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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. 
。 IT之家 7 月 21 日消息，苹果今日向开发者推送了 iOS 27 的第四个测试版（iOS 27 Beta 4）。
Macworld 在深入挖掘该版本的系统代码后，发现了一段此前从未出现过的文本字符串，其中明确提及了采用“多电池 / 电芯设计”的 iPhone 机型。
二 | 这些新增的代码位于系统的“电池健康”功能模块中。与当前所有在售 iPhone 仅使用单数形式“battery”不同，新代码中反复出现了复数形式的表述。例如，其中一条字符串显示：“The batteries in this iPhone are performing as expected”（这部 iPhone 的电池性能表现正常）；另一条则提示：“The health of the batteries in this iPhone has significantly degraded”（这部 iPhone 的电池健康度已显著下降）。代码中甚至还提到了“one of the batteries”（其中一块电池）可能并非苹果原装部件的情况。 这一发现之所以备受关注，是因为目前市面上所有在售的 iPhone 型号均采用单电芯设计。系统代码中突然出现对“多电芯”iPhone 的明确支持，很难用现有产品来解释。
三 | 结合此前业内关于苹果即将推出折叠屏 iPhone Ultra（或 Fold）的大量传闻，这一代码再次证实苹果正在开发一款内部结构不同于传统直板手机的新设备。 从硬件设计角度而言，市面上几乎所有折叠屏手机都采用了多块独立电芯，分别放置在机身铰链的左右两侧。这种布局是为了在折叠形态下更充分地利用机身内部有限且分散的空间。 @数码闲聊站 此前透露，苹果电池供应商近期已入网备案了两款新电池，额定容量分别为 1921mAh 和 2962mAh，组合后的额定容量为 4883mAh。 供应链据此预测，该机型的电池总容量将在 4800mAh 至 5000mAh 之间。这一双电芯组合方案与当前主流折叠屏手机的设计逻辑一致。作为参考，谷歌 Pixel 10 Pro Fold 的电池总容量为 5015mAh，三星 Galaxy Z Fold 7 为 4400mAh。 关于这款新机的发布时间，目前多个信源指向 2026 年秋季。《中国证券报》此前报道，果链相关人士透露，首款折叠屏 iPhone 预计于 2026 年秋季发布。
四 | 郭明錤则认为，该设备将与 iPhone 18 Pro 系列一同在 9 月的秋季发布会上亮相，但正式开放预购可能会推迟到 2026 年第四季度，类似 2017 年 iPhone X 的上市节奏。另有供应链消息称，该机已进入大规模量产阶段，由富士康代工，9 月发布计划未受此前铰链问题传闻的影响。 这并非 iOS 27 首次出现与折叠屏设备相关的代码。早在 2026 年 6 月 WWDC 大会后推送的首个 iOS 27 开发者测试版中，就有开发者发现了“foldState”（折叠状态）、“angleDegrees”（角度数值）和“mechanicalAngleDegrees”（机械角度）等字段。这些参数的作用是让系统能够实时判断设备处于折叠、展开还是半折叠状态，并检测铰链的开合角度 —— 这些功能对于当前的 iPhone 产品线毫无意义，但对于一款折叠屏设备而言则是底层必备。与此同时，苹果也在通过 iOS 27 鼓励开发者提前适配多种屏幕尺寸的应用布局。 从系统底层的折叠状态检测代码，到电池健康模块中明确的“多电池”表述，再到供应链端已入网备案的双电芯方案，围绕苹果首款折叠屏 iPhone 的种种线索正在逐步聚拢。软件代码的更新并不必然意味着对应产品最终一定会上市，但综合目前来自系统和供应链两方面的信息来看，苹果推出折叠屏 iPhone 的方向已经相当明确。距离外界普遍预期的 9 月发布会还有约两个月时间，这款被称作“iPhone Ultra”的设备能否如期而至，敬请期待。
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