为消除长期困扰市场的"韩国折价"，韩国政府正准备拿出改革"杀手锏"——强制企业注销库存股。 近日，韩国执政的民主党议员Park Hong Bae接受彭博采访时透露，韩国国会极有可能在今年年底前通过一项关键法案，该法案将强 制上市公司注销其持有的库存股。 他强调，这项立法是该党的"头号优先事项，不容拖延"。法案细节将在11月提交至国会常务委员会前敲定，并预计在12月的全体会 议上进行最终投票。 这一改革预期已成为推动韩国股市上涨的关键动力。今日，韩国综合股价指数Kospi一度上涨1%，使其年初至今的涨幅达到44%，在 全球主要股指中表现最佳。 库存股，即公司从公开市场回购后持有的自有股份，在许多市场通常被视为暂时性工具，最终会被注销以提升股东回报。但在韩 国，它们却常常被无限期持有。 "投资者普遍的共识是，韩国的库存股制度毫无道理，"执政党议员Park Hong Bae在采访中直言。这些股份既无投票权，也无权获得 股息，但它们的存在却增加了总股本，直接拉低了每股收益（EPS）等关键估值指标。 根据大信证券分析师Lee Kyung-yeon的估算，目前在Kospi指数上市公司中，库存股的总价值约占该指数总市值的3 ...

韩股刚创下新高，总统就"泼冷水"，投资者怒了：说好的提振股市呢？ 在讲话中，李在明再次强调了韩国股市被严重低估的现象，并表示其中一个原因可能是"需求不足"。 今年以来，Kospi指数已上涨约38%，成为全球表现最好的股指之一。分析指出，市场热情主要源于该 国正在进行的企业治理改革行动，以及全球AI热潮带来的提振。 李在明：没必要降低税收门槛，韩股仍被严重低估 李在明在新闻发布会上承认，7月底提出的资本利得税修订提案已引发市场对政府振兴股市承诺的质 疑。他表示： 周三，韩国KOSPI指数周三收于3314.53点，创下历史新高，超过了2021年7月6日创下的纪录，盘中一 度触及3317.77点。 在股市创新高之际，周四，韩国总统李在明在新闻发布会上表示，将把此前备受争议的资本利得税修订 提案交由国会决定。 这一暧昧的表态未能满足投资者对政府彻底放弃该计划的预期。韩国KOSPI指数在李在明表态后抹去早 盘0.9%的涨幅，截至发稿涨幅缩窄至0.2%。 这份于7月下旬提出的原始提案，旨在将征收资本利得税的个人股东持股门槛从50亿韩元大幅下调至10 亿韩元，扩大征收范围。该提案当时遭到了韩国散户的强烈抵抗，并引发了一轮抛 ...

Group 1 - The core viewpoint is that the election of Lee Jae-myung as South Korea's president has led to a significant rebound in the stock market, with the KOSPI index rising from 2698.97 points to 3147.75 points, a 16.6% increase within two months, compared to lower growth rates in Japan and the US [1] - The "Korean discount" issue, where the market performance is significantly lower than the fundamental value of companies, is a major challenge for the South Korean stock market, with a price-to-book ratio of 0.98 compared to 1.5 in Japan and 2.3 in Taiwan [2] - The dominance of chaebols (large family-owned business conglomerates) in the economy leads to policies favoring founding families, resulting in a governance structure that often neglects the interests of minority shareholders [4] Group 2 - Recent cases, such as the Samsung Group's manipulation of stock prices for control transfer and LG Chem's IPO, highlight the weaknesses in corporate governance in South Korea, where family wealth increases at the expense of shareholder value [6][4] - The Lee Jae-myung government has proposed reforms to enhance corporate governance, including amendments to the Commercial Act that require boards to act in the interests of all shareholders, potentially changing investor sentiment and attracting more capital to the stock market [8] - Successful implementation of these reforms could alleviate pressure on the real estate market by redirecting investment from real estate to the stock market, which has seen significant price increases in recent years [10]

Core Viewpoint - The article discusses the increasing interest of South Korean investors in the Chinese stock market, highlighting a shift in investment preferences due to various economic factors and the performance of different markets [4][10][41]. Group 1: Investment Trends - As of July 25, 2023, China has surpassed Japan and the EU to become the second-largest overseas stock market for South Korean investors, based on trading volume [4][5]. - The cumulative trading volume of the Chinese stock market, including Hong Kong and A-shares, reached $57.64 billion, ranking second only to the U.S. market [5]. - South Korean investors show a preference for Hong Kong stocks over A-shares, focusing on technology and consumer sectors [6][10]. Group 2: Notable Stocks - The top ten net purchased stocks by South Korean investors as of July 25, 2025, are all Hong Kong stocks, with Xiaomi Group-W and BYD Company Limited leading with net purchases exceeding $1 billion [7][8]. - Other notable stocks include Ningde Times and Alibaba, indicating a strong interest in technology and consumer goods [8][9]. Group 3: Market Dynamics - The enthusiasm for Chinese stocks is partly driven by the volatility in the U.S. market and a desire for diversified investment strategies [10][12]. - In February 2025, South Korean investors pushed trading volumes in the Chinese market to $782 million, a 179% increase from the previous month, marking the highest level since August 2022 [14]. - The average return of Chinese stock funds in South Korea was 43.56% over six months, significantly outperforming domestic and U.S. stock funds [17]. Group 4: Broader Economic Context - The shift towards overseas investments, including in China, reflects a broader trend of South Koreans seeking alternatives due to stagnant domestic economic conditions and rising real estate prices [25][32]. - The average return of the South Korean stock market over the past decade was only 5%, compared to 10% for China and 13% for the U.S., contributing to the growing interest in foreign markets [40][41]. Group 5: Regulatory and Political Factors - Recent political changes in South Korea, including the new administration's commitment to reform the stock market, aim to enhance its attractiveness and reverse the "Korean discount" phenomenon [42][43]. - The government's focus on improving market conditions may further encourage local investors to consider both domestic and international opportunities [42][43].

