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KOSPI再涨0.5%,外资持续加仓科技股​

发布于 2025-08-20

<p data-track="1" data-pm-slice="0 0 []"><strong><span style=" color: #000000; ; "><span leaf="">指数表现</span></span></strong><span style=" color: #000000; ; "><span leaf="">:</span></span></p><p data-track="2"><span style=" color: #000000; ; "><span leaf="">韩国KOSPI指数本周收于3,225.66点,延续涨势(+0.5%),年内累计涨幅达34.4%。板块分化明显:</span></span></p><ul class="list-paddingleft-1"><li><strong><span style=" color: #000000; ; "><span leaf="">领涨板块</span></span></strong><span style=" color: #000000; ; "><span leaf="">:科技(+2.4%)、电信(+1.9%)、保险(+1.8%)</span></span></li><li><strong><span style=" color: #000000; ; "><span leaf="">拖累板块</span></span></strong><span style=" color: #000000; ; "><span leaf="">:软件(-6.5%)、食品饮料(-5.6%)、建筑(-4.5%)</span></span></li></ul><p><span leaf=""><img class="rich_pages wxw-img" data-height="331" data-imgfileid="100043399" data-src="https://mmbiz.qpic.cn/sz_mmbiz_jpg/VXjHib6YROwno2zUibNDUIP0oQKmgibbPJYYIdzjiaibX8wIrNNH73Mu8Df27yJxEYk877qle174nDicItyGmxB8ggRw/640?wx_fmt=jpeg&amp;from=appmsg" data-type="jpeg" data-width="559" /></span><span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><h1 spellcheck="false" data-track="7"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">🔍 政策焦点:商法二次修订保护小股东权益</span></span></h1><p data-track="8"><span style=" color: #000000; ; "><span leaf="">韩国执政党拟于8月21日推进《商法》二次修订,核心变化包括:</span></span></p><ol class="list-paddingleft-1" start="1"><li><strong><span style=" color: #000000; ; "><span leaf="">强制累计投票制</span></span></strong><span style=" color: #000000; ; "><span leaf="">:资产超2万亿韩元(约14.5亿美元)的上市公司需采用此制度,允许小股东集中票权选举董事。</span></span></li><li><strong><span style=" color: #000000; ; "><span leaf="">审计委员会扩容</span></span></strong><span style=" color: #000000; ; "><span leaf="">:提名人数从至少1人增至2人以上,强化监督。</span></span></li></ol><blockquote><p data-track="13"><span leaf="">背景:过去5年韩国股东提案激增,尤其针对董事会提名。但自1998年累计投票制推出后,仅13家公司主动采纳。</span></p></blockquote><p><span leaf=""><img class="rich_pages wxw-img" data-height="203" data-imgfileid="100043397" data-src="https://mmbiz.qpic.cn/sz_mmbiz_jpg/VXjHib6YROwno2zUibNDUIP0oQKmgibbPJYqjB3hrSV3tp7kpfHW5Z5upEs8JlW9aV8qNfPQIxtUAICbjdpiaVcJ8Q/640?wx_fmt=jpeg&amp;from=appmsg" data-type="jpeg" data-width="415" /></span><span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><h1 spellcheck="false" data-track="14"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">💼 财报季追踪:公用事业超预期,科技板块承压</span></span></h1><p data-track="15"><span style=" color: #000000; ; "><span leaf="">2025年Q2财报关键数据:</span></span></p><ul class="list-paddingleft-1"><li><strong><span style=" color: #000000; ; "><span leaf="">超预期比例</span></span></strong><span style=" color: #000000; ; "><span leaf="">:仅39%公司盈利超预期,低于历史均值。</span></span></li><li><strong><span style=" color: #000000; ; "><span leaf="">行业对比</span></span></strong><span style=" color: #000000; ; "><span leaf="">:公用事业(Utilities)、金融(Financials)表现最佳;信息技术(Info Tech)垫底。</span></span></li><li><strong><span style=" color: #000000; ; "><span leaf="">盈利上调</span></span></strong><span style=" color: #000000; ; "><span leaf="">:工业、公用事业和金融板块推动KOSPI的Q2-Q4盈利预期上调。