Behind the wave of listings is not just a reshuffle of capital market preferences, but a transformation in the sources of future economic growth.

　　Hu Yongjun, secretary-general of future industries and platform economy research center under the State Information Center, said: "Developing future industries is a key move in driving industrial transformation and upgrade. Technologies that appear to be in an exploratory stage today could become engines of economic growth over the next decade or more."

　　He said that future industries will fuel China's economic growth through new trillion-yuan-level industries that will come about as emerging technologies transform into commercial applications, and traditional industries are upgraded by integrating technologies such as AI, digitalization and low-carbon solutions.

　　"More importantly, future industries are not simply about developing several new products. They could accelerate upgrades across an entire industrial chain, from core components to end-user applications," he said.

　　A humanoid robot illustrates this ecosystem effect. Behind a single robot are dozens of interconnected sectors, including AI models, chips, sensors, precision reducers, motors, batteries, new materials, industrial software and intelligent manufacturing equipment.

　　China's electric vehicle industry offers a similar example. Over the past decade, the rise of new energy vehicles has reshaped the global auto industry while driving rapid growth in power batteries, energy storage materials, intelligent driving technologies and automotive chips.

　　In addition, the Unitree IPO and other upcoming listings represent a broader reallocation of capital toward technologies that may require years of investment before generating large-scale commercial returns.