JPMorgan Chase analysis indicates that Chinese humanoid robot company Unitree's debut on the STAR Market, with its stock price surging over 460% on the first day and market capitalization climbing to RMB 341.8 billion (approximately USD 47 billion), marks the official entry of the humanoid robot industry into the era of public market pricing. The bank believes that Unitree's IPO will shift the sector's valuation logic from "scarcity premium" to commercialization verification and scalable delivery capabilities based on pure-play targets. It is expected that the sector will enter a 1-6 month digestion period, with capital flowing to companies with actual shipment records, multi-client replication capabilities, and paths to improving gross margins. Furthermore, AgiBot is preparing for a Hong Kong listing, targeting a valuation of approximately USD 20 billion. These new listings will suppress the scarcity premium of existing listed robot companies.