Core Viewpoint - The article discusses the increasing interest of South Korean investors in the Chinese stock market, highlighting a shift in investment strategies due to market conditions and the pursuit of higher returns [4][11][20]. Group 1: Investment Trends - As of July 25, 2023, China has surpassed Japan and the EU to become the second-largest overseas stock market for South Korean investors, with a cumulative trading volume of $5.63 billion [5][4]. - In 2025, the cumulative trading volume of the Chinese stock market is projected to reach $4.08 billion, indicating a growing trend in South Korean investments [5]. - South Korean investors have shown a preference for Hong Kong stocks over A-shares, with significant net purchases in companies like Xiaomi and BYD, each exceeding $100 million [8][10]. Group 2: Market Dynamics - The net inflow of funds into Chinese stock funds reached 654 billion KRW in the past three months, with a notable 273.9 billion KRW in April alone, reflecting a sustained interest [13][14]. - The average return of Chinese stock funds in Korea was 43.56% over six months, significantly higher than the returns from Korean and US stock funds, which were 1.6% and 13.08% respectively [16]. - The shift in focus towards Chinese stocks is partly driven by the volatility in the US market, prompting South Korean investors to diversify their portfolios [16][17]. Group 3: Socioeconomic Factors - The rising interest in overseas markets, including China, is influenced by stagnant domestic economic conditions, such as a declining job market and low-interest rates, leading to a search for alternative investment opportunities [24][26]. - A survey indicated that 31% of respondents view stocks as the most favorable investment method, surpassing real estate for the first time since 2006, reflecting a significant change in investment preferences [26][27]. - The number of active stock trading accounts in South Korea reached 69.3 million by the end of 2023, indicating a widespread engagement in stock trading among the population [27][28]. Group 4: Regulatory and Market Environment - The South Korean government is taking steps to enhance the attractiveness of the domestic stock market, aiming to address the "Korean discount" phenomenon and encourage investment [29]. - Despite the focus on overseas markets, South Korean investors still maintain a significant interest in the US market, with 96% of offshore trading volume attributed to US stocks as of July 2023 [17][18].

Group 1 - Foreign capital has significantly flowed into the South Korean stock market, with the KOSPI index rising over 3% this year and the total market capitalization surpassing $2 trillion for the first time in three years, making it one of the strongest stock markets globally [1][8] - In July alone, foreign net inflows into the South Korean stock market exceeded $3 billion, far surpassing the total for the previous two months, driven by substantial corporate governance reforms initiated by the South Korean government [4][8] - The South Korean government's reform aims to weaken the excessive control of chaebols (large family-owned business conglomerates) over listed companies, enhance corporate valuations, and strengthen the rights of minority shareholders to attract global investors [5][8] Group 2 - A key legislative amendment was passed this month, requiring company board members to be legally accountable to all shareholders rather than just serving the interests of controlling shareholders [6] - Upcoming reforms will focus on optimizing the board election mechanism and reducing the proportion of treasury shares, which are shares repurchased by the company but not canceled [6][8] - The legislative body plans to vote on measures including the introduction of cumulative voting and limiting the power of major shareholders over the audit committee, which would empower minority shareholders to elect representatives that reflect their interests [7][8] Group 3 - These reforms are seen as a sincere effort by South Korea to address the concerns of minority shareholders, drawing attention from international investors [8] - Major global investment banks have raised their ratings on the South Korean stock market since early June, reflecting increased confidence in the government's commitment to resolving the "Korean discount" issue [8] - Despite the clear direction of reforms, there is strong opposition from large enterprises, with 77% of listed companies expressing concerns that the amendments to the Commercial Act could impact business development [9]

Group 1 - The core viewpoint of the report is that the Kospi index in South Korea is expected to rise over 50% within two years, potentially reaching the 5000-point mark, following a strong performance this year [1][3]. - Morgan Stanley upgraded the rating of South Korean stocks from neutral to overweight, citing President Yoon Suk-yeol's commitment to governance reforms and his goal to elevate the Kospi index to 5000 points during his five-year term [3][4]. - The optimism is fueled by the expectation of governance reforms aimed at addressing the "Korea Discount," which refers to the lower valuation of South Korean companies compared to global peers due to concerns over corporate governance and policy risks [4][5]. Group 2 - Despite the strong market performance, foreign investment remains cautious, with lower buying activity compared to early 2024, indicating that investors are seeking better entry points [5]. - The report suggests that as long as the reform process remains on track, investors should consider increasing their holdings during any market volatility, as global interest in the South Korean market is rising [5].

