SPDB ChiNext Chip Design ETF (589250) starts at 100 units, focusing on leading chip design firms on the STAR Market

On Monday, A-shares rose unilaterally. In terms of market segments, the semiconductor sector surged, with CXMT jumping 12%, pushing its total market cap above RMB 4 trillion.

Overnight, the three major US indices closed slightly lower: the Dow Jones fell 0.51% to 53,459.78 points, the S&P 500 dropped 0.52% to 7,745.06 points, and the Nasdaq Composite declined 0.32% to 26,644.91 points. Conversely, the memory chip and optical communication sectors strengthened, with the Philadelphia Semiconductor Index rising 1.64%. SanDisk surged 8.88%, SK Hynix gained 3.04%, Western Digital rose over 5%, and Micron Technology advanced over 4%. The Nasdaq Golden Dragon China Index rose 0.37%.

The surge in semiconductors across both A-shares and US stocks has created a resonance between domestic and overseas markets—the strong performance of overseas storage leaders typically transmits positive sentiment to the A-share semiconductor sector.

As of 9:45 AM on August 18, the SPDB ChiNext Chip Design ETF (589250) rose 0.30%, with a latest price of RMB 1.34.

Among index constituents, Fudan Microelectronics rose 2.98%, PeakTech rose 2.48%, Raydium rose 1.73%, Puya Semiconductor rose 1.5%, and Joulwatt rose 1.46%. VeriSilicon fell 4.36%, Silan Microelectronics fell 4.09%, ASR Microelectronics-U dropped 2.16%, Amlogic fell 2.02%, and GigaDevice fell 1.87%.

The SSE Sci-Tech Board Chip Design Theme Index (950162) precisely anchors the core segment of chip design within the semiconductor industry chain, providing investors with an efficient tool for one-click allocation of domestic chip core assets.

The SPDB ChiNext Chip Design ETF (589250) closely tracks the SSE Sci-Tech Board Chip Design Theme Index (950162). For individual investors who are bullish on the ChiNext chip design direction but do not meet the RMB 500,000 account opening threshold for the ChiNext board, this ETF offers a low-barrier entry method—starting from just 100 shares.

As of August 14, the annualized return of the SSE Sci-Tech Board Chip Design Theme Index (950162) over the past three years was 40.2%, significantly outperforming the annualized return of the ChiNext 50 at 22.67% (Data source: CSI Index, as of 2026.8.14).

In terms of track purity, digital chip design accounts for 79.31% and analog chip design for 14.86%, totaling 94.17%, making it one of the purest chip design indices in the entire market (Data source: Wind, as of 2026.8.17). Regarding earnings growth, the index's net profit attributable to parents grew by 191.96% YoY in 2025, and by 260.14% YoY in Q1 2026, showing outstanding growth potential (Data source: Wind).

As of 10:53 AM on August 17, the SPDB ChiNext Chip Design ETF (589250) rose 3.68%, with a latest price of RMB 1.32.

Among index constituents, Puya Semiconductor surged 12.65%, Sunpower Microelectronics rose 11.23%, VeriSilicon gained 6.7%, Biwin Storage increased 6.21%, Shengke Communications-U rose 5.62%, while Joulatt fell 3.89%.

The SPDB ChiNext Chip Design ETF (589250) closely tracks the SSE Sci-Tech Board Chip Design Theme Index (950162). The index was published on July 26, 2024, with a base date of December 31, 2019, and a base value of 1,000 points. It selects securities of 50 listed companies involved in chip design within the ChiNext board as index samples.

(The index's annual returns from 2021 to 2025 were 7.73%, -42.51%, 4.75%, 35.54%, and 60.00%, respectively. Past performance does not guarantee future results.)

[Valuation at Historical Low]

The current P/E ratio of the target SSE Sci-Tech Board Chip Design Theme Index (950162) is at the 14.15th percentile since its inception, meaning the valuation is lower than 85.85% of the period since establishment. (As of August 14)

[A Key Feature of the SSE Sci-Tech Board Chip Design Theme Index (950162) is Track Purity]

The SSE Sci-Tech Board Chip Design Theme Index (950162) excludes Main Board and ChiNext stocks, while avoiding semiconductor materials, equipment, manufacturing, and packaging/testing segments. It anchors the most innovative sub-segment of the semiconductor industry chain—chip design. Digital chip design accounts for 79.31% and analog chip design for 14.86%, totaling 94.17% (Data source: Wind, as of 2026.8.17).

