STEVE LOHR, XINYUN WU2026年8月21日上周，在中国上海的一场行业展会上，参观者围聚在宇树科技的展位周围。 Qilai Shen for The New York TimesTwo explosive stock market debuts in Shanghai in recent weeks have underscored a pair of China’s intertwined ambitions: harnessing investor enthusiasm for homegrown companies riding the artificial intelligence boom and reducing dependence on American technology and finance.最近几周，上海股市两场轰动性的首次公开募股凸显了中国两个相互交织的雄心：利用投资者对人工智能热潮中本土公司的热情，以及减少对美国技术和金融的依赖。The companies — CXMT, China’s leading memory chip maker, and Unitree Robotics, a Chinese maker of humanoid robots — both chose Shanghai to list their shares. Their offerings were encouraged by government policies aimed at steering promising tech companies toward domestic financial markets rather than relying on state subsidies or foreign capital.这两家公司——中国领先的内存芯片制造商长鑫存储和人形机器人制造商宇树科技——都选择在上海上市。政府政策鼓励有前途的科技公司转向国内金融市场，而非依赖国家补贴或外资，这为它们的上市提供了支持。They were departures from years past, when the path for successful Chinese tech start-ups so often ran through Silicon Valley and Wall Street.这与过去多年形成鲜明对比，成功的中国科技初创企业曾经免不了要借助硅谷和华尔街的力量。“The flow of global tech capital was essentially a one-way street looking westward,” the Chinese Communist Party-controlled Global Times said in an editorial last week, citing the CXMT and Unitree initial public offerings in Shanghai as signals of a change. “Today, however, the world is shifting its gaze from West to East.”“全球科技资本的流动几乎是一条‘向西看’的单行道，”共产党控制的《环球时报》上周在一篇社论中以长鑫存储和宇树科技在上海的IPO作为变化的信号。“但如今世界正由‘向西看’转向“向东看””Under Xi Jinping, China’s top leader, Beijing has pursued self-reliance across industries, including critical materials, food and many others, seeking to reduce the leverage that countries can wield over it. Nowhere is that national strategy more evident than in technology, where developing A.I. and advanced semiconductors requires staggering amounts of capital.在中国最高领导人习近平的领导下，北京方面在包括关键材料、食品等多个行业推行自主可控，力求减少其他国家对中国所能施加的杠杆作用。这一国家战略在科技领域体现得最为明显，因为发展人工智能和先进半导体需要海量资金。Increasingly, the government wants that capital to come from China. The extraordinary reception for CXMT and Unitree suggests that Chinese investors are willing to provide it.政府日益希望这些资金来自中国国内。长鑫存储和宇树科技受到的非比寻常的追捧表明，中国投资者愿意提供这些资金。First came CXMT, short for ChangXin Memory Technologies. Late last month, its shares soared 470 percent on the first day of trading, and they have climbed further since, giving the chipmaker a market value of around $545 billion and pushing it past Tencent as China’s most valuable publicly traded company.首先是长鑫存储。上月末，其股价上市首日飙升470%，此后进一步上涨，使这家芯片制造商的市值达到约5450亿美元，超越腾讯成为中国市值最高的上市公司。CXMT has benefited from A.I. technology’s insatiable demand for high-speed memory chips, which are essential for storing and moving vast quantities of data. Its main domestic rival, Yangtze Memory Technologies Company, is also preparing to go public.长鑫存储受益于人工智能技术对高速存储芯片的旺盛需求，这类芯片对于存储和传输海量数据至关重要。长鑫的主要国内竞争对手长江存储也正准备上市。Then came Unitree. Its shares began trading on Wednesday in Shanghai, and surged 460 percent on its debut. At one point, the stock was up 629 percent before pulling back.然后是宇树科技。其股票于周三在上海开始交易，首日暴涨460%。盘中一度涨超629%，随后回落。Unitree occupies a more speculative frontier of the A.I. boom. There are still doubts about how quickly a large commercial market will develop for machines that look and move like humans. But videos showcasing the feats of Unitree’s humanoid robots, like scaling walls and running races, have attracted millions of views online: performing kung fu routines, scaling walls, doing backflips, running races and boxing. In China, the company has become a symbol of the country’s high-tech ambitions.