<p>摩根大通（JPMORGAN Chase &amp; Co）在不到一个月内第二次上调了对韩国股票的目标，理由是半导体周期改善、公司治理改革和工业部门增长。</p>
<p>这家华尔街银行将 Kospi 的基础目标上调至 9,000 点，牛市目标上调至 10,000 点，意味着相较于上周五的收盘价有 33% 的上涨空间。这与 4 月底设定的基础目标 7,000 点和牛市目标 8,500 点相比有所提高。</p>
<p>策略师们正在加速上调对韩国股票的展望，受到全球人工智能热潮推动的盈利增长的鼓舞。</p>
<p>周一，Kospi 指数一度上涨 5.1%，创下 7,876.60 的盘中纪录，将其年初至今的涨幅扩大至约 86%，巩固了其作为全球表现最佳市场之一的地位。</p>
<p>摩根大通的这一举动紧随高盛（Goldman Sachs）之后，后者上周将 Kospi 目标上调至 9,000 点，理由是亚洲的盈利动能最强。</p>
<p>尽管技术面在短期内可能再次显得过热，但摩根大通的策略师们，包括 Mixo Das 在一份报告中写道：“市场的关键基本面目前仍在轨道上——内存周期条件、治理改革、主题增长。”</p>
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<p>“在这些独特的条件下，我们认为继续保持进一步上涨的头寸是合适的，而不是提前预期周期结束。”</p>
<p>随着 Kospi 的涨幅扩大，过热信号也在增加。根据其 14 天相对强弱指数，该指数本月每个交易日都处于超买区域。市场广度也很窄，周一只有约 150 只股票在 835 只成分股中上涨。</p>
<p>标准 Chartered 的全球首席投资官 Steve Brice 表示，未来几周面临修正的风险加大。该银行最近将半导体的评级从超配下调至中性。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/849ebc3eba319d3c604b2f0e2418a849f2dd94401a5c05d3b88bddce5c2c7329/query-ZHByPTEmZj13ZWJwJnc9MjQw?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://cassette.sphdigital.com.sg/image/businesstimes/849ebc3eba319d3c604b2f0e2418a849f2dd94401a5c05d3b88bddce5c2c7329/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>韩国股市创历史新高，散户投资者加入全球购买 AI 股票的热潮</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/c1751970e1d95fd9dc561bfc81d32d8be46c64cb72db58f06ca819105dd44704/query-ZHByPTEmZj13ZWJwJnc9MjQw?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://cassette.sphdigital.com.sg/image/businesstimes/c1751970e1d95fd9dc561bfc81d32d8be46c64cb72db58f06ca819105dd44704/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>韩国的经常账户盈余因芯片激增创纪录</h3>
<p>“这确实是一个非常拥挤的交易，” 他在彭博电视采访中表示。“因此，我们一点也不惊讶看到某种短期修正的出现。”</p>
<p>国内零售投资者是此次反弹的关键支持来源，本月增持了近 6 万亿韩元（约合 50 亿新元）的 Kospi 股票。外国投资者则在获利了结，净卖出超过 7 万亿韩元。</p>
<p>策略师们补充说，未来两年可能标志着内存芯片的持续上行周期，受平均售价和销量的推动。</p>
<p>内存芯片股票在韩国股票基准中占据 50% 的权重，今年推动了约 70% 的涨幅。彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中驾驭亚洲的指南。点击此处注册以获取解码亚洲通讯，直接发送到您的邮箱，免费。</p>

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<p>摩根大通已提高对韩国股票的目标，将 Kospi 的基础目标上调至 9,000 点，牛市目标上调至 10,000 点，反映出较前一交易日收盘价有 33% 的上涨空间。这一调整受到半导体周期改善和公司治理改革的推动。Kospi 年初至今已上涨 86%，成为全球表现最好的指数之一。然而，随着市场出现过热迹象，股票表现的广度较窄，关于潜在回调的担忧也开始浮现</p>

