SPDB Sci-Tech Chip Design ETF (589250), minimum investment of 100 units, convenient allocation for sci-tech chips.

On Monday, A-shares surged unilaterally. The Shanghai Composite Index closed up 1.41% at 3,982.65 points, the Shenzhen Component Index rose 2.44%, the ChiNext Index gained 3.14%, and the Wind All-A Index increased 2.07%. Market turnover reached RMB 2.4 trillion, up from RMB 2.16 trillion the previous day. In terms of sectors, semiconductors and computing hardware supply chains exploded in strength; CXMT (ChangXin Memory Technologies) surged 12%, pushing its total market cap above RMB 4 trillion.

CXMT is a leading enterprise in China's DRAM memory chip design and manufacturing integration. Its stock price surge breaking the RMB 4 trillion market cap reflects the overall prosperity of the semiconductor sector.

As of 9:45 on August 18, SPDB Sparkle Sci-Tech Chip Design ETF (589250) rose 0.30%, with a latest price of RMB 1.34.

Among index constituents, Fudan Microelectronics rose 2.98%, Fengtou Technology rose 2.48%, Raydium rose 1.73%, Puya Shares rose 1.5%, and Joulwatt rose 1.46%. VeriSilicon fell 4.36%, Silan Microelectronics fell 4.09%, ASR Microelectronics-U fell 2.16%, Amlogic fell 2.02%, and Goke Microelectronics fell 1.87%.

For individual investors bullish on the ChiNext chip design direction but unable to meet the RMB 500,000 account opening threshold, the SPDB Sparkle Sci-Tech Chip Design ETF (589250) offers a low-barrier entry method—starting with just 100 shares.

The SPDB Sparkle Sci-Tech Chip Design ETF (589250) closely tracks the SSE Sci-Tech Board Chip Design Theme Index (950162). This index precisely anchors chip design, a core link in the semiconductor industry chain, providing investors with an efficient tool for one-click layout of domestic chip core assets.

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 indices with the highest chip design purity 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 on August 17, the SPDB Sparkle Sci-Tech Chip Design ETF (589250) rose 3.68%, with a latest price of RMB 1.32.

Among index constituents, Puya Shares surged 12.65%, Xinpeng Micro rose 11.23%, VeriSilicon rose 6.7%, Biwin Storage rose 6.21%, Shengke Communications-U rose 5.62%, while Joulatt fell 3.89%.

[Valuation at Historical Low]

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

[Industry Tailwind: AI Computing Demand Drives Semiconductor Hardware Demand + Continued Chip Localization]

The explosion in AI computing demand directly drives upstream semiconductor hardware demand—the top four North American cloud providers exceeded a combined capital expenditure of USD 315 billion in 2025. Alibaba plans to invest RMB 380 billion over the next three years in cloud computing and AI infrastructure, exceeding the sum of the past decade. Tencent's 2025 capital expenditure plan is RMB 100 billion, with Q4 2024 spending reaching RMB 34.9 billion, a massive 421% YoY increase. The sustained high growth in AI computing demand directly boosts upstream semiconductor hardware needs, injecting new structural growth opportunities into the chip design industry.

Chip localization continues to advance: The localization rate of AI chips reached 35% in H1 2025. With rising demand for autonomous and controllable high-end chips, chip design, as the most technology-intensive and innovative core link in the semiconductor chain, will be the first to benefit from the localization wave.

[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 ChiNext, containing only chip design companies listed there. Constituents have a daily price limit of ±20%, offering greater elasticity and stronger offensive capability.

During the chip sector recovery cycles of 2025 and H1 2026, the Sci-Tech 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 ChiNext's high elasticity and 20% price limit. (Data source: Wind, Time period: 2024.12.31-2026.06.30)

[High Concentration of Leaders: Top 10 Weights Total 63.27%, Storage + AI Chips Cover Nearly 50%]

Regarding index weight stocks, the top ten weighted stocks of the SSE Sci-Tech Board Chip Design Theme Index (950162) total 63.27%. 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 bullish on both storage chips and AI chips, this index provides comprehensive coverage with one click. (Data source: Wind, as of 2026.8.7)

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

Hygon Information (688041.SH) weight 10.99%, sub-sector: AI Chip.

Montage Technology (688008.SH) weight 9.27%, sub-sector: Storage.

Cambricon (688256.SH) weight 9.26%, sub-sector: AI Chip.

VeriSilicon (688521.SH) weight 7.76%, sub-sector: AI Chip.

Biwin Storage (688525.SH) weight 7.39%, sub-sector: Storage.

Raydium (688002.SH) weight 5.12%, sub-sector: Analog/Sensor.

Shengke Communications (688702.SH) weight 3.96%, sub-sector: Network Chip.

Amlogic (688099.SH) weight 3.29%, sub-sector: SoC.

Puya Shares (688766.SH) weight 3.26%, sub-sector: Storage.

Joulatt (688141.SH) weight 2.97%, sub-sector: Analog Chip.

(Data source: Wind, as of 2026.8.7)

[Long-term Index Performance: Up 207% Since 2023, Sharpe Ratio 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—cumulative gain of 207.14% since 2023, compared to 69.56% for the ChiNext Composite Index and 73.27% for the ChiNext 50. The annualized Sharpe ratio is 1.24, versus only 0.74 for ChiNext 50 and 0.73 for the ChiNext Composite Index, 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 gained 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 Index, 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 Index (69.56%), ChiNext 50 (73.27%), ChiNext 100 (60.47%), and ChiNext 200 (69.06%).

