NVIDIA and Qualcomm both raise prices; the Sci-Tech Chip Design ETF Pushday (589250) focuses on the STAR Market chip design sector.

On July 27, NVIDIA published a post on its official blog today. As engineering teams work on developing increasingly complex CPUs, GPUs, and artificial intelligence systems, the complexity of modern chip design is also continuously increasing.

NVIDIA has once again issued a price increase notice for GPU kits (GPU + memory chips) to downstream graphics card manufacturers. The core reason remains the continuous rise in storage prices. This price increase involves both GDDR7 and the previous generation GDDR6 memory.

U.S. chip manufacturer Qualcomm sent a written notice to customers, announcing a double-digit percentage price increase on relevant shipped products starting from September 1.

For individual investors who are bullish on the STAR Market chip design sector but do not meet the 500,000 RMB account opening threshold, the SPDB Prime STAR Market Chip Design ETF (589250) offers a low-threshold way to participate—with an initial investment of just 100 shares.

The SPDB Prime STAR Market 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 outperforming the STAR 50's annualized return of 23.42% during the same period (Data source: CSI Index, as of 2026.7.24).

In terms of track purity, the indexaccounts for 80.8% in digital chip design and 14.67% in analog chip design, totaling over 95%, making it one of the indices with the highest purity in chip design across 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 the first quarter of 2026, showing outstanding growth potential (Data source: Wind).

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

The SPDB Prime STAR Market Chip Design ETF (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162). Among the index's weighted stocks, Sigmachip-U rose 8.15%, Southchip rose 7.01%, Amlogic rose 6.45%, Newmine rose 6.21%, Montage Technology rose 3.62%, Biwin Storage fell 5.6%, Fengtu Technology fell 5.16%, Puya Semiconductor 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.

[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 top four North American cloud providers' combined capital expenditure in 2025 exceeded $315 billion. Alibaba plans to invest 380 billion yuan over the next three years in cloud computing and AI infrastructure, exceeding the total of the past decade. Tencent's 2025 capital expenditure plan is 100 billion yuan, with Q4 2024 expenditure reaching 34.9 billion yuan, a year-on-year surge of 421%. The sustained high growth in AI computing power demand directly drives upstream semiconductor hardware demand, injecting new 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 most technology-intensive and innovative core link in the semiconductor industry chain, will benefit first from the wave of localization.

[High Concentration of Leaders: Top Ten Weights TotalOver 64%, Covering Both Storage + AI Chip TracksOver 50%]

Regarding index weighted stocks, the top ten weighted stocks of the SSE STAR Market Chip Design Theme Index (950162) totalover 64%, with the storage direction (Montage Technology 10.17% + Biwin Storage 7.22% + Puya Semiconductor 3.27%) totaling 20.66%, and the AI chip direction (Hygon Information 11.82% + Cambricon 9.57% + VeriSilicon 7.56%) totaling 28.95%. The two high-growth tracks account for nearly 50% of the 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 Microelectronics (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 Semiconductor (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 seeking high elasticity and able to withstand volatility, the long-term cost-effectiveness of this index is worth noting—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, compared to only 0.74 for the STAR 50 and 0.73 for the STAR Composite Index, meaning that under equal 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 gained 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, 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 index's annual 涨跌幅 for 2021-2025 were (%): 7.73, -42.51, 4.75, 35.54, 60.00, and the gain since the index's release is 241.27%. Historical performance of the index does not predict future performance.)

[Fund Product Information]

- Fund Short Name: SPDB Prime STAR Market Chip Design ETF

- 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 Introduction]
SPDB Prudential Fund has built a "Core-Satellite" index product matrix, with on-exchange ETFs covering hard tech 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 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 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 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. 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 Market 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 Market 100 Index Enhanced, STAR Market Composite Enhanced, and other broad-based index enhanced products, as well as the SPDB Prudential 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 major sectors, 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 Market 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 those who do not meet this threshold, the minimum investment threshold for the STAR Market 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 (Data source: Wind, as of 2026.6.12). The core difference lies in the fact that the STAR 50 covers all industries in 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, focusing only on the chip design segment, which is the most innovative and vibrant 细分 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 the chip design segment, 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 Semiconductor 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 component of this index.

Q5: Does this index have earnings support?
A: The index's net profit attributable to parents in 2025 was 13.109 billion yuan, a year-on-year increase of 191.96%; in the first quarter of 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 STAR Market chip design segment, excluding semiconductor materials, equipment, manufacturing, and packaging/testing. The top ten constituent stock weights total 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 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 STAR Market chip design, with digital chips and analog chips accounting for about 95% (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 move upward; Fourth, it allows for one-click layout of chip design leaders through ETF form, dispersing individual stock risks; Fifth, it starts with 100 shares, providing a channel for individual investors who cannot meet the 500,000 RMB account opening threshold of the STAR Market.