【导读】日韩股市高开，日本东证指数再创历史新高 中国基金报记者 李智 一起来看下日韩股市的最新市场情况及资讯。 8月13日， 日韩股市高开， 日经225指数 早盘一度涨超1% ，突破43000点关口。 | 日经 225 | | | | | | --- | --- | --- | --- | --- | | 指 HQ.NKY | | | | | | 43042.48 +324.36 +0.76% | | | | | | 08-13 08:17:15 | | | | | | 今开 43090.91 | 最高 43241.27 | | | | | 昨收 42718.12 | 最低 43008.20 | | | | | 日经 225指数期货 43055.00 +1.03% | | | | | | 相关 ETF 日经 225ETF 1.484 +0.41% | | | | | | 分时 日K 周K 月K | | 室K | 更多, | | | 均价:43066.43 最新:43042.48 +324.36 +0.76% | | | | | | 43241.27 | | | | 1.22% | | WV | | | | | ...

Market Performance - The Nikkei 225 index rose by 2%, while the Tokyo Stock Exchange index increased by 1.5%, reaching a historical high of 3032.88 points [1] - SoftBank Group saw its stock price surge nearly 13% during the day, closing at 14,190 yen, while Sony's stock rose over 6%, accumulating more than 10% gains over the last two trading days [1] ETF Performance - Various ETFs tracking the Nikkei and Tokyo Stock Exchange indices experienced gains, with the following performances: - Huaxia Fund Nikkei ETF: +1.81% - Nikkei 225 ETF by E Fund: +1.75% - Huazhong Fund Nikkei 225 ETF: +1.74% - ICBC Credit Suisse Fund Nikkei ETF: +1.55% - Southern Fund Tokyo Stock Exchange Index ETF: +1.22% [1] - The total net inflow for five Japanese stock ETFs this year reached 938 million yuan, with a total scale of 5.831 billion yuan, reflecting a 32% increase from the beginning of the year [7] Company Financials - Sony reported a revenue of 2.6216 trillion yen for Q1 of FY2025, a 2% year-on-year increase, with operating profit rising by 36% to 340 billion yen and net profit increasing by 23% to 259 billion yen [5] - SoftBank's Q1 FY2025 net profit was 421.8 billion yen, significantly exceeding market expectations of 158.23 billion yen, and marking the second consecutive quarter of profitability [5] - SoftBank has increased its holdings in NVIDIA from $1 billion to approximately $3 billion and has also invested in TSMC and Oracle [5] Strategic Moves - SoftBank's Vision Fund has liquidated nearly $2 billion in public and private assets in the first half of 2025, focusing on AI investments, particularly around Arm, a key player in its strategy [6] - Following a trade agreement between the U.S. and Japan, Japan's "equivalent tariff" rate will increase from 10% to 15% starting in August [6]

Group 1 - The overall sentiment towards the Japanese stock market remains positive, driven by a new trade agreement with the U.S. that reduces tariffs on Japanese imports from 25% to 15% [1][5] - The Japanese stock market saw significant gains, with the TOPIX index reaching a historical high, and ETFs such as Nikkei 225 ETF and Tokyo Stock Exchange ETF rising by 4.18% and 3.89% respectively [1][5] - The recent elections resulted in the ruling coalition losing control of both houses, indicating a potential shift towards expansionary fiscal policies, which is expected to positively impact the stock market [1][9] Group 2 - Japanese automotive stocks led the market rally, with Toyota, Honda, and Nissan shares increasing by 12%, 8.6%, and 8.8% respectively following the tariff news [5] - The net asset values of cross-border Japanese stock ETFs have shown significant increases, with year-to-date gains of 6.64% and 10.51% for Nikkei 225 ETF and Tokyo Stock Exchange ETF [5] - The reduction of automotive tariffs from 27.5% to 15% is projected to significantly benefit the profitability outlook for Japan's major automotive manufacturers [8] Group 3 - The Japanese yen has rebounded against the U.S. dollar, trading at 146.52, influenced by the tariff news and market sentiment [10] - Analysts suggest that the recent election results will not significantly impact the Bank of Japan's monetary policy, with expectations of maintaining interest rates for an extended period [13] - Despite concerns over corporate profitability, particularly in the automotive sector, wage growth is anticipated to continue, which may limit the impact of any future earnings declines on inflation [13]

Group 1: Trade Agreement Impact - The U.S. and Japan have reached a significant trade agreement, with Japan committing to invest $550 billion in the U.S. and a 15% tariff on imports to the U.S. [1] - The agreement is expected to create thousands of jobs in the U.S. and open up Japanese markets for U.S. products, including automobiles and agricultural goods [1] Group 2: Japanese Market Conditions - The Japanese economy is experiencing a phase of moderate recovery alongside structural pressures, with improvements in growth momentum but a need for further consolidation [2] - Despite inflation being above target levels, real wages are in a declining trend, raising concerns about the sustainability of the wage-price cycle [2] - Japanese corporate earnings remain relatively robust, providing support for the overall performance of the Japanese stock market [2] Group 3: Monetary Policy and Economic Outlook - The Bank of Japan decided to maintain interest rates during its meetings in May and June 2025, linking future rate hikes to economic growth and inflation forecasts [3] - Japan's core inflation rate exceeded expectations, bolstering the Bank of Japan's confidence in achieving its 2% inflation target [3] - The Japanese stock market showed strong performance in Q2, outperforming the S&P 500 index, driven by a combination of economic recovery and easing geopolitical tensions [3] Group 4: Domestic Issues and Market Stability - Rising rice prices in Japan have become a significant issue, affecting public trust in the government and prompting measures to stabilize prices [4] - The Japanese stock market has stabilized and rebounded from volatility caused by U.S. tariff policies, returning to levels seen in March or earlier [4] - The USD/JPY exchange rate has been fluctuating between 140-145, influenced by monetary policy expectations and trade tensions [4]

