Counter-trend capital is buying the dip via ETFs; the Sci-Tech Chip Design ETF Pushin (589250) focuses on the STAR Market chip design sector.

Amid cooling market sentiment, counter-cyclical capital has been "buying more as prices fall" through ETFs. Throughout July, stock-type ETFs saw a net inflow of over 477.8 billion yuan in total. Among them, broad-based index ETFs such as those tracking the STAR Market and ChiNext, as well as semiconductor equipment and chip-themed ETFs, attracted significant capital.

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

The SPDB Puyin STAR Chip Design ETF (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162). This index precisely anchors chip design, a core segment of the semiconductor industry chain, providing investors with an efficient tool for one-click exposure to core domestic chip assets.

As of July 24, the index's annualized return over the past three years was 37.45%, significantly outperforming the annualized return of 23.42% for the STAR 50 during the same period (Source: CSI Index, as of 2026.7.24).

In terms of track purity, the index's , 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 attributable net profit to parent company 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 (Source: Wind).

As of the close on August 3, the SPDB Puyin STAR Chip Design ETF (589250) fell 5.33%, closing at 1.12 yuan, with a turnover rate of 9.07%.

The SPDB Puyin STAR Chip Design ETF (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162). Among the index's weighted stocks, Fengtou Technology rose 2.36%, Loongson Technology rose 1.19%, Espressif Systems rose 0.97%, and Guoxin Technology rose 0.25%, while Puran Microelectronics fell 11.83%, GigaDevice fell 8.55%, Biwin Storage fell 8.49%, Montage Technology fell 7.3%, and Joulwatt fell 7.23%.

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

The explosion in AI computing power demand directly drives upstream semiconductor hardware demand—the top four North American cloud vendors had a combined capital expenditure exceeding $315 billion in 2025. Alibaba plans to invest 380 billion yuan over the next three years in cloud computing and AI infrastructure, surpassing the total of the previous 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 a new round of structural growth opportunities into the chip design industry.

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

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

Regarding the index's weighted stocks, the top ten weighted stocks of the SSE STAR Market Chip Design Theme Index (950162) account for For investors who are bullish on both storage chips and AI chips, this index can cover both with one click. (Source: Wind, as of 2026.7.24)

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

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

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

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

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

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

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

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

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

Puran Microelectronics (688766.SH) weight 3.27%, the company's sub-sector is: Storage.

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

(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%, compared to 69.56% for the STAR Composite Index and 73.27% for the STAR 50 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 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 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 profile.

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 Gain Over Period: The SSE STAR Market Chip Design Theme Index (950162) had a cumulative gain of 207.14% from January 1, 2023, to June 12, 2026, 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, showing a significant advantage in risk-adjusted returns.

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

[Fund Product Information]

- Fund Short Name: SPDB Puyin 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 industry 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. On-exchange ETFs cover hard tech and mainstream broad-based indices, while off-exchange index-enhanced products comprehensively cover Beijing, Shanghai, Shenzhen, and large, mid, small, and micro-cap styles. With a total asset management scale of over 450 billion yuan, it provides investors with a one-stop multi-asset allocation tool.
1. Shareholder Background

SPDB Prudential Fund is among 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 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 strategies, 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 managed fund scale 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 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, and major sectors, while also achieving full coverage of large, mid, small, and micro-cap styles.

[Q&A]

Q1: The STAR Market threshold is 500,000 yuan. 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, requiring average daily assets of no less than 500,000 yuan 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 gained 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 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, offering 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 segments, anchoring only on chip design, the most innovative sub-segment of the semiconductor industry chain—digital chip design 79.6% + analog chip design 15.4% = 95% (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 Q5: Does this index have earnings support?
A: The index's attributable net profit in 2025 was 13.109 billion yuan, a year-on-year increase of 191.96%; in the first quarter of 2026, the attributable net profit was 6.425 billion yuan, a year-on-year increase of 260.14% (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 layout targets 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 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 not exceeding 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 and analog chips accounting for about 95% in total (Source: Wind, as of 2026.7.24, industry classification: 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 allows one-click layout of chip design leaders through ETF format, dispersing individual stock risks; Fifth, it starts with 100 shares, providing a channel for individual investors who cannot meet the 500,000 yuan account opening threshold for the STAR Market.