展的风向标。 "China's advantage increasingly lies not just in building sophisticated robots, but in its ability to manufacture them at scale," he said. "The nation's deep industrial supply chains give domestic manufacturers an edge in mass production, while overseas companies retain strengths in areas including frontier AI algorithms." “中国的优势越来越不只是制造高性能机器人，更在于规模化生产能力。”他说，“完备的工业供应链让国内厂商在量产上具备优势，而海外企业在前沿人工智能算法等领域仍保有强项。” A humanoid robot integrates motors, reducers, servo systems, lead screws, sensors, batteries, controllers and precisionmachined parts. Many of these overlap with industries that China has spent years building at an enormous scale, particularly electric vehicles, batteries, consumer electronics and industrial automation. 人形机器人集成电机、减速器、伺服系统、丝杠、传感器、电池、控制器以及精密加工零部件。其中大量零部件，与我国多年大规模发展的产业高度重合，尤其电动汽车、电池、消费电子、工业自动化领域。 Wang Peng, a researcher at the Beijing Academy of Social Sciences, said that hardtech companies such as Unitree reflect a broader shift in how China's capital market values technology. 北京社科院研究员王鹏表示，宇树这类硬科技企业，折射出中国资本市场对科技企业估值逻辑发生的重大转变。 "While the upper ranks of China's stock market were long dominated by financial and consumer companies, investors are increasingly willing to price technological capability and future growth potential over current profitability," he said. “长期以来A股市场头部企业以金融、消费类公司为主，如今投资者越来越看重技术实力与未来成长空间，而非当下盈利水平。”他说。 However, an IPO is not the finish line, he said, adding that Unitree's elevated pricetoearnings ratio also points to valuation risks. 但他也表示，上市并非终点，宇树科技高企的市盈率也预示着估值风险。 "Humanoid robotics is a longcycle industry, where success cannot be measured by a blockbuster market debut, nor by the internetera playbook of burning cash to chase scale," Wang said. "What ultimately matters is whether a company can deliver technology, products and business models that stand the test of the market." “人形机器人属于长周期行业，成功不能靠上市首日的火爆表现来衡量，也不能照搬互联网时代烧钱换规模的模式。”王鹏说，“最终关键要看企业能否拿出经得起市场检验的技术、产品与商业模式。” embodied /ɪmˈbɒdid/具身的； be
