On September 11, Enflame Technology officially began trading on the STAR Market at an issue price of 142.18 yuan per share, corresponding to a market value exceeding 61.1 billion yuan and raising approximately 6.1 billion yuan. According to announcements, several funds including the STAR Chip Design ETF (589030) and the STAR Chip ETF (589130) participated in the offline subscription for Enflame Technology. With this listing, the four companies known as the "Four Little Dragons of Domestic GPUs"—Moore Threads, MetaX, Biren Technology, and Enflame Technology—have all completed their capital market debuts within less than a year.

A single company's IPO might not draw much attention, but the consecutive market entries of all four firms send an unmistakable signal: domestic AI chip manufacturers are now commanding significant market attention. The question arises—why are domestic AI chips being repriced? The core answer lies not in production capacity, but in commercial delivery.

Over the past two years, the market has been trading on the notion of whether domestic chips could actually be manufactured: companies with advanced capacity, expansion plans, and operational equipment saw their valuations rise first. This was the supply-side logic. Now, the pricing anchor is shifting toward a more practical question—among those who can produce chips, who can truly convert AI demand into revenue, profit margins, and cash flow? This points directly to a pivotal link in the industrial chain: chip design.

Within the semiconductor value chain, chip design companies are essentially what we commonly refer to as AI chip companies—they transform algorithms, architecture, and market demand into tangible silicon. These firms serve as the most direct conduit for downstream AI requirements and are the critical link between demand and actual orders. As domestic AI models progressively expand onto the global stage, the demand landscape for domestic computing power continues to broaden, with AI chip design companies positioned to capture this growth most directly.

Evidence supporting this shift comes from Hygon Information Technology: data shows the company achieved revenue of 9.099 billion yuan and net profit attributable to shareholders of 1.798 billion yuan in the first half of 2026, representing year-on-year growth of 66.52% and 49.69% respectively. While a single company does not represent the entire industry, it does indicate a clear trajectory—domestic high-end chips are transitioning from macro narratives to a phase of order fulfillment and performance validation.

This index better reflects the next stage of domestic AI chips, focusing not just on construction scale but on demand delivery and performance realization. The STAR Market Chip Design Theme Index specifically zeroes in on AI chip manufacturers, selecting listed companies involved in chip design from the STAR Market as its sample stocks, providing a more direct and prominent expression of AI chip demand fulfillment. The top ten constituent stocks of the STAR Chip Design Index feature prominent AI sector players.

For investors who favor the investment opportunity presented by domestic AI chip performance realization but prefer not to bet on a single stock, index products such as the STAR Chip Design ETF (589030, feeder fund A/C: 027606/027607) offer a more balanced approach. If you still have questions about index investing or want to explore more detailed data, simply open the "Index Express" WeChat mini-program and ask its AI assistant for professional answers.