投资者押注AI和治理改革，韩国股市创历史新高

Core Insights - The KOSPI index has reached new historical highs driven by the AI chip sector and corporate governance reforms, with a year-to-date increase of 72% [1][2] Group 1: Market Performance - The KOSPI index has set 16 intraday records in October alone, with a monthly increase of nearly 21%, surpassing the 4000-point mark [1] - The index's year-to-date performance significantly outpaces Japan's Nikkei 225, which has risen by 26% [2] - Despite foreign investors selling 1.37 trillion KRW worth of Korean stocks last week, local investors' buying activity has sustained the KOSPI's upward momentum [2][6] Group 2: AI Chip Sector - The resurgence of the semiconductor industry, particularly driven by AI, is the core factor behind the current market rally [3] - SK Hynix reported record quarterly revenue and profit, benefiting from strong demand for high-bandwidth memory used in generative AI chips, with its stock price increasing over twofold this year [3] - Samsung Electronics also reported a significant increase in operating profit, with its stock price rising by over 96% this year [3][4] Group 3: Corporate Governance Reforms - Structural reforms aimed at eliminating the "Korean discount" are progressing, enhancing the investment appeal of Korean stocks [2][5] - The "Corporate Value Enhancement Plan" set to launch in 2024 is expected to encourage companies to improve shareholder returns and governance, similar to Japan's corporate governance reforms [5] - Analysts believe that these governance reforms will support the market's upward trend if regulatory bodies continue to push for value-enhancing measures [5] Group 4: Valuation and Investor Sentiment - Despite significant gains, analysts assert that the valuation of the Korean stock market remains attractive, with a KOSPI P/E ratio of 17.65, lower than the Nikkei 225's 25.86 [2][7] - Local investors have taken over from foreign investors, contributing to market stability and reducing reliance on foreign capital [6] - The valuation of leading semiconductor firms like Samsung and SK Hynix is still considered low compared to global peers, indicating potential for further growth [7][8]