据知情人士称，随着当局加大稳定韩元的力度，韩国国家养老基金国民年金公团（NPS）已经恢复了战 略外汇对冲操作。 据知情人士透露，国民年金公团在将货币互换协议和临时战略对冲机制延长一年后，重新启动了该计 划，该计划原定于今年年底到期。 根据安排，国民年金公团向韩国央行提供韩元兑换美元，因此不需要在现货市场上购买美元，从而缓解 了汇率的需求压力。 NPS将从韩国央行获得的美元用于新的海外投资，或者通过出售这些美元来对冲现有资产。NPS实际上 成为美元的净卖出方，这有助于支撑韩元。 今年11月，韩元自今年4月以来首次跌破重要的1450心理关口，并持续承压。周二，韩元兑美元一度跌 至1483.6韩元，接近16年来的最低点。 截至当地时间周五上午11时50分，韩元兑美元的汇率为1431.95韩元，比前一天上涨了17.85韩元。市场 周四因圣诞节假期休市。 责任编辑：于健 SF069 据知情人士称，随着当局加大稳定韩元的力度，韩国国家养老基金国民年金公团（NPS）已经恢复了战 略外汇对冲操作。 据知情人士透露，国民年金公团在将货币互换协议和临时战略对冲机制延长一年后，重新启动了该计 划，该计划原定于今年年底到期。 根据安 ...

随着韩国与今年以来持续走弱的韩元汇率进行激烈斗争，该国的国有级别养老金基金组织有望在未来承 担更重要金融体系角色，以确保汇率稳定。在韩元汇率(兑美元)接近16年来最低位且市场对"美元结构 性短缺/韩元单边走弱"形成强劲预期之际，韩国政府把国民年金(NPS)从"被动的大型美元买家"转化 为"准官方的外汇市场供需调节器"，用其超大体量交易去修复在岸美元供需失衡并强化韩国政府释放出 的力争提振韩元的政策信号。 全球最大规模养老基金之一的韩国国民年金公团(National Pension Service,即NPS)即将更灵活地进行对冲 交易，以帮助确保货币稳定，主要因为该国政府正在与韩元疲软作斗争，其管理委员会周一在一份声明 中表示，但未作进一步的详细说明。该基金还将其与韩国央行(Bank of Korea)达成的650亿美元外汇掉 期协议的期限再延长一年，至2026年末。 在持续的股票市场资金外流和海外市场投资推动该货币在今年下半年暴跌8%之后，韩国政府正寻求多 项举措来支撑韩元。作为该国最大规模机构投资者且拥有大约5420亿美元海外资产的NPS，常常通过对 冲与外汇协同操作来帮助对冲韩元的下行压力。 特别是，针对 ...

随着韩国应对韩元疲软走势，韩国国家养老基金将在确保货币稳定上发挥更大作用。 更灵活的对冲政策使国民年金公团拥有更大的回旋空间来支撑韩元。目前，国民年金公团将其战略和战 术对冲的综合比例上限设定在其全球资产的约15%，并通过包括卖出美元远期在内的多种方式来实现这 一目标。 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：王永生 随着韩国应对韩元疲软走势，韩国国家养老基金将在确保货币稳定上发挥更大作用。 国民年金公团的管理委员会周一表示，将采取更灵活的对冲策略，但未作详细说明。该基金还将与韩国 央行签署的650亿美元外汇掉期协议的期限延长一年，至2026年底。 韩国寻求提振韩元，此前持续的股市资金外流和海外投资导致韩元今年下半年下跌8%。作为韩国最大 的机构投资者，国民年金公团拥有约5420亿美元海外资产，经常通过对冲和外汇操作来帮助抵消韩元面 临的压力。 "由于国民年金公团的交易规模非常大，因此其市场影响也相当显著，"Kookmin Bank驻首尔经济学家 Minhyeok Lee表示。"这些措施可以缓解近期境内外汇供需失衡的局面。" 国民年金公团的管理委员会周一表示， ...

