SPDB ChiNext Chip Design ETF (589250) starts at 100 units to invest in leading chip design companies on the STAR Market

SK Hynix will disclose its Q2 earnings on July 29, and Samsung Electronics will release its full Q2 earnings report on July 30. An industry analysis report released by Korean media shows that SK Hynix's operating profit in the second quarter of this year is expected to hit a record high of 64.1 trillion won, a year-on-year increase of up to 596%, and an increase of over 70% compared to the first quarter. The above earnings reports may affect the trend of chip stocks in the next stage.

Samsung Electronics and SK Group have reached a $950 billion chip cooperation with US companies. Samsung Electronics and Broadcom officially signed a memorandum of understanding for business cooperation, planning to carry out wafer foundry cooperation around the supply of advanced memory semiconductors and AI chip manufacturing with a scale of $200 billion in the next five years.

For individual investors who are bullish on the STAR Market chip design direction but do not meet the 500,000 RMB account opening threshold for the STAR Market, the STAR Chip Design ETF Pudong Yin (589250) provides a low-threshold participation method - investment can start from just 100 shares.

The STAR Chip Design ETF Pudong Yin (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162), as of July 24, the annualized return of this index over the past three years was 37.45%, significantly surpassing the annualized return of the STAR 50 during the same period, which was 23.42% (Data source: CSI Index, as of 2026.7.24).

In terms of track purity, this index has a digital chip design proportion of 80.8% and an analog chip design proportion of 14.67%, totaling over 95%, making it one of the indices with the highest chip design purity in the entire market (Data source: Wind, as of2026.7.24). In terms of performance growth, the net profit attributable to parents of this index increased by 191.96% year-on-year in 2025, and increased by 260.14% year-on-year in the first quarter of 2026, showing outstanding growth potential (Data source: Wind).

As of the close on July 24, the STAR Chip Design ETF Pudong Yin (589250) fell by 0.39%, with a closing price of 1.28 yuan, a turnover of 12.3496 million yuan, and a turnover rate of 10.52%.

The STAR Chip Design ETF Pudong Yin (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162). Among the index's weighted stocks, Aowei Technology-U rose by 8.15%, Nanxin Technology rose by 7.01%, Amlogic rose by 6.45%, Xinxiangwei rose by 6.21%, Montage Technology rose by 3.62%, Biwin Storage fell by 5.6%, Fengtu Technology fell by 5.16%, Puya Shares fell by 4.36%, and Sichuan Truphone fell by 4.2%.

The SSE STAR Market Chip Design Theme Index (950162) precisely anchors the core link of chip design in the semiconductor industry chain, providing investors with an efficient tool for one-click layout of domestic core chip assets.

The STAR Chip Design ETF Pudong Yin (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162). The index was published on 2024-07-26, with a base date of 2019-12-31, and 1000 points as the base. It selects 50 listed companies within the STAR Market whose businesses involve the chip design field as index samples.

(The index's annual price changes from 2021 to 2025 were (%): 7.73, -42.51, 4.75, 35.54, 60.00. Historical performance of the index does not predict future performance.)

[One of the major features of this index is its pure track]

The SSE STAR Market Chip Design Theme Index (950162) excludes main board and ChiNext stocks, while avoiding semiconductor materials and equipment, manufacturing, and packaging/testing links, anchoring on chip design, the most innovative sub-direction in the semiconductor industry chain, with a digital chip design proportion of 80.8% and an analog chip design proportion of 14.67%, totaling over 95% (Data source: Wind, as of 2026.7.24).

[Explosive performance growth: Net profit attributable to parents in Q1 2026 surged by 260.14% year-on-year]

From the perspective of performance realization, this index is not purely conceptual speculation - total revenue in 2025 was 130.296 billion yuan, an increase of 37.03% year-on-year; net profit attributable to parents in 2025 was 13.109 billion yuan, an increase of 191.96% year-on-year. In the first quarter of 2026, it continued to maintain a high-growth trend, with revenue of 40.018 billion yuan, an increase of 58.72% year-on-year; net profit attributable to parents was 6.425 billion yuan, an increase of 260.14% year-on-year. (Data source: Wind)

[High concentration of leading enterprises: Top ten weights total over 64%, covering both storage + AI chip dual tracks over 50%]

Regarding index weighted stocks, the top ten weighted stocks of the SSE STAR Market Chip Design Theme Index (950162) total over 64%, among which the storage direction (Montage Technology 10.17% + Biwin Storage 7.22% + Puya Shares 3.27%) totals 20.66%, and the AI chip direction (Hygon Information 11.82% + Cambricon 9.57% + VeriSilicon 7.56%) totals 28.95%. The two high-prosperity tracks account for nearly 50% in total (49.61%). For investors who are bullish on both storage chips and AI chips at the same time, this index can cover them with one click. (Data source: Wind, as of 2026.7.24)

Regarding index weighted stocks, the top ten weighted stocks of the SSE STAR Market Chip Design Theme Index (950162) are respectively:

Hygon Information (688041.SH) weight 11.82%, the company's sub-track belongs to: AI chips.

