This paper studies the seismic performance of the low-yield point steel plate shear wall (LSPSW) by conducting cyclic loading tests on three single-story single-span steel plate shear wall (SPSW) specimens, including a non-stiffened LSPSW (LYP) and a non-stiffened normal strength SPSW (NW). A new LSPSW with steel tube stiffeners (HSS) is then proposed to restrain the out-of-plane deformation of the infill panel. The failure modes, strain development, bearing capacity, stiffness, ductility, energy dissipation capacity, degradation characteristics, and deformation performance of the above three SPSWs are compared and analyzed. Afterwards, the corresponding numerical modeling approaches are developed and verified by the test results. Furthermore, supplementary analyses of the plate-frame interaction in terms of the shear distribution, energy dissipation behavior, and plastic damage performance are performed, and relevant suggestions are provided for the design of SPSW. The experimental and numerical results show that compared with the NW specimen, the use of low-yield point steel in the LYP specimen significantly improves the ductility and energy dissipation capacity of the SPSW, delays the tearing of the infill panels, reduces the residual deformation of the infill panels with higher ability of recovery, and achieves a more uniform distribution of cumulative plastic deformation. The application of steel tube stiffeners in the HSS specimen further enhances the energy dissipation capacity of LSPSW, effectively restrains the out-of-plane deformation of the infill panels, and reduces the impact of the tension strips on the edge columns. The analyses of the plate-frame interaction show that the boundary frame has more contribution to the shear resistance and energy dissipation after using the low-yield point steels for the infill panel. The proportion of shear force borne by the boundary frame is up to 65%–70%, which should be considered in the design procedure to optimize the geometrical dimensions of the infill panel and the boundary frame, allowing to optimize the structural performance and material utilization.
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