STAR Market Chip Design ETF Pudian (589250) starts investment with 100 units, positioning in the leading chip design companies on the STAR Market

A-shares adjusted with shrinking volume; the Shanghai Composite Index closed down 1.61% at 3,814.2 points, the Shenzhen Component Index fell 2.47%, and the ChiNext Index dropped 2.65%. Market turnover was 1.94 trillion yuan. The semiconductor industry chain showed signs of recovery, with storage, semiconductor equipment, and advanced packaging sectors strengthening.

A-share semiconductor companies broadly reported positive profit forecasts for the first half of the year. As of July 21, 45 A-share semiconductor companies had disclosed performance forecasts, with 42 expecting profitability and 39 showing year-on-year growth in net profit attributable to shareholders.

On the evening of July 22, multiple listed companies announced pre-increase announcements for their H1 2026 performance. Among them, companies in the semiconductor sector such as Lianxun Instrument, AMEC Semi, and Zhongrun Optics, as well as companies in the pharmaceuticals and biology sector like Huaqiang Technology and Allpime, all saw significant pre-increases in performance.

AMEC Semi expects H1 2026 revenue of approximately 726 million yuan, a 44% year-on-year increase; net profit attributable to parents of about 165 million yuan, up 90.82%; and non-GAAP net profit of around 153 million yuan, up 101.95%. Q2 saw a 121% quarter-on-quarter growth, with momentum continuing.

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 SPDB Pudong Bank STAR Chip Design ETF (589250) offers a low-threshold way to participate—starting from just 100 shares.

The SPDB Pudong Bank STAR Chip Design ETF (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 23.42% annualized return of the STAR 50 during the same period (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 (Source: Wind, as of 2026.7.24). In terms of earnings growth, the index's net profit attributable to shareholders grew by 191.96% year-on-year in 2025, and by 260.14% in Q1 2026, showing outstanding growth potential (Source: Wind).

As of the close on July 24, the SPDB Pudong Bank STAR Chip Design ETF (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 SPDB Pudong Bank STAR Chip Design ETF (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 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 SPDB Pudong Bank STAR Chip Design ETF (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 a base value of 1,000 points. It selects securities of 50 listed companies within the STAR Market whose business involves 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 does not predict future results.)

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

The SSE STAR Market Chip Design Theme Index (950162) excludes main board and ChiNext stocks, while avoiding semiconductor materials/equipment, manufacturing, and packaging/testing links. It anchors the most innovative sub-sector in the semiconductor industry chain—chip design, with digital chip design accounting for 80.8% and analog chip design for 14.67%, totaling over 95% (Source: Wind, as of 2026.7.24).

[Explosive Earnings Growth: Net Profit Attributable to Parents in Q1 2026 Surged 260.14% Year-on-Year]

From the perspective of earnings realization, this index is not purely conceptual speculation—in 2025, full-year revenue was 130.296 billion yuan, up 37.03% year-on-year; net profit attributable to parents was 13.109 billion yuan, up 191.96% year-on-year. In Q1 2026, high growth continued, with revenue of 40.018 billion yuan, up 58.72% year-on-year; and net profit attributable to parents of 6.425 billion yuan, up 260.14% year-on-year. (Source: Wind)

[High Concentration of Leaders: 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 together account for nearly 50% (49.61%). For investors who are bullish on both storage chips and AI chips, this index can cover them with one click. (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 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.

Jwelltek (688141.SH) weight 2.93%, the company's sub-track is: Analog Chips.

(Source: Wind, as of 2026.7.24)

[Long-term Index Performance: Up 207% Since 2023, Sharpe Ratio of 1.24 Far Exceeds STAR Market Broad-Based Indices]

For investors seeking 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 was 69.56% and STAR 50 was 73.27% during the same period; the annualized Sharpe ratio is 1.24, compared to only 0.74 for STAR 50 and 0.73 for the STAR Composite Index, meaning that under equal volatility, the excess returns of this index are significantly higher (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, offering 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%), STAR 100 (gain of 60.47%), and STAR 200 (gain of 69.06%).

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; 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 indices, with a significant advantage in risk-adjusted returns.

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

[Fund Product Information]

- Fund Short Name: SPDB STAR Chip Design ETF

- Trading Code: 589250

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

- Fund Management Fee 0.50% per year, Custody Fee 0.10% per year.

(Source: Fund Regular Reports, Wind, as of 2025.12.31)

[Fund Company Introduction]
SPDB Prudential Fund has built a "Core-Satellite" index product matrix, with exchange-traded ETFs covering hard technology and mainstream broad-based indices, and off-exchange index enhancement products 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 Prudential Fund 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 assist in multi-asset management.

2. Asset Management Scale

As of December 31, 2025, the total asset management scale of SPDB Prudential Fund (including subsidiaries) exceeded 450 billion yuan. Its businesses have diversified development, 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. SPDB Prudential Fund has 117 public fund products under management, with a fund scale under management of 357.506 billion yuan.

3. Differentiated Layout of Index Fund Products

SPDB Prudential Fund's on-exchange and off-exchange products form a "Core-Satellite" strategy combination. On-exchange layouts include A500 ETF SPDB (159376.SZ), ChiNext ETF SPDB (159810.SZ), Photovoltaic ETF SPDB (159609.SZ), STAR Chip Design ETF SPDB (589250.SH), Securities ETF SPDB (516730.SH), Gaming & Media ETF SPDB (517770.SH), Grain ETF SPDB (159060.SZ), etc.; Off-exchange launches include CSI 300 Index Enhanced, CSI A50 Index Enhanced, CSI A500 Index Enhanced, STAR 100 Index Enhanced, STAR Composite Enhanced, and other broad-based index enhanced products, as well as the SPDB Prudential BSE 50 Component Index Fund tracking the BSE index, achieving comprehensive tracking of 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 low-threshold ways are there for retail investors to invest in STAR chips?
A: The participation threshold for individual investors in the STAR Market is relatively high, requiring investors 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 SPDB (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 (Source: Wind, as of 2026.6.12). The core difference lies in the fact that STAR 50 covers all industries of the STAR Market, with limited chip exposure; 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 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 the most innovative sub-sector in the semiconductor industry chain—chip design—digital chip design 79.6% + analog chip design 15.4% = 95% (Source: Wind, as of 2026.5.29). If you are bullish on this link, 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% (Source: Wind, as of 2026.7.24). The global storage chip super cycle is still ongoing, and South Korea's 4.755 trillion KRW expansion plan points to doubling DRAM capacity in five years. The storage direction remains an important weight component of this index.

Q5: Does this index have earnings support?
A: The index's net profit attributable to shareholders was 13.109 billion yuan in 2025, up 191.96% year-on-year; and 6.425 billion yuan in Q1 2026, up 260.14% year-on-year (Source: Wind). High earnings 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/equipment, manufacturing, and packaging/testing. The combined weight of the top ten constituent stocks is 57.15%, with concentrated computing power leaders.

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

A: Under normal circumstances, it strives to keep the absolute value of the daily average tracking deviation below 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 (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, diversifying individual stock risks; Fifth, it starts investing with 100 shares, providing a channel for individual investors who cannot meet the 500,000 RMB account opening threshold of the STAR Market.