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 ...

Group 1 - The significant rise in the South Korean stock market is attributed to optimism surrounding semiconductor stocks driven by artificial intelligence (AI) and expectations of comprehensive corporate governance reforms, which are gradually transforming the long-standing "Korean discount" [1][4] - The KOSPI index reached historical highs 16 times in October, surpassing the 4000-point mark, with a nearly 21% increase for the month and over 72% year-to-date, outperforming other major Asia-Pacific indices [1][3] - Samsung Electronics and SK Hynix have a combined market capitalization exceeding 1 trillion KRW, accounting for over 30% of the KOSPI index, with strong expectations for their earnings due to a global semiconductor supply shortage [3][4] Group 2 - SK Hynix reported record quarterly revenue and profit, driven by strong demand for high-bandwidth memory for generative AI chips, with its stock price more than doubling this year [4] - Samsung Electronics also reported a significant rebound in earnings, with operating profit more than doubling from the previous quarter, and its stock price has increased by over 96% [4] - The Korean government's "Corporate Value Enhancement" plan, aimed at improving shareholder returns and corporate governance, is expected to further support the stock market's performance and reduce the "Korean discount" [5][6] Group 3 - Analysts believe that despite the substantial rise in the stock market, valuations remain attractive, with Korean banks trading at about half the price of their global peers [6] - The price-to-book ratios for Samsung and SK Hynix are 1.4 and 2.2 times, respectively, compared to a global semiconductor average of 3.0 times, indicating potential undervaluation [6] - The ongoing support from domestic investors, including retail and institutional investors, has been crucial in maintaining the upward momentum of the KOSPI index [6][7]