在高盛集团（Goldman Sachs Group Inc.）的策略师们今年多次上调韩国综合股价指数（Kospi Index）的目标价后，随着对人工智能交易的担忧加剧，他们将该指数的目标价大幅下调了25%。
Sachs Group Inc. strategists slashed their target for South Korea’s Kospi Index by 25%, after raising it repeatedly this year, as concerns over the artificial intelligence trade intensify.
以蒂莫西·莫（Timothy Moe）为首的分析师将韩国这一股市指标的12个月目标价从1万2000点下调至9000点，理由是在该基准指数自6月份的高点暴跌超过35%之后，估值假设变得更加保守。策略师们表示，抛售使得这些股票严重被低估，修正后的预测仍暗示较当前水平有超过60%的上行空间。
The analysts including Timothy Moe lowered their 12-month target for Korea’s equity gauge to 9,000 from 12,000, citing more conservative valuation assumptions after the benchmark plunged more than 35% from its June peak. The selloff has left the equities highly undervalued, according to the strategists, and the revised forecast still implies a more than 60% upside from current levels.
高盛分析师最近一次是在6月份上调了韩国综合股价指数的目标价，尽管该指数的股票在随后的那个月开始的全球人工智能抛售潮中大跌，他们此前仍将目标价维持在1万2000点。
Goldman analysts most recently raised their target for the Kospi in June, and had maintained it at 12,000 even as the index’s stocks slumped in a global AI selloff that started later that month.
三星电子（Samsung Electronics Co.）和SK海力士（SK Hynix Inc.）等芯片制造巨头使韩国综合股价指数成为人工智能交易的风向标。由于投资者对该行业大规模基础设施支出的可持续性以及融资成本上升的担忧日益加剧，且几乎没有出现足够回报的迹象，该交易所一直受到冲击。抛售压力已蔓延至更广泛的韩国市场。
Chipmaking giants including Samsung Electronics Co. and SK Hynix Inc. have made the Kospi a bellwether for the AI trade. The exchange has suffered from investors’ growing concern about the sustainability of massive infrastructure spending and rising financing costs in the sector, with little sign of sufficient returns. The selling pressure has spilled into the broader Korean market.
N高盛策略师在10月25日的一份报告中写道：“市场对基本面前景的定价过于悲观。”他们补充说，下调目标价是“为了纳入更为保守的假设，即市场可能如何为底层基本面定价，但仍认为市场在当前水平提供了极具吸引力的风险回报比”。
“The market is pricing an overly negative fundamental outlook,” the Goldman strategists wrote in a note dated Oct. 25. The target was lowered “to incorporate more conservative assumptions about how the market may price underlying fundamentals but still view the market as offering attractive risk/reward at current levels,” they added.
韩国已从今年最热门的主要市场变成了全球最便宜的市场，其估值跌至印度尼西亚的一半左右。根据彭博社汇编的数据，韩国综合股价指数未来12个月的市盈率已降至约4倍，这是自2006年以来在18个市场中首次出现这样的估值，而该指数在2026年初开始时的价值曾超过1万亿美元。N高盛策略师估计，当前的半导体估值暗示该行业2027年盈利将下降65%，他们认为这种情景过于悲观。内存板块以外的股票约占该指数的一半，其交易价格为未来盈利的7.6倍。
South Korea has transformed from the year’s hottest major market into the world’s cheapest, with valuations falling to roughly half of Indonesia’s. The Kospi’s 12-month forward price-to-earnings ratio has fallen to about four, a valuation last seen in 2006 across any of the 18 markets, after starting 2026 with a value over $1 trillion, according to data compiled by Bloomberg. The Goldman strategists estimate that current semiconductor valuations imply a 65% decline in the sector’s 2027 earnings, a scenario it considers excessively pessimistic. Stocks outside the memory sector, which account for about half the index, trade at 7.6 times forward earnings.
尽管进行了最新下调，该行仍继续看好电力、工业、公司治理相关股票以及受益于国内再通胀和韩国流行文化的公司的投资机会。
Despite the latest cut, the bank continues to favor opportunities in power, industrials, corporate governance-related stocks and companies benefiting from domestic reflation and Korean popular culture.