<p>TradingKey - 在對美國與伊朗緊張局勢緩解的預期上升背景下，亞太股市週三普遍收高，但中國、日本和韓國的表現差異顯著。</p>
<p>韓國股市表現最為強勁，KOSPI 指數上漲 2.07%，領跑亞太地區；日本的日經 225 指數上漲約 0.44%，延續近期反彈；相比之下，中國市場相對受限，因外部需求疲軟而漲幅有限。</p>
<p>來源：TradingView</p>
<p>今天市場的核心驅動因素是地緣政治風險的暫時降温。隨着美國表示願意重啓與伊朗的談判，對中東衝突進一步升級的擔憂減輕，國際油價回落，為風險資產提供了廣泛支持。在這種背景下，對外部環境高度敏感的韓國市場率先反應，顯著的資本流入推動指數大幅上漲。</p>
<p>日本市場則更多地受益於油價回落帶來的宏觀經濟預期改善。作為能源進口國，日本企業對能源成本變化敏感；較低的油價有助於緩解進口通脹壓力，從而提升市場對企業盈利的預期，推動日經指數穩步上升。</p>
<p>關於中國市場，儘管外部風險環境略有改善，但基本面因素仍然制約着市場。最新數據顯示，中國 3 月份出口增長放緩至 2.5%，表明外部需求動能減弱。在這種背景下，整體市場情緒謹慎，指數相對穩定，未能跟隨日本和韓國市場的顯著反彈。</p>
<p>總體而言，亞太股市今天呈現出典型的 “風險緩解驅動的反彈” 模式，但不同市場對相同宏觀經濟變量的反應卻各不相同。韓國和日本更快地將改善的情緒轉化為市場收益，而中國市場則更多受到自身經濟數據的影響，表現相對温和。</p>
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韓國 MSCI ETF - iShares

1346

2525

1369

IKOR

日本指數 MSCI ETF - iShares

1329

2 倍做空日元 ETF - ProShares

<p>亞太股市收盤上漲，韓國 KOSPI 指數飆升 2.07%，領漲該地區，而日本日經 225 指數上漲 0.44%。相比之下，由於出口增長放緩和謹慎的市場情緒，中國市場的漲幅有限。韓國和日本的上漲受到地緣政治風險緩解和宏觀經濟預期改善的推動，尤其是由於油價下跌，而中國的表現則受到自身經濟數據的制約</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 - 在對美國與伊朗緊張局勢緩解的預期上升背景下，亞太股市週三普遍收高，但中國、日本和韓國的表現差異顯著。</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>韓國股市表現最為強勁，KOSPI 指數上漲 2.07%，領跑亞太地區；日本的日經 225 指數上漲約 0.44%，延續近期反彈；相比之下，中國市場相對受限，因外部需求疲軟而漲幅有限。</p>
</div><p>Source: TradingView</p>
<div class="lb-trans"><p>來源：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>今天市場的核心驅動因素是地緣政治風險的暫時降温。隨着美國表示願意重啓與伊朗的談判，對中東衝突進一步升級的擔憂減輕，國際油價回落，為風險資產提供了廣泛支持。在這種背景下，對外部環境高度敏感的韓國市場率先反應，顯著的資本流入推動指數大幅上漲。</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>日本市場則更多地受益於油價回落帶來的宏觀經濟預期改善。作為能源進口國，日本企業對能源成本變化敏感；較低的油價有助於緩解進口通脹壓力，從而提升市場對企業盈利的預期，推動日經指數穩步上升。</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>關於中國市場，儘管外部風險環境略有改善，但基本面因素仍然制約着市場。最新數據顯示，中國 3 月份出口增長放緩至 2.5%，表明外部需求動能減弱。在這種背景下，整體市場情緒謹慎，指數相對穩定，未能跟隨日本和韓國市場的顯著反彈。</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>總體而言，亞太股市今天呈現出典型的 “風險緩解驅動的反彈” 模式，但不同市場對相同宏觀經濟變量的反應卻各不相同。韓國和日本更快地將改善的情緒轉化為市場收益，而中國市場則更多受到自身經濟數據的影響，表現相對温和。</p>
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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)

中國、日本和韓國股市在收盤時走勢分化：韓國上漲 2%，領漲亞太地區，日本緊隨其後，為什麼中國市場表現得相對剋制？