<p>近年来，投资者纷纷将资金投入新兴市场，因为对大幅股票收益的追求已转向海外，同时他们也在寻求超越集中于标准普尔 500 指数的多样化。然而，美伊军事冲突重新审视了集中风险的问题，突显了新兴市场在收益依赖于少数几只股票时的风险水平，其中许多股票与人工智能的繁荣息息相关。</p>
<p>iShares MSCI 新兴市场 ETF（EEM）在过去几年及 2026 年表现强劲，2025 年上涨 29%，今年仍保持小幅上涨。然而，其持仓仍然主要集中在亚洲，对中国、韩国、印度和台湾的暴露程度较高，这四个地区合计占据了指数权重的超过四分之三，许多顶级股票与科技相关，包括台积电和三星。</p>
<p>&#34;如果你看看新兴市场的指数，仍然大约有 80% 是亚洲，&#34; ETF 公司 Global X 的高级新兴市场投资组合经理兼主动投资团队高级副总裁 Malcolm Dorson 在本周早些时候的 CNBC 节目&#34;ETF Edge&#34;中表示。&#34;这给你带来了很大的集中风险，&#34;他说。</p>
<p>总体而言，新兴市场指数的科技行业权重超过 30%。</p>
<p>本周，韩国股票经历了极端的波动。由于中东战争升级引发了对亚洲能源供应的担忧，市场在周三创下了有史以来最糟糕的单日表现，记忆行业的顶级股票依赖于能源密集型的生产过程。在经历了最糟糕的一天后，韩国指数在周四反弹，创下自 2008 年以来的最佳表现。iShares MSCI 韩国 ETF（EWY）本周仍下跌近 13%。</p>
<p>韩国股票的巨大波动部分与它们最近的表现有关，以及许多散户投资者从持有这些股票中获得了丰厚的收益。SK 海力士作为广泛新兴市场指数的主要持仓，去年上涨了 274%，而三星上涨了 125%。</p>
<p>自军事冲突爆发以来，油价大幅飙升，震动了全球市场。周五，布伦特原油期货价格突破 90 美元，美国西德克萨斯中质原油期货价格也接近这一范围，本周上涨超过 30%，而布伦特原油上涨近 26%。</p>
<p>亚洲国家的能源紧张局势可以从中国本周报告的决定看出，该国告知国内炼油公司停止任何燃料出口，更多亚洲国家可能会采取类似措施以保留能源储备，能源市场专家表示。</p>
<p>根据 ETF 投资策略师的说法，现在还不是放弃新兴市场的时候，一些宏观经济因素可能会在长期内维持这些市场的超额表现。但 Dorson 表示，采用&#34;杠铃策略&#34;的投资策略可能是明智的，平衡不同类型新兴市场的风险，而不是依赖于一个地区。他表示，这种思维方式应该引导希望保持国际曝光的投资者关注拉丁美洲，以平衡亚洲市场。</p>
<p>&#34;我认为你需要同时拥有两者，&#34; Dorson 说。</p>
<p>阿根廷、巴西和哥伦比亚等国与能源和商品市场密切相关，他表示，油价上涨可以为这些经济体提供额外的顺风。他说，&#34;我认为 25% 到 33% 的故事应该是获取商品曝光的吸引力。&#34;他补充说，拉丁美洲国家也有政治改革的努力，这可能为经济提供额外的顺风。&#34;所有目光都集中在可能推动财政改革的政治变化上，&#34;他说，并补充说这可能会使该地区的金融服务行业股票受益。</p>
<p>多个拉丁美洲市场的股票与美国股票相比也以显著折扣交易，许多市盈率大约是标准普尔 500 指数的一半。例如，Vanguard 的标准普尔 500 ETF（VOO）目前的市盈率为 28，而其新兴市场 ETF（VWO）的市盈率为 18。</p>
<p>注册我们的每周通讯，超越直播，深入了解塑造 ETF 市场的趋势和数据。</p>
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iShares拉丁美洲40指数ETF

