野村预计韩国综合指数将在2026年上半年达到8000点，而摩根大通预测韩国综合指数今年将达到7500点。 自2025年6月上任以来，李在明一直誓言要解决所谓的"韩国折价"问题，该说法指的是韩国国内股票相对于全球同 类股票的估值偏低的问题。韩国执政党共同民主党25日已表示，正在推动修订后的《商法》获得国会通过，该法 案要求公司在回购库藏股后一年内予以注销，此举将是一系列有利于投资者的最新改革举措。 摩根大通和野村证券本月早些时候上调了对韩国综合指数的目标点位，理由是韩国政府的改革以及AI引领的全球 芯片产业热潮。野村预计韩国综合指数将在2026年上半年达到8000点，而摩根大通预测韩国综合指数今年将达到 7500点。 分析师表示，韩国芯片类股受益于全球人工智能（AI）热潮，为韩国股市上涨提供了支撑。鉴于美国AI公司的需 求，这项业务一直蓬勃发展。全球科技巨头在AI数据中心上的巨额支出，已使得DRAM和NAND这两种主要存储 芯片以及高端高带宽存储（HBM）的供应趋紧，同时价格也不断上涨。 在此背景下，全球最大的存储芯片制造商之一的三星电子以及英伟达的高带宽存储主要供应商SK海力士的股价今 年迄今已分别攀升约70 ...

韩国股市正经历一场历史性狂飙。综合三重驱动力——AI浪潮引爆的存储芯片超级周期、持续压缩的"韩国折价"以及宏观政策的积极配合——韩国综合 股价指数（Kospi）今年以来已累计上涨近50%，成为全球表现最亮眼的主要股市。 Kospi周四首次收于6300点上方，在过去11个交易日中有10天录得上涨，连续刷新历史高位。德意志银行策略师Jim Reid将其称为"2026年最非凡的股票 市场"，并指出这一涨幅"通常需要数年乃至数十年，而非数周"。高盛此前将Kospi年末目标价上调至5700点，但该指数已在一周内超越这一目标。 这场涨势的直接催化剂是内存芯片价格的垂直拉升——超大规模云计算厂商正在抢购一切可得的DRAM和HBM芯片。三星电子和SK海力士合计占Kospi 总市值约40%，两者年内分别上涨82.5%和69.8%。 与此同时，据华尔街见闻此前文章指出，韩国总统李在明凭早年炒股亏损的"散户"经验，自去年6月上任后通过强化董事会问责、改革股息税及打击市 场违规，掀起激进的金融改革。这些举措进一步放大了这轮行情。 AI存储超级周期：行情的核心引擎 此轮Kospi暴涨的最直接驱动力，来自全球AI基础设施建设对内存芯片的 ...

韩国股市多头还预计，随着企业治理改革步伐加快，下一步很可能是通过修订《商法》强制注销库存股。 Matthews Asia的投资组合经理朴素贞（Sojung Park）称："虽然韩国折价幅度有所收窄，但韩国股市的估值与其他 全球主要股指相比，仍然存在显著差距。考虑到韩国上市企业强劲的盈利增长前景和基本面，韩国股市似乎仍被 严重低估了。" 摩根大通分析师团队表示，KOSPI指数在2026年有望触及7500点。该行在报告中将该指数今年的基准目标位设定 在6000点，牛市目标位则定为7500点。他们认为，受芯片价格上涨的推动，权重股三星电子和SK海力士领涨了 KOSPI指数，据测算，这两只股票在2026年仍有45%~50%的上涨空间。此外，该行预计其他非存储类工业板块的 每股收益也将实现约20%的增长。韩国持续推进的企业治理、市场及税收改革预计将成为额外的催化剂。 在韩国国内，韩国股市估值远未达到合理水平的观点在韩国政界也普遍存在，提高股东回报的呼声日益高涨。韩 国执政党共同民主党党首郑清来上周表示，韩国的市净率远低于发达经济体约3倍的平均水平，并呼吁韩国股市应 享有更多溢价。 下一步 KOSPI指数的上涨主要归功于 ...

2026.02. 10 本文字数：1700，阅读时长大约3分钟 作者 | 第一财经 后歆桐 2025年年初至今，韩国股市已上涨121%。不过，多家华尔街机构认为即使市值已上涨1.7万亿美 元，"韩国折价"仍然存在。韩国股市多头预计，随着企业治理改革步伐加快，这波涨势还将继续。 摩根大通预计KOSPI指数年内最高将涨至7500点，比当前水平再上涨超过41%。 "韩国折价"仍存 根据汇编数据，从2025年至2026年2月6日，韩国KOSPI指数已上涨121，市场市值增加了1.7万亿 美元。同期，日本东证指数上涨了36%，美国标普500指数上涨了18%。即使经历了如此大幅的上 涨，韩国KOSPI指数目前的市净率仍仅为1.7倍，日本东证指数和美国标普500指数的市净率则分别 为1.9倍和5.5倍。KOSPI指数成分股的利润预计将在未来12个月内增长一倍以上。相比之下，日本 东证指数成分股的12个月盈利预期增幅为12%。 木星基金管理公司（Jupiter Fund Management）的投资经理康拉德（Sam Konrad）表示，这主 要得益于韩国总统李在明致力于消除"韩国折价"以及全球人工智能（AI）的蓬勃发展。虽 ...

