在过去12个月大涨逾94%之后，韩国基准股指Kospi指数距离曾被视为遥不可及的5000点关口仅差约 2%。这一目标已被写入韩国总统李在明的竞选承诺之中。郑恩博的乐观表态正是在这一背景下作出 的。 韩国股市的上涨很大程度上得益于与人工智能和国防相关股票的持续走强——这两个领域目前是全球最 热门的板块。同时，韩国立法机构在提升公司治理标准方面的关键改革也为市场上涨提供了支撑。 郑恩博上周五在接受采访谈及Kospi指数时表示："Kospi指数正接近5000点，但我认为在此之上，甚至 6000点也是可能的。"尽管他并未给出达到6000点的具体时间表，但他补充称："韩国的半导体、国防和 造船等核心产业竞争力不断提升，这似乎正在引领股市新一轮的价值提升。" Kospi指数升至6000点意味着还需再上涨约22%。尽管该指数在新的一年延续了惊人的涨势——周一连 续第12个交易日上涨并再创历史新高——但汇丰控股等机构的部分市场观察人士仍建议保持谨慎，市场 宽度不足、本币大幅贬值以及人工智能泡沫担忧都是潜在风险。 自去年上任以来，李在明承诺在4月前将Kospi指数推向5000点，韩国这个3万亿美元规模的股市投资者 对这类里程碑 ...

韩国交易所首席执行官郑恩博(Eun-Bo Jeong)表示，随着韩国持续推进提升股东回报并吸引全球资本的 改革举措，韩国股市这轮领跑全球的涨势有望延续。 在过去12个月大涨逾94%之后，韩国基准股指Kospi指数距离曾被视为遥不可及的5000点关口仅差约 2%。这一目标已被写入韩国总统李在明的竞选承诺之中。郑恩博的乐观表态正是在这一背景下作出 的。 韩国股市的上涨很大程度上得益于与人工智能和国防相关股票的持续走强——这两个领域目前是全球最 热门的板块。同时，韩国立法机构在提升公司治理标准方面的关键改革也为市场上涨提供了支撑。 郑恩博上周五在接受采访谈及Kospi指数时表示："Kospi指数正接近5000点，但我认为在此之上，甚至 6000点也是可能的。"尽管他并未给出达到6000点的具体时间表，但他补充称："韩国的半导体、国防和 造船等核心产业竞争力不断提升，这似乎正在引领股市新一轮的价值提升。" 郑恩博还将政府持续推进公司改革作为其乐观判断的依据。他表示，Kospi权重股三星电子预计将在7月 前公布提升股东回报的具体措施。他还提到韩国争取升级为发达市场的努力。虽然MSCI的重新分类"可 能需要几年时间"，但 ...

Core Viewpoint - The article discusses the rising trend of selling dollar assets amid increasing tensions between the Trump administration and the Federal Reserve, while highlighting a positive outlook for the Asia-Pacific stock market in 2026 driven by a wave of reforms and value enhancement initiatives [3][4][10]. Group 1: Dollar Asset Sell-off - Concerns over the independence of the Federal Reserve have led to a resurgence in the selling of dollar assets, impacting the dollar, U.S. Treasury bonds, and U.S. stock futures [5][6]. - The Bloomberg Dollar Index fell by 0.2%, marking its largest single-day drop since December 24 of the previous year, while the 10-year Treasury yield rose by 1.19 basis points to 4.17% [5]. Group 2: Asia-Pacific Stock Market Performance - The Asia-Pacific stock market opened positively, with the Nikkei 225 index jumping 3.6% to a record 53,814.79 points, driven by speculation of early elections in Japan and expectations of increased fiscal stimulus [8][9]. - The KOSPI index in South Korea reached a record high of 4,652.54 points, with a nearly 76% increase in 2025, significantly outperforming the S&P 500 and MSCI Asia-Pacific indices [9]. Group 3: Investment Opportunities in Asia - Analysts suggest that non-U.S. assets, particularly in Europe and Asia, are becoming more attractive due to lower valuations and rising uncertainties in U.S. foreign policy [10]. - UBS highlights that many Asian companies are still significantly undervalued compared to global peers, with about 50% of Korean companies and nearly 40% of Japanese companies trading below book value [11]. Group 4: Future Projections - Macquarie forecasts that the KOSPI index could reach 6,000 points by 2026, driven by strong earnings growth and favorable government policies, with Samsung Electronics and SK Hynix expected to contribute significantly to profit growth [12]. - Deutsche Bank anticipates that Chinese and Southeast Asian markets may lead the Asian market in 2026, reflecting a broader trend of regional economic strength [13].

