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韩国股市周报:贸易协议与科技股崛起背后的投资机会

发布于 2025-08-14

<h2 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" data-pm-slice="0 0 []"><span leaf="">美韩贸易协议落地,韩国市场迎来新机遇</span></h2><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">本周韩国股市(KOSPI指数)下跌2.4%,主要受到美韩贸易协议和政府税收提案的双重影响。然而,细看市场表现,我们会发现</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">科技、食品饮料和造船板块</span></strong><span leaf="">表现相对抗跌,而钢铁、银行和证券板块则成为最大输家。这种分化背后,反映的是市场对美韩新贸易关系的重新定价。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">美韩双方达成的贸易协议将</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">互惠关税税率定为15%</span></strong><span leaf="">,低于此前市场预期的25%,也高于当前的10%水平。这一税率基本符合我们对韩国企业盈利的基本假设,尽管美国对韩国汽车的15%关税低于我们对该行业的关税预期。</span></p><section nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100041843" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlKJqLtLV7GScBbiaYTITNDHDHnvBzf54iaS7CLKjiaXkhfadrPlI5fudWqkIxys2LBmwG5ianlQxVj5w/640?wx_fmt=png&amp;from=appmsg" data-type="png" style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;max-width: 360px;border-radius: 4px;min-width: auto;min-height: auto;max-height: 320px;cursor: pointer;display: block;object-fit: cover;height: auto;" /></section><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">更值得关注的是,协议中包含韩国通过3500亿美元基金对美国进行投资的计划。根据韩国总统办公室政策负责人金容范的简报公告,其中1500亿美元将用于造船业合作,2000亿美元将投资于芯片、核电、电池和生物技术领域。我们认为,考虑到两国在该行业的持续政策支持,这将</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">对韩国造船业构成利好</span></strong><span leaf="">。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">与此同时,韩国股市的上涨幅度超过了近期宏观经济变化所暗示的水平,表明市场可能已经消化了政策确定性的改善,以及通过正在进行的公司治理改革带来的韩国特有因素。</span></p><h2 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">三星电子异军突起,科技硬件板块潜力巨大</span></h2><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">本周韩国股市的最大亮点莫过于</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">三星电子的强势表现</span></strong><span leaf="">。作为韩国股市中最大的公司,三星电子因向特斯拉供应AI芯片而表现抢眼。尽管本周涨幅可观,但三星电子在过去一年大幅跑输KOSPI指数后,近期才开始表现出色。</span></p><section nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100041840" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlKJqLtLV7GScBbiaYTITNDHzxQ3gSCLsspKpMbG529MXpicUAVQJ2xtvpumNZgnutCA6S7NZWichC6w/640?wx_fmt=png&amp;from=appmsg" data-type="png" style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;max-width: 360px;border-radius: 4px;min-width: auto;min-height: auto;max-height: 320px;cursor: pointer;display: block;object-fit: cover;height: auto;" /></section><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">从估值角度看,虽然三星电子相对于其同行SK海力士的估值折让最近有所收窄,但三星电子的交易价格仍远低于SK海力士的估值水平。三星电子在12个月远期市净率基础上交易于-1个标准差附近,同时外资持股比例较低。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">MSCI韩国科技硬件板块在MSCI韩国指数中的权重最近恢复到-1个标准差。科技硬件板块(主要由三星电子权重较大)的潜在估值恢复到平均水平,可能为整体市场带来额外的6%上涨空间。</span></p><section nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100041839" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlKJqLtLV7GScBbiaYTITNDHpTj03DLrc6ATiczcgL0xYyYhmawjuPqStVogrwWKvLOO9tCGSdEUgmg/640?wx_fmt=png&amp;from=appmsg" data-type="png" style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;max-width: 360px;border-radius: 4px;min-width: auto;min-height: auto;max-height: 320px;cursor: pointer;display: block;object-fit: cover;height: auto;" /></section><h2 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">二季度财报季:金融板块表现最佳</span></h2><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">在2025年第二季度财报季中,</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">33%已公布业绩的公司盈利超出市场预期</span></strong><span leaf="">。按行业划分,金融业的超预期比例最大,而通信服务和消费必需品行业的超预期比例最小。2025年第二季度业绩超预期的比例低于历史第二季度财报季的平均水平。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">在第二季度财报季期间,受工业、公用事业和金融板块推动,KOSPI指数的第二、第三和第四季度盈利预期被上调。</span></p><section nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100041841" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlKJqLtLV7GScBbiaYTITNDHI6DbuP2c5BhLtnjDCn0nib4Z9MnLqGAeibJbw1dJOibuZyYlia3VmLyKmg/640?wx_fmt=png&amp;from=appmsg" data-type="png" style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;max-width: 360px;border-radius: 4px;min-width: auto;min-height: auto;max-height: 320px;cursor: pointer;display: block;object-fit: cover;height: auto;" /></section><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">从行业角度看,金融业有83%的公司盈利超预期,表现最佳;医疗保健行业有50%的公司盈利超预期;而通信服务和消费必需品行业则没有公司盈利超预期。这种行业分化值得投资者密切关注。</span></p><h2 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">汇率与资金流动:外资持续买入韩国股市</span></h2><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">本周</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">韩元对美元贬值1.5%</span></strong><span leaf="">,但对欧元升值1.2%,对日元升值0.4%。韩国最新的股票风险晴雨表(GSSRKERB指数)降至0.7,保持在风险偏好区域。