宇树科技处于人工智能热潮中更具投机性的前沿领域。对于外形和运动像人一样的机器人能在多快时间内形成大规模商业市场仍然存在疑问，但展示宇树科技人形机器人技能的视频——如表演功夫套路、攀爬墙壁、后空翻、赛跑和拳击——在网上吸引了数百万次观看。在中国，该公司已成为国家高科技雄心的一个象征。The blockbuster offerings point to China’s push for technological and financial self-reliance in tandem.这些轰动性的上市表明，中国正在同时推进技术和金融的自主可控。The Global Times, which often espouses nationalist views, argued that stronger domestic capital markets could provide Chinese technology companies with an alternative to American financing. “As technological autonomy becomes a reality,” it stated, “the domestic capital market gains a basis for reasonably valuing these companies, no longer needing to rely on ‘validation’ from overseas exchanges.”经常发表民族主义观点的《环球时报》认为，更强大的国内资本市场可以为中国科技公司提供美国融资之外的替代选择。“当技术自主成为可能，”该报称，“国内资本市场便有了为这些企业合理定价的依据，不再需要仰赖海外交易所的‘认证’。”China experts say the growing emphasis on local capital markets is an evolution in the country’s industrial policy. Beijing is seeking to rely less heavily on state subsidies, which have often proved costly and inefficient, instead leaning more on investors to decide which companies deserve capital.中国问题专家表示，对本土资本市场的日益重视是中国产业政策的一种演进。北京方面正寻求减少对国家补贴的依赖——补贴往往成本高昂且效率低下，更多依靠投资者来决定哪些公司值得获得资本。Subsidies can work well in established industries, where the product is understood and the technological path relatively clear. For cutting-edge technologies, they can be less effective.补贴在成熟产业中可能效果良好，因为产品已被理解，技术路径相对清晰。对于前沿技术，补贴的效果则可能较差。“They work badly at the frontier, where nobody knows which approach wins and they tend to prop up firms that should fail,” said Gerard DiPippo, a director at the Eurasia Group, a research group in Washington.“在前沿领域，补贴效果很差，因为没有人知道哪种方法会胜出，而且补贴往往会撑起那些本应倒闭的公司，”华盛顿研究机构欧亚集团总监杰拉德·迪皮波说。Domestic capital markets and investors, Mr. DiPippo said, will increasingly be relied on as “a better way to discipline growing tech firms.”迪皮波表示，国内资本市场和投资者将越来越多地被寄予厚望，作为“约束成长型科技公司的更好方式”。The government’s role is becoming more like a referee and champion of Chinese capital markets. But it still gets involved directly on occasion, acting like a venture capitalist.政府的角色正变得更像是中国资本市场的裁判员和支持者。但它偶尔仍会直接介入，扮演风险投资家的角色。Last year, Beijing set up a “national venture capital guidance fund” to work with Chinese investors and eventually deploy as much as $145 billion in investment in companies pursuing high-tech fields like A.I. and quantum computing.去年，北京设立了一只“国家创业投资引导基金”，与中国投资者合作，最终可部署多达1450亿美元的资金，投资于人工智能和量子计算等高科技领域的公司。The Shanghai stock market has long been known for speculative volatility and for a listing process burdened by red tape. In June, the Shanghai Exchange issued guidelines to streamline the process for Chinese A.I. software companies whose chatbots compete with those from OpenAI, Anthropic and Google.上海股市长期以投机性波动和冗长繁琐的上市流程闻名。今年6月，上海证券交易所发布了指导意见，以简化中国人工智能软件公司的上市流程，这些公司的聊天机器人与OpenAI、Anthropic和谷歌的产品竞争。The Chinese start-ups developing these so-called large language models, the exchange said, “urgently need the supporting role of the capital market.”上交所表示，开发这些所谓大语言模型的中国初创企业“迫切需要资本市场的支持”。