Montage Technology (688008.SH) weight 10.17%, the company's sub-track belongs to: Storage.

Cambricon (688256.SH) weight 9.57%, the company's sub-track belongs to: AI chips.

VeriSilicon (688521.SH) weight 7.56%, the company's sub-track belongs to: AI chips.

Biwin Storage (688525.SH) weight 7.22%, the company's sub-track belongs to: Storage.

Raytron Microelectronics (688002.SH) weight 4.57%, the company's sub-track belongs to: Analog/Sensors.

Shengke Communication (688702.SH) weight 3.89%, the company's sub-track belongs to: Network chips.

Amlogic (688099.SH) weight 3.36%, the company's sub-track belongs to: SoC.

Puya Shares (688766.SH) weight 3.27%, the company's sub-track belongs to: Storage.

Jwelltek (688141.SH) weight 2.93%, the company's sub-track belongs to: Analog chips.

(Data source: Wind, as of 2026.7.24)

[Index long-term performance: Up 207% since 2023, Sharpe ratio of 1.24 far exceeds STAR Market broad-based indexes]

For investors pursuing high elasticity and able to withstand volatility, the long-term cost-effectiveness of this index is worth attention - cumulative gain since 2023 is 207.14%, while the STAR Composite Index is 69.56% and STAR 50 is 73.27%; annualized Sharpe ratio is 1.24, while STAR 50 is only 0.74 and STAR Composite Index is 0.73, meaning that under the same volatility, the excess return of this index is significantly higher (Data source: Wind, statistical interval 2023.1.1-2026.6.12).

The SSE STAR Market Chip Design Theme Index (950162) has risen by 207.14% since 2023, significantly outperforming STAR Market broad-based indexes, and its annualized Sharpe ratio is 1.24, much higher than that of STAR Market broad-based indexes, with a better risk-return ratio.

The comparison of cumulative gains and annualized Sharpe ratios between the SSE STAR Market Chip Design Theme Index (950162) and the STAR Composite Index, STAR 50, STAR 100, and STAR 200 indexes is as follows:

1. Cumulative gains in the interval: The cumulative gain of the SSE STAR Market Chip Design Theme Index (950162) from January 1, 2023 to June 12, 2026 was 207.14%, significantly leading the STAR Composite Index (gain of 69.56% during the same period), STAR 50 (gain of 73.27% during the same period), STAR 100 (gain of 60.47% during the same period), and STAR 200 (gain of 69.06% during the same period).

2. Annualized Sharpe ratio: The annualized Sharpe ratio of the SSE STAR Market Chip Design Theme Index (950162) from January 1, 2023 to June 12, 2026 was 1.24, while the STAR Composite Index was 0.73, STAR 50 was 0.74, STAR 100 was 60.47, and STAR 200 was 69.06 during the same period. The Sharpe ratio of the SSE STAR Market Chip Design Theme Index (950162) is significantly superior to that of the STAR Composite Index, STAR 50, STAR 100, and STAR 200 indexes, with significant advantages in risk-adjusted returns.

(Data source: Wind, statistical interval: 2023.1.1-2026.6.12, the publication date of the SSE STAR Market Chip Design Theme Index is 2024-07-26, the base date is 2019-12-31, the annual price changes of the index from 2021 to 2025 were (%): 7.73, -42.51, 4.75, 35.54, 60.00, the gain since the publication of the index is 241.27%. Historical performance of the index does not predict future performance.)

[Fund Product Information]

- Fund Abbreviation: STAR Chip Design ETF Pudong Yin

- Trading Code: 589250

- Fund Manager Song Shiyi, Bachelor's degree from Shanghai Jiao Tong University, Master's degree from Renmin University of China, 12 years of securities practice, 2 years of fund management experience

- Fund management fee 0.50% per year, custody fee 0.10% per year.

(Data source: Fund periodic report, Wind, as of 2025.12.31)

[Fund Company Profile]
SPDB APAX Funds has built a "Core-Satellite" index product matrix, with on-exchange ETFs covering hard technology and mainstream broad-based indexes, and off-exchange index enhancement comprehensively 布局 ing Beijing, Shanghai, Shenzhen and large, medium, small, and micro-cap styles. The total asset management scale exceeds 450 billion yuan, providing investors with a one-stop multi-asset allocation tool.
1. Shareholder Background

SPDB APAX Funds is one of the earliest bank-affiliated public funds in China. Shanghai Pudong Development Bank Co., Ltd. is the largest shareholder, holding 51% equity; BNP Paribas Asset Management Holding Company is the second largest shareholder, holding 39% equity; Shanghai Guosheng Group Asset Co., Ltd. is the third largest shareholder, holding 10% equity. The advantages of Chinese and foreign resources help multi-asset management.

