怪谈百物语

原标题：珠江流域优化水资源调配日前，环北部湾广东水资源配置工程正式开工建设。这标志着广东省历史上引水流量最大、输水线路最长、建设条件最复杂、总投资最高的跨流域引调水工程进入实施阶段。

二 | 水利部部长李国英表示，工程建成后，将进一步优化环北部湾城市群水资源配置格局，从根本上解决粤西地区水资源短缺问题，提升区域供水安全保障能力，对支撑粤西地区经济社会发展具有十分重要的意义。    

    Unitree Robotics' humanoid robot is displayed at the 14th China Information Technology Expo in Shenzhen, South China's Guangdong Province, on April 10, 2026. Photo: VCG
With just one day to go before Chinese humanoid robotics pioneer Unitree Robotics opens subscriptions for its initial public offering (IPO) on Shanghai's STAR Market, investor attention has extended far beyond the company itself, highlighting a broader capital-market rush into embodied intelligence as the sector moves from technological breakthroughs toward commercialization.
As of press time, discussions surrounding the IPO have pushed the topic to the top of trending lists across multiple stock trading platforms. The debate has focused on Unitree Robotics' disclosed short-term financial performance, as well as the potential opportunities for investors from China's policy push to include embodied intelligence and humanoid robots among key areas of medium- and long-term technology and industrial development.
Experts said the wave of IPOs among robotics companies, including Unitree Robotics, represents a shift that allows robot makers to engage more directly with public markets and investors. It also brings companies at different stages of development and pursuing different technological paths into a common valuation framework, promoting market comparisons and competition.
At the same time, the capital-market boom is likely to accelerate a shakeout, separating companies capable of building sustainable business models from those that struggle to turn technological advances into commercial returns.
On Thursday, Unitree Robotics released its announcement on the IPO of shares and listing on the STAR Market. According to the announcement, the offering price was set at 150.80 yuan per share, valuing the company at approximately 61 billion yuan ($9.04 billion) upon listing. 
Secondary-market professionals told the Global Times that demand for Unitree Robotics' IPO subscription could be extremely high, meaning the chances of individual investors securing shares are likely to be very limited.
Robotics is currently one of the few categories that can translate AI capabilities into tangible assets with relatively comparable valuation metrics, creating a unique advantage in valuation narratives. This scarcity is one of the key factors drawing the attention of both large and small investors, Tian Feng, former dean of SenseTime's Intelligence Industry Research Institute, told the Global Times on Sunday.
Unlike large language model companies, whose capabilities are often assessed through benchmarks and demonstrations that are difficult for ordinary secondary-market investors to directly evaluate, robots offer visible and verifiable evidence through tasks such as grasping, walking and dexterous manipulation, Tian said. This tangible demonstration of "embodied" intelligence naturally creates a valuation premium in market narratives, he added. 
Tian cautioned that extreme subscription figures, such as RobotHoenix's 14,855-fold oversubscription on its listing and LDRobot's 127.62 percent first-day share price surge, were driven by a combination of institutional advantages and sector scarcity rather than serving as evidence of the commercial validation of robotics products. He noted that there is no direct correlation between oversubscription multiples and the certainty of product deliveries or commercialization prospects. 
Beyond Unitree Robotics, a broader financing boom in China's robotics industry has also gained significant momentum, with the Hong Kong Stock Exchange emerging as the main battleground for this latest IPO wave.
Citing industry data provider Wind, the China STAR Market reported that five robotics-related companies have gone public in Hong Kong so far in 2026. Meanwhile, 51 companies with businesses spanning industrial robots, service robots and embodied intelligence solutions are currently in the IPO pipeline in Hong Kong, accounting for 12.7 percent of all companies awaiting listing.
According to data from IT industry research platform ITjuzi.com, financing in China's embodied intelligence sector totaled 93.5 billion yuan in the first half of 2026, surpassing 90 billion yuan and marking a fivefold increase from the same period in 2025. The number of financing deals reached 322, up 137 percent year-on-year. 
Tian said that while policy support and clearer commercialization pathways are boosting confidence in the sector, the latest IPO wave should also be viewed through a more cautious lens. The surge comes partly as the primary market's ability to continue funding embodied intelligence companies faces limits, prompting firms to seek new liquidity channels through public markets, rather than solely reflecting a dramatic leap in industrial maturity.
As emerging technology sectors increasingly become the focus of public attention, more objective and professional analysis is also needed to help investors assess companies' technological capabilities, commercialization prospects and long-term value, rather than simply following market enthusiasm, Chinese experts noted.
。广东降水丰沛，为何还会缺水？水利部珠江水利委员会副主任易越涛介绍，粤西地区特别是雷州半岛，自古以来就以干旱闻名，沿海诸河多为中小河流，自然调蓄能力弱，丰枯变化大，工程性缺水问题突出。由于地表水匮乏，导致当地工农业过度开采地下水，又造成了地面沉降等问题。水资源也因此成为影响区域发展的限制因素。建设重大引调水工程，势在必行。2013年，珠江流域综合规划获国务院批复。“环北工程建成后，可长远解决粤西地区水资源承载能力与经济发展布局不匹配问题，大幅提高区域供水安全保障能力。”水利部规划计划司副司长乔建华介绍，环北部湾广东水资源配置工程总投资606亿元，是国务院确定的今年加快推进的55项重大水利工程之一。工程从西江干流取水，通过泵站加压提水，穿过云开大山，调水至雷州半岛，输水线路约500公里，覆盖人口超1800万人。据介绍，环北部湾广东水资源配置工程主要为城乡生活和工业生产供水，兼顾农业灌溉，同时也将为改善水生态环境创造条件。

三 | “工程建成后，受水区增供水量20.79亿立方米，其中，城乡生活和工业供水14.38亿立方米，农业灌溉供水6.41亿立方米。”易越涛说。此外，工程建成后可退减超采地下水5.66亿立方米，退还被挤占的生态环境用水1.85亿立方米。

四 | 从西江到粤西，既有连绵的云开大山，又有平缓的滨海平原，既要连通10座水库，又要跨越诸多中小河流，其中不乏行业性甚至世界级技术难题。“针对设计、建设、运维各阶段的重点难点，我们依靠科技创新，聚焦重大技术难题科研攻关，充分论证，编制了《环北部湾广东水资源配置工程科研纲要》。”环北工程项目设计总工程师刘元勋说。珠江流域，水网密布。多年来，各项珠江治理工作不断推进。目前，流域累计建成江海堤防2.7万多公里、各类水库1.7万多座、各类蓄水工程14万多座，流域整体防洪能力有了显著提高，水资源配置和城乡供水体系基本完善。

五 | “作为国家水网的重要组成部分，环北部湾广东水资源配置工程的建成将进一步完善珠江流域水资源调配格局。”易越涛说，接下来，将接续全力做好环北部湾广东水资源配置工程各项工作，不断完善珠江流域水网，为粤港澳大湾区高质量发展提供有力的水安全保障。（经济日报记者 吉蕾蕾）返回搜狐，查看更多责任编辑：