<p>TradingKey - 受中东持续紧张局势和国际油价上涨的影响，亚洲股市在今天开盘时面临集体压力。A 股、日本和韩国股票均大幅低开，市场风险偏好迅速降温。</p>
<p>在市场表现方面，日本股市领跌，日经 225 指数在开盘后大幅下跌，科技和出口行业普遍疲软。KOSPI 也低开，半导体和周期性股票遭遇抛售，拖累了指数的整体表现。</p>
<p>与此同时，三大 A 股指数均低开。尽管下跌幅度相对温和，但市场情绪依然显得相当谨慎，投资者主要保持观望。目前市场趋势继续倾向于下行。</p>
<p>截至发稿时，日经 225 指数报 50,975.60 点，下跌 4.49%；KOSPI 报 5,247.61 点，下跌 3.52%；上海综合指数报 3,882.78 点，下跌 0.79%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260330/index-7cb01a8f99d1451c912787d3f0952d36.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260330/index-7cb01a8f99d1451c912787d3f0952d36.png"/></p>
<p>从驱动因素来看，核心市场扰动仍源于外部环境。一方面，中东地区反复出现的紧张局势加剧了投资者对能源供应中断的担忧，导致布伦特原油价格维持在高位，并进一步加剧全球通胀预期。另一方面，在持续的通胀压力背景下，市场对美联储降息的预期持续降温，导致全球流动性边际收紧，给股权资产施加压力。</p>
<p>日本和韩国市场对油价和外部需求变化更为敏感，因此反应特别剧烈。尤其是在当前利率上升的环境中，成长股估值受到明显压力；加之部分资金选择战术性避险，导致开盘时出现集中抛售。相比之下，A 股受到国内需求和政策预期的支撑，整体波动相对可控，尽管外部扰动仍通过情绪和资金流动传导。</p>
<p>总体而言，今天亚洲股市的急剧低开基本反映了市场对 “高油价 + 高利率” 组合的重新定价。在地缘政治风险显著缓解之前，亚太市场在短期内可能维持高波动性，表现将更容易受到新闻驱动的催化剂影响。</p>
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<p>亚洲股市因中东持续紧张局势和油价上涨而大幅低开。日经 225 指数下跌 4.49%，KOSPI 指数下跌 3.52%，上海综合指数下跌 0.79%。投资者对能源供应中断和持续的通胀压力表示担忧，这加剧了市场的下滑。由于对油价和外部需求的敏感性，日本和韩国市场反应尤为强烈。总体而言，市场正在调整高油价和高利率的组合，导致亚太地区的波动性增加</p>

<p>TradingKey - Affected by ongoing tensions in the Middle East and rising international oil prices, Asian equity markets faced collective pressure at today's open. A-shares, Japanese, and South Korean stocks all opened significantly lower as market risk appetite cooled rapidly.</p>
<div class="lb-trans"><p>TradingKey - 受中东持续紧张局势和国际油价上涨的影响，亚洲股市在今天开盘时面临集体压力。A 股、日本和韩国股票均大幅低开，市场风险偏好迅速降温。</p>
</div><p>In terms of market performance, Japanese stocks led the decline, with the Nikkei 225 Index dropping sharply after the open as heavyweight technology and export sectors generally weakened. The KOSPI also opened lower, with semiconductors and cyclical stocks facing sell-offs, weighing on the index's overall performance.</p>
<div class="lb-trans"><p>在市场表现方面，日本股市领跌，日经 225 指数在开盘后大幅下跌，科技和出口行业普遍疲软。KOSPI 也低开，半导体和周期性股票遭遇抛售，拖累了指数的整体表现。</p>
</div><p>Meanwhile, all three major A-share indices opened lower. Although the declines were relatively moderate, market sentiment remained notably cautious, with investors primarily staying on the sidelines. The current market trend continues to lean toward the downside.</p>
<div class="lb-trans"><p>与此同时，三大 A 股指数均低开。尽管下跌幅度相对温和，但市场情绪依然显得相当谨慎，投资者主要保持观望。目前市场趋势继续倾向于下行。</p>
</div><p>As of press time, the Nikkei 225 Index stood at 50,975.60 points, down 4.49%; the KOSPI was at 5,247.61 points, down 3.52%; and the Shanghai Composite Index was at 3,882.78 points, down 0.79%.</p>
<div class="lb-trans"><p>截至发稿时，日经 225 指数报 50,975.60 点，下跌 4.49%；KOSPI 报 5,247.61 点，下跌 3.52%；上海综合指数报 3,882.78 点，下跌 0.79%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260330/index-7cb01a8f99d1451c912787d3f0952d36.png" alt="" original-src="https://resource.tradingkey.com/uploads/20260330/index-7cb01a8f99d1451c912787d3f0952d36.png"/></p>
<p>Looking at the driving factors, the core market disturbances still stem from the external environment. On one hand, recurring tensions in the Middle East have fueled investor concerns over energy supply disruptions, keeping Brent crude at elevated levels and further intensifying global inflation expectations. On the other hand, against a backdrop of persistent inflationary pressures, expectations for Fed rate cuts continue to cool, leading to a marginal tightening of global liquidity and exerting pressure on equity assets.</p>
<div class="lb-trans"><p>从驱动因素来看，核心市场扰动仍源于外部环境。一方面，中东地区反复出现的紧张局势加剧了投资者对能源供应中断的担忧，导致布伦特原油价格维持在高位，并进一步加剧全球通胀预期。另一方面，在持续的通胀压力背景下，市场对美联储降息的预期持续降温，导致全球流动性边际收紧，给股权资产施加压力。</p>
</div><p>Japanese and South Korean markets are more sensitive to changes in oil prices and external demand, hence their particularly sharp reactions. Especially in the current environment of rising interest rates, growth stock valuations are under clear pressure; coupled with some capital opting for tactical safe-haven moves, this led to concentrated selling at the open. In contrast, A-shares are supported by domestic demand and policy expectations, keeping overall volatility relatively controlled, though external disturbances continue to transmit through sentiment and capital flows.</p>
<div class="lb-trans"><p>日本和韩国市场对油价和外部需求变化更为敏感，因此反应特别剧烈。尤其是在当前利率上升的环境中，成长股估值受到明显压力；加之部分资金选择战术性避险，导致开盘时出现集中抛售。相比之下，A 股受到国内需求和政策预期的支撑，整体波动相对可控，尽管外部扰动仍通过情绪和资金流动传导。</p>
</div><p>Overall, the sharp opening decline in Asian equities today essentially reflects the market's repricing of the &#34;high oil prices + high interest rates&#34; combination. Until geopolitical risks significantly subside, Asia-Pacific markets are likely to maintain high volatility in the short term, with performance becoming more susceptible to news-driven catalysts.</p>
<div class="lb-trans"><p>总体而言，今天亚洲股市的急剧低开基本反映了市场对 “高油价 + 高利率” 组合的重新定价。在地缘政治风险显著缓解之前，亚太市场在短期内可能维持高波动性，表现将更容易受到新闻驱动的催化剂影响。</p>
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亚洲股市集体大幅低开，原因何在？