而要说手机后盖材质中的钉子户，雷科技绝对会把这一票投给塑料。 近些年，手机外观形态上的创新已逐渐进入瓶颈期，很难再玩出什么花活。 因此手机厂商们逐渐将目光投向了手机后盖材质，不同材质的后盖不但能带来不同的握持手感，而且也能带来更多大胆的设计。 （图片来源：雷科技摄制） 那么，不同材质的手机，到底有哪些差别？在日常使用中又会对我们造成什么影响？这是雷科技要在本文分享的话题。 塑料后盖：实用性拉满但颜值低 其实手机后盖的材质，一直在美观性、实用性和成本之间不断寻求平衡，例如早期的金属后盖，虽然兼顾了耐用和美观，但却会严重影响到手机信号的接 收，以至于金属后盖仅是昙花一现后便匆匆退场。 （图片来源：雷科技摄制） 从手机诞生至今，塑料凭借极低的生产成本、耐高温耐弯折、耐用及不会遮挡信号等特性，成为最常见的后盖材质之一。 不过塑料的缺点也很明显，质感太过拉胯，很难做出手机厂商们想要的「高级感」，哪怕强如苹果，也曾在塑料后盖上栽了个大跟头——其推出的iPhone 5C在销量上翻车，成为史上销量最低的iPhone之一。 目前我们基本只能在一些定位入门的机型上见到塑料后盖的存在，只能说绝大多数用户还是「颜控」，明明塑料材质有 ...

从 14nm 到 N2：工艺演进如何牵引 EDA 创新与产业升 级 20250819 摘要 港股超额收益存在周期性，2011-2014 年受益于海外流动性宽松、人 民币升值及国内经济政策调整，恒生指数超额收益达 62 个百分点，移 动互联网浪潮亦推动行业增长。 2016-2018 年港股跑赢 A 股，主要驱动因素包括港股估值处于历史低 位、中国供给侧改革及棚改货币化改善宏观基本面，以及南下资金的大 举流入。 2019-2021 年上半年，恒生科技指数超额收益显著，得益于海外宽松 货币政策、中国疫后经济快速修复及中概股赴港上市潮。 半导体工艺制程演进与 EDA 工具创新相互驱动，FinFET 到 GAAFET 的 演进需要 EDA 工具在版图设计、功耗控制和良率提升等方面提供支持。 EDA 工具创新趋势包括设计流程重构（如 Synopsys Fusion 平台）、 AI 在 EDA 中的应用（如 Synopsys DSO AI）以及对 3D IC 与先进封装 的支持（如 Synopsys 3D IC Compiler）。 Q&A 历次港股占优行情的主要驱动因素是什么？ 回顾历史，港股在 2005 年以来曾出现过 ...

Core Viewpoint - The article discusses the complexities and challenges of smartphone charging technologies, highlighting the evolution of battery capacities and the emergence of various fast charging protocols that have made charging more complicated than before [1]. Charging Technology Overview - Early smartphones had smaller battery capacities and adhered to a unified USB charging standard, which allowed for relatively straightforward charging processes [1]. - Modern smartphones now often exceed 5000mAh in battery capacity, necessitating faster charging solutions to avoid lengthy charging times [1]. Fast Charging Protocols - **PD (Power Delivery)**: A universal protocol supporting USB Type-C devices, capable of delivering different voltages (5/9/12/15/20V) with a maximum power of 100W (PD3.0) or 240W (PD3.1) [2]. - **VOOC**: Developed by OPPO, this protocol features low voltage and high current options (e.g., 5V/6A, 10V/6.5A, 20V/7.5A), allowing for efficient charging with minimal heat generation [4]. - **SCP (Super Charge Protocol)**: Exclusive to Honor devices, SCP utilizes high voltage and high current, with options like 5V/4.5A and newer versions supporting 10V/4A and 20V/5A [5]. Compatibility Issues - Fast charging protocols are often incompatible with one another, requiring users to ensure that their devices, charging heads, and cables all support the same protocol for optimal charging speeds [5].

