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%

Core Viewpoint - The South Korean stock market is experiencing an unprecedented "revival-style surge" in 2025, with the Kospi index rising over 76% year-to-date, making it the best-performing major stock index globally [3][4]. AI Investment Theme - The biggest winners in the AI investment theme are 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]. - Goldman Sachs predicts a significant increase in global data center electricity demand driven by AI, with a forecasted expansion of 175% by 2030, emphasizing the critical role of electricity in AI infrastructure [6][7]. 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 by approximately 268% this year [8][10]. - The demand for high-performance storage chips, particularly HBM and enterprise-level NAND, is expected to continue growing, with a "storage supercycle" anticipated to last until at least 2027 [9][10]. Defense and Military Sector - The global military spending surge, driven by geopolitical tensions, has led to significant interest in South Korean defense contractors, with companies like Hanwha Aerospace seeing stock prices rise nearly 200% this year [11][12]. - The international rearmament trend is expected to sustain military stock performance over the next 2-3 years, positioning it as a core driver of stock market growth [11]. 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 Corp. and LG H&H [13]. - The success of APR is attributed to its innovative sales approach focused on social channels and user experience, contrasting with traditional retail methods [13]. Gaming Sector Struggles - 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][15]. - Concerns over limited appeal in the Asian market and competition from Chinese rivals have led investors to shift their focus away from these gaming stocks [14][15].