拆解2025年全球最狂野股市：AI、存储以及军工推动韩国Kospi指数飙涨超76%

Market Overview - The South Korean stock market is experiencing an unprecedented "revival rally" in 2025, with the Kospi index rising over 76% year-to-date, making it the best-performing major stock index globally [1][4] - Major contributors to this surge include storage chip giants Samsung Electronics and SK Hynix, which account for nearly half of the index's gains, alongside defense and nuclear energy companies [1] AI Investment Theme - The leading AI investment theme in the South Korean market is not traditional chip manufacturers but industrial stocks associated with AI, such as Hyosung Heavy Industries and Doosan Enerbility, both of which have seen stock prices rise over 330% this year [5][6] - The demand for electricity driven by the rapid growth of AI data centers is expected to create a "super demand cycle" for power, emphasizing the critical role of power supply in AI infrastructure [6] Storage Chip Leaders - Samsung Electronics and SK Hynix have solidified their positions as the largest weight stocks in the Kospi index, with Samsung's stock rising 125% and SK Hynix's stock increasing approximately 268% this year [8][10] - The global demand for high-performance storage chips, particularly for AI applications, is driving a "storage super cycle" that is expected to last until at least 2027, with significant price increases anticipated for both companies [9][10] Defense and Military Sector - The global trend of "international rearmament" is boosting defense spending, with South Korean defense contractors like Hanwha Aerospace and Hanwha Ocean seeing stock price increases of nearly 200% and 210% respectively this year [11][12] - Analysts predict that the defense sector will continue to be a core contributor to stock market growth over the next few years [12] K-Beauty Sector - APR Corp., a newcomer in the K-Beauty sector, has seen its market value soar by 369%, outperforming established brands like Amorepacific and LG H&H [13] - The company's success is attributed to its innovative sales approach focused on social channels and user experience, contrasting with traditional retail methods [13] Gaming Sector Challenges - Despite the overall market rally, South Korean gaming developers like Krafton and Com2uS have faced significant declines, with Krafton's market value shrinking by about 20% and Com2uS down over 30% [14] - Concerns about limited appeal in the Asian market and competition from Chinese rivals are leading investors to shift their focus away from these companies [14]