HMLA

LLAT

韩国 MSCI ETF - iShares

ALAU

iShares MSCI新兴市场ETF

Vanguard富时新兴市场指数ETF

<p>美国与伊朗的战争导致油价飙升，并增加了新兴市场的波动性，特别是那些集中在亚洲的市场。iShares MSCI 新兴市场 ETF（EEM）表现良好，但对亚洲经济体的权重较大，增加了集中风险。由于能源供应问题，韩国股票经历了极端波动。投资策略师建议采取平衡的方法，主张同时关注亚洲和拉丁美洲市场，这可能会受益于油价上涨和政治改革。与美国股票相比，拉丁美洲股票的交易折扣显著</p>

<p>Investors have poured money into emerging markets in recent years as the search for big stock gains has migrated overseas and as they look for diversification beyond the concentrated S&amp;P 500. But the U.S.-Iran military conflict has reframed the concentration question, highlighting the level of risk in emerging markets when it comes to gains being dependent on a select number of stocks, many tied to the AI boom.</p>
<div class="lb-trans"><p>近年来，投资者纷纷将资金投入新兴市场，因为对大幅股票收益的追求已转向海外，同时他们也在寻求超越集中于标准普尔 500 指数的多样化。然而，美伊军事冲突重新审视了集中风险的问题，突显了新兴市场在收益依赖于少数几只股票时的风险水平，其中许多股票与人工智能的繁荣息息相关。</p>
</div><p>The iShares MSCI Emerging Markets ETF (EEM) has had strong performance over the past few years and into 2026, up 29% in 2025 and still holding onto a small gain this year. However, its holdings remain largely tilted toward Asia, with large exposure to China, South Korea, India, and Taiwan, together representing over three-quarters of the index weight, and many of the top stocks tied to tech, including Taiwan Semiconductor and Samsung.</p>
<div class="lb-trans"><p>iShares MSCI 新兴市场 ETF（EEM）在过去几年及 2026 年表现强劲，2025 年上涨 29%，今年仍保持小幅上涨。然而，其持仓仍然主要集中在亚洲，对中国、韩国、印度和台湾的暴露程度较高，这四个地区合计占据了指数权重的超过四分之三，许多顶级股票与科技相关，包括台积电和三星。</p>
</div><p>&#34;If you look at the index within emerging markets, it's still roughly 80% Asia,&#34; Malcolm Dorson, senior emerging markets portfolio manager and senior v.p. head of the active investment team at ETF company Global X said on CNBC's &#34;ETF Edge&#34; earlier this week. &#34;That gives you a lot of concentration risk,&#34; he said.</p>
<div class="lb-trans"><p>&#34;如果你看看新兴市场的指数，仍然大约有 80% 是亚洲，&#34; ETF 公司 Global X 的高级新兴市场投资组合经理兼主动投资团队高级副总裁 Malcolm Dorson 在本周早些时候的 CNBC 节目&#34;ETF Edge&#34;中表示。&#34;这给你带来了很大的集中风险，&#34;他说。</p>
</div><p>Overall, the EM index has a 30%-plus tech sector weighting.</p>
<div class="lb-trans"><p>总体而言，新兴市场指数的科技行业权重超过 30%。</p>
</div><p>South Korean stocks have experienced extreme volatility this week. The market posted its worst single-day move ever on Wednesday as the escalating war in the Middle East resulted in concerns about energy supplies to Asia, where top stocks in the memory sector fueling the AI boom rely on energy-intensive processes. After its worst day ever, the South Korean index rebounded on Thursday for its best day since 2008. The iShares MSCI South Korea ETF (EWY) is still down close to 13% this week.</p>
<div class="lb-trans"><p>本周，韩国股票经历了极端的波动。由于中东战争升级引发了对亚洲能源供应的担忧，市场在周三创下了有史以来最糟糕的单日表现，记忆行业的顶级股票依赖于能源密集型的生产过程。在经历了最糟糕的一天后，韩国指数在周四反弹，创下自 2008 年以来的最佳表现。iShares MSCI 韩国 ETF（EWY）本周仍下跌近 13%。</p>
</div><p>Some of the enormous volatility in South Korean stocks is tied to how well they have performed recently, and how many retail investors have seen big gains from holding them. SK Hynix, a top holding in the broad emerging market indexes, gained 274% last year, while Samsung gained 125%.</p>
<div class="lb-trans"><p>韩国股票的巨大波动部分与它们最近的表现有关，以及许多散户投资者从持有这些股票中获得了丰厚的收益。SK 海力士作为广泛新兴市场指数的主要持仓，去年上涨了 274%，而三星上涨了 125%。</p>