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

(Data source: Wind, Statistical period: 2023.1.1-2026.6.12, SSE Sci-Tech Board Chip Design Theme Index launch date: 2024-07-26, Base date: 2019-12-31, Index annual 涨跌幅 for 2021-2025 were (%): 7.73, -42.51, 4.75, 35.54, 60.00. Cumulative gain since launch: 241.27%. Past performance does not indicate future results.)

[Fund Product Information]

- Fund Short Name: SPDB Sparkle Sci-Tech Chip Design ETF

- Trading Code: 589250

- Establishment Date: March 18, 2026

- 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 Shenwan Hongyuan Securities Research Institute, serving as Assistant Analyst, Analyst, Senior Analyst, and Senior High-Level Analyst. She was awarded the SSE Top Ten ETF Industry Analyst in 2020. She joined SPDB Prudential Fund in October 2023 and currently serves as Fund Manager in the Index and Quantitative Investment Department. - Management Fee 0.50% per year, Custody Fee 0.10% per year. (Data source: Fund Regular Reports, Wind, as of 2025.12.31)

- Tracking Strategy and Quality: The SPDB Sparkle Sci-Tech Chip Design ETF (589250) uses full replication to track the SSE Sci-Tech Board Chip Design Theme Index (950162), combining the liquidity and transparency advantages of ETF products. It aims to keep the absolute value of daily tracking deviation within 0.2% and annual tracking error within 2%. Since listing one month ago, daily tracking deviation has been controlled within ±0.03%. (Information 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 cover Beijing, Shanghai, Shenzhen, and large, mid, small, and micro-cap styles. Total AUM 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 equities, fixed income, quantitative, alternative investments, and other fields, providing investors with one-stop high-quality products and services. SPDB Prudential Fund has 117 public fund products under management, with a managed scale of RMB 357.506 billion.

3. Differentiated Layout of Index Fund Products

SPDB Prudential Fund forms a "Core-Satellite" strategy combination of on-exchange and off-exchange products. On-exchange layouts include A500 ETF SPDB (159376.SZ), ChiNext ETF SPDB (159810.SZ), Photovoltaic ETF SPDB (159609.SZ), Sci-Tech 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. This achieves comprehensive tracking of all exchanges in Beijing, Shanghai, and Shenzhen, and major boards, while also achieving comprehensive coverage of large, mid, small, and micro-cap styles.

4. Index and Quantitative Investment Team

Company Chief Index Quantitative Officer Chu Tianshu 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, and asset allocation.

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, and event-driven approaches. 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 they 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 Sparkle Sci-Tech Chip Design ETF suitable for?

A: 1. Individual investors who want to invest in ChiNext but do not meet the conditions: The participation threshold for individual investors in ChiNext is relatively high, requiring average daily assets 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 Sci-Tech Chip Design ETF starts at just 100 shares, allowing for low-barrier investment participation with convenient trading.

2. Investors who want to one-click configure the domestic computing power industry chain: The target index of the Sci-Tech Chip Design ETF comprehensively covers leading companies in the domestic computing power chain, providing investors with a convenient channel for one-click layout 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 seeking high-risk, high-yield elastic products: The Sci-Tech Chip Design Index focuses on ChiNext, with intraday price fluctuations reaching ±20%. It has larger volatility and higher elasticity, suitable for investors conducting swing trades, but requires investors to be able to withstand higher NAV volatility.

Q2: With a ChiNext threshold of RMB 500,000, what are the low-barrier ways for retail investors to invest in Sci-Tech Chips?
A: The participation threshold for individual investors in ChiNext is relatively high, requiring average daily assets 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 Sparkle Sci-Tech Chip Design ETF (589250) starts at just 100 shares, allowing for low-barrier investment participation with convenient trading.

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

Q5: Storage chips have risen so much, does this index still benefit?
A: In the top ten weights of the SSE Sci-Tech Board 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 storage 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 storage 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, a YoY increase of 191.96%; in Q1 2026, it was RMB 6.425 billion, a YoY 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 product's target index is laid out in the ChiNext chip design segment, excluding semiconductor materials, equipment, manufacturing, and packaging/testing. The top ten constituent stock weights total 57.15%, concentrating computing power leaders.

Q7: What standards control the tracking error of this fund?

A: The SPDB Sparkle Sci-Tech Chip Design ETF (589250) uses full replication to track the SSE Sci-Tech Board Chip Design Theme Index (950162), combining the liquidity and transparency advantages of ETF products. It aims to keep the absolute value of daily tracking deviation within 0.2% and annual tracking error within 2%. Since listing one month ago, daily tracking deviation has been controlled within ±0.03%. (Information 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 94.17% in total (Data source: Wind, as of 2026.8.17, 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, multiple positive catalysts have arrived on the news front, with industry prosperity continuing upward; Fourth, it allows one-click layout of chip design leaders through ETF form, diversifying individual stock risks; Fifth, starting with 100 shares provides a participation channel for individual investors who cannot meet the RMB 500,000 ChiNext account opening threshold.

Q9: What are the fees?

The management fee for the SPDB Sparkle Sci-Tech Chip Design ETF (589250) is 0.50% per year, the custody fee is 0.10% per year, and the comprehensive fee rate is 0.6%. Management costs are transparent and controllable, suitable for long-term holders or cost-sensitive investors engaging in swing trades.