Core Viewpoints - The main competitors in the new energy vehicle market over the next five years will still be fuel vehicles, with the core competitive point being the differentiated product matrix supply capability for models priced above 200,000 yuan, which currently has significant room for improvement in supply [2][3] - The market share of vehicles priced above 200,000 yuan is expected to exceed 60% in the next 5-10 years, up from the current 30%. The leading brand in this price segment is likely to exceed a 25% market share, potentially surpassing 30%, indicating annual sales exceeding 3 million units [2][3] - The new energy vehicle market is awaiting its "iPhone 4 moment," where technology and blockbuster products mature, leading to a significant increase in market concentration [2][4] Market Analysis - In 2024, the domestic passenger car sales are projected to be approximately 22.6 million units, with fuel vehicles accounting for about 11.5 million units, representing a market share of around 51%. The sales of models priced above 200,000 yuan are estimated at about 6.6 million units, making up 30% of total sales, with fuel vehicles contributing approximately 4.2 million units [3][6] - The market share of fuel vehicles in the 200,000 yuan price range remains substantial, currently at 64%. Despite significant price reductions in the past year to maintain market share, the trend is set, and the market is awaiting the arrival of the "iPhone 4 moment" [3][4] iPhone 4 Moment - The "iPhone 4 moment" refers to two key turning points: the maturity of 3G technology, which allowed smartphones to surpass traditional computers in user experience, and the decline of traditional phone brands' flagship models, which led to a loss of cash flow for R&D and ultimately market exit. This parallels the potential decline in sales of fuel vehicles priced above 200,000 yuan [4][5] Price Segment Analysis - The market share of vehicles priced above 200,000 yuan has increased from 9% in 2019 to 30% in 2023. It is anticipated that this segment will exceed 60% in the next five years, corresponding to sales of at least 12 million units domestically [6][7] - The brands and products in this price segment are crucial for generating sufficient profits to support R&D, branding, and market promotion, creating a flywheel effect. Additionally, this price segment attracts a broad customer base, enhancing brand momentum [6][7] Brand Market Share - In the segment of vehicles priced above 200,000 yuan, the top six fuel vehicle brands hold a market share of approximately 55%, while the top four new energy brands account for about 26-27% [16][17] - The future market structure is expected to resemble the smartphone industry, where a few brands dominate the high-end market. The leading brand in the new energy vehicle segment could capture around 25% of the market share, with annual sales exceeding 3 million units if the overall passenger car sales reach 20 million [17][29] Sales Performance - The average monthly sales of models priced above 200,000 yuan that exceed 10,000 units are defined as "blockbuster products." Currently, only six major fuel vehicle brands and four new energy brands have this capability, with these models accounting for 65% of the overall sales in this price segment [18][19] - The performance of Li Auto is particularly notable, as achieving a market share of 25-30% in the SUV segment priced above 200,000 yuan would significantly enhance its market position before expanding into the sedan market [29][30]

Core Insights - The article discusses the transformation of consumer preferences in the home furniture sector, particularly focusing on the evolution of sofas from mere functional items to emotional and aesthetic centers of family life [2][4][22] - It highlights the impact of the "Labubu effect," where emotional value and unique design are becoming key drivers of consumer purchasing decisions, moving away from traditional notions of luxury and aesthetics [1][22] Group 1: Design Principles and Consumer Behavior - The MAYA principle (Most Advanced Yet Acceptable) is applied to explain why consumers are drawn to products that are both unconventional and familiar, such as the "ugly-cute" Labubu dolls [1][2] - The shift in consumer behavior is evident in the home decor market, where the demand for sofas has evolved from a focus on imported brands to a more nuanced understanding of value, emphasizing emotional connection and personal expression [2][4][8] Group 2: Sofa's Role in Modern Living Spaces - The role of sofas in living spaces has fundamentally changed, with a decline in the dominance of televisions as the focal point of the living room, leading to a desire for more interactive and emotionally engaging environments [4][6] - Data indicates that 75% of families engage in over five interactions per week on their sofas, highlighting the need for sofas that are not only functional but also emotionally intelligent [6][15] Group 3: Evolution of Consumer Expectations - The article notes a shift from "import worship" to a "value-based" understanding of furniture, where consumers are questioning the true value of sofas beyond their aesthetic appeal [7][8] - The emergence of local manufacturers replicating high-end designs has prompted consumers to seek authenticity in craftsmanship and emotional resonance rather than just brand prestige [8][9] Group 4: Innovation in Sofa Design - The introduction of the "Yimeng Time" sofa by Kuka Home exemplifies the integration of traditional design elements with modern functionality, aiming to create a product that resonates with both older and younger generations [10][12] - The design philosophy emphasizes the sofa as a "family emotional hub," facilitating interactions and connections among family members [12][22] Group 5: Market Dynamics and Strategic Shifts - The article discusses the need for companies to adapt to changing consumer demands by focusing on emotional value and user-centered design, moving away from traditional product-centric approaches [16][19] - Kuka Home's strategic shift towards a more flexible production model allows for rapid response to market needs, emphasizing the importance of understanding consumer behavior and preferences [19][20]