</span></span></li></ul><p><span leaf=""><img class="rich_pages wxw-img" data-height="217" data-imgfileid="100043396" data-src="https://mmbiz.qpic.cn/sz_mmbiz_jpg/VXjHib6YROwno2zUibNDUIP0oQKmgibbPJYc2pJz820icMauiciavnicGhrW5twWk7BKL0ORPR89nXiacGv9A3WFN78h4A/640?wx_fmt=jpeg&amp;from=appmsg" data-type="jpeg" data-width="377" /></span><span></span></p><h1 spellcheck="false" data-track="22"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">💰 资金动向:外资逆势买入钢铁与科技股</span></span></h1><ul class="list-paddingleft-1"><li><strong><span style=" color: #000000; ; "><span leaf="">外资流向</span></span></strong><span style=" color: #000000; ; "><span leaf="">:当周净买入KOSPI达7170亿韩元,连续多周加仓。</span></span></li><li><strong><span style=" color: #000000; ; "><span leaf="">行业偏好</span></span></strong><span style=" color: #000000; ; "><span leaf="">:外资集中流入科技(Tech)和钢铁(Steel)板块,软件(Software)遭抛售。</span></span></li><li><strong><span style=" color: #000000; ; "><span leaf="">估值水平</span></span></strong><span style=" color: #000000; ; "><span leaf="">:KOSPI远期市盈率仅10.7倍,较全球和亚太市场折价显著,科技股估值达11.7倍。</span></span></li></ul><p><span leaf=""><img class="rich_pages wxw-img" data-height="429" data-imgfileid="100043398" data-src="https://mmbiz.qpic.cn/sz_mmbiz_jpg/VXjHib6YROwno2zUibNDUIP0oQKmgibbPJYicE4yZRhCKEX13bI2WWW1SLgGmYEXhNll5BtGF3WWTMaNAYYCrJdXJw/640?wx_fmt=jpeg&amp;from=appmsg" data-type="jpeg" data-width="425" /></span><span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><h1 spellcheck="false" data-track="29"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">🌐 宏观与汇率</span></span></h1><ul class="list-paddingleft-1"><li><strong><span style=" color: #000000; ; "><span leaf="">韩元汇率</span></span></strong><span style=" color: #000000; ; "><span leaf="">:兑美元微升0.1%,但兑日元贬值0.5%。</span></span></li><li><strong><span style=" color: #000000; ; "><span leaf="">国债利率</span></span></strong><span style=" color: #000000; ; "><span leaf="">:10年期国债收益率上升2个基点至2.79%。</span></span></li><li><strong><span style=" color: #000000; ; "><span leaf="">风险指标</span></span></strong><span style=" color: #000000; ; "><span leaf="">:韩国股市风险指数(GSSRKERB)升至0.5,处于"风险中性"区间。</span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><h1 spellcheck="false" data-track="36"><span leaf=""><span textstyle="" style="font-size: 20px;font-weight: bold;">💡 投资启示</span></span></h1><p data-track="43"><strong><span style=" color: #000000; ; "><span leaf="">政策红利</span></span></strong><span style=" color: #000000; ; "><span leaf="">:商法修订或加速公司治理改革,利好小股东权益。</span></span></p><p data-track="44"><strong><span style=" color: #000000; ; "><span leaf="">板块机会</span></span></strong><span style=" color: #000000; ; "><span leaf="">:外资主导的科技、钢铁板块动能强劲,软件板块需警惕波动。</span></span></p><p data-track="45"><strong><span style=" color: #000000; ; "><span leaf="">估值优势</span></span></strong><span style=" color: #000000; ; "><span leaf="">:KOSPI估值处于历史低位,折价空间提供安全边际。</span></span></p><p><span leaf=""><br /></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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