韩国总统李在明表示，在经历快速上涨之后，韩国股市出现回调在所难免，但他同时认为韩国国内股票目前仍处于估值偏低的状态。
Korean President Lee Jae Myung said a correction in the country’s equity market was inevitable after its rapid ascent, while arguing the domestic stocks remain undervalued.
此前，韩国股市中一些权重股价格大幅下跌，导致韩国国民年金公团在第三季度所持有的主要国内股票资产价值缩水约182万亿韩元（约合1370亿美元）。据数据提供商FnGuide统计，作为该年金公团的重要持仓标的，三星电子和SK海力士的股价下跌是造成这一损失的主要原因。
Lee’s comments come after a sharp reversal in some of the market’s biggest stocks wiped about 182 trillion won ($137 billion) from the estimated value of the National Pension Service’s major domestic equity holdings in the third quarter. The declines in Samsung Electronics Co. and SK Hynix Inc., among the pension fund’s largest holdings, accounted for much of the hit, according to data provider FnGuide.
周一，在回答有关国民年金公团国内股票投资组合受损的问题时，李在明对记者说道：“我一直对股市上涨的迅猛势头感到担忧。”
“I had been concerned about the rapid pace” of the stock market’s gains, Lee told reporters Monday in response to a question about the hit to NPS’s domestic stock portfolio.
他还表示，政府应继续致力于完善企业治理机制，目前其政府正在研究其他措施以帮助股市估值回归正常水平。
He said the government should press ahead with efforts to improve corporate governance, adding that his administration is reviewing additional measures to help normalize stock-market valuations.
此次讲话是韩国综合股价指数近期大幅下挫以来的首次公开表态。此前，由于市场对由人工智能概念驱动的股市上涨行情能否持续存疑，韩国股市表现有所疲软。今年上半年，韩国股市曾是全球表现最出色的股市之一，其基准指数也一度逼近5000点这一具有象征意义的心理关口——这也是李在明在2025年竞选期间所倡导的目标。本周一，该指数扭转早盘跌势，最终上涨1.8%，收于5768.01点。
His remarks are the first since South Korea’s benchmark Kospi Index tumbled in recent weeks as doubts grew over the sustainability of an AI-driven rally that had made it one of the world’s best-performing equity gauges in the first half. The index had come within striking distance of the psychologically important 5,000 level — a milestone Lee championed during his 2025 election campaign. The index closed 1.8% higher Monday at 5,768.01, reversing an earlier decline.
近期股市的剧烈波动凸显出行情反转的速度之快。据FnGuide统计，截至6月底，韩国国民年金公团管理的资产规模达1866万亿韩元，是全球规模最大的养老基金之一；而截至10月15日，该基金在287家上市公司中持股比例达到5%及以上的股票资产估值则从6月底的515.9万亿韩元降至333.5万亿韩元。
The recent volatility has highlighted how quickly the rally can reverse. The NPS, one of the world’s largest pension funds with about 1,866 trillion won under management as of the end of June, saw the estimated value of stakes of 5% or more in 287 listed companies fall to 333.5 trillion won as of Oct. 15 from 515.9 trillion won at the end of June, FnGuide said.
韩国国民养老金制度处于该国养老体系的核心位置，因此其投资表现直接关系到数百万家庭的财务安全。截至6月，该基金拥有约2100万名参保者，并向700多万人发放养老金，这充分说明其投资组合的波动会广泛影响普通民众的生活。
The NPS sits at the heart of South Korea’s retirement system, making its investment performance important to the financial security of millions of households. The fund had about 21 million subscribers as of June and paid pensions to more than 7 million people, underscoring how swings in its portfolio ultimately touch a large share of the population.
韩国政府已将提升股东回报及完善企业治理作为经济政策的重要方向，这一举措在近期股市回调前有效推动了股价上涨。不过，李在镕提醒称，政府不应试图直接干预市场，因为对金融市场及股市进行干预既难以奏效，也并不可取。
The administration has made boosting shareholder returns and improving corporate governance a key part of its economic agenda, helping propel stocks higher before the recent pullback. Still, Lee cautioned against attempts by the government to steer markets directly, saying intervention in financial and equity markets is both difficult and undesirable.