<p>河内——上周股市以强烈的波动收盘，VN-Index 持续在历史高点区域波动。</p>
<p>卖压从周初开始增加，基准指数一度大幅下跌至 1900 点以下，甚至在周中交易时接近 1860 点水平，随后强劲反弹。</p>
<p>这种拉锯战反映了投资者在市场进入前所未有的价格区域时的谨慎情绪。然而，大盘股的支撑和在不同板块之间轮动的投机资金帮助 VN-Index 迅速恢复，并在 1925 点附近建立了新的历史高点。</p>
<p>5 月 14 日的交易成为本周的亮点，强劲的午后买盘将 VN-Index 推高超过 27 点，正式突破 1925 点大关，创下越南股市的新历史高点。</p>
<p>与基准指数一起，胡志明证券交易所（HoSE）的总市值首次超过 9.07 万亿越南盾（3441 亿美元），突显了越南股市近年来的快速扩张。</p>
<p>然而，市场广度仍然不均，资金主要集中在领先的蓝筹股上，而许多中小盘股和低价股则面临强烈的获利回吐压力。</p>
<p>尽管流动性保持在较高水平，分析师指出市场尚未建立足够的共识，以维持在 1900-1920 点交易区间之外的明确突破。</p>
<p>VN-Index 本周收于 1921.6 点，周涨幅为 0.33%。</p>
<p>在河内证券交易所（HNX），HNX-Index 本周收于 257.43 点，上涨 4.43%。</p>
<p>市场流动性总体保持稳定。南方交易所的总交易价值在本周达到约 124.13 万亿越南盾，与前一周基本持平。</p>
<p>与此同时，HNX 的流动性大幅下降，总交易价值环比下降 14.5%，约为 5.49 万亿越南盾。</p>
<p>最引人注目的发展之一是，尽管市场创下历史新高，外资投资者仍持续进行激进的净卖出。外资在市场上的净卖出额约为 3.91 万亿越南盾。</p>
<p>胡志明证券交易所占据了大部分资金流出，净卖出约为 3.82 万亿越南盾。</p>
<p>尽管净外资卖出的金额与前一周相比略有减轻，但即使在市场达到新的历史高点时，资本撤出的规模仍然较高。</p>
<p>证券公司在持续波动的情况下对市场的中期前景保持谨慎但总体积极的看法。</p>
<p>根据越南资本证券公司（Vietcap Securities）的分析，只要短期支撑区间在 1890-1900 点附近保持完好，VN-Index 将继续保持上升趋势。</p>
<p>该券商表示，如果基准指数成功突破 1920 点阈值并伴随支持性流动性，市场可能在短期内向 1940 点区域移动。</p>
<p>与此同时，BIDV 证券公司（BSC）表示，大盘股仍然是支撑市场的主要支柱。然而，该公司指出，更具决定性的突破需要更广泛的资金参与和各个板块之间更强的共识。</p>
<p>根据先锋证券（TPS）的分析，流动性持续高于 20 个交易日的平均水平，表明买入需求相对积极。然而，短期卖压依然存在，因为 VN-Index 尚未果断突破接近 1925 点的阻力区。</p>
<p>市场专家建议投资者在剧烈反弹期间避免激进买入，而应专注于重组投资组合，选择基本面强劲、上升趋势明确且现金流支持稳健的股票。—— BIZHUB/VNS</p>

越南 ETF - VanEck Vectors

VNAM

<p>VN 指数上周经历了强烈的波动，围绕其历史高点波动。它一度跌破 1900 点，但随后反弹至 1925 点，创下新历史高点。尽管流动性较高，外国投资者仍继续净卖出，总额约为 3.91 万亿越南盾。分析师建议，如果 VN 指数在强支撑下突破 1920 点，可能会向 1940 点迈进。投资者被建议在持续的市场波动中关注基本面强劲的股票</p>