Market Performance - The A-share market has been performing strongly, with the Shanghai Composite Index reaching a high of 3555.22 points before closing at 3510.18 points, resulting in a weekly gain of 1.09% [1] - Over 1000 ETF products have seen cumulative increases, with the median weekly gain for over 1200 products at approximately 1.28%, a significant improvement from the previous week [1] Top Performing ETFs - The Hong Kong Securities ETF (513090) led the weekly gainers with an increase of 12.85%, marking a historical high for the product [2][3] - Several rare earth ETFs also saw substantial weekly gains exceeding 10%, driven by strong performance from major holdings like Northern Rare Earth [5] - Real estate and photovoltaic-related ETFs recorded weekly gains of around 6%, indicating a shift in market focus towards these sectors [5] Sector Trends - The market has shifted focus to sectors such as brokerage, rare earth, and real estate, which have emerged as new hotspots following the index surpassing 3500 points [4] - Financial technology ETFs also performed well, with multiple products achieving gains over 6% and reaching new highs since last year's market rally [3] Underperforming ETFs - The gold stock ETFs experienced declines, with the worst performers showing drops exceeding 2%, despite stable international gold prices [6][8] - Japanese stock index ETFs also faced slight declines, with the Nikkei 225 ETF from E Fund dropping over 2% [8]

Group 1: Fund Manager Dynamics - A well-known 'fund king' has never received a rating from Jinan due to significant style drift, operating open-end funds like closed-end funds, raising industry concerns [1] Group 2: Market Insights - Goldman Sachs' chief China equity strategist Liu Jinjun and his team support an overweight stance on the Chinese stock market, citing potential resilience in the RMB exchange rate and an expected moderate improvement in corporate earnings [2] - The first batch of innovative floating-rate funds will start selling on May 27, with most products expected to close fundraising in June [3] - Credit bond ETFs are set to officially implement a pledge-style repurchase business, with several public fund institutions' credit bond ETFs meeting the necessary conditions [4] Group 3: Banking Sector - With domestic deposit rates declining, over 70% of A-share listed banks have a dividend yield exceeding 4%, and some banks have yields surpassing 8%, making bank stocks more attractive than traditional savings [5] Group 4: New Fund Launches - 15 new public funds were launched, with over 70% being equity funds, primarily index funds, covering various sectors including fintech, internet, pharmaceuticals, and consumer goods [6] Group 5: ETF Market Performance - A-shares experienced a collective adjustment, with the Shanghai Composite Index down 0.05%, Shenzhen Component down 0.41%, and ChiNext down 0.80%, while the Northbound 50 Index rose 1.94% [7] - The total market turnover was 10,339 billion, a decrease of 1,487 billion from the previous day, with nearly 3,800 stocks rising [7] - The gaming sector saw strong performance, with multiple gaming ETFs rising between 2.93% and 2.96% [9] Group 6: Hong Kong Market Trends - Hong Kong automotive stocks experienced a pullback, with the Hong Kong Stock Connect automotive ETF down 4.38% and the Hong Kong automotive ETF down 4.31% [11]

Core Viewpoint - Warren Buffett expresses a long-term commitment to investing in Japanese trading companies, aiming to hold their stocks for at least 50 years, regardless of short-term market fluctuations [1][2] Investment Decision and Sentiment - Buffett's interest in Japan's five major trading companies began six years ago when their stock prices were perceived as undervalued. He appreciates their strong operational history and the unique cultural aspects of these companies [1] - The performance of major companies like Apple, American Express, and Coca-Cola in Japan further reinforces Buffett's positive sentiment towards Japanese enterprises [1] Investment Situation - As of the end of 2024, Berkshire Hathaway's total investment in Japan's five major trading companies amounted to $13.8 billion, with a market value of $23.5 billion. Expected dividend income from these investments in 2025 is approximately $812 million, while interest costs on yen-denominated debt are around $135 million [1] - Berkshire has invested about $20 billion in the Japanese market, with aspirations to increase this to $100 billion [1] Market Valuation Insights - The current valuation metrics for the Nikkei 225 index indicate a price-to-earnings ratio of 17.52, placing it in the 34.82 percentile, and a price-to-book ratio of 1.74, in the 46.17 percentile. The dividend yield stands at 1.94%, in the 70.30 percentile, suggesting that the index is not overly expensive [2] Fund Investment Options - Several QDII passive index funds are available for investing in Japan, managed by companies such as Huaxia Fund, ICBC Credit Suisse Fund, and E Fund. The largest fund by scale is the Nikkei 225 ETF [4][5] Economic and Market Dynamics - Japan's economic recovery is supported by rising wages, with a 5.28% increase in the latest salary negotiations, which is expected to bolster domestic inflation [7][21] - The Bank of Japan's decision to abandon negative interest rates marks a significant step towards normalizing monetary policy, although the market remains cautious about potential risks [8][21] - The Japanese stock market is anticipated to benefit from ongoing governance reforms and increased shareholder returns, including stock buybacks [22][23] Short-term and Long-term Factors - Key short-term factors to monitor include actual wage growth, adjustments in corporate earnings guidance, and the progress of governance reforms [22] - Long-term factors supporting the Japanese stock market include the end of deflation, rising global investor interest, and ongoing corporate governance improvements [21][22]