Semiconductor shipments surged by 134% in June; the Sci-Tech Chip Design ETF Puyin (589250) has risen for 4 consecutive days

Bank of America released a report citing data from the Semiconductor Industry Association (SIA), stating that memory chips have become the core driver of the current industry's high growth. Data shows that in June, total semiconductor shipments grew by 134% year-on-year, reaching $151.9 billion. Excluding memory chips, semiconductor shipments grew by 38% year-on-year to $63.5 billion, compared to a 34% increase in May. The Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162) precisely anchors the core link of chip design within the semiconductor industry chain, providing investors with an efficient tool for one-click layout of core domestic chip assets. SPDB ETF for STAR Market Chip Design (589250) closely tracks the Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162). For individual investors who are bullish on the STAR market chip design sector but do not meet the 500,000 RMB account opening threshold for the STAR market, SPDB ETF for STAR Market Chip Design (589250) offers a low-threshold participation method—starting with just 100 shares. As of August 7, the three-year annualized return of the Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162) was 38.4%, significantly surpassing the 21.64% annualized return of the STAR 50 during the same period (Data source: CSI Index, as of 2026.8.7).

In terms of track purity, digital chip design accounts for 79.31% and analog chip design accounts for 14.86% of this index, totaling 94.17%, making it one of the indices with the highest chip design purity in the entire market (Data source: Wind, as of 2026.8.7). In terms of earnings growth, the index's net profit attributable to parents grew by 191.96% year-on-year in 2025, and by 260.14% year-on-year in the first quarter of 2026, showing outstanding growth potential (Data source: Wind). As of the close on August 7, SPDB ETF for STAR Market Chip Design (589250) rose 3.76%, closing at 1.297 RMB, with a trading volume of 12.69 million RMB and a turnover rate of 11.38%. SPDB ETF for STAR Market Chip Design (589250) closely tracks the Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162). Among the index's weighted stocks, Xinpeng Micro rose 12.25%, Raytron Microelectronics rose 9.34%, ASR Microelectronics-U rose 8.39%, Goodix Technology rose 6.95%, VeriSilicon rose 6.14%, Amlogic fell 1.6%, and Bestech fell 1.47%. SPDB ETF for STAR Market Chip Design (589250) had a net inflow of 21.7766 million RMB over the past month, with an average daily trading volume of 15.77 million RMB. From August 4 to August 7, SPDB ETF for STAR Market Chip Design (589250) rose for 4 consecutive days, with a range gain of 16%.