以下文章来源于新周刊 ，作者陈倚 新周刊 . 中国最新锐的生活方式周刊。 又到一年高考季。 作者 | 陈倚 来源 | 新周刊 （ID：new-weekly） 6月23日起，全国各地高考成绩陆续可以查询，高考志愿填报也随之成为社交平台上的热 门话题。 而在热门与冷门的标签之外，总有一些专业经历过，或者正在经历"翻红"。 十年前的冷门专业，十年后可能歪打正着成了新兴行业的"香饽饽"；曾经被吐槽的"天坑 专 业 " ， 也 可 能 因 为 时 代 和 科 技 的 发 展 变 成 " 天 选 专 业 "； 连 续 多 年 " 亮 红 牌 " 的 专 业 （即"不建议报考"的专业，通常为人才供需失衡、市场就业空间较小，薪资待遇以及未 来前景较差的专业），也可能因为具备考编优势而持续吸引众多学子报考。 一个专业的"红"体现的是社会的关注讨论热度，而"翻红"的偶然性往往源于特定的时代 背景，难以预测。 唯一不变的是变化。不同的个体选择就像驶向不同方向的小船，或许带着几分模糊的方 向感，但都在时代的航程中掀起了奇妙的浪花。 我们寻访了四位来自"翻红专业"的毕业生，他们的求学和职业轨迹，或许可以成为重新 思考时代机遇与个人选择 ...

预售首日销量超过60万台的iPhone4，小定首日超过20万辆Cybertruck；现在，还有Yu7发布后1个小时大定超28.9万台，如果一切顺利，这辆车将毫无疑问 载入全球消费电子产品的历史，多年之后，我们依然能在很多地方看到它的名字。 小米最值得一说的，是在"内卷式"竞争的新能源汽车市场里，走出了一条不靠性价比的路，凭借一款同价位段性价比"较低"的产品，实现如此规模的社会 关注度和销量水平。 在资本市场的通常意义之下，这就是成功，也是一家公司走向伟大的必经之路。说白了，你什么时候见过苹果、特斯拉和索尼他们跟你聊过性价比？ 当然，你可以说这20万的大定数字，有不少是Su7未交付订单转过来的；也可以说网络上各种各样的质疑声音，包括安全、智驾、外观抄袭等等；上一段 写的那两款消费电子产品，黑子也非常多、声音也非常大，但丝毫不影响他们成就了现象级的商业成功。没办法，老百姓喜欢才是真的喜欢，黑的声音越 大，买的人越多。 从舆论场的观察看，小米已经悄悄开始步上特斯拉的后尘：网上黑子多，销量没输过。在Yu7发布之前，小米Su7已经和曾经的全球车王Model Y在中国全 部车辆月销榜首的位置上斗得有来有回，今年2月、4月 ...