2026.01. 22 本文字数：1976，阅读时长大约3分钟 作者 | 第一财经 潘寅茹 ▲ 韩国正采取一系列措施改善资本市场环境（来源：新华社资料图） 韩国股市仍被低估？ 21日，李在明表示，尽管韩国股市开年以来涨势喜人，但仍受"韩国折价（Korea Discount）"现象 拖累，估值偏低。所谓"韩国折价"是指，韩国股票的交易价格低于全球同类股票的现象，这是由诸如 公司治理结构不透明、股东回报不足等因素导致的。 对此，李在明补充道，一些导致所谓的"韩国折价"的因素——如国家安全风险、国内政治、公司治理 和市场惯例等——正在得到解决。他还乐观表示，"现在看来，它有可能超过5000点，而这是我们之 前无法预见的。也就是说，人工智能和半导体产业将以难以预测的规模迎来爆发式增长。" 人工智能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。" 韩国股市"开门红"的涨势还在延续。 当地时间1月22日，韩国综合股价指数（KOSPI）盘中首次突破5000点大关，创历史新高。 ...

当地时间1月22日，韩国综合股价指数（KOSPI）盘中首次突破5000点大关，创历史新高。 2026年开年以来，韩国股市依旧不断走高。在今年首个交易日突破4300点后，持续走在上涨通道。 韩国股市"开门红"的涨势还在延续。 数据显示，KOSPI当天开盘报4987.06点，随后持续上扬。盘中，KOSPI一度突破5000大关，最高报 5019.54点。截至22日收盘，KOPSI虽然回落至4952.53点，仍较前一日涨幅达0.87%。 旨在刺激韩国高科技产业创新，以应对国内经济增长停滞和人口老龄化问题。 上海市朝鲜半岛研究会副会长、上海对外经贸大学朝鲜半岛研究中心主任詹德斌告诉第一财经："李在 明上任以来所推出的措施的确在短时间内刺激了韩国经济，发出了积极的信号，韩国KOSPI指数自去年 下半年来屡创新高，就是最好证明。" 对于韩国股市的火热涨势，韩国总统李在明在1月21日的新年记者会上表示，韩国股市估值仍处于偏低 水平。此前，他在去年竞选时承诺，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。 韩国股市仍被低估？ 21日，李在明表示，尽管韩国 ...

Group 1 - The core sentiment in the market has shifted positively following President Trump's decision to abandon tariffs on Europe and comments regarding a "framework agreement" on Greenland, leading to a rise in stock markets across the Asia-Pacific region and a decline in safe-haven assets like gold [1] - The South Korean Composite Index surged by 2.18% to reach 5017.16 points, marking a significant increase driven primarily by the semiconductor sector [2][5] - Nvidia's CEO highlighted the need for "trillions of dollars" in global AI infrastructure investment, which has led to increased buying interest in the semiconductor sector, with notable gains for companies like Disco in Japan and Samsung Electronics in South Korea [3][7] Group 2 - The strong momentum in chip stocks has propelled the South Korean Composite Index to a historic high, with a month-to-date increase of nearly 20% [5][6] - Reforms aimed at addressing the "Korean discount" issue are gaining traction, boosting investor confidence, as analysts suggest that the Composite Index still has room for further growth due to reasonable valuations [7][10] - The South Korean government is expected to announce measures to curb the voting power of controlling families and increase the rights of minority shareholders, which may enhance overall market dynamics [11]