Chip design is the process of translating system, logic, and performance design requirements into specific physical layouts. It is a key link in the semiconductor industry chain characterized by high technology intensity and active innovation. More importantly, the integrated circuit field where chip design resides has a broad market space and huge development prospects. According to WSTS data, the global integrated circuit industry (including logic chips, analog chips, memory, etc.) had a market size of approximately $517.5 billion in 2024, accounting for 85% of the global semiconductor market. (Data source: Wind, WSTS, as of 2025.12.31)

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

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

[High Elasticity: Linked to ChiNext, Daily Price Limit of 20%]

In terms of elasticity, the SSE Sci-Tech Board Chip Design Theme Index (950162) is linked to the ChiNext board, containing only chip design companies on ChiNext. Constituents have a daily price limit of ±20%, offering greater elasticity and stronger offensive potential.

During the chip sector recovery cycle in the first half of 2025 and 2026, the ChiNext Chip Index led with a gain of 208.24%, outperforming the CSI Chip Industry Index (185.52%) and the CNI Semiconductor Chip Index (179.67%), thanks to the high elasticity of ChiNext and the 20% price limit. (Data source: Wind, Time Period: 2024.12.31-2026.06.30)

[High Concentration of Leaders: Top Ten Weights Total 63.27%, Memory + AI Chip Dual Tracks Cover Nearly 50%]

Regarding index weight stocks, the top ten weighted stocks of the SSE Sci-Tech Board Chip Design Theme Index (950162) 合计 63.27%. Among them, the memory direction (Montage Technology 9.27% + Biwin Storage 7.39% + Puya Semiconductor 3.26%) totals nearly 20%, and the AI chip direction (Hygon Information 10.99% + Cambricon 9.26% + VeriSilicon 7.76%) totals 28%. These two high-prosperity tracks combined account for nearly 50% (47.93%). For investors bullish on both memory chips and AI chips, this index provides one-click coverage. (Data source: Wind, as of 2026.8.7)

In terms of index weight stocks, the top ten weighted stocks of the SSE Sci-Tech Board Chip Design Theme Index (950162) are as follows:

Hygon Information (688041.SH) weight 10.99%, company's sub-track: AI Chip.

Montage Technology (688008.SH) weight 9.27%, company's sub-track: Memory.

Cambricon (688256.SH) weight 9.26%, company's sub-track: AI Chip.

VeriSilicon (688521.SH) weight 7.76%, company's sub-track: AI Chip.

Biwin Storage (688525.SH) weight 7.39%, company's sub-track: Memory.

Raydium (688002.SH) weight 5.12%, company's sub-track: Analog/Sensor.

Shengke Communications (688702.SH) weight 3.96%, company's sub-track: Network Chip.

Amlogic (688099.SH) weight 3.29%, company's sub-track: SoC.

Puya Semiconductor (688766.SH) weight 3.26%, company's sub-track: Memory.

Joulatt (688141.SH) weight 2.97%, company's sub-track: Analog Chip.

(Data source: Wind, as of 2026.8.7)

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

For investors seeking high elasticity and able to withstand volatility, the long-term cost-performance of this index is worth noting—the cumulative gain since 2023 is 207.14%, compared to the ChiNext Composite Index at 69.56% and ChiNext 50 at 73.27% during the same period. The annualized Sharpe ratio is 1.24, while ChiNext 50 is only 0.74 and ChiNext Composite is 0.73, 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 SSE Sci-Tech Board Chip Design Theme Index (950162) has risen 207.14% since 2023, significantly outperforming ChiNext broad-based indices, with an annualized Sharpe ratio of 1.24, far higher than ChiNext broad-based indices, offering a better risk-return profile.

The comparison of cumulative gains and annualized Sharpe ratios between the SSE Sci-Tech Board Chip Design Theme Index (950162) and the ChiNext Composite, ChiNext 50, ChiNext 100, and ChiNext 200 indices is as follows:

1. Cumulative Gain in Period: The SSE Sci-Tech Board Chip Design Theme Index (950162) had a cumulative gain of 207.14% from January 1, 2023, to June 12, 2026, significantly leading the ChiNext Composite (cumulative gain of 69.56%), ChiNext 50 (cumulative gain of 73.27%), ChiNext 100 (cumulative gain of 60.47%), and ChiNext 200 (cumulative gain of 69.06%).

