破茧突围，王者归来 作者：岩石 编辑：张戈 风品：一然 来源：首财——首条财经研究院 真正的舞者，不会辜负每一个起风季。 2025年以来，中国资本市场显露出结构性牛市特征。wind数据显示，截至2025年6月30日，北证50指数 上半年表现最强，累计上涨39.45%。中证2000指数表现次之，累计上涨15.24%。进入8月下旬，北证50 再现连创历史新高的行情，8月19日盘中最高触及1637.50点，开市以来首破1600点整数关口。 港股市场同样不逞多让，恒生指数上半年上涨20%，涨幅在全球主要股指中位居第三。 水大鱼大，基金市场也迎来业绩复苏。Morningstar晨星中国最新发布的业绩榜单显示，截至6月30日， 工银瑞信基金凭借卓越的管理能力和出色的投资业绩脱颖而出。共17只基金获评三年期五星基金，13只 基金获评五年期五星级基金，7只主动权益类基金荣获十年期五星基金评级。 不过，这不代表无懈可击。相较靓丽收益率，整体规模却不算出众，市场号召力待提升。天天基金网显 示，截至2025年6月30日，三只基金规模分别为仅为1.21 亿元、8.19亿元、0.51亿元。 其次，若拉长周期看，收益稳定性方面也需加劲儿 ...

Core Viewpoint - The evolution of foldable smartphones has led to a focus on ultra-thin designs, but this has resulted in significant compromises in performance and functionality [3][4][6][20] Group 1: Design and Performance Trade-offs - Current foldable smartphones prioritize thinness, often at the expense of advanced technology and performance [4][6] - Many brands use less advanced SoC solutions to achieve lower heat and power consumption, leading to underwhelming performance compared to traditional flagship models [6][8] - The camera systems in foldable devices often compromise on sensor size and quality, failing to match the capabilities of standard flagship smartphones [6][10] Group 2: Battery and Charging Concerns - Despite advancements in battery technology, the ultra-thin foldable phones have not improved in fast charging power and efficiency, and may even have regressed [8][10] - The aggressive pursuit of higher energy density in batteries raises concerns about long-term reliability and potential failure [8][10] Group 3: Market Positioning and Product Differentiation - Manufacturers are intentionally creating variations in thickness, weight, and battery capacity within the same model to cater to different market segments [11][15] - The current trend of ultra-thin foldable phones serves as a strategy for brands to differentiate their product lines without threatening their flagship models [16][20] - The lack of top-tier performance and camera capabilities in foldable devices allows brands to maintain distinct market segments for traditional flagship and gaming smartphones [20]