CXMT listed on the STAR Market today; the STAR Market Chip Design ETF Pushayin (589250) focuses on STAR Market chip design.

ChangXin Memory Technologies listed on the STAR Market of the A-share market on July 27.

According to the prospectus, ChangXin Memory Technologies is China's largest, most technologically advanced, and most comprehensively laid-out integrated DRAM R&D, design, and manufacturing enterprise. The company's production capacity ranks first in China and fourth globally.

Based on DRAM sales revenue in Q4 2025, ChangXin Memory Technologies holds a global market share of 7.67%. With this listing, the domestic substitution of the storage industry chain is accelerating.

Multiple securities firm representatives stated that the technology sector will enter a differentiation phase of eliminating the false and retaining the true. Leading companies with stable earnings realization capabilities are seeing a window for medium-to-long-term allocation.

The IPO of ChangXin Memory Technologies marks a new milestone in the development of domestic storage chips, entering a period of full-chain acceleration. For individual investors who are bullish on the chip design direction of the STAR Market but do not meet the 500,000 RMB account opening threshold, the STAR Chip Design ETF Pudong Yinzhuo (589250) provides a low-threshold way to participate—starting from just 100 shares.

The STAR Chip Design ETF Pudong Yinzhuo (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162), as of July 24, the index's annualized return 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, the 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 earnings growth, the index's net profit attributable to parents grew by 191.96% year-on-year in 2025, and by 260.14% year-on-year in Q1 2026, showing outstanding growth potential (Data source: Wind).

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

The STAR Chip Design ETF Pudong Yinzhuo (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162). Among the index's weighted stocks, ASR Microelectronics-U rose 8.15%, Southchip rose 7.01%, Amlogic rose 6.45%, New Vision Micro rose 6.21%, Montage Technology rose 3.62%, Biwin Storage fell 5.6%, Fengtuo Technology fell 5.16%, Puya Shares fell 4.36%, and 3PEAK fell 4.2%.

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

[Industry Trend: AI Computing Power Demand Drives Semiconductor Hardware Demand + Continuous Promotion of Chip Localization]

The explosion in AI computing power demand directly drives upstream semiconductor hardware demand—the capital expenditure of North America's top four cloud providers totaled over $315 billion in 2025. Alibaba plans to invest 380 billion yuan in cloud computing and AI infrastructure over the next three years, exceeding the total of the past decade. Tencent's 2025 capital expenditure plan is 100 billion yuan, of which 34.9 billion yuan was spent in Q4 2024, a year-on-year increase of 421%. The sustained high growth in AI computing power demand directly drives upstream semiconductor hardware demand, injecting a new round of structural growth opportunities into the chip design industry.

The process of chip localization continues to advance: The localization ratio of AI chips reached 35% in the first half of 2025. With the continuous increase in the demand for autonomous and controllable high-end chips, chip design, as the core link with the highest technical intensity and most active innovation in the semiconductor industry chain, will benefit first from the wave of localization.

[High Concentration of Leaders: Top Ten Weights Total Over 64%, Covering Both Storage and AI Chip 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-growth tracks account for nearly 50% in total (49.61%).For investors who are bullish on both storage chips and AI chips, 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:

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

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

Cambricon (688256.SH) weight 9.57%, the company's sub-track is: AI Chips.

VeriSilicon (688521.SH) weight 7.56%, the company's sub-track is: AI Chips.

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

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

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

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

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

Jwelltech (688141.SH) weight 2.93%, the company's sub-track is: 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 Indices]

For investors pursuing high elasticity and able to withstand volatility, the long-term cost-effectiveness of this index is worth noting—the cumulative gain since 2023 is 207.14%, while the STAR Composite Index is 69.56% and the STAR 50 is 73.27% during the same period; the annualized Sharpe ratio is 1.24, while the STAR 50 is only 0.74 and the STAR Composite Index is 0.73 during the same period, meaning that under the same volatility, the excess return of this index is significantly higher (Data source: Wind, statistical period 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 indices, and its annualized Sharpe ratio is 1.24, far higher than that of STAR Market broad-based indices, 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 indices is as follows:

1. Cumulative gains in the period: 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, the STAR 50 was 0.74, the STAR 100 was 60.47, and the 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 indices, with a significant advantage in risk-adjusted returns.

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

[Fund Product Information]

- Fund Short Name: STAR Chip Design ETF Pudong Yinzhuo

- 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 experience, 2 years of fund management experience

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

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

[Fund Company Profile]
Pudong Yinzhuo Asset Management has built a "Core-Satellite" index product matrix. On-exchange ETFs cover hard technology and mainstream broad-based indices, while off-exchange index enhancement products comprehensively cover 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

Pudong Yinzhuo Asset Management is one of the first batch of 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 Pudong Yinzhuo Asset Management (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 Pudong Yinzhuo Asset Management, with a fund scale under management of 357.506 billion yuan.

3. Differentiated Layout of Index Fund Products

Pudong Yinzhuo Asset Management's on-exchange and off-exchange products form a "Core-Satellite" strategy combination. On-exchange layouts include A500 ETF Pudong Yinzhuo (159376.SZ), ChiNext ETF Pudong Yinzhuo (159810.SZ), Photovoltaic ETF Pudong Yinzhuo (159609.SZ), STAR Chip Design ETF Pudong Yinzhuo (589250.SH), Securities ETF Pudong Yinzhuo (516730.SH), Gaming & Media ETF Pudong Yinzhuo (517770.SH), Grain ETF Pudong Yinzhuo (159060.SZ), etc.; Off-exchange launches include CSI 300 Index Enhancement, CSI A50 Index Enhancement, CSI A500 Index Enhancement, STAR 100 Index Enhancement, STAR Composite Enhancement, and other broad-based index enhancement products, as well as the Pudong Yinzhuo 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 sectors, and also achieving comprehensive coverage of large, medium, small, and micro-cap styles in terms of style.

[Q&A]

Q1: The threshold for the STAR Market 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 RMB over 20 trading days (excluding margin financing and securities lending), and investment experience of no less than 24 months. For investors who do not meet this threshold, the minimum investment threshold for the STAR Chip Design ETF Pudong Yinzhuo (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 gained 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 the STAR 50 covers all industries of the STAR Market, with limited chip proportion; whereas the SSE STAR Market Chip Design Theme Index focuses on chip design companies on the STAR Market, with higher track purity.

Q3: What is the difference between chip design indices and semiconductor equipment indices?
A: The SSE STAR Market Chip Design Theme Index (950162) excludes semiconductor materials, equipment, manufacturing, and packaging/testing links, anchoring only 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, this index is one of the purest choices among similar ones.

Q4: Storage chips have risen so much. Does 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. 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 earnings support?
A: The index's net profit attributable to parents was 13.109 billion yuan in 2025, a year-on-year increase of 191.96%; in Q1 2026, the net profit attributable to parents was 6.425 billion yuan, a year-on-year increase of 260.14% (Data source: Wind). High earnings growth, rather than pure concept 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, 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 on 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 received 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, it starts from 100 shares, providing a channel for individual investors who cannot meet the 500,000 RMB account opening threshold of the STAR Market.