STAR Market Chip Design ETF SPDB (589250) Start investing with 100 units to position in the leading chip design companies on the STAR Market

Listed companies and industrial capital are making real-money silver investments, sending positive signals to the market.

On the evening of July 29, multiple A-share listed companies disclosed share repurchase plans and important shareholder increase-in-holdings announcements. Among them, the leading memory chip company, GigaDeviceMontage Technology announced that on July 29, it first repurchased 500,000 A-share shares through centralized bidding transactions, accounting for 0.04% of the total share capital, with a repurchase amount of approximately 103 million yuan, at a price range of 192.18 yuan/share to 210.00 yuan/share.

For individual investors who are bullish on the STAR Market chip design sector but do not meet the 500,000 yuan account opening threshold, the SPDB Prime STAR Market Chip Design ETF (589250) provides a low-threshold way to participate - starting from just 100 units.

The SPDB Prime STAR Market Chip Design ETF (589250) closely tracks the SSE STAR Market 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 index has a digital chip design proportion of 80.8% and an analog chip design proportion of 14.67%, totaling over 95%2026.7.24

As of the close on July 29, the SPDB Prime STAR Market Chip Design ETF (589250) rose 0.42%, closing at 1.2 yuan, with a turnover of 10.4612 million yuan and a turnover rate of 9.83%.

The SPDB Prime STAR Market Chip Design ETF (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162). Among the index's weighted stocks, Puran Microelectronics rose 9.2%, SmartSens-W rose 3.81%, Xindong Lianke rose 3.48%, Novosense rose 3.34%, Gecao Micro 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 SPDB Prime STAR Market Chip Design ETF (589250) had a net inflow of 10.6549 million yuan over the past week and a net inflow of 27.1199 million yuan over the past month, with an average daily turnover of 18.9343 million yuan over the past month.

The SSE STAR Market 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 domestic core chip assets.

The SPDB Prime STAR Market Chip Design ETF (589250) closely tracks the SSE STAR Market Chip Design Theme Index (950162). The index was released on 2024-07-26, with a base date of 2019-12-31, and 1000 points as the baseline. It selects 50 listed companies within the STAR Market whose business involves the chip design field as index samples.

(The index's annual price changes from 2021 to 2025 were (%): 7.73, -42.51, 4.75, 35.54, 60.00. Historical performance of the index does not predict future performance.)

[One of the major features of this index is its pure track]

The SSE STAR Market Chip Design Theme Index (950162) excludes main board and ChiNext stocks, while avoiding semiconductor materials, equipment, manufacturing, and packaging/testing links, anchoring on the chip design segment, which is the most innovative direction in the semiconductor industry chain, with a digital chip design proportion of 80.8% and an analog chip design proportion of 14.67%, totaling over 95% (Data source: Wind, as of 2026.7.24).

[Explosive Performance Growth: Net Profit Attributable to Parents Increased by 260.14% Year-on-Year in 2026Q1]

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

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

Regarding index weighted stocks, the top ten weighted stocks of the SSE STAR Market Chip Design Theme Index (950162) total over 64%, among which the memory direction (Montage Technology 10.17% + Biwin Storage 7.22% + Puran Microelectronics 3.27%) totals 20.66%, and the AI chip direction (Hygon Information 11.82% + Cambricon 9.57% + VeriSilicon 7.56%) totals 28.95%. The two high-growth tracks account for nearly 50% in total (49.61%). For investors who are bullish on both memory 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 STAR Market 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: Memory.

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: Memory.

Raydium Microelectronics (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 Microelectronics (688766.SH) weight 3.27%, the company's sub-track is: Memory.

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 Market Broad-Based Indices]

For investors pursuing 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 is 69.56% and STAR 50 is 73.27%; the annualized Sharpe ratio is 1.24, while STAR 50 is only 0.74 and STAR Composite is 0.73, 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 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, with a better risk-return ratio.

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 gains in the interval: The cumulative gain of the SSE 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% 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 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, 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 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, with significant advantages in risk-adjusted returns.

(Data source: Wind, statistical period: 2023.1.1-2026.6.12, release date of SSE 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 index release: 241.27%. Historical performance of the index does not predict future performance)

[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 practice, 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 Profile]
SPDB Prime Asset Management 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 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 Prime Asset Management 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. The advantages of Chinese and foreign resources help multi-asset management.

2. Asset Management Scale

As of December 31, 2025, the total asset management scale of SPDB Prime Asset Management (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, able to provide investors with one-stop high-quality products and services. SPDB Prime Asset Management 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 Prime Asset Management'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 Prime 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 yuan. 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. Investors need 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 STAR Market Chip Design ETF SPDB (589250) is only 100 units, 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 risen 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 proportion; while the SSE 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 SSE STAR Market Chip Design Theme Index (950162) excludes semiconductor materials, equipment, manufacturing, and packaging/testing links, only anchoring on the chip design segment, which is the most innovative 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 choices with the highest purity among similar ones.

Q4: Memory 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 memory direction (Montage Technology 10.17% + Biwin Storage 7.22% + Puran Microelectronics 3.27%) totals 20.66% (Data source: Wind, as of 2026.7.24). The global memory chip super cycle is still ongoing. South Korea's 4,755 trillion won expansion plan points to doubling DRAM capacity in five years. The memory direction remains an important weight composition of this index.

Q5: Does this index have performance support?
A: The index's net profit attributable to parents was 13.109 billion yuan in 2025, an increase of 191.96% year-on-year; the net profit attributable to parents in the first quarter of 2026 was 6.425 billion yuan, an increase of 260.14% year-on-year (Data source: Wind). High performance 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 is laid out in the STAR Market chip design segment, excluding semiconductor materials, equipment, manufacturing, and packaging/testing. The total weight of the top ten component stocks is 57.15%, with concentrated computing power leaders.

Q7: What standard is the tracking error of this fund controlled at?

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 STAR Market chip design, 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 ushered in multiple positive catalysts, and industry prosperity continues to rise; Fourth, it lays out chip design leaders with one click through the ETF format, dispersing individual stock risks; Fifth, it starts investing with 100 units, providing a channel for individual investors who cannot meet the 500,000 yuan account opening threshold of the STAR Market.