<p>HÀ NỘI — The stock market closed last week with strong volatility as the VN-Index continuously fluctuated around its historical peak zone.</p>
<div class="lb-trans"><p>河内——上周股市以强烈的波动收盘，VN-Index 持续在历史高点区域波动。</p>
</div><p>Selling pressure increased from the beginning of the week, causing the benchmark index at one point to fall sharply below the 1,900-point threshold, even nearing the 1,860-point level during the midweek session before rebounding strongly.</p>
<div class="lb-trans"><p>卖压从周初开始增加，基准指数一度大幅下跌至 1900 点以下，甚至在周中交易时接近 1860 点水平，随后强劲反弹。</p>
</div><p>The tug-of-war movements reflected investors' cautious sentiment as the market entered an unprecedented price territory. However, support from large-cap stocks and speculative cash flow rotating among different sectors helped the VN-Index recover quickly and establish a new all-time high around the 1,925-point mark.</p>
<div class="lb-trans"><p>这种拉锯战反映了投资者在市场进入前所未有的价格区域时的谨慎情绪。然而，大盘股的支撑和在不同板块之间轮动的投机资金帮助 VN-Index 迅速恢复，并在 1925 点附近建立了新的历史高点。</p>
</div><p>May 14's session emerged as the highlight of the week when strong afternoon buying pushed the VN-Index up more than 27 points, officially surpassing the 1,925-point mark and setting a new all-time high for the Vietnamese stock market.</p>
<div class="lb-trans"><p>5 月 14 日的交易成为本周的亮点，强劲的午后买盘将 VN-Index 推高超过 27 点，正式突破 1925 点大关，创下越南股市的新历史高点。</p>
</div><p>Alongside the benchmark index, total market capitalisation on the Hochiminh Stock Exchange (HoSE) also exceeded VNĐ9.07 quadrillion (US$344.1 billion) for the first time, underscoring the rapid expansion of Việt Nam's equity market in recent years.</p>
<div class="lb-trans"><p>与基准指数一起，胡志明证券交易所（HoSE）的总市值首次超过 9.07 万亿越南盾（3441 亿美元），突显了越南股市近年来的快速扩张。</p>
</div><p>However, market breadth remained uneven as cash flow concentrated mainly on leading blue-chip stocks while many mid-cap and penny stocks came under strong profit-taking pressure.</p>
<div class="lb-trans"><p>然而，市场广度仍然不均，资金主要集中在领先的蓝筹股上，而许多中小盘股和低价股则面临强烈的获利回吐压力。</p>
</div><p>Although liquidity stayed at elevated levels, analysts noted that the market had yet to establish sufficient consensus to sustain a clear breakout beyond the 1,900-1,920 point trading range.</p>
<div class="lb-trans"><p>尽管流动性保持在较高水平，分析师指出市场尚未建立足够的共识，以维持在 1900-1920 点交易区间之外的明确突破。</p>
</div><p>The VN-Index finished the week at 1,921.6 points, gaining 0.33 per cent for the week.</p>
<div class="lb-trans"><p>VN-Index 本周收于 1921.6 点，周涨幅为 0.33%。</p>
</div><p>On the Hanoi Stock Exchange (HNX), the HNX-Index ended the week at 257.43 points, up 4.43 per cent.</p>
<div class="lb-trans"><p>在河内证券交易所（HNX），HNX-Index 本周收于 257.43 点，上涨 4.43%。</p>
</div><p>Market liquidity remained broadly stable. Total trading value on the southern bourse reached approximately VNĐ124.13 trillion during the week, largely unchanged from the previous week.</p>
<div class="lb-trans"><p>市场流动性总体保持稳定。南方交易所的总交易价值在本周达到约 124.13 万亿越南盾，与前一周基本持平。</p>
</div><p>Meanwhile, liquidity on the HNX declined sharply, with total trading value falling 14.5 per cent week-on-week to around VNĐ5.49 trillion.</p>
<div class="lb-trans"><p>与此同时，HNX 的流动性大幅下降，总交易价值环比下降 14.5%，约为 5.49 万亿越南盾。</p>
</div><p>One of the most notable developments was the continued aggressive net selling by foreign investors despite the market’s record-setting performance. Foreign investors posted net sales of approximately VNĐ3.91 trillion on the market.</p>
<div class="lb-trans"><p>最引人注目的发展之一是，尽管市场创下历史新高，外资投资者仍持续进行激进的净卖出。外资在市场上的净卖出额约为 3.91 万亿越南盾。</p>
</div><p>The HoSE accounted for the majority of the outflows with net selling of roughly VNĐ3.82 trillion.</p>
<div class="lb-trans"><p>胡志明证券交易所占据了大部分资金流出，净卖出约为 3.82 万亿越南盾。</p>
</div><p>Although the value of net foreign selling eased slightly compared with the previous week, the scale of capital withdrawal remained elevated even as the market reached new historical highs.</p>
<div class="lb-trans"><p>尽管净外资卖出的金额与前一周相比略有减轻，但即使在市场达到新的历史高点时，资本撤出的规模仍然较高。</p>
</div><p>Securities companies maintained cautious but generally constructive views on the market's medium-term outlook amid the ongoing volatility.</p>
<div class="lb-trans"><p>证券公司在持续波动的情况下对市场的中期前景保持谨慎但总体积极的看法。</p>
</div><p>According to Vietcap Securities, the VN-Index continues to maintain its upward trend as long as the short-term support zone around 1,890-1,900 points remains intact.</p>
<div class="lb-trans"><p>根据越南资本证券公司（Vietcap Securities）的分析，只要短期支撑区间在 1890-1900 点附近保持完好，VN-Index 将继续保持上升趋势。</p>
</div><p>The brokerage said that if the benchmark index successfully breaks above the 1,920-point threshold with supportive liquidity, the market could move toward the 1,940-point region in the near term.</p>
<div class="lb-trans"><p>该券商表示，如果基准指数成功突破 1920 点阈值并伴随支持性流动性，市场可能在短期内向 1940 点区域移动。</p>
</div><p>Meanwhile, BIDV Securities Company (BSC) said large-cap stocks remained the primary pillar supporting the market. However, the firm noted that a more decisive breakout would require broader cash flow participation and stronger consensus across sectors.</p>
<div class="lb-trans"><p>与此同时，BIDV 证券公司（BSC）表示，大盘股仍然是支撑市场的主要支柱。然而，该公司指出，更具决定性的突破需要更广泛的资金参与和各个板块之间更强的共识。</p>
</div><p>According to Tien Phong Securities (TPS), liquidity continuing above the 20-session average indicated that buying demand remained relatively positive. Nevertheless, short-term selling pressure persists as the VN-Index has yet to decisively overcome the resistance zone near 1,925 points.</p>
<div class="lb-trans"><p>根据先锋证券（TPS）的分析，流动性持续高于 20 个交易日的平均水平，表明买入需求相对积极。然而，短期卖压依然存在，因为 VN-Index 尚未果断突破接近 1925 点的阻力区。</p>
</div><p>Market experts advised investors to avoid aggressive buying during sharp rallies and instead focus on restructuring portfolios toward fundamentally strong stocks with clear upward trends and solid cash flow support. — BIZHUB/VNS</p>
<div class="lb-trans"><p>市场专家建议投资者在剧烈反弹期间避免激进买入，而应专注于重组投资组合，选择基本面强劲、上升趋势明确且现金流支持稳健的股票。—— BIZHUB/VNS</p>
</div>

市场可能在短期内向 1940 点靠拢