2026.01. 09 本文字数：1936，阅读时长大约4分钟 作者 | 第一财经 潘寅茹 2026年伊始，韩国股市表现强劲。 开年以来，韩国综合股价指数（KOSPI）不断走高。今年首个交易日，KOSPI指数延续去年的表 现，依旧走在上升通道中，在突破4300点后，7日首次突破4600点大关，后续略有回调。9日，韩 国KOSPI指数收报4586.32点，较前一交易日上升33.95点。 韩国总统李在明曾在去年竞选时承诺，将通过改善公司治理、修改韩国商业法、扩大董事会对股东 的"信义义务"范围，力争把KOSPI指数推升至突破5000点大关。当前，随着KOSPI指数不断走高， 分析机构认为，照此速度，KOSPI指数本月就有望突破5000点。 哪些因素在推动 人工智能（AI）热潮无疑是韩国股市此轮走高的重要推手。高盛集团在去年末的报告中提到："半导 体库存去化结束和人工智能驱动的新需求周期，为韩国科技股带来了强劲的盈利修复预期。这是推动 KOSPI指数上行的核心引擎。" 受益于全球半导体行业的周期性回暖，作为韩国经济的支柱，三星电子、SK海力士等半导体巨头的 业绩和股价表现对大盘影响举足轻重。8日，三星电子最新披露的 ...

Group 1 - The Korean stock market has shown strong performance at the beginning of 2026, with the KOSPI index breaking the 4600-point mark and closing at 4586.32 points on January 9, up 33.95 points from the previous day [1] - President Lee Jae-myung's commitment to improve corporate governance and modify business laws aims to push the KOSPI index above 5000 points, with analysts suggesting this could happen within the month [1] - The rise in the KOSPI index is significantly driven by the AI boom and the recovery of the semiconductor industry, with major companies like Samsung Electronics reporting substantial profit increases [3] Group 2 - The Korean government has implemented economic measures, including a 150 trillion won fund to stimulate high-tech industry innovation, addressing economic stagnation and aging population issues [4] - Reports indicate that the KOSPI index's rise is not solely due to tech stocks, as non-tech sectors like nuclear power and defense are also contributing to long-term growth trends [3] - Despite the positive outlook, concerns about potential AI bubbles and capital outflow risks have been raised, with foreign investment in the Korean stock market reaching a six-year high [5][7] Group 3 - Economic forecasts for Korea suggest a GDP growth target of over 2% for 2026, with optimistic predictions from Citibank indicating a potential growth rate of around 2.2% [6] - The implementation of new regulations and reforms is expected to be crucial for corporate performance in the latter half of the year, as most reforms will take effect then [6] - A survey indicates that many large Korean companies plan to reduce domestic investments and increase overseas spending starting in 2026, raising concerns about capital outflow [7]

Group 1 - The KOSPI index has shown strong performance since the beginning of 2026, breaking through the 4600-point mark and closing at 4586.32 points on January 9, 2026, with a rise of 33.95 points from the previous day [1] - President Lee Jae-myung's commitment to improve corporate governance and amend business laws aims to push the KOSPI index to exceed 5000 points, with analysts suggesting this could happen within the month [1] - The AI boom is identified as a significant driver of the current rise in the KOSPI index, with Goldman Sachs highlighting a new demand cycle driven by AI and the end of semiconductor inventory depletion as key factors [3] Group 2 - Samsung Electronics reported a substantial increase in its Q4 2025 operating profit, up 208.2% year-on-year, and a 22.7% increase in sales, indicating strong performance in the semiconductor sector [3] - The South Korean government has initiated a 150 trillion KRW fund to stimulate innovation in high-tech industries, addressing economic stagnation and an aging population [5] - UBS notes that the rise in the KOSPI index is not solely due to tech stocks, as momentum stocks in sectors like nuclear power and defense are also contributing to long-term growth trends [3] Group 3 - The South Korean government has set a GDP growth target of over 2% for 2026, aiming to make it a year of significant economic advancement [6] - Citibank forecasts that South Korea's economy could achieve a balanced state between overheating and cooling, with a growth rate of around 2.2% in 2026, supported by strong semiconductor exports and low energy prices [6] - Concerns about capital outflow are rising, as many large South Korean companies plan to reduce domestic investments and increase overseas spending starting in 2026, potentially adding pressure to the local economy [7]

2026年开年，韩国股市延续去年强劲涨势，继续高歌猛进。 眼下正值韩国总统李在明对中国进行国事访问，探讨深化双边经贸合作之际，韩国资本市场的这一轮跨年度行情正受到全球投资者的密切关注。 上涨核心逻辑增强 2025年，韩国股市涨幅在亚洲市场中表现最为突出，韩国首尔综指全年飙涨将近76%，创1999年以来最大涨幅，远超标普500指数约17%和MSCI亚太 指数约25%的年内涨幅。 历史性行情的背后，是多重利好因素的共振。 首要驱动力来自于全球半导体行业的周期性回暖。作为韩国经济的支柱，三星电子、SK海力士等半导体巨头的业绩和股价表现对大盘影响举足轻 重。 高盛集团亚太区首席策略师在去年末的报告中指出："半导体库存去化结束和人工智能（AI）驱动的新需求周期，为韩国科技股带来了强劲的盈利修 复预期。这是推动KOSPI指数上行的核心引擎。" 随着行业盈利改善，三星电子会长李在镕的持股价值在过去一年内实现惊人增长，达到25.88万亿韩元，增幅高达117%，创下了韩国股票财富新纪 录，超越了其已故父亲李健熙创下的22.3万亿韩元的纪录。 其次，李在明上任后推行的以"价值提升计划"（Value-up Program）为代表的 ...

