Institutions: A recovery rally is expected to begin; the SPDB STAR Chip Design ETF (589250) allows investment starting from 100 units to position in leading chip design companies on the STAR Market.

July A-share market closes with major indices falling collectively; the STAR Market indices both dropped over 20%, showing a volatile adjustment pattern. Looking ahead to the future market, synthesizing views from multiple brokerage institutions, A-shares are expected to lead the way out of the gloom in August, kicking off an autumn rally. CICC believes that recent positive domestic and international factors affecting A-shares are also gradually accumulating.

China Securities noted that the phase of indiscriminate panic selling is likely over, and a restorative rally is expected to begin. Looking at August, four signals point to easing capital pressure: Korea's most intense deleveraging phase has passed, storage prices have stabilized first; A-share trading congestion has eased; major event windows have passed, reducing uncertainty; the market is repricing for good earnings. The pricing logic is shifting back to fundamentals, potentially initiating a restorative rally.

The Shanghai Stock Exchange 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 assets in domestic chips.

SPDB Prime STAR Market Chip Design ETF (589250) closely tracks the Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162), offering 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 a low-threshold participation method through SPDB Prime STAR Market Chip Design ETF (589250)—starting with just 100 shares.

As of July 24, the annualized return of the Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162) 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 indexhas digital chip design accounting for 80.8% and analog chip design accounting for 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 the first quarter of 2026, highlighting outstanding growth potential (Data source: Wind).

As of the close on July 31, SPDB Prime STAR Market Chip Design ETF (589250) rose 5.54%, closing at 1.18 yuan, with a turnover of 25.9752 million yuan and a turnover rate of 22.38%.

SPDB Prime STAR Market Chip Design ETF (589250) closely tracks the Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162). Among the index's weighted stocks, Jiehuate rose 15.88%, VeriSilicon rose 13.39%, Sangfor Technologies-U rose 12.6%, Xinpeng Micro rose 11.99%, Espressif Systems rose 11.78%, while SmartSens-W fell 0.03%.

SPDB Prime STAR Market Chip Design ETF (589250) had a total net inflow of 31.6848 million yuan over the past month.

SPDB Prime STAR Market Chip Design ETF (589250) closely tracks the Shanghai Stock Exchange 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 baseline. It selects securities of 50 listed companies involved in the chip design field within the STAR Market as index samples.

(Index 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 feature of this index is its pure track]

The Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162) excludes Main Board and ChiNext stocks, while avoiding semiconductor materials/equipment, manufacturing, and packaging/testing segments, anchoring on chip design—the 细分 direction with the most innovation vitality in the semiconductor industry chain,with digital chip design accounting for 80.8% and analog chip design accounting for 14.67%, totaling over 95% (Data source: Wind, as of 2026.7.24).

[Explosive Earnings Growth: Q1 2026 Net Profit Attributable to Parents Surged 260.14% YoY]

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

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

Regarding index weighted stocks, the top ten weighted stocks of the Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162) totalover 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%. These two high-prosperity tracks account for nearly 50% combined (49.61%).For investors 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 Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162) are respectively:

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

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

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

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

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

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

Sangfor Technologies (688702.SH) weight 3.89%, company's sub-track: Network Chips.

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

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

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

(Data source: Wind, as of 2026.7.24)

[Long-term Index Performance: Up 207% Since 2023, Sharpe Ratio 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 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 (Data source: Wind, statistical period 2023.1.1-2026.6.12).

The Shanghai Stock Exchange 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 Shanghai Stock Exchange 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 Period: The cumulative gain of the Shanghai Stock Exchange 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 Shanghai Stock Exchange 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 Shanghai Stock Exchange 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, publication date of the Shanghai Stock Exchange 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 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 industry experience, 2 years of fund management tenure

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

(Data 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 develop diversely, covering asset management businesses in multiple fields such as equities, fixed income, quantitative, and alternatives, 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 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 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 all 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 low-threshold ways are there 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 average daily assets 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 SPDB Prime STAR Market Chip Design ETF (589250) is only 100 shares, allowing for lower-threshold investment participation with convenient trading.

Q2: Compared to STAR 50 ETF, how is the long-term return of the index tracked by this ETF?
A: The Shanghai Stock Exchange 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 STAR 50 covers all industries in the STAR Market, with limited chip exposure; whereas the Shanghai Stock Exchange 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 Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162) excludes semiconductor materials/equipment, manufacturing, and packaging/testing segments, only anchoring on chip design—the 细分 direction with the most innovation vitality 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 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 Shanghai Stock Exchange 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 component 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, up 191.96% year-on-year; in the first quarter of 2026, net profit attributable to parents was 6.425 billion yuan, up 260.14% year-on-year (Data 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 layouts the chip design segment of the STAR Market, excluding semiconductor materials/equipment, manufacturing, and packaging/testing. The combined weight of the top ten constituent stocks is 57.15%, concentrating 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% combined (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 brought multiple positive catalysts, and industry prosperity continues to rise; Fourth, it allows one-click layout of chip design leaders through ETF form, dispersing individual stock risks; Fifth, it starts with 100 shares, providing a participation channel for individual investors who cannot meet the 500,000 RMB account opening threshold for the STAR Market.