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In order to better understand the physical origin of short duration gamma-ray bursts (GRBs), we perform time-resolved spectral analysis on a sample of 70 pulses in 68 short GRBs with burst duration $T_{90}\lesssim2$ s detected by the \textit{Fermi}/GBM. We apply a Bayesian analysis to all spectra that have statistical significance $S\ge15$ within each pulse and apply a cut-off power law (CPL) model. We then select in each pulse the timebin that has the maximal value of the low energy spectral index, %$α_{\rm max}$, for further analysis. Under the assumption that the main emission mechanism is the same throughout each pulse, such an analysis is indicative of pulse emission. We find that $\sim$1/3 of short GRBs are consistent with a pure, non-dissipative photospheric model, at least, around the peak of the pulse. This fraction is larger compare to the corresponding one (1/4) obtained for long GRBs. For these bursts, we find (i) a bi-modal distribution in the values of the Lorentz factors and the hardness ratios; (ii) an anti-correlation between $T_{90}$ and the peak energy, $E_{\rm pk}$: $T_{90} \propto E_{\rm pk}^{-0.50\pm0.19}$. This correlation disappears when we consider the entire sample. Our results thus imply that the short GRB population may in fact be composed of two separate populations: one being a continuation of the long GRB population to shorter durations, and the other one being distinctly separate with different physical properties. Furthermore, thermal emission is initially ubiquitous, but is accompanied at longer times by additional radiation (likely synchrotron).