2. Annualized Sharpe Ratio: The SSE Sci-Tech Board Chip Design Theme Index (950162) had an annualized Sharpe ratio of 1.24 from January 1, 2023, to June 12, 2026, while the ChiNext Composite was 0.73, ChiNext 50 was 0.74, ChiNext 100 was 60.47, and ChiNext 200 was 69.06. The Sharpe ratio of the SSE Sci-Tech Board Chip Design Theme Index (950162) is significantly superior to the ChiNext Composite, ChiNext 50, ChiNext 100, and ChiNext 200 indices, showing a significant advantage in risk-adjusted returns.

(Data source: Wind, Statistical Period: 2023.1.1-2026.6.12, SSE Sci-Tech Board Chip Design Theme Index publication date is 2024-07-26, base date is 2019-12-31, index annual returns from 2021 to 2025 were 7.73%, -42.51%, 4.75%, 35.54%, 60.00%, respectively, and the gain since publication is 241.27%. Past performance does not guarantee future results.)

[Fund Product Information]

- Fund Short Name: SPDB ChiNext Chip Design ETF

- Trading Code: 589250

- Fund Manager (Sell-side Financial Engineering Research Background + SSE Official Award): Song Shi Yi, Master of Finance from Renmin University of China, with 13 years of securities industry experience. From July 2013 to September 2023, she worked at the Financial Engineering Department of Shanghai Shenwan Hongyuan Securities Research Institute, serving successively as Assistant Analyst, Analyst, Senior Analyst, and Senior High-Level Analyst. She was awarded the Top Ten ETF Industry Analyst by the SSE in 2020. She joined SPDB Prudential Fund in October 2023 and currently serves as Fund Manager in the Index and Quantitative Investment Department. - Fund management fee 0.50% per year, custody fee 0.10% per year. (Data source: Fund Regular Report, Wind, as of 2025.12.31)

- Tracking Strategy and Quality: The SPDB ChiNext Chip Design ETF (589250) uses the full replication method to track the SSE Sci-Tech Board Chip Design Theme Index (950162), combining the liquidity and transparency advantages of ETF products. It strives to keep the absolute value of the average daily tracking deviation no more than 0.2% and the annual tracking error no more than 2%. Since listing for one month, the daily tracking deviation has been controlled within ±0.03%. (Source: Fund Contract, Hu'an Securities Research Report)

[Fund Company Profile]
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 enhancement products comprehensively layout Beijing, Shanghai, Shenzhen, and large, mid, small, and micro-cap styles. The total asset management scale exceeds RMB 450 billion, providing 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 RMB 450 billion. Its businesses develop diversely, covering asset management businesses in equity, fixed income, quantitative, alternative, and other fields, 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 RMB 357.506 billion.

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), ChiNext 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, ChiNext 100 Index Enhanced, ChiNext 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 exchanges in Beijing, Shanghai, and Shenzhen, and all major boards, as well as comprehensive coverage of large, mid, small, and micro-cap styles.

4. Index and Quantitative Investment Team

Chen Tianshu, the company's Chief Index Quantitative Officer, has over twenty years of financial industry experience and rich index quantitative investment management experience; Department Director Sun Chenjin has over ten years of quantitative investment research experience, focusing on solutions in index enhancement, quantitative hedging, asset allocation, and other quantitative fields.

Empowered by AI technology, the SPDB Prudential Index Quantitative Team develops investment strategies adapted to different market environments through in-depth market research and data analysis, including asset allocation, timing, industry rotation, quantitative stock selection, event-driven, etc. Under the same strategy framework, they adhere to a multi-model development approach. For example, in the industry rotation strategy, there are both cross-sectional industry rotation models and time-series industry timing models. In the field of quantitative stock selection, not only do they focus on traditional multi-factor models but also possess a large factor library with hundreds of factors, updated and evaluated in real-time. These factors have been widely studied and proven to explain the long-term trends and abnormal performance of stock returns.

[Q&A]

Q1: Who is the SPDB ChiNext Chip Design ETF suitable for?