中国基金报记者 泰勒 韩国"国家队"，救市了。 12月15日，韩国国民年金公团（NPS）宣布，将以更"灵活"的方式推进战略性外汇对冲，以支撑该国疲 弱的本币汇率。 新加坡马来亚银行（Maybank）外汇策略师Shaun Lim表示："这条消息肯定会震慑做空韩元的人。市场 常说'不要和央行作对'。现在韩国传递的信息是：不要和央行、国民年金以及财政部作对。" 作为韩国最大的机构投资者，NPS过去常通过对冲与外汇操作来缓解韩元压力，例如今年1月至5月期间 曾卖出美元、买入韩元。 同时，负责监管NPS的韩国保健福祉部在另一份声明中称，委员会还决定将与韩国央行（BOK）的外汇 互换协议期限再延长一年，至2026年底。 韩国央行在单独声明中表示，该互换额度已从2022年的100亿美元逐步上调至650亿美元。 该基金管理委员会周一在声明中表示，已决定制定灵活的执行措施，使战略性对冲能够根据市场状况进 行适应性操作。 这只管理约1361万亿韩元（约合9240亿美元）资产规模的基金，目前将其海外投资组合的战略性对冲比 例上限设定为10%。 在持续的股市资金外流以及居民加大海外投资的影响下，韩元在今年下半年兑美元累计下跌超过8% ...

该基金管理委员会周一在声明中表示，已决定制定灵活的执行措施，使战略性对冲能够根据市场状况进 行适应性操作。 这只管理约1361万亿韩元（约合9240亿美元）资产规模的基金，目前将其海外投资组合的战略性对冲比 例上限设定为10%。 【导读】韩国"国家队"救市了 韩国"国家队"，救市了。 12月15日，韩国国民年金公团（NPS）宣布，将以更"灵活"的方式推进战略性外汇对冲，以支撑该国疲 弱的本币汇率。 同时，负责监管NPS的韩国保健福祉部在另一份声明中称，委员会还决定将与韩国央行（BOK）的外汇 互换协议期限再延长一年，至2026年底。 韩国央行在单独声明中表示，该互换额度已从2022年的100亿美元逐步上调至650亿美元。 在持续的股市资金外流以及居民加大海外投资的影响下，韩元在今年下半年兑美元累计下跌超过8%， 为亚洲表现最差，韩国因此面临更大护汇压力。 新加坡马来亚银行（Maybank）外汇策略师Shaun Lim表示："这条消息肯定会震慑做空韩元的人。市场 常说'不要和央行作对'。现在韩国传递的信息是：不要和央行、国民年金以及财政部作对。" 作为韩国最大的机构投资者，NPS过去常通过对冲与外汇操作来缓解韩 ...

韩国国民年金表示，将采取灵活的办法进行外汇对冲，以回应市场状况。 根据周一发布的声明，该基金的管理委员会表示，已"决定制定灵活的实施措施，允许根据市场状况适 应性地开展战略对冲"。 该基金目前设立的对冲上限为海外资产的10%。 此举出台的背景是，主要受到国民年金以及散户投资者投资组合投资的推动，韩国国内美元需求激增， 今年下半年韩元贬值速度大幅加快。 在此期间，韩元兑美元汇率下跌逾8%，成为亚洲表现最差的货币。 负责监管国民年金的的韩国保健福祉部在声明中称，委员会还宣布与韩国央行的外汇互换协议期限将延 长一年，至2026年底。 韩国央行在另一份声明中表示，互换额度已从2022年的100亿美元逐步提升至650亿美元。 韩国国民年金表示，将采取灵活的办法进行外汇对冲，以回应市场状况。 根据周一发布的声明，该基金的管理委员会表示，已"决定制定灵活的实施措施，允许根据市场状况适 应性地开展战略对冲"。 该基金目前设立的对冲上限为海外资产的10%。 此举出台的背景是，主要受到国民年金以及散户投资者投资组合投资的推动，韩国国内美元需求激增， 今年下半年韩元贬值速度大幅加快。 在此期间，韩元兑美元汇率下跌逾8%，成为亚洲表 ...