SPDB ETF for STAR Market Chip Design (589250) closely tracks the Shanghai Stock Exchange STAR Market 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 1000 points. It selects securities of 50 listed companies involved in the chip design field within the STAR market 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 does not predict future results.) [One of the major features of this index is its pure track] The Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162) excludes Main Board and ChiNext stocks, while avoiding the semiconductor materials/equipment, manufacturing, and packaging/testing links, anchoring on chip design—the most innovative sub-sector in the semiconductor industry chain. Digital chip design accounts for 79.31% and analog chip design accounts for 14.86%, totaling 94.17% (Data source: Wind, as of 2026.8.7). [Explosive Earnings Growth: Net Profit Attributable to Parents Surged 260.14% YoY in 2026 Q1] From the perspective of earnings realization, this index is not purely conceptual speculation—in 2025, full-year revenue was 130.296 billion RMB, up 37.03% year-on-year; net profit attributable to parents was 13.109 billion RMB, up 191.96% year-on-year. In the first quarter of 2026, it continued its high-growth trend, with revenue of 40.018 billion RMB, up 58.72% year-on-year; net profit attributable to parents was 6.425 billion RMB, up 260.14% year-on-year. (Data source: Wind) [High Elasticity: Linked to STAR Market, Daily Price Limit of 20%] In terms of elasticity, the Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162) is linked to the STAR market, containing only chip design companies listed on the STAR market. The daily price fluctuation limit for component stocks is ±20%, offering greater elasticity and stronger offensive capability. During the chip sector recovery cycle in the first half of 2025 and 2026, the STAR 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 the STAR market and the 20% price limit. (Data source: Wind, Time Range: 2024.12.31-2026.06.30) [High Concentration of Leading Stocks: Top Ten Weights Total 63.27%, Storage + AI Chip Dual Tracks Cover Nearly 50%] Regarding index weights, the top ten weighted stocks of the Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162) account for 63.27% in total. Among them, the storage direction (Montage Technology 9.27% + Biwin Storage 7.39% + Puya Shares 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 account for nearly 50% (47.93%) in total. 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 2026.8.7) Regarding index weights, the top ten weighted stocks of the Shanghai Stock Exchange STAR Market 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: Storage. 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: Storage. Raytron Microelectronics (688002.SH) weight 5.12%, company's sub-track: Analog/Sensor. Shengke Communication (688702.SH) weight 3.96%, company's sub-track: Network Chip. Amlogic (688099.SH) weight 3.29%, company's sub-track: SoC. Puya Shares (688766.SH) weight 3.26%, company's sub-track: Storage. Joulwatt (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 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 was 69.56% and STAR 50 was 73.27% during the same period; the annualized Sharpe ratio is 1.24, compared to only 0.74 for STAR 50 and 0.73 for the STAR Composite Index, meaning that under equal volatility, the excess returns of this index are significantly higher (Data source: Wind, Statistical Interval 2023.1.1-2026.6.12). The Shanghai Stock Exchange 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, offering a better risk-return ratio. The comparison of cumulative gains and annualized Sharpe ratios between the Shanghai Stock Exchange 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 Shanghai Stock Exchange 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%), 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 STAR Market Chip Design Theme Index (950162) from January 1, 2023, to June 12, 2026, was 1.24; 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 Shanghai Stock Exchange 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 Interval: 2023.1.1-2026.6.12, Shanghai Stock Exchange STAR Market Chip Design Theme Index publication date: 2024-07-26, base date: 2019-12-31, index annual price changes from 2021 to 2025 were (%): 7.73, -42.51, 4.75, 35.54, 60.00, gain since publication: 241.27%. Historical performance does not predict future results.) [Fund Product Information] - Fund Abbreviation: SPDB ETF for STAR Market Chip Design - Trading Code: 589250 - Fund Manager Song Shiyi, Bachelor's from Shanghai Jiao Tong University, Master's 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 Regular Reports, Wind, as of 2025.12.31) [Fund Company Introduction] SPDB AM has built a "Core-Satellite" index product matrix. On-exchange ETFs cover hard technology and mainstream broad-based indices, while off-exchange index enhancement products comprehensively layout styles across Beijing, Shanghai, Shenzhen, and large, medium, small, and micro-cap markets. The total asset management scale exceeds 450 billion RMB, providing investors with one-stop multi-asset allocation tools. 1. Shareholder Background SPDB AM is one of the earliest 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 AM (including subsidiaries) exceeded 450 billion RMB. 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 AM has 117 public fund products, with a managed fund scale of 357.506 billion RMB. 3. Differentiated Layout of Index Fund Products SPDB AM'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), SPDB ETF for STAR Market Chip Design (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 AM BSE 50 Component Index Fund tracking the Beijing Stock Exchange index, achieving comprehensive tracking of all exchanges in Beijing, Shanghai, and Shenzhen, and various sectors, while 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 RMB. What low-threshold methods 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 investors to have an average daily asset 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 SPDB ETF for STAR Market Chip Design (589250) is only 100 shares, allowing for lower-threshold investment participation with convenient trading. Q2: Compared to STAR 50 ETF, how is the long-term return of the index tracked by this ETF? A: The Shanghai Stock Exchange STAR Market 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 STAR 50 covers all industries in the STAR market, with limited chip exposure; whereas the Shanghai Stock Exchange 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 Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162) excludes semiconductor materials/equipment, manufacturing, and packaging/testing links, anchoring only on chip design—the most innovative sub-sector 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: In the top ten weights of the Shanghai Stock Exchange STAR Market Chip Design Theme Index (950162), the storage direction (Montage Technology 9.27% + Biwin Storage 7.39% + Puya Shares 3.26%) totals nearly 20% (Data source: Wind, as of 2026.8.7). The global memory chip super cycle is still ongoing. South Korea's 4,755 trillion KRW expansion plan points to doubling DRAM capacity in five years. The storage direction remains an important weight composition of this index. Q5: Does this index have earnings support? A: The index's net profit attributable to parents was 13.109 billion RMB in 2025, up 191.96% year-on-year; in the first quarter of 2026, net profit attributable to parents was 6.425 billion RMB, up 260.14% year-on-year (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 underlying index layout targets the STAR market chip design segment, excluding semiconductor materials/equipment, manufacturing, and packaging/testing. The top ten component stock weights total 57.15%, with concentrated 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 a combined 94.17% (Data source: Wind, as of 2026.8.7, industry classification: 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 layout of chip design leaders through ETF format, dispersing individual stock risks; Fifth, it starts with 100 shares, providing a participation channel for individual investors who cannot meet the 500,000 RMB account opening threshold for the STAR market.