2. Asset Management Scale

As of December 31, 2025, the total asset management scale of SPDB APAX Funds (including subsidiaries) exceeded 450 billion yuan. Its businesses develop diversely, covering asset management businesses in multiple fields such as equity, fixed income, quantitative, and alternative investments, capable of providing investors with one-stop high-quality products and services. There are 117 public fund products under SPDB APAX Funds, with a fund scale under management of 357.506 billion yuan.

3. Differentiated Layout of Index Fund Products

SPDB APAX Funds' on-exchange and off-exchange products form a "Core-Satellite" strategy combination. On-exchange layouts include A500 ETF Pudong Yin (159376.SZ), ChiNext ETF Pudong Yin (159810.SZ), Photovoltaic ETF Pudong Yin (159609.SZ), STAR Chip Design ETF Pudong Yin (589250.SH), Securities ETF Pudong Yin (516730.SH), Game Media ETF Pudong Yin (517770.SH), Grain ETF Pudong Yin (159060.SZ), etc.; Off-exchange launches include CSI 300 Index Enhancement, CSI A50 Index Enhancement, CSI A500 Index Enhancement, STAR Market 100 Index Enhancement, STAR Market Composite Enhancement and other broad-based index enhancement products, as well as the SPDB APAX BSE 50 Component Index Fund tracking the Beijing Stock Exchange index, achieving comprehensive tracking of all exchanges in Beijing, Shanghai, and Shenzhen, as well as all major boards, and also achieving comprehensive coverage of large, medium, small, and micro-cap styles in terms of style.

[Q&A]

Q1: The STAR Market threshold is 500,000. What are the low-threshold ways for retail investors to invest in STAR chips?
A: The participation threshold for individual investors in the STAR Market is relatively high. Investors need to have an average daily asset of no less than 500,000 yuan over 20 trading days (excluding margin financing and securities lending), and have investment experience of no less than 24 months. For those who do not meet this threshold, the minimum investment threshold for the STAR Chip Design ETF Pudong Yin (589250) is only 100 shares, allowing for lower-threshold investment participation with convenient trading.

Q2: Compared to the STAR 50 ETF, how is the long-term return of the index tracked by this ETF?
A: The SSE STAR Market Chip Design Theme Index (950162) has risen by 207.14% since 2023, while the STAR 50 was 73.27% during the same period, with the latter's gain being less than 40% of the former's (Data source: Wind, as of 2026.6.12). The core difference lies in the fact that STAR 50 covers all industries in the STAR Market, with limited chip proportion; whereas the SSE STAR Market Chip Design Theme Index focuses on chip design companies in the STAR Market, with higher track purity.

Q3: What is the difference between chip design indexes and semiconductor equipment indexes?
A: The SSE STAR Market Chip Design Theme Index (950162) excludes semiconductor materials and equipment, manufacturing, and packaging/testing links, only anchoring on chip design, the most innovative sub-direction in the semiconductor industry chain - digital chip design 79.6% + analog chip design 15.4% = 95% (Data source: Wind, as of 2026.5.29). If you are bullish on this link of chip design, this index is one of the choices with the highest purity among similar ones.

Q4: Storage chips have risen so much, will this index still benefit?
A: Among the top ten weights of the SSE STAR Market Chip Design Theme Index (950162), the storage direction (Montage Technology 10.17% + Biwin Storage 7.22% + Puya Shares 3.27%) totals 20.66% (Data source: Wind, as of 2026.7.24). The global storage chip super cycle is still ongoing, and South Korea's 4,755 trillion won expansion plan points to doubling DRAM capacity in five years. The storage direction remains an important weight composition of this index.

Q5: Does this index have performance support?
A: The net profit attributable to parents of this index was 13.109 billion yuan in 2025, an increase of 191.96% year-on-year; the net profit attributable to parents in the first quarter of 2026 was 6.425 billion yuan, an increase of 260.14% year-on-year (Data source: Wind). High performance growth, rather than pure conceptual speculation.

Q6: What is the core difference between this fund and other semiconductor ETFs?

A: The underlying index of the product is laid out in the chip design link of the STAR Market, excluding semiconductor materials and equipment, manufacturing, and packaging/testing. The total weight of the top ten component stocks is 57.15%, with concentrated computing power leaders.

Q7: What standard is the tracking error of this fund controlled at?

A: Under normal circumstances, it strives to keep the absolute value of the daily average tracking deviation less than 0.2%, and the annualized tracking error does not exceed 2%.

Q8: What are the advantages of investing in this fund?
A: First, it precisely focuses on the core track of chip design in the STAR Market, with digital chips and analog chips accounting for about 95% in total (Data source: Wind, as of 2026.7.24, industry classification is Shenwan Level III Industry); Second, it benefits from the dual dividends of explosive growth in the global semiconductor market and accelerated domestic substitution; Third, the news side has ushered in multiple positive catalysts, and industry prosperity continues to rise; Fourth, it lays out chip design leaders with one click through the ETF format, dispersing individual stock risks; Fifth, investment starts from 100 shares, providing a channel for individual investors who cannot meet the 500,000 RMB account opening threshold for the STAR Market.