Core Insights - The report emphasizes the optimistic outlook for China's stock market, termed as the "transformation bull market," driven by declining discount rates and favorable economic policies, which create a conducive environment for thematic investments [10][11]. Investment Themes Theme 1: Artificial Intelligence (AI) - AI is identified as a key investment trend with significant characteristics, including a clear industrial logic and vast market potential. The investment path is expected to follow the patterns of "information infrastructure construction," "basic software deployment," "online application explosion," and "restructuring of offline industries" [2][32]. - The AI industry is in an early stage, with the potential for substantial growth as it transitions from overseas mapping and speculative trading to self-sufficiency and industrial chain momentum [24][33]. Theme 2: Embodied Intelligence - The report highlights the rapid commercialization of humanoid robots, with applications expected to accelerate in various sectors such as education, healthcare, and industrial manufacturing. China has a robust manufacturing base and a complete supply chain for humanoid robots [38][39]. - The market for humanoid robots is projected to grow significantly, with sales expected to reach 200,000 units by 2035, driven by increasing demand in both B2B and B2C scenarios [47][48]. Theme 3: Biological Economy and Brain-Machine Interfaces - The biological economy is poised for growth, leveraging advancements in biotechnology, including synthetic biology and gene editing technologies. This sector is expected to meet health, safety, nutrition, and environmental needs [57][59]. - The brain-machine interface industry is still in the research phase, but several companies are making strides in hardware and application breakthroughs, indicating a promising future for this technology [4][62]. Theme 4: 6G Communication - The report anticipates significant advancements in communication technology with the development of 6G, which promises lower latency and higher connection density compared to 5G. This will drive upgrades across the entire industry chain, from materials to applications [3][4]. Market Dynamics - The report notes that the decline in risk-free interest rates and improved investor sentiment are key drivers of market dynamics, facilitating increased market participation and investment opportunities [11][15]. - The government's focus on innovation and technology integration is expected to further stimulate the growth of emerging industries, creating a favorable investment landscape [17][23].

Group 1 - The report emphasizes that the investment themes from the Two Sessions are not just one-time opportunities but have long-term implications for industry development and sustained excess returns [2][20]. - Short-term characteristics highlight that low valuation themes are more likely to experience valuation increases shortly after the Two Sessions [3][26]. - The correlation between market capitalization distribution and cumulative excess returns weakens over time, indicating that smaller market cap stocks (<100 billion) tend to outperform in the short term [3][30]. Group 2 - Cumulative excess returns and performance growth are significant in the long term, with themes often generating excess returns over a 360-day period post-Two Sessions [4][36]. - Historical analysis shows that only a few years (2017, 2019, 2023) underperformed, suggesting the importance of new proposals in the government work report [4][36]. - The average cumulative excess returns may not be realized in the same year as the Two Sessions, indicating a longer-term guidance effect [4][38]. Group 3 - Seasonal timing indicates that the best periods for investing in Two Sessions themes are February-March and October [5][55]. - The report suggests that themes failing to pass the first-quarter report test may see their momentum stall in spring [5][56]. Group 4 - The evolution of "blockbuster" themes shows a clear pattern: national policy setting, local follow-up, highlighting key enterprises/events, expanding networks, and standardized industry development [6][10]. - Common characteristics of successful themes include alignment with current trends, broad market potential, high recognizability, and performance support [6][10]. - Themes first introduced in the Two Sessions tend to have better long-term excess returns [6][12]. Group 5 - The report identifies investment opportunities in 2025, particularly in deep-sea technology and embodied intelligence (humanoid robots) [7][18]. - Deep-sea technology is positioned as a strategic area with strong performance support, while humanoid robots are seen as potential blockbuster themes due to their alignment with market trends [7][18]. - The report suggests that deep-sea technology has already shown significant gains since the Two Sessions, with a maximum increase of 16.91% and an excess return of 18.16% relative to the Wind All A index [12][16].

Core Viewpoint - The article highlights the phenomenon of selling Xiaomi car order screenshots, indicating a growing trend of social vanity and the commercialization of digital representations of ownership, similar to previous trends with iPhone screenshots [1][6]. Group 1: Xiaomi Car Orders - Xiaomi's SU7 Ultra has gained significant attention, with reports of high demand leading to the sale of order screenshots on various platforms [1]. - The price for these order screenshots ranges from 1.46 yuan to 9.9 yuan, with some sellers indicating that these screenshots are for entertainment purposes only [2]. Group 2: Social Vanity and Digital Ownership - The trend of purchasing digital representations for social status is not new, as seen with the iPhone's "Dynamic Island" feature, where users bought screenshots to project ownership of high-end devices [6][8]. - The article draws parallels between the current trend of selling Xiaomi order screenshots and past behaviors where individuals sought to enhance their social image through digital symbols of ownership [11]. Group 3: Risks and Legal Implications - Legal experts warn that order screenshots may contain sensitive information that could be misused for fraudulent activities, highlighting potential risks associated with such transactions [13]. - There are reports of scams related to the sale of digital screenshots, where sellers have been tricked into compromising their accounts under the guise of proving ownership [13].