“曲线投资”SpaceX IPO，这家韩国券商股年内暴涨200%！

Core Viewpoint - The stock price of Mirae Asset Securities has surged nearly twofold this year, driven by investor speculation regarding the upcoming IPO of SpaceX, highlighting global enthusiasm for the space exploration giant's market debut [1][4]. Group 1: Stock Performance and Market Context - Mirae Asset is the best-performing stock in the MSCI global equity index this year, indicating strong investor interest in gaining exposure to the anticipated merger of SpaceX and xAI, which is estimated to be valued at $1.25 trillion [4]. - The stock's unique holding structure, with over $400 million invested in SpaceX and its sister company xAI, positions it as a scarce asset for investors, benefiting from both the local stock market's strength and its association with Elon Musk's business empire [4][5]. - The overall Kospi index has been buoyed by optimism surrounding AI chip demand and governance reforms initiated by President Yoon Suk-yeol, making it one of the best-performing stock indices globally [5]. Group 2: Dual Value Drivers and Industry Performance - The fundamental performance of Mirae Asset is improving due to the robust Korean stock market, while its holdings in SpaceX provide an additional catalyst, allowing investors to capture value from two sources simultaneously [5]. - Other brokerage stocks, such as SK Securities and Hanwha Investment & Securities, have also seen significant gains, with SK Securities rising approximately 200% and Hanwha exceeding 100% this year [5]. Group 3: Diversified AI Holdings and Revenue Growth - Mirae Asset benefits from a $7.5 billion investment portfolio with substantial exposure to the space and AI sectors, including investments in U.S. AI startup Perplexity AI Inc. and Chinese drone manufacturer DJI Technology [6]. - The company has reported significant growth in its core business, with brokerage revenue projected to reach a record high in 2025, reflecting a 43% increase from the previous year [6]. Group 4: Valuation Concerns - Despite the impressive stock performance, concerns about overvaluation are emerging, with the stock's forward P/E ratio at 21 times, three times its five-year average [8]. - Analysts warn that the stock price may have detached from its fundamentals, with much of the profit growth stemming from unrealized gains in the merger fund, leading to uncertainty regarding the conversion of valuation gains into shareholder returns [8].