港股小马智行、文远知行上市即跌超12%，创业板涨超1%，日韩股市冲高回落

Market Overview - U.S. stock markets rebounded overnight, leading to a rise in Asian markets, with the Nikkei 225 index initially increasing by over 2% before narrowing its gains [1] - The KOSPI index in South Korea opened high but turned negative after initially rising by 2.7%, with major companies like SK Hynix and Samsung Electronics leading the gains [2] - A-shares opened higher, with the ChiNext index rising over 1%, and over 2200 stocks in the Shanghai and Shenzhen markets increasing [3] Index Performance - The Shanghai Composite Index rose by 0.33% to 3982.49, while the Shenzhen Component Index increased by 1.02% to 13357.81 [4] - The ChiNext index and the STAR 50 index also saw gains of 1.58% and 1.57%, respectively [4] Hong Kong Market - The Hang Seng Index opened higher, but newly listed companies like Pony.ai and WeRide saw significant declines, with drops exceeding 12% [5] - The FTSE China A50 index futures rose by approximately 0.36% [5] MSCI Index Adjustments - MSCI announced the results of its index review, adding 69 stocks and removing 64, with 26 Chinese stocks being newly included in the MSCI China Index [6] South Korean Market Dynamics - The KOSPI index has seen a remarkable increase of 72% year-to-date, significantly outperforming the MSCI emerging markets index, which rose by 31% [9] - The total market capitalization of the South Korean stock market reached 3500 trillion KRW, a 48% year-on-year increase [9] - Average daily trading volume in October was 12.6 trillion KRW, more than double that of the previous year [9] Investor Sentiment - Concerns over high valuations in the AI sector have dampened investor enthusiasm, leading to market volatility [10] - Despite recent declines, government reforms in South Korea are expected to provide some support to the market [10] - The market is likely to experience selling pressure from overvalued sectors, particularly in technology and semiconductor stocks [10] Regional Market Trends - The broader Asia-Pacific markets showed weakness, with indices in Singapore, Malaysia, and Thailand all declining [12] - The uncertainty surrounding U.S. Federal Reserve interest rate policies and a strengthening dollar are contributing to a generally weak outlook for Asian markets [12] - Long-term, the momentum driven by AI remains intact, with South Korean stocks being a core holding due to strong demand in AI infrastructure [12]