韩国基准KOSPI股指在刚刚过去的10月，16次创下盘中历史新高，突破4000点大关，当月累计上涨近21%。至此，KOSPI指数今年累计飙升了72%以 上，领跑亚太区其他主要经济体股指。 2025.11. 03 本文字数：2428，阅读时长大约4分钟 作者 | 第一财经 后歆桐 分析师表示，韩国股市的大幅上涨得益于人工智能（AI）驱动的对半导体芯片股的乐观情绪，以及对全面的企业治理改革预期，这些变化正在稳步转变 长期存在的"韩国折价"。 韩国股市缘何屡创新高（来源：新华社资料图） 人工智能热潮叠加企业治理改善预期 资管公司Causeway Capital Management的投资组合经理贾雅拉玛（Arjun Jayaraman）表示："我们都无法忽视AI热潮带来的动能，这甚至是未来几 年的长期增长动力。"他举例道，三星（Samsung）和SK海力士（SK Hynix）"能成为受益于这种增长动能的核心股票"。 元大证券（Yuanta Securities）的数据显示，三星电子和SK海力士的市值加起来已超过1000万亿韩元，占整个韩国综合股价指数的30%以上。元大证 券的全球资产配置主管丹尼尔（Daniel Y ...

Core Viewpoint - Korean investors are increasingly turning to the Chinese stock market, driven by a combination of high returns and a desire to diversify their investment portfolios amid domestic economic challenges [6][12][22]. 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 Korean investors, based on trading volume [6]. - The cumulative trading volume of the Chinese stock market, including Hong Kong and A-shares, reached $57.64 billion, second only to the U.S. market [8]. - Korean investors show a preference for Hong Kong stocks over A-shares, focusing on technology and consumer sectors [9][12]. Group 2: Notable Stocks and Investment Behavior - The top ten net purchases by Korean investors as of July 25, 2025, were all Hong Kong stocks, with Xiaomi and BYD leading with net purchases exceeding $100 million [10][11]. - Korean investors have shown consistent interest in Chinese stocks since early 2025, with significant inflows into Chinese stock funds [15][16]. - The average return of Chinese stock funds in Korea was 43.56% over six months, significantly higher than domestic and U.S. stock funds [18]. Group 3: Economic Context and Investor Sentiment - The shift towards Chinese stocks is partly due to stagnant domestic economic conditions in Korea, including a struggling job market and rising real estate prices [26][27]. - A survey indicated that 31% of respondents view stocks as the most favorable investment method, surpassing real estate for the first time since 2006 [28]. - The average return of the Korean stock market was only 5% over the past decade, compared to 10% for China and 13% for the U.S., leading to a loss of confidence in domestic equities [30]. Group 4: Broader Investment Strategies - Korean investors are diversifying their portfolios to mitigate risks associated with the U.S. market, with a notable shift towards overseas investments [19][21]. - The total assets of overseas investment funds in Korea reached 134 trillion won, reflecting a growing trend towards international markets [21]. - The Korean government is also taking steps to enhance the attractiveness of the domestic stock market, aiming to reverse the "Korean discount" phenomenon [31].

摩根士丹利：韩国和台湾经济 20250728 摘要 韩国 2024 年经济增长 2.0%，预计 2025 年因贸易不确定性放缓至 1.1%，但高于市场预期。财政扩张预计将推动 2026 年国内需求和消费 复苏。 2025 年第二季度韩国经济温和复苏，环比增长 0.7%，同比增长 0.8%，主要得益于消费触底和科技出口（尤其是半导体出口美国）的强 劲增长。 建筑投资持续疲软，对韩国经济构成拖累，但与项目融资相关的不良贷 款问题逐步解决，政府的供给侧改革计划有望在未来 2-3 年内推动行业 复苏。 韩国 2025 年上半年出口表现稳健，半导体出口增长 11%，但非科技类 产品出口下降，对美国和中国的出口流量放缓。欧洲市场对韩国电动车 需求强劲。 韩国通胀率预计在 2025-2026 年保持在 1.9%的温和水平，总体价格压 力应能保持在央行 2%的目标以下，但需关注服务业通胀和加工食品价 格上涨。 私人消费在经历了政治不确定性和实物刺激措施后逐步走向正轨，但尚未完全 从今年第一季度的低迷中恢复。过去八个季度私人消费连续低于趋势增长，这 主要受限于限制性的货币环境、较高的生活必需品价格通胀以及紧缩的财政政 策影响。 ...