FPGA delivery cycles have extended significantly to 52 weeks; the Sci-Tech Chip Design ETF SPDB (589250) focuses on chip design in the STAR Market.

According to the Securities Times, global leading companies such as Xilinx (now under AMD) and Lattice have successively raised prices on their main products by 10%-20% or more, significantly extending supply cycles for domestic markets. Among them, the delivery cycle for imported FPGA chips has generally risen to about 52 weeks, whereas the previous regular lead time was only 8 to 12 weeks. FPGAs can achieve different circuit functions through hardware programming on-site, earning them the title of "universal chips".

On July 16 this year, Fudan Microelectronics launched new products targeting three major directions: edge-side AI, communication-side, and application-side, while also introducing an Agent intelligent FPGA development platform. On July 1, Tsinghua Unigroup Tongchuang debuted the Titan-3 series billion-gate high-end FPGAs, filling gaps in China's supply of high-computing-power, high-bandwidth, and high-reliability programmable chips, which can be widely used in communications, data centers, cybersecurity, image and video processing, and other fields.

The Sci-Tech Innovation Chip Design ETF Pu Yin (589250) closely tracks the SSE Science and Technology Innovation Board Chip Design Theme Index (950162),as of July 24, the index's annualized return 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, the indexaccounts for 80.8% digital chip design and 14.67% analog chip design, totaling over 95%2026.7.24

As of the close on July 29, the Sci-Tech Innovation Chip Design ETF Pu Yin (589250) rose by 0.42%, closing at 1.2 yuan, with a trading volume of 10.4612 million yuan and a turnover rate of 9.83%.

The Sci-Tech Innovation Chip Design ETF Pu Yin (589250) closely tracks the SSE Science and Technology Innovation Board Chip Design Theme Index (950162). Among the index's weighted stocks, Puran Shares rose 9.2%, SmartSens-W rose 3.81%, XinDong Lianke rose 3.48%, Novosense rose 3.34%, GigaDevice rose 2.85%, VeriSilicon fell 6.52%, Hygon Information fell 4.79%, Shengke Communications-U fell 2.65%, Canxin Shares fell 1.78%, and Espressif Systems fell 1.63%.

As of July 28, the Sci-Tech Innovation Chip Design ETF Pu Yin (589250) had a total net inflow of 10.6549 million yuan over the past week and 27.1199 million yuan over the past month, with an average daily trading volume of 18.9343 million yuan over the past month.

The SSE Science and Technology Innovation Board 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 core domestic 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 capital expenditure of North America's top four cloud providers exceeded $315 billion in 2025, Alibaba plans to invest 380 billion yuan in cloud computing and AI infrastructure over the next three years, exceeding the sum of the past ten years; Tencent's 2025 capital expenditure plan is 100 billion yuan, of which 34.9 billion yuan was spent in Q4 2024, a year-on-year increase 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 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 from the localization wave first.

[High Concentration of Leaders: Top Ten Weights TotalOver 64%Over 50%]

Regarding index weighted stocks, the top ten weighted stocks of the SSE Science and Technology Innovation Board Chip Design Theme Index (950162) account forover 64% in total, with the storage direction (Montage Technology 10.17% + Biwin Storage 7.22% + Puran Shares 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-prosperity tracks account for nearly 50% in 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 Science and Technology Innovation Board Chip Design Theme Index (950162) are respectively:

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

Shengke Communications (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.

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

Joulwatt (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 Board Broad-Based Indices]

For investors seeking high elasticity and able to withstand volatility, the long-term cost-effectiveness of this index is worth noting—the cumulative gain since 2023 is 207.14%, while the STAR Composite Index was 69.56% and the STAR 50 was 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 the same volatility, the excess return of this index is significantly higher (Data source: Wind, statistical period 2023.1.1-2026.6.12).

The SSE Science and Technology Innovation Board Chip Design Theme Index (950162) has gained 207.14% since 2023, significantly outperforming STAR board broad-based indices, and its annualized Sharpe ratio is 1.24, far higher than that of STAR board broad-based indices, offering a better risk-return ratio.

The comparison of cumulative gains and annualized Sharpe ratios between the SSE Science and Technology Innovation Board 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 Science and Technology Innovation Board 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% during the same period), STAR 100 (gain of 60.47% during the same period), and STAR 200 (gain of 69.06% during the same period).

2. Annualized Sharpe ratio: The annualized Sharpe ratio of the SSE Science and Technology Innovation Board 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 Science and Technology Innovation Board 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 Science and Technology Innovation Board Chip Design Theme Index is 2024-07-26, the base date is 2019-12-31, the annual price changes of the index from 2021 to 2025 were (%): 7.73, -42.51, 4.75, 35.54, 60.00, and the gain since the index release is 241.27%. Historical performance of the index does not predict future performance.)

[Fund Product Information]

- Fund Abbreviation: Sci-Tech Innovation Chip Design ETF Pu Yin

- 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 APAX Funds 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, with a total asset management scale exceeding 450 billion yuan, providing investors with a one-stop multi-asset allocation tool.
1. Shareholder Background

SPDB APAX Funds 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, leveraging Chinese and foreign resource advantages to assist in multi-asset management.

2. Asset Management Scale

As of December 31, 2025, the total asset management scale of SPDB APAX Funds (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 APAX Funds 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 APAX Funds' on-exchange and off-exchange products form a "Core-Satellite" strategy combination. On-exchange layouts include A500 ETF Pu Yin (159376.SZ), ChiNext ETF Pu Yin (159810.SZ), Photovoltaic ETF Pu Yin (159609.SZ), Sci-Tech Innovation Chip Design ETF Pu Yin (589250.SH), Securities ETF Pu Yin (516730.SH), Gaming & Media ETF Pu Yin (517770.SH), Grain ETF Pu Yin (159060.SZ), etc.; Off-exchange launches include CSI 300 Index Enhancement, CSI A50 Index Enhancement, CSI A500 Index Enhancement, STAR 100 Index Enhancement, STAR Composite Enhancement, and other broad-based index enhancement products, as well as the SPDB APAX 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 threshold for the STAR Board is 500,000 yuan. What low-threshold ways are there for retail investors to invest in STAR chips?
A: The participation threshold for individual investors in the STAR Board is relatively high, requiring investors to have an average daily asset 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 Sci-Tech Innovation Chip Design ETF Pu Yin (589250) starts from just 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 Science and Technology Innovation Board 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 on the STAR Board, with limited chip exposure; whereas the SSE Science and Technology Innovation Board Chip Design Theme Index focuses on chip design companies on the STAR Board, with higher track purity.

Q3: What is the difference between chip design indices and semiconductor equipment indices?
A: The SSE Science and Technology Innovation Board Chip Design Theme Index (950162) excludes semiconductor materials, equipment, manufacturing, and packaging/testing links, anchoring 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 Science and Technology Innovation Board Chip Design Theme Index (950162),the storage direction (Montage Technology 10.17% + Biwin Storage 7.22% + Puran 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, 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 layouts the chip design segment of the STAR Board, excluding semiconductor materials, equipment, manufacturing, and packaging/testing, with the top ten constituent stock weights totaling 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 less than 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 on the STAR Board, with digital chips and analog chips accounting for about 95% in total (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 rise; Fourth, it allows for one-click layout of chip design leaders through the ETF format, dispersing individual stock risks; Fifth, it starts investing with 100 shares, providing a channel for individual investors who cannot meet the 500,000 yuan opening threshold for the STAR Board.