The Philadelphia Semiconductor Index staged a major reversal, with the Sci-Tech Chip Design ETF SPDB (589250) focusing on chip design in the STAR Market.

The Philadelphia Semiconductor Index initially closed down 2% at the open, but finished the day up 0.33%. The memory chip sector experienced a collective plunge early in the session, followed by a surge of bottom-fishing capital that drove prices straight up, with many stocks turning green or significantly narrowing their losses.

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

In terms of track purity, this index has a digital chip design weight of 80.8% and an analog chip design weight of 14.67%, totaling over 95%2026.7.24

[Industry Tailwinds: AI Computing Power Demand Drives Semiconductor Hardware Demand + Continued Progress in Chip Localization]

The explosion in AI computing power demand directly drives upstream semiconductor hardware demand—the top four North American cloud providers 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 spending reaching 34.9 billion yuan, a year-on-year increase of 421%. The sustained high growth in AI computing power demand directly boosts upstream semiconductor hardware demand, injecting new 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. As the demand for autonomous and controllable high-end chips continues to rise, chip design, as the most technology-intensive and innovation-active core link in the semiconductor industry chain, will be the first to benefit from the wave of localization.

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

Regarding index weighted stocks, the Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme Index (950162) has a combined weight of its top ten weighted stocks of over 64%. Among them, the memory direction (Montage Technology 10.17% + Biwin Storage 7.22% + Puya Shares 3.27%) accounts for 20.66%, and the AI chip direction (Hygon Information 11.82% + Cambricon 9.57% + VeriSilicon 7.56%) accounts for 28.95%. The two high-growth tracks account for nearly 50% of the total (49.61%). For investors who are bullish on both memory chips and AI chips, this index can cover both with one click. (Data source: Wind, as of 2026.7.24)

Regarding index weighted stocks, the top ten weighted stocks of the Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme Index (950162) are as follows:

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.

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

Shengke Communication (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.

Puya Shares (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 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%, while the STAR Composite Index is 69.56% and the STAR 50 is 73.27%; the annualized Sharpe ratio is 1.24, compared to only 0.74 for the STAR 50 and 0.73 for the STAR Composite Index during the same period, 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 Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme Index (950162) has gained 207.14% since 2023, significantly outperforming STAR Market broad-based indices, with an annualized Sharpe ratio of 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 Shanghai Stock Exchange 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 Over the Period: The cumulative gain of the Shanghai Stock Exchange 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%), STAR 100 (gain of 60.47%), and STAR 200 (gain of 69.06%).

2. Annualized Sharpe Ratio: The annualized Sharpe ratio of the Shanghai Stock Exchange 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 Shanghai Stock Exchange 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, showing a significant advantage in risk-adjusted returns.

(Data source: Wind, statistical period: 2023.1.1-2026.6.12, launch date of the Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme Index is 2024-07-26, base date is 2019-12-31, annual price changes for the index from 2021 to 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: STAR Chip Design ETF SPDB

- 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 industry experience, 2 years of fund management tenure

- Fund Management Fee 0.50% per year, Custody Fee 0.10% per year.

(Data source: Fund Regular Reports, Wind, as of 2025.12.31)

[Fund Company Profile]
SPDB APG Funds 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 exceeding 450 billion yuan, it provides investors with a one-stop multi-asset allocation tool.
1. Shareholder Background

SPDB APG 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. 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 APG Funds (including subsidiaries) exceeded 450 billion yuan. Its businesses develop diversely, covering asset management businesses in multiple fields such as equities, fixed income, quantitative, and alternatives, capable of providing investors with one-stop high-quality products and services. SPDB APG Funds has 117 public fund products under management, with a managed scale of 357.506 billion yuan.

3. Differentiated Layout of Index Fund Products

SPDB APG Funds' 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 100 Index Enhanced, STAR Composite Enhanced, and other broad-based index enhanced products, as well as the SPDB APG 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, mid, small, and micro-cap styles in terms of style.

[Q&A]

Q1: The threshold for the STAR Market is 500,000 RMB. What low-threshold ways are there 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 RMB 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 Shanghai Stock Exchange Science and Technology Innovation Board 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 (Data 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 Shanghai Stock Exchange Science and Technology Innovation Board 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 Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme Index (950162) excludes semiconductor materials, equipment, manufacturing, and packaging/testing links, anchoring only on chip design, the most innovative sub-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: Memory chips have risen so much, does this index still benefit?
A: Among the top ten weights of the Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme Index (950162), the memory direction (Montage Technology 10.17% + Biwin Storage 7.22% + Puya Shares 3.27%) accounts for 20.66% (Data source: Wind, as of 2026.7.24). The global memory 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 memory 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 layout targets the STAR Market chip design segment, excluding semiconductor materials, equipment, manufacturing, and packaging/testing. The combined weight of the top ten constituent stocks is 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 below 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 received multiple positive catalysts, and industry prosperity continues to trend upward; Fourth, it allows for 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 RMB opening threshold for the STAR Market.