In a recent exclusive interview with Phoenix Finance ahead of the Phoenix Bay Area Financial Forum 2026 and the 2026 Phoenix Star Listed Company Selection, economist Fu Peng shared his insights on the turbulent market performance of humanoid robot leader Unitree Technology following its IPO. Fu Peng noted that the company's valuation before listing had already far exceeded general market consensus, and the post-listing share price surge has been remarkably volatile. He emphasized that the robotics industry remains in its very early stages, and despite completing its IPO, the company fundamentally resembles a venture capital play from the primary market.

Amid the fervent expectations of the tech wave, Fu Peng believes Unitree does not yet qualify as a long-term value or growth-oriented investment target. While retail investors may allocate small amounts of capital to speculate on future potential, it is not a suitable vehicle for those seeking stable investment returns. Fu Peng pointed to several practical issues revealed in Unitree's financial reports: first, its end customers are primarily research institutions and universities, with purchases largely funded by research grants—meaning procurement ends once the funding is allocated and the transaction is completed. Second, assembly of similar robots has become increasingly common in the Shenzhen region, placing considerable competitive pressure on Unitree as an industry benchmark.

In Fu Peng's view, as the flagship of the humanoid robotics sector, Unitree should logically direct its IPO proceeds toward research and development. However, a closer look at the financials shows that its R&D expenditure is even lower than Muyuan's investment in pig farming research—a clear signal that the industry is still in its infancy. Fu Peng used the metaphor of the "Absorbing Star Great法" to describe the current market's shrinking liquidity dynamics, citing Unitree's listing day as a textbook example where substantial market capital was siphoned off by the new stock.

He also drew parallels with the U.S. stock market's recent six-month trend, where the index appears resilient, yet the number of stocks effectively supporting the index is rapidly declining. While equal-weighted volatility remains elevated, index volatility is suppressed—a classic structure of capital concentration, where funds increasingly gravitate toward a handful of core stocks while liquidity drains from peripheral assets. Among the many distinguished guests at the forum, two cross-disciplinary figures stand out: Xue Qikun, an academician of the Chinese Academy of Sciences and winner of the nation's top science and technology award, representing the pinnacle of China's fundamental research, always with his gaze fixed on the technological frontier. And Lin Yuan, a legendary retail investor who grew 8,000 yuan into tens of billions in assets, epitomizing battle-tested market acumen across bull and bear cycles, with his instincts perpetually tuned to the market's underlying logic.