此外，其母亲、龙美术馆荣誉馆长洪罗喜近期向他赠予的 181 万股三星物产股票，也进一步拉高了其持股总价值。 李在镕持股价值的大幅攀升，与韩国股市的整体估值上调进程同步。韩国综合股价指数于去年年底首次突破 4000 点关口，自 2025 年 6 月李在明总统就职以 来，在半导体行业引领的复苏浪潮，以及政府通过公司治理改革、股东回报优化以缩小"韩国折价"的政策推动下，该指数累计涨幅已超 50%。 该研究院还表示，截至 2026 年初，韩国 45 家大型企业集团控股股东的持股总价值达到 93.34 万亿韩元（现汇率约合 4520.46 亿元人民币），较一年前的 57.88 万亿韩元增长 61.3%。此次统计的对象为韩国公平交易委员会分类标准下，个人持股价值超 1000 亿韩元（现汇率约合 4.84 亿元人民币）的企业集团 负责人。 在持股价值总排名中，Celltrion 创始人徐廷珍以 13.69 万亿韩元（现汇率约合 663.01 亿元人民币）的持股价值稳居第二；Kakao 创始人金范洙的持股价值从 3.95 万亿韩元增至 6.55 万亿韩元（现汇率约合 317.22 亿元人民币），增幅达 61.5%，排名也从第 ...

曾经被"韩国折价"阴云笼罩的韩国股市，如今成为全球资本追逐的明星。因假日休市，韩国股市周二提 前结束全年交易。韩国KOSPI指数周二收盘下跌0.15%，报4214.17点。今年以来累计涨75.6%，涨幅创 1999年以来最大。 "这是对韩国市场的全面重新评级。在此次反弹之前，韩国市场非常便宜。"分析师将这轮牛市归因于三 大支柱的共同作用：对人工智能未来的押注、大刀阔斧的公司治理改革，以及韩国在关键供应链中制造 商出口的蓬勃发展。 KOSPI指数的上涨，很大程度上得益于其两大权重股——三星电子和SK海力士的强劲表现，这两家公 司合计占指数权重近30%。今年以来，三星上涨125%，SK海力士上涨268%，两者几乎占据了KOSPI指 数涨幅的一半。 业绩也印证了市场的乐观情绪。全球最大的存储芯片制造商三星电子表示，其7月至9月季度的营业利润 同比增长超过30%，创下三年来新高。此外，据报道，这两家公司已与OpenAI达成协议，将为后者 的"星际之门"数据中心项目供应半导体，该项目价值高达5000亿美元。 除了人工智能驱动的芯片热潮，韩国今年的政治变革也奠定了市场基石。2025年6月，李在明就任韩国 总统，结束了因前 ...

Core Viewpoint - South Korean authorities are taking aggressive actions to prevent the won from falling to its lowest level since the global financial crisis in early 2009 [1] Group 1: Currency Weakness and Economic Impact - The weakening currency has a dual effect on South Korea, enhancing export competitiveness while increasing the prices of energy and other key imports, disrupting business investment and suppressing consumer demand [1] - The government attributes the currency depreciation to a surge in overseas investments by local residents, with retail investors purchasing a record $43 billion in U.S. assets this year, which is approximately three times the expected annual level for 2024 [4] - The persistent "Korea discount" phenomenon, where the value of top conglomerates and the overall stock market is undervalued due to corporate governance issues, has been highlighted by the central bank governor [4] Group 2: Factors Driving Overseas Investment - Many South Korean investors are shifting funds overseas due to the lackluster returns in the domestic stock market, with older generations particularly wary of over-reliance on domestic investments due to memories of the 1997 Asian financial crisis [5] - High housing prices in South Korea, especially in Seoul, have led young homebuyers to invest in high-risk overseas assets and cryptocurrencies instead of saving for property down payments [5][6] Group 3: Government Measures to Support the Won - The government has issued verbal warnings against "one-sided market fluctuations" but has not succeeded in preventing the won from nearing its lowest point since 2009 [9] - The National Pension Service (NPS), holding about $542 billion in foreign assets, has extended its foreign exchange swap agreement with the Bank of Korea and announced a more flexible currency hedging strategy [9] - Authorities have relaxed foreign exchange market stability rules to ensure dollar liquidity and have expressed concerns over excessive competition among companies providing overseas brokerage services [9] Group 4: Challenges in Implementing Measures - The current round of won depreciation is driven by sustained overseas investments from South Korean residents, making it difficult to reverse this trend [11] - The authorities face a balancing act in trying to support the currency while managing the potential risks associated with increased hedging by the NPS, which could lead to a faster rebound of the won than currently anticipated [11]