Core Viewpoint - Analysts suggest that if the Korean won falls to the significant psychological level of 1500 against the US dollar, the South Korean authorities may intensify efforts to defend the currency [1][4]. Group 1: Currency and Economic Pressure - The Korean National Pension Service (NPS) has recently begun selling dollars to support the won, and it is expected to be more active around the 1,480-1,500 range [1][4]. - The won has depreciated over 4% this quarter due to continuous capital outflows from the stock market and increased overseas investments by residents, putting pressure on South Korea to defend its currency [1][4]. - The NPS, as the largest institutional investor in South Korea with approximately $545 billion in overseas assets, frequently employs hedging and foreign exchange operations to alleviate pressure on the won [1][4]. Group 2: Market Reactions and Expectations - Recent reports regarding NPS's foreign exchange hedging operations seem to have created a signaling effect in the market, leading to a general belief that authorities will defend the 1,500 level [1][4]. - The NPS has set a hedging ratio limit of around 15% of its global assets and implements various methods, including selling dollar forwards, to manage this [1][4]. - The NPS's tactical hedging plan allows it to hedge up to 5% of its overseas asset exposure during the recent round of dollar selling [1][4]. Group 3: Liquidity and Management Expectations - There is an increasing expectation for authorities to implement certain year-end foreign exchange management measures in the context of thin liquidity [2][5]. - The hedging activities of the NPS may have a notable impact on the market [5].

Core Viewpoint - The A-share market is experiencing fluctuations, with the Fujian sector showing strength and the Korean National Pension Service selling US dollars to support the Korean won [1][2]. Group 1: Market Performance - On December 9, the A-share market showed mixed results, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.39%, and the ChiNext Index up by 0.61% [5][20]. - The computing hardware stocks continued to perform strongly, with companies like Dekeli and Yueling shares hitting the daily limit [6][21]. Group 2: Fujian Sector - The Fujian sector is gaining momentum, with over ten stocks, including Anji Food and Longzhou Co., hitting the daily limit. This is driven by the release of the 15th Five-Year Plan for economic and social development in Quanzhou, which emphasizes the construction of new infrastructure and digital transformation [20][22]. - The plan includes initiatives to optimize the layout of new infrastructure related to networks, computing power, and data, aiming to create a modern, efficient information network [22][23]. Group 3: Korean National Pension Service - The Korean National Pension Service (NPS) has been selling US dollars as part of a tactical foreign exchange hedging strategy to counter the recent depreciation of the Korean won. As of the end of September, NPS held approximately $542 billion in overseas assets [2][18]. - The maximum hedging ratio for NPS is about 15%, equivalent to approximately $81.3 billion, with tactical foreign exchange hedging allowing for adjustments within a ±5% range of its overseas asset portfolio [2][18]. Group 4: Polysilicon Market - On December 9, polysilicon futures contracts saw a significant increase, indicating a bullish trend in the market [26][28]. - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd., with a registered capital of 3 billion yuan, aims to explore strategic cooperation opportunities within the industry, potentially impacting polysilicon supply and pricing dynamics [29].

Group 1 - The Korean won has significantly appreciated, with reports indicating that the National Pension Service has initiated tactical foreign exchange hedging, leading to expectations that upward pressure on the USD/KRW exchange rate will ease [1][2]. - The USD/KRW exchange rate experienced a decline of 0.3%, reaching 1465.75, after previously rising by 0.2% [3]. - The National Pension Service of Korea has reportedly been selling US dollars recently [4].

Group 1 - The core point of the news is the agreement between the US and South Korea regarding a $350 billion investment fund, which includes $200 billion in cash, aimed at alleviating pressure on the Korean won and easing short-term financing burdens in the local bond market [1][3] - The 25% tariff on South Korean automobiles will be reduced to 15%, with most other goods maintaining current tariff levels, effective from a likely date of November 1 [3] - The reduction in tariffs is expected to significantly mitigate the downside risks faced by the South Korean automotive industry, which is heavily reliant on US demand [3] Group 2 - The role of the National Pension Service (NPS) in the foreign exchange market may become increasingly important as the Bank of Korea is required to remit investment earnings from foreign reserves to the US [3] - There is a potential risk of depreciation for the Korean won in the coming years as the proportion of dollar export revenues converted to won by private enterprises may decrease [3] - The impact of these developments on South Korea's monetary policy is expected to be neutral [3] Group 3 - Technical analysis indicates that the USD/KRW exchange rate is trading around 1420, with resistance levels at 1430-1450 and support levels at 1400-1420 [4]