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">从资金流向看,外资继续买入KOSPI市场,主要受科技和证券板块资金流入的推动。KOSPI的12个月远期每股收益(EPS)本周下调0.4%。制药行业的盈利预期上调幅度最大,而化工行业的下调幅度最大。</span></p><section nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100041842" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlKJqLtLV7GScBbiaYTITNDHORRPCJWribKEtUaf3vM1fiblaoo4ars8tUGqjB6LP3dRlze8vK0p4cEA/640?wx_fmt=png&amp;from=appmsg" data-type="png" style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;max-width: 360px;border-radius: 4px;min-width: auto;min-height: auto;max-height: 320px;cursor: pointer;display: block;object-fit: cover;height: auto;" /></section><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">具体来看,本周KOSPI市场外资流入1353亿韩元,机构投资者卖出878亿韩元,个人投资者卖出956亿韩元,养老金卖出257亿韩元。这种资金流向模式显示,</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">外资与本土投资者对韩国股市的看法存在明显分歧</span></strong><span leaf="">。</span></p><h2 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">行业表现与估值:科技板块领跑,银行证券垫底</span></h2><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">从行业表现来看,本周KOSPI各行业分化明显:</span></p><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">表现最好的三个行业</span></strong><span leaf="">:</span></p><ul style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><section><span leaf="">科技板块:上涨1.7%</span></section></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><section><span leaf="">食品饮料板块:下跌0.2%</span></section></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><section><span leaf="">造船板块:下跌0.3%</span></section></li></ul><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">表现最差的三个行业</span></strong><span leaf="">:</span></p><ul style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><section><span leaf="">证券板块:下跌10.3%</span></section></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><section><span leaf="">银行板块:下跌8.9%</span></section></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><section><span leaf="">钢铁板块:下跌8.1%</span></section></li></ul><section nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100041844" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlKJqLtLV7GScBbiaYTITNDHlM5DZswMt9W2VYxw9sc3Mjy7G8EY2NOt2clKwzGq7O6iaJPG0apWGgA/640?wx_fmt=png&amp;from=appmsg" data-type="png" style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;max-width: 360px;border-radius: 4px;min-width: auto;min-height: auto;max-height: 320px;cursor: pointer;display: block;object-fit: cover;height: auto;" /></section><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">从估值角度看,MSCI韩国指数的12个月远期市盈率为9.9倍,低于MSCI亚太(除日本)指数的15.9倍和MSCI全球指数的估值水平。韩国市场相对于全球和亚太地区同行的估值折让,为长期投资者提供了有吸引力的入场点。</span></p><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">具体到行业,科技硬件板块的当前市盈率为11.6倍,低于其历史平均水平的10.7倍;银行业当前市盈率为6.7倍,接近历史平均的6.5倍;而造船业的市盈率高达30.9倍,显著高于历史平均水平。</span></p><h2 style="margin: 24px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 600;font-size: 22px;line-height: 1.25;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">投资建议:关注科技与政策受益板块</span></h2><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">基于本周的市场表现和未来预期,我们对韩国股市的投资建议如下:</span></p><ol style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: decimal;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">长期布局科技硬件板块</span></strong><span leaf="">:尤其是三星电子等估值处于历史低位的龙头企业。随着AI芯片需求的持续增长和估值修复潜力,该板块有望带来超额收益。</span></p></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">关注政策受益行业</span></strong><span leaf="">:美韩贸易协议中重点支持的造船、芯片、核电、电池和生物技术领域,将获得两国政策支持和资金投入,中长期增长确定性较高。</span></p></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">谨慎对待金融板块</span></strong><span leaf="">:尽管金融业二季度财报表现优异,但考虑到利率环境和监管政策的不确定性,建议投资者保持谨慎态度。</span></p></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">利用汇率波动</span></strong><span leaf="">:韩元对美元贬值可能提升出口企业的竞争力,但同时需关注汇率风险对投资回报的影响。</span></p></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">跟踪外资动向</span></strong><span leaf="">:外资持续流入韩国股市,特别是科技和证券板块,这一趋势是否持续将影响市场整体走向。</span></p></li></ol><section nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100041845" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlKJqLtLV7GScBbiaYTITNDHspW3gjR0xmewK2JPV86z3Gmsannzuh8lcUicEdSelUEB66gD6Yamicsw/640?wx_fmt=png&amp;from=appmsg" data-type="png" style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;max-width: 360px;border-radius: 4px;min-width: auto;min-height: auto;max-height: 320px;cursor: pointer;display: block;object-fit: cover;height: auto;" /></section><p style="margin-top: 8px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">总体而言,尽管本周韩国股市出现调整,但在美韩贸易协议落地、科技板块复苏和外资持续流入的背景下,韩国市场仍存在结构性机会。</span></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

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