Group 1 - South Korea's three major financial institutions have decided to establish a "Joint Task Force for Combating Stock Price Manipulation" by the end of this month [1][2] - The task force will conduct joint investigations into significant manipulation cases and enforce a "one violation, lifetime delisting" principle for unfair trading practices [2] - The KOSPI index reached its highest closing level in nearly four years, closing at 3133.74 points, with a trading volume of 6.373 billion shares and a total transaction value of 12.5 trillion KRW [2] Group 2 - President Lee Jae-myung's administration aims to boost the stock market, which has faced significant challenges, including a power vacuum and substantial foreign capital outflows [2][3] - Key initiatives include corporate governance reforms, a supplementary budget of at least 30 trillion KRW to stimulate consumption, and significant investments in AI and semiconductor industries [3] - The government plans to invest 100 trillion KRW in AI development and infrastructure, aiming to create a large language model and open-source it [3] Group 3 - The current administration is seen as making historic commitments to shareholder rights, addressing the root causes of the "Korean discount" in the market [4] - Previous attempts by past presidents to resolve shareholder issues have been largely ineffective, with only 14% of companies participating in voluntary value enhancement plans [4] - The proposed amendments to the Commercial Act will clarify the fiduciary duties of directors to shareholders, contrasting with the current law that prioritizes the interests of major shareholders [4] Group 4 - South Korea lifted its ban on "naked short selling" on March 31, 2023, which had been illegal and was previously enforced to stabilize the market during the pandemic [5] - The Financial Services Commission has imposed significant penalties on BNP Paribas and HSBC for repeated violations of short-selling regulations, totaling 2.03 million USD [5] - Following the discovery of large-scale illegal short-selling operations, the Financial Services Commission decided to ban short selling in the stock market until June 2024, with severe penalties for illegal profits [6]

Group 1 - The South Korean stock market experienced significant gains, becoming one of the best-performing markets in Asia, driven by expectations of the revised Commercial Law being passed in parliament [1][4] - Shares of major South Korean holding companies, including SK, Hanwha, and LS, rose by at least 11%, contributing to a nearly 2% increase in the KOSPI index, reaching its highest level in nearly four years [1][4] - The change in stance by the main opposition party, the People Power Party, to support the ruling party's reform proposal reflects a shift in market sentiment and highlights recent cases of shareholder rights violations [1][4] Group 2 - Under President Lee Jae-myung's leadership, the ruling Democratic Party is working to amend the Commercial Law to extend board members' fiduciary duties to all shareholders, aiming to improve corporate governance standards and enhance stock market returns [4] - The recent rise in the South Korean stock market coincides with optimistic economic data, including a rebound in exports due to record-high semiconductor sales, providing a boost to the trade-dependent economy [4] - Foreign investors became net buyers of KOSPI stocks after four consecutive days of declines, with local funds also participating in buying, indicating renewed interest in the market [4] - Year-to-date, the KOSPI index has risen approximately 30%, primarily due to optimistic sentiment regarding corporate governance reforms, compared to a 12% increase in the MSCI Asia-Pacific index during the same period [4]

Group 1 - Tianfeng Securities' subsidiary Tianfeng International Securities has upgraded its trading license to provide virtual asset trading services, following the Hong Kong government's announcement of a licensing framework for digital asset services [1] - The A-share market has seen a surge in IPO applications, with over 100 companies applying in the first half of the year, and June alone witnessing a fourfold increase in new applications compared to May [1] - The total market capitalization of A-shares has reached a historic high of 105 trillion yuan, driven by increased trading activity and contributions from major financial sectors [1][4] Group 2 - The banking sector has shown a cumulative increase of over 40% since September 24, contributing significantly to the overall market capitalization growth [4][5] - Public fund assets have reached a new high of 33.74 trillion yuan, with significant inflows into money and bond funds, indicating a robust investment environment [7] - Foreign institutions have expressed optimism about the Chinese stock market, with several raising their growth forecasts for China's economy and predicting a potential breakthrough for the Shanghai Composite Index [7][8] Group 3 - Insurance funds are increasingly shifting towards the Hong Kong market, with 63% of surveyed institutions planning to increase their investments in Hong Kong stocks, primarily through the Stock Connect program [8][9] - The trend of insurance companies acquiring stakes in banks and Hong Kong stocks has continued, reflecting a strategic shift in asset allocation [8][9] - Large private equity firms are also increasing their investments in Hong Kong, indicating a growing confidence in the valuation of Chinese companies listed there [9][10]