<p>摩根大通（JPMORGAN Chase &amp; Co）在不到一個月內第二次上調了對韓國股票的目標，理由是半導體週期改善、公司治理改革和工業部門增長。</p>
<p>這家華爾街銀行將 Kospi 的基礎目標上調至 9,000 點，牛市目標上調至 10,000 點，意味着相較於上週五的收盤價有 33% 的上漲空間。這與 4 月底設定的基礎目標 7,000 點和牛市目標 8,500 點相比有所提高。</p>
<p>策略師們正在加速上調對韓國股票的展望，受到全球人工智能熱潮推動的盈利增長的鼓舞。</p>
<p>週一，Kospi 指數一度上漲 5.1%，創下 7,876.60 的盤中紀錄，將其年初至今的漲幅擴大至約 86%，鞏固了其作為全球表現最佳市場之一的地位。</p>
<p>摩根大通的這一舉動緊隨高盛（Goldman Sachs）之後，後者上週將 Kospi 目標上調至 9,000 點，理由是亞洲的盈利動能最強。</p>
<p>儘管技術面在短期內可能再次顯得過熱，但摩根大通的策略師們，包括 Mixo Das 在一份報告中寫道：“市場的關鍵基本面目前仍在軌道上——內存週期條件、治理改革、主題增長。”</p>
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<p>“在這些獨特的條件下，我們認為繼續保持進一步上漲的頭寸是合適的，而不是提前預期週期結束。”</p>
<p>隨着 Kospi 的漲幅擴大，過熱信號也在增加。根據其 14 天相對強弱指數，該指數本月每個交易日都處於超買區域。市場廣度也很窄，週一只有約 150 只股票在 835 只成分股中上漲。</p>
<p>標準 Chartered 的全球首席投資官 Steve Brice 表示，未來幾周面臨修正的風險加大。該銀行最近將半導體的評級從超配下調至中性。</p>
<p>另見</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>韓國股市創歷史新高，散户投資者加入全球購買 AI 股票的熱潮</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>韓國的經常賬户盈餘因芯片激增創紀錄</h3>
<p>“這確實是一個非常擁擠的交易，” 他在彭博電視採訪中表示。“因此，我們一點也不驚訝看到某種短期修正的出現。”</p>
<p>國內零售投資者是此次反彈的關鍵支持來源，本月增持了近 6 萬億韓元（約合 50 億新元）的 Kospi 股票。外國投資者則在獲利了結，淨賣出超過 7 萬億韓元。</p>
<p>策略師們補充説，未來兩年可能標誌着內存芯片的持續上行週期，受平均售價和銷量的推動。</p>
<p>內存芯片股票在韓國股票基準中佔據 50% 的權重，今年推動了約 70% 的漲幅。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中駕馭亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱，免費。</p>

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<p>摩根大通已提高對韓國股票的目標，將 Kospi 的基礎目標上調至 9,000 點，牛市目標上調至 10,000 點，反映出較前一交易日收盤價有 33% 的上漲空間。這一調整受到半導體週期改善和公司治理改革的推動。Kospi 年初至今已上漲 86%，成為全球表現最好的指數之一。然而，隨着市場出現過熱跡象，股票表現的廣度較窄，關於潛在回調的擔憂也開始浮現</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）在不到一個月內第二次上調了對韓國股票的目標，理由是半導體週期改善、公司治理改革和工業部門增長。</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>這家華爾街銀行將 Kospi 的基礎目標上調至 9,000 點，牛市目標上調至 10,000 點，意味着相較於上週五的收盤價有 33% 的上漲空間。這與 4 月底設定的基礎目標 7,000 點和牛市目標 8,500 點相比有所提高。</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>策略師們正在加速上調對韓國股票的展望，受到全球人工智能熱潮推動的盈利增長的鼓舞。</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>週一，Kospi 指數一度上漲 5.1%，創下 7,876.60 的盤中紀錄，將其年初至今的漲幅擴大至約 86%，鞏固了其作為全球表現最佳市場之一的地位。</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>摩根大通的這一舉動緊隨高盛（Goldman Sachs）之後，後者上週將 Kospi 目標上調至 9,000 點，理由是亞洲的盈利動能最強。</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>儘管技術面在短期內可能再次顯得過熱，但摩根大通的策略師們，包括 Mixo Das 在一份報告中寫道：“市場的關鍵基本面目前仍在軌道上——內存週期條件、治理改革、主題增長。”</p>
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<div class="lb-trans"><h3>在新的全球秩序中駕馭亞洲</h3>
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</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>“在這些獨特的條件下，我們認為繼續保持進一步上漲的頭寸是合適的，而不是提前預期週期結束。”</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>隨着 Kospi 的漲幅擴大，過熱信號也在增加。根據其 14 天相對強弱指數，該指數本月每個交易日都處於超買區域。市場廣度也很窄，週一只有約 150 只股票在 835 只成分股中上漲。</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>標準 Chartered 的全球首席投資官 Steve Brice 表示，未來幾周面臨修正的風險加大。該銀行最近將半導體的評級從超配下調至中性。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>韓國股市創歷史新高，散户投資者加入全球購買 AI 股票的熱潮</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>韓國的經常賬户盈餘因芯片激增創紀錄</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>“這確實是一個非常擁擠的交易，” 他在彭博電視採訪中表示。“因此，我們一點也不驚訝看到某種短期修正的出現。”</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>國內零售投資者是此次反彈的關鍵支持來源，本月增持了近 6 萬億韓元（約合 50 億新元）的 Kospi 股票。外國投資者則在獲利了結，淨賣出超過 7 萬億韓元。</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>策略師們補充説，未來兩年可能標誌着內存芯片的持續上行週期，受平均售價和銷量的推動。</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>內存芯片股票在韓國股票基準中佔據 50% 的權重，今年推動了約 70% 的漲幅。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>解碼亞洲通訊：您在新的全球秩序中駕馭亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱，免費。</p>
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JPMorgan hikes Kospi bull case target to 10,000 on memory boom

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摩根大通因存儲器市場的繁榮將 Kospi 牛市目標上調至 10,000 點