<p>JPMORGAN Chase &amp; Co raised its targets for South Korean stocks for the second time in less than a month, citing improvement in the semiconductor cycle, corporate governance reforms and industrial-sector growth.</p>
<div class="lb-trans"><p>摩根大通（JPMORGAN Chase &amp; Co）在不到一个月内第二次上调了对韩国股票的目标，理由是半导体周期改善、公司治理改革和工业部门增长。</p>
</div><p>The Wall Street bank lifted its base target for the Kospi to 9,000 and its bull-case target to 10,000, implying a 33 per cent upside from Friday’s close. That compares with base and bull targets of 7,000 and 8,500 set in late April.</p>
<div class="lb-trans"><p>这家华尔街银行将 Kospi 的基础目标上调至 9,000 点，牛市目标上调至 10,000 点，意味着相较于上周五的收盘价有 33% 的上涨空间。这与 4 月底设定的基础目标 7,000 点和牛市目标 8,500 点相比有所提高。</p>
</div><p>Strategists are racing to upgrade their outlook on Korean equities, buoyed by earnings growth fuelled by the global AI boom.</p>
<div class="lb-trans"><p>策略师们正在加速上调对韩国股票的展望，受到全球人工智能热潮推动的盈利增长的鼓舞。</p>
</div><p>The Kospi surged as much as 5.1 per cent on Monday to an intraday record of 7,876.60, extending its year-to-date rally to around 86 per cent and cementing its status as one of the world’s top performers.</p>
<div class="lb-trans"><p>周一，Kospi 指数一度上涨 5.1%，创下 7,876.60 的盘中纪录，将其年初至今的涨幅扩大至约 86%，巩固了其作为全球表现最佳市场之一的地位。</p>
</div><p>JPMorgan’s move follows Goldman Sachs, which last week raised its Kospi target to 9,000, citing Asia’s strongest earnings momentum.</p>
<div class="lb-trans"><p>摩根大通的这一举动紧随高盛（Goldman Sachs）之后，后者上周将 Kospi 目标上调至 9,000 点，理由是亚洲的盈利动能最强。</p>
</div><p>While technicals will again look stretched near-term, “key fundamentals of the market remain on track for now — memory cycle conditions, governance reforms, thematic growth,” JPMorgan strategists including Mixo Das wrote in a note.</p>
<div class="lb-trans"><p>尽管技术面在短期内可能再次显得过热，但摩根大通的策略师们，包括 Mixo Das 在一份报告中写道：“市场的关键基本面目前仍在轨道上——内存周期条件、治理改革、主题增长。”</p>
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<div class="lb-trans"><h3>在新的全球秩序中驾驭亚洲</h3>
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<div class="lb-trans"><p>获取洞察信息，直接发送到您的邮箱。</p>
</div><p>“In these unique conditions, we believe it remains appropriate to stay positioned for further upside and not preemptively anticipate a cycle-end.”</p>
<div class="lb-trans"><p>“在这些独特的条件下，我们认为继续保持进一步上涨的头寸是合适的，而不是提前预期周期结束。”</p>
</div><p>As Kospi’s gains extend, overheating signals are also growing. The index has been in overbought territory every session this month, based on its 14-day relative strength index. Market breadth is also narrow, with only about 150 stocks in the 835-member benchmark rising on Monday.</p>
<div class="lb-trans"><p>随着 Kospi 的涨幅扩大，过热信号也在增加。根据其 14 天相对强弱指数，该指数本月每个交易日都处于超买区域。市场广度也很窄，周一只有约 150 只股票在 835 只成分股中上涨。</p>
</div><p>Steve Brice, Standard Chartered’s global chief investment officer, said there’s heightened risk of a correction in the coming weeks. The bank recently downgraded semiconductors to neutral from overweight.</p>
<div class="lb-trans"><p>标准 Chartered 的全球首席投资官 Steve Brice 表示，未来几周面临修正的风险加大。该银行最近将半导体的评级从超配下调至中性。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/849ebc3eba319d3c604b2f0e2418a849f2dd94401a5c05d3b88bddce5c2c7329/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/849ebc3eba319d3c604b2f0e2418a849f2dd94401a5c05d3b88bddce5c2c7329?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>South Korean shares hit all-time high as ‘ants’ join global rush to buy AI stocks</h3>
<div class="lb-trans"><h3>韩国股市创历史新高，散户投资者加入全球购买 AI 股票的热潮</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/c1751970e1d95fd9dc561bfc81d32d8be46c64cb72db58f06ca819105dd44704/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/c1751970e1d95fd9dc561bfc81d32d8be46c64cb72db58f06ca819105dd44704?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>South Korea’s current account surplus surges to record on chips</h3>
<div class="lb-trans"><h3>韩国的经常账户盈余因芯片激增创纪录</h3>
</div><p>“This is very much a crowded trade now,” he said in a Bloomberg TV interview. “So we wouldn’t be surprised at all to see some sort of short-term correction coming through.”</p>
<div class="lb-trans"><p>“这确实是一个非常拥挤的交易，” 他在彭博电视采访中表示。“因此，我们一点也不惊讶看到某种短期修正的出现。”</p>
</div><p>Domestic retail investors have been a key source of support for the latest leg of the rally, adding nearly 6 trillion won (S$5 billion) worth of Kospi shares this month. Foreign investors have been taking profit, selling more than 7 trillion won on a net basis.</p>
<div class="lb-trans"><p>国内零售投资者是此次反弹的关键支持来源，本月增持了近 6 万亿韩元（约合 50 亿新元）的 Kospi 股票。外国投资者则在获利了结，净卖出超过 7 万亿韩元。</p>
</div><p>The next two years may mark a sustained upcycle for memory chips, driven by average selling prices and volumes, the strategists added.</p>
<div class="lb-trans"><p>策略师们补充说，未来两年可能标志着内存芯片的持续上行周期，受平均售价和销量的推动。</p>
</div><p>Memory-chip stocks account for 50 per cent of the weight in the Korean equity benchmark and have driven about 70 per cent of the gains this year. BLOOMBERG</p>
<div class="lb-trans"><p>内存芯片股票在韩国股票基准中占据 50% 的权重，今年推动了约 70% 的涨幅。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中驾驭亚洲的指南。点击此处注册以获取解码亚洲通讯，直接发送到您的邮箱，免费。</p>
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JPMorgan hikes Kospi bull case target to 10,000 on memory boom

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摩根大通因存储器市场的繁荣将 Kospi 牛市目标上调至 10,000 点