<p>TradingKey - 在对美国与伊朗紧张局势缓解的预期上升背景下，亚太股市周三普遍收高，但中国、日本和韩国的表现差异显著。</p>
<p>韩国股市表现最为强劲，KOSPI 指数上涨 2.07%，领跑亚太地区；日本的日经 225 指数上涨约 0.44%，延续近期反弹；相比之下，中国市场相对受限，因外部需求疲软而涨幅有限。</p>
<p>来源：TradingView</p>
<p>今天市场的核心驱动因素是地缘政治风险的暂时降温。随着美国表示愿意重启与伊朗的谈判，对中东冲突进一步升级的担忧减轻，国际油价回落，为风险资产提供了广泛支持。在这种背景下，对外部环境高度敏感的韩国市场率先反应，显著的资本流入推动指数大幅上涨。</p>
<p>日本市场则更多地受益于油价回落带来的宏观经济预期改善。作为能源进口国，日本企业对能源成本变化敏感；较低的油价有助于缓解进口通胀压力，从而提升市场对企业盈利的预期，推动日经指数稳步上升。</p>
<p>关于中国市场，尽管外部风险环境略有改善，但基本面因素仍然制约着市场。最新数据显示，中国 3 月份出口增长放缓至 2.5%，表明外部需求动能减弱。在这种背景下，整体市场情绪谨慎，指数相对稳定，未能跟随日本和韩国市场的显著反弹。</p>
<p>总体而言，亚太股市今天呈现出典型的 “风险缓解驱动的反弹” 模式，但不同市场对相同宏观经济变量的反应却各不相同。韩国和日本更快地将改善的情绪转化为市场收益，而中国市场则更多受到自身经济数据的影响，表现相对温和。</p>
<p>了解更多</p>

韩国 MSCI ETF - iShares

1346

2525

1369

IKOR

日本指数 MSCI ETF - iShares

1329

2 倍做空日圓 ETF - ProShares

<p>亚太股市收盘上涨，韩国 KOSPI 指数飙升 2.07%，领涨该地区，而日本日经 225 指数上涨 0.44%。相比之下，由于出口增长放缓和谨慎的市场情绪，中国市场的涨幅有限。韩国和日本的上涨受到地缘政治风险缓解和宏观经济预期改善的推动，尤其是由于油价下跌，而中国的表现则受到自身经济数据的制约</p>

<p>TradingKey - Against the backdrop of rising expectations for an easing in U.S.-Iran tensions, Asia-Pacific stock markets generally closed higher on Wednesday, though performance diverged significantly across China, Japan, and South Korea.</p>
<div class="lb-trans"><p>TradingKey - 在对美国与伊朗紧张局势缓解的预期上升背景下，亚太股市周三普遍收高，但中国、日本和韩国的表现差异显著。</p>
</div><p>The South Korean stock market delivered the strongest performance, with the KOSPI index surging 2.07% to lead the Asia-Pacific region; Japan's Nikkei 225 index rose approximately 0.44%, extending its recent rebound; in contrast, the Chinese market remained relatively restrained, showing limited gains amid weakening external demand.</p>
<div class="lb-trans"><p>韩国股市表现最为强劲，KOSPI 指数上涨 2.07%，领跑亚太地区；日本的日经 225 指数上涨约 0.44%，延续近期反弹；相比之下，中国市场相对受限，因外部需求疲软而涨幅有限。</p>
</div><p>Source: TradingView</p>
<div class="lb-trans"><p>来源：TradingView</p>
</div><p>The core driver of the market today was a temporary cooling of geopolitical risks. As the U.S. signaled a willingness to restart negotiations with Iran, concerns over further escalation of the Middle East conflict eased, causing international oil prices to retreat and providing broad support for risk assets. In this context, the South Korean market, which is highly sensitive to the external environment, was the first to react, with significant capital inflows driving the index sharply higher.</p>
<div class="lb-trans"><p>今天市场的核心驱动因素是地缘政治风险的暂时降温。随着美国表示愿意重启与伊朗的谈判，对中东冲突进一步升级的担忧减轻，国际油价回落，为风险资产提供了广泛支持。在这种背景下，对外部环境高度敏感的韩国市场率先反应，显著的资本流入推动指数大幅上涨。</p>
</div><p>The Japanese market benefited more from improved macroeconomic expectations brought about by the pullback in oil prices. As an energy importer, Japanese companies are sensitive to changes in energy costs; lower oil prices help alleviate imported inflationary pressures, thereby enhancing market expectations for corporate earnings and pushing the Nikkei index steadily upward.</p>
<div class="lb-trans"><p>日本市场则更多地受益于油价回落带来的宏观经济预期改善。作为能源进口国，日本企业对能源成本变化敏感；较低的油价有助于缓解进口通胀压力，从而提升市场对企业盈利的预期，推动日经指数稳步上升。</p>
</div><p>Regarding the Chinese market, although the external risk environment improved marginally, fundamental factors continued to act as a constraint. Latest data showed that China's export growth slowed to 2.5% in March, indicating a loss of momentum in external demand. Against this background, overall market sentiment was cautious, and the index remained relatively stable, failing to follow the significant rebounds in Japanese and South Korean markets.</p>
<div class="lb-trans"><p>关于中国市场，尽管外部风险环境略有改善，但基本面因素仍然制约着市场。最新数据显示，中国 3 月份出口增长放缓至 2.5%，表明外部需求动能减弱。在这种背景下，整体市场情绪谨慎，指数相对稳定，未能跟随日本和韩国市场的显著反弹。</p>
</div><p>Overall, Asia-Pacific stock markets today displayed a typical &#34;rebound driven by risk mitigation&#34; pattern, yet different markets reacted differently to the same macroeconomic variables. South Korea and Japan were quicker to convert improved sentiment into market gains, while the Chinese market was more influenced by its own economic data, resulting in a relatively moderate performance.</p>
<div class="lb-trans"><p>总体而言，亚太股市今天呈现出典型的 “风险缓解驱动的反弹” 模式，但不同市场对相同宏观经济变量的反应却各不相同。韩国和日本更快地将改善的情绪转化为市场收益，而中国市场则更多受到自身经济数据的影响，表现相对温和。</p>
</div><p>Find out more</p>
<div class="lb-trans"><p>了解更多</p>
</div>

China, Japan, and South Korea Stocks Diverge at Close: South Korea Surges 2% to Lead Asia-Pacific, Japan Follows, Why Is the Chinese Market Relatively Restrained?

TradingKey

BlackRock, Inc.

Mitsubishi UFJ Financial Group, Inc.

Japan Agricultural Cooperatives Group

Asset Management One Co., Ltd.

iShares MSCI Korea UCITS ETF USD (Dist)

中国、日本和韩国股市在收盘时走势分化：韩国上涨 2%，领涨亚太地区，日本紧随其后，为什么中国市场表现得相对克制？