Core Viewpoint - The South Korean stock market, driven by AI demand and easing volatility from geopolitical tensions, has surpassed the 5000-point target set by President Yoon Suk-yeol, with the KOSPI index rising over 95% in the past year, making it the best-performing benchmark globally [1][4]. Group 1: Market Performance - The KOSPI index reached 5019.54 points, up 2.2%, with major contributors including Samsung Electronics, SK Hynix, and Hyundai Motor [1]. - The KOSPI index has shown consistent growth, with all but one trading day in January recording gains, despite external pressures such as U.S. tariff threats [4]. - Analysts predict the KOSPI could reach 6000 points within two months, indicating that the current level is not overly high [4][5]. Group 2: Economic Factors - The surge in the KOSPI reflects South Korea's transition from a cyclical export market to a key beneficiary of the global AI boom, particularly due to its dominance in data center memory chips [1]. - The global shortage of memory chips, driven by increased AI server demand, has significantly boosted profits for companies like Samsung Electronics, which reported a more than twofold increase in quarterly profits [6]. Group 3: Valuation and Governance - Despite reaching record highs, the KOSPI still lags behind regional peers in key valuation metrics, with a price-to-book ratio of approximately 1.6, lower than the MSCI Emerging Markets Index and Taiwan Weighted Index [4]. - The concept of "Korea Discount," referring to the long-standing valuation discount due to weak corporate governance, is expected to diminish, providing further room for market growth [4][9]. - Legislative reforms aimed at enhancing corporate governance and shareholder returns are underway, including amendments to the Commercial Act to strengthen board accountability [8]. Group 4: Market Sentiment and Future Outlook - Market sentiment remains cautious, with retail investors showing restraint compared to previous market peaks, leading to a disconnect between domestic stocks and the Korean won [8]. - Optimism persists regarding structural improvements in the stock market, supported by government-led initiatives to enhance shareholder returns and increase liquidity [8]. - Analysts from Goldman Sachs forecast a 23% return for Korean stocks in USD terms this year, bolstered by a favorable macro environment and expected earnings growth of 53% [5].

Group 1 - The South Korean stock market, driven by demand for artificial intelligence and easing volatility from geopolitical tensions, has surpassed the 5000-point target set by President Yoon Suk-yeol, with the KOSPI index rising 2.2% to 5019.54 points, marking a 95% increase over the past 12 months, making it the best-performing benchmark globally [1] - Major contributors to this surge include leading stocks such as Samsung Electronics, SK Hynix, and Hyundai Motor, with rising memory prices translating into profit growth for these companies [1] - The KOSPI's rise signifies a political milestone, reinforcing the government's commitment to addressing long-standing corporate governance issues that have hindered valuations [1] Group 2 - The Chief Investment Officer of Life Asset Management predicts that the KOSPI could reach 6000 points within two months, suggesting that the current level is not overly high and that the market is normalizing [2] - Despite geopolitical tensions, the KOSPI has shown resilience, with a notable increase in January, and is part of a regional relief rally following a framework agreement between the U.S. and NATO regarding Greenland [2] - President Yoon emphasized that he is not artificially inflating stock prices but rather aiming for market normalization, indicating a responsible investment approach [2] Group 3 - The concept of "Korea Discount," which refers to the valuation discount due to weak corporate governance, is expected to diminish, allowing for further upward movement in the KOSPI [3] - The KOSPI's price-to-book ratio is approximately 1.6 times, lower than the MSCI Emerging Markets Index and Taiwan's weighted stock index, indicating potential for valuation improvement [3] - Market observers remain optimistic, with Goldman Sachs forecasting a 23% return for Korean stocks in USD terms this year, supported by a 53% earnings growth and favorable macro conditions [3] Group 4 - A global shortage of memory chips is a significant tailwind, with AI server demand driving memory prices up, resulting in Samsung Electronics' quarterly profits more than doubling to a record high [5] - The supply-demand dynamics for memory chips are expected to remain "imbalanced" until 2027 due to cautious capital expenditure and new capacity from manufacturers, suggesting further upside potential [5] Group 5 - There are concerns about profit-taking pressure that could lead to sudden sell-offs, as the recent surge has been driven by a limited number of buyers, primarily local institutional investors [8] - Retail investor sentiment is more restrained compared to the post-pandemic market peak in 2021, with many retail investors shifting funds to U.S. stocks, contributing to the weakening of the Korean won and a disconnect from the domestic market [8] - Despite these concerns, there is a prevailing optimism regarding structural improvements in the stock market, supported by government-led initiatives aimed at enhancing shareholder returns and increasing liquidity [8] Group 6 - The South Korean market has historically traded at a significant discount, and ongoing reform progress, coupled with effective execution, may support further valuation re-rating [9]

格隆汇1月22日｜在人工智能驱动需求的推动下，韩国KOSPI指数盘初突破韩国总统李在明设定的5000 点目标，涨幅一度达2.2%，主要由三星电子、SK海力士和现代汽车等权重股领涨。该指数在过去12个 月中涨幅超过90%，成为全球表现最佳的股指，在本月除一个交易日外全线收涨。看涨者认为，本轮涨 势仍有空间，直至所谓的"韩国折价"——即长期因公司治理薄弱导致的估值折让——逐渐消退。此轮上 涨凸显了韩国正从周期性出口市场转变为全球人工智能繁荣的核心受益者，这得益于其在数据中心关键 内存芯片领域的优势地位。对三星电子和SK海力士而言，内存价格上涨已转化为盈利动力和股价收 益。 ...