A: 1. Individual investors who want to invest in the ChiNext board but do not meet the conditions: The participation threshold for individual investors in the ChiNext board is relatively high, requiring investors to have an average daily asset of no less than RMB 500,000 over 20 trading days (excluding margin financing and securities lending), and investment experience of no less than 24 months. The minimum investment threshold for the ChiNext Chip Design ETF starts from just 100 shares, allowing for lower-barrier investment participation with convenient trading.

2. Investors who want to allocate the domestic computing power industry chain with one click: The target index of the ChiNext Chip Design ETF comprehensively covers leading companies in the domestic computing power chain, providing investors with a convenient channel for one-click allocation in this field. This ETF invests in a basket of constituent stocks, helping to diversify risks; meanwhile, investors do not need to screen individual stocks, reducing reliance on professional industry knowledge.

3. Investors looking for high-risk, high-reward elastic varieties: The ChiNext Chip Design Index focuses on the ChiNext board, with intraday price fluctuations reaching ±20%, resulting in larger volatility and higher elasticity. It is suitable for investors to conduct swing trading, but requires investors to be able to withstand higher net value fluctuations.

Q2: With a ChiNext threshold of RMB 500,000, what low-barrier ways are there for retail investors to invest in ChiNext chips?
A: The participation threshold for individual investors in the ChiNext board is relatively high, requiring investors to have an average daily asset of no less than RMB 500,000 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 SPDB ChiNext Chip Design ETF (589250) starts from just 100 shares, allowing for lower-barrier investment participation with convenient trading.

Q3: Compared to the ChiNext 50 ETF, how is the long-term return of the index tracked by this ETF?
A: The SSE Sci-Tech Board Chip Design Theme Index (950162) has risen 207.14% since 2023, while the ChiNext 50 rose 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 ChiNext 50 covers all industries on the ChiNext board, with limited chip exposure; whereas the SSE Sci-Tech Board Chip Design Theme Index focuses on chip design companies on the ChiNext board, offering higher track purity.

Q4: What is the difference between chip design indices and semiconductor equipment indices?
A: The SSE Sci-Tech Board Chip Design Theme Index (950162) excludes semiconductor materials, equipment, manufacturing, and packaging/testing segments, anchoring only on the most innovative sub-segment of the semiconductor industry chain—chip design. Digital chip design accounts for 79.6% and analog chip design for 15.4%, totaling 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.

Q5: Memory chips have risen so much, will this index still benefit?
A: In the top ten weights of the SSE Sci-Tech Board Chip Design Theme Index (950162), the memory direction (Montage Technology 9.27% + Biwin Storage 7.39% + Puya Semiconductor 3.26%) totals nearly 20% (Data source: Wind, as of 2026.8.7). The global memory chip super cycle is still ongoing, and South Korea's RMB 4.755 trillion expansion plan points to doubling DRAM capacity in five years. The memory direction remains an important weight component of this index.

Q6: Does this index have earnings support?
A: The index's net profit attributable to parents was RMB 13.109 billion in 2025, up 191.96% YoY; and RMB 6.425 billion in Q1 2026, up 260.14% YoY (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 product's target index layouts the ChiNext board 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 standards are used to control the tracking error of this fund?

A: The SPDB ChiNext Chip Design ETF (589250) uses the full replication method to track the SSE Sci-Tech Board Chip Design Theme Index (950162), combining the liquidity and transparency advantages of ETF products. It strives to keep the absolute value of the average daily tracking deviation no more than 0.2% and the annual tracking error no more than 2%. Since listing for one month, the daily tracking deviation has been controlled within ±0.03%. (Source: Fund Contract, Hu'an Securities Research Report)

Q8: What are the advantages of investing in this fund?
A: First, it precisely focuses on the core track of ChiNext chip design, with digital and analog chips accounting for a combined 94.17% (Data source: Wind, as of 2026.8.17, industry classification is Shenwan Level III); 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 allocation of chip design leaders through ETF form, diversifying individual stock risks; Fifth, starting from 100 shares, it provides a participation channel for individual investors who cannot meet the RMB 500,000 account opening threshold for the ChiNext board.

Q9: What are the fees?

The SPDB ChiNext Chip Design ETF (589250) has a fund management fee of 0.50% per year, a custody fee of 0.10% per year, and a comprehensive fee rate of 0.6%. The management costs are transparent and controllable, suitable for cost-sensitive investors who hold for the long term or engage in swing trading.