The first Chinese A.I. model makers to go public early this year — Z.ai and MiniMax — listed first on the Hong Kong Stock Exchange, a market many investors regard as more established and less volatile than Shanghai. But the government is encouraging all Chinese A.I. model developers to establish secondary listings in Shanghai, which Z.ai and MiniMax have said they plan to do.今年早些时候首批上市的中国AI模型公司——智谱AI和MiniMax——首先在香港交易所上市，许多投资者认为香港市场比上海更成熟、波动性更小。但政府鼓励所有中国AI模型开发商在上海二次上市，智谱AI和MiniMax均表示有此计划。Beijing is not only steering companies toward domestic markets. It is also willing to step in to support those markets when they come under pressure.北京不仅引导公司走向国内市场，还愿意在市场承压时介入支持。In July, as fears of excessive A.I. spending triggered a global stock sell-off, the Shanghai market fell. Two state-owned investment funds, China Reform Holdings and China Chengtong Holdings, responded by announcing purchases of $9 billion in Chinese shares and expressing confidence in the market.今年7月，当对AI支出过度的担忧引发全球股市抛售时，上海市场下跌。两家国有投资基金中国国新控股和中国诚通控股随即宣布购买90亿美元的中国股票，并表达了对市场的信心。That increasingly state-guided system contrasts sharply with an earlier era, when American investment funds and venture firms rushed into China, lured by its growth and encouraged by policymakers in Washington. In the 2010s, American investors were early backers of Alibaba, the e-commerce giant; ByteDance, TikTok’s parent company; and Didi, a ride-hailing company. once hailed as China’s answer to Uber.这种日益由国家引导的体系与过去形成鲜明对比，美国投资基金和风投公司曾经被中国的增长所吸引，并受到华盛顿政策制定者的鼓励，纷纷涌入中国。在2010年代，美国投资者是电商巨头阿里巴巴、TikTok母公司字节跳动以及曾被称为中国版优步的网约车公司滴滴的早期支持者。Now, as Beijing encourages domestic investors to put money into homegrown technology companies, it is making foreign capital a less welcome part of the equation.如今，随着北京鼓励国内投资者将资金投入本土科技公司，外资在这盘棋局中正变得不那么受欢迎。Geopolitics has contributed to the retreat. American firms have grown wary of being caught in the crossfire of U.S.-Chinese trade and technology disputes. Foreign venture investment in China has fallen sharply., and地缘政治也助推了这一退潮。美国公司越来越担心在中美贸易和技术争端中沦为夹心层。外国对华风险投资大幅下降。Many firms have scaled back or left China altogether.许多公司已缩减规模或完全撤出中国。Sequoia Capital, for example, spun off its China business two years ago. The resulting firm, HSG — its Chinese name, Hongshan, means “redwood” — backed Unitree and owns a 7 percent stake in the company, now worth about $3.5 billion.例如，红杉资本两年前分拆了其中国业务。由此产生的公司HSG（中文名“红杉”）投资了宇树科技，持有该公司7%的股份，目前价值约35亿美元。For Chinese companies, “raising money overseas is actively discouraged,” said Kevin Xu, founder of Interconnected Capital, a hedge fund that invests in A.I. technologies. “The Manus saga is the clearest example.”对于中国公司而言，“在海外融资受到主动劝阻，”从事AI技术投资的对冲基金互联资本创始人凯文·徐表示。“Manus事件就是最清楚的例子。”Manus, an A.I. company started by three engineers in Wuhan, China, developed an A.I. agent that caught Meta’s attention. By the end of last year, Meta had agreed to buy Manus for $2 billion. But in April, the Chinese government intervened and demanded that the deal be unwound.Manus是一家由三位工程师在中国武汉创立的AI公司，其开发的一款AI智能体引起了Meta的关注。到去年底，Meta已同意以20亿美元收购Manus。但今年4月，中国政府介入并要求终止该交易。Manus had moved its headquarters to Singapore, but Beijing still considered it a Chinese company subject to its authority. This month, the unwinding was completed, and Manus announced it had resumed operating as an independent company.Manus已将其总部迁至新加坡，但北京仍视其为中国公司，受其管辖。本月，该交易的终止已完成，Manus宣布已恢复为独立运营公司。Meaghan Tobin自纽约对本文有报道贡献。Steve Lohr撰写关于科技及其对经济、就业和劳动市场的影响的文章。Xinyun Wu是《纽约时报》记者/研究员，常驻台北，报道科技、台湾和中国新闻。翻译：纽约时报中文网点击查看本文英文版。