</div><p>A huge spike in oil prices since the outbreak of the military conflict has rattled global markets. On Friday, Brent crude futures topped $90 and U.S. West Texas Intermediate crude futures were closing in on that range, up more than 30% this week, while Brent has advanced nearly 26%.</p>
<div class="lb-trans"><p>自军事冲突爆发以来，油价大幅飙升，震动了全球市场。周五，布伦特原油期货价格突破 90 美元，美国西德克萨斯中质原油期货价格也接近这一范围，本周上涨超过 30%，而布伦特原油上涨近 26%。</p>
</div><p>The energy squeeze in Asian nations can be seen in China's reported decision this week to tell domestic oil refining companies to stop any exports of fuel, and more Asian nations may follow with similar moves to retain energy stockpiles, energy market experts have said.</p>
<div class="lb-trans"><p>亚洲国家的能源紧张局势可以从中国本周报告的决定看出，该国告知国内炼油公司停止任何燃料出口，更多亚洲国家可能会采取类似措施以保留能源储备，能源市场专家表示。</p>
</div><p>It isn't time to abandon emerging markets, according to ETF investing strategists, and some macroeconomic factors may sustain outperformance in these markets over the longer-term. But Dorson said a &#34;barbell approach&#34; to investment strategy may be wise, balancing exposure between different types of emerging markets rather than relying on one region. He says thinking this way should lead investors who want to maintain international exposure to look at Latin America as a balance against Asian markets.</p>
<div class="lb-trans"><p>根据 ETF 投资策略师的说法，现在还不是放弃新兴市场的时候，一些宏观经济因素可能会在长期内维持这些市场的超额表现。但 Dorson 表示，采用&#34;杠铃策略&#34;的投资策略可能是明智的，平衡不同类型新兴市场的风险，而不是依赖于一个地区。他表示，这种思维方式应该引导希望保持国际曝光的投资者关注拉丁美洲，以平衡亚洲市场。</p>
</div><p>&#34;I think you need to have both,&#34; Dorson said.</p>
<div class="lb-trans"><p>&#34;我认为你需要同时拥有两者，&#34; Dorson 说。</p>
</div><p>Countries like Argentina, Brazil, and Colombia are heavily linked to energy and commodities market, and he said rising oil prices can provide an additional tailwind for those economies. &#34;I'd say 25 to 33% of the story should be that attractiveness of getting exposure to commodities,&#34; he said. He added that there are also political reform efforts in Latin American nations that could serve as additional tailwinds for economies. &#34;All eyes are on political change that could drive fiscal reform,&#34; he said, and he added that may benefit financial services sector stocks across the region.</p>
<div class="lb-trans"><p>阿根廷、巴西和哥伦比亚等国与能源和商品市场密切相关，他表示，油价上涨可以为这些经济体提供额外的顺风。他说，&#34;我认为 25% 到 33% 的故事应该是获取商品曝光的吸引力。&#34;他补充说，拉丁美洲国家也有政治改革的努力，这可能为经济提供额外的顺风。&#34;所有目光都集中在可能推动财政改革的政治变化上，&#34;他说，并补充说这可能会使该地区的金融服务行业股票受益。</p>
</div><p>Equities in several Latin America markets also trade at significant discounts to U.S. stocks, with many price-to-earnings ratios roughly half those in the S&amp;P 500. For example, Vanguard's S&amp;P 500 ETF, VOO, currently trades at a P/E ratio of 28, while its emerging markets ETF, VWO, trades at a P/E ratio of 18.</p>
<div class="lb-trans"><p>多个拉丁美洲市场的股票与美国股票相比也以显著折扣交易，许多市盈率大约是标准普尔 500 指数的一半。例如，Vanguard 的标准普尔 500 ETF（VOO）目前的市盈率为 28，而其新兴市场 ETF（VWO）的市盈率为 18。</p>
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U.S.-Iran war exposes big market concentration risk. It isn't in S&P 500 stocks

CNBC

HSBC MSCI Latin America UCITS ETF

Lyxor ETF MSCI EM Latin America

Amundi MSCI EM Latin America

美伊战争暴露了巨大的市场集中风险，而这种风险并不在标普 500 指数的股票中