On May 25, major stock indices opened slightly higher, with the chip sector showing mixed performance, leading in gains. As of 9:46, the AXA SPDB SSE STAR Chip Design Thematic ETF (589250) rose by 2.73%; among the sample stocks, DiAoWei and Dongxin Co., Ltd. surged over 17%, Chipbond Technology rose over 13%, and Cambricon increased over 11% to reach a new high, while JiewaTe, Naxinwei, and Guoxin Technology also saw significant gains.

Wind data shows that as of the previous trading day, the AXA SPDB SSE STAR Chip Design Thematic ETF (589250) tracked the Shanghai Stock Exchange STAR Market Chip Design Theme Index, which has risen by 121.99% over the past year.

Recently, relevant individuals stated that promoting the extensive and deep integration of artificial intelligence with various industries and fields of the economy and society, and guiding domestic large models to increase efforts in adapting to domestic computing power chips, while ensuring rapid development, self-control, benevolent development, and stability for the long term.

Currently, top domestic models such as DeepSeek V4 have taken the lead in completing Day 0 adaptation for mainstream domestic chips like Huawei Ascend and Cambricon. This "domestic model + domestic computing power" closed loop not only effectively breaks the single dependency but also significantly reduces inference costs through chip-model collaborative optimization, laying a solid foundation for the localization of computing power for AI applications across various industries.

Open Source Securities pointed out that guiding domestic large models to increase efforts in adapting to domestic computing power chips elevates the collaboration between "domestic large models" and "domestic computing power chips" to a clear policy guidance level. Domestic CSPs such as Alibaba and Tencent have stated that they will increase capital expenditures, with strong downstream demand. Moreover, as the supply of domestic chips gradually increases, the supply situation of computing power can be improved, bringing new opportunities for domestic computing power.

The AXA SPDB SSE STAR Chip Design Thematic ETF (589250) closely tracks the Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162), focusing on 50 listed companies in chip design on the STAR Market, with nearly 80% of the weight in digital chip design. It avoids semiconductor materials, equipment, manufacturing, and packaging testing links, and compared to the semiconductor materials index, it has a lower valuation, aligning more closely with industry development trends.

In terms of elasticity, the Shanghai Stock Exchange STAR Market Chip Design Theme Index only includes chip design companies on the STAR Market, with a daily price fluctuation limit of ±20% for constituent stocks, offering greater elasticity and stronger aggressiveness.

In terms of growth, the AXA SPDB SSE STAR Chip Design Thematic ETF (589250) tracks the Shanghai Stock Exchange STAR Market Chip Design Theme Index, which is expected to accumulate a rise of 141.86% from January 5, 2024, to March 30, 2026, making it the top-performing chip industry theme index, surpassing STAR Chip (133.60%), CSI All Share Semiconductor (97.77%), and semiconductor materials and equipment (98.39%).

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The AXA SPDB SSE STAR Chip Design Thematic ETF (589250) includes core leading companies in the chip industry, with strong hard technology attributes, allowing for one-click configuration of the domestic chip industry chain