摩根大通坚定看好韩股：杠杆压力已获明显释放，维持超配评级

摩根大通坚定看好韩股：杠杆压力已获明显释放，维持超配评级

2026-07-21 11:10

ChainThink 消息，7 月 21 日，据摩根大通最新韩国股票策略报告，摩根大通维持韩国市场超配评级，12 个月 KOSPI 目标位仍为 12,500 点。

报告称，韩国市场基本面仍稳固，近期 KOSPI 大幅下跌主要由高杠杆资金出清、杠杆 ETF 被动减仓及基金仓位调整放大。

报告指出，KOSPI 已较 6 月 22 日高点下跌约 28%-29%。摩根大通认为，本轮调整更像拥挤交易去杠杆，而非韩国资产逻辑出现系统性逆转。

从去杠杆进度看，韩国相关杠杆 ETF 规模已从高点约 500 亿美元降至约 260 亿美元，去杠杆进度约 75%；

股票多空基金去杠杆完成超过一半，JPM Prime book 多空比率已从高点超过 5.5 倍降至低于 4 倍。

散户杠杆方面，韩国融资余额已从高点超过 250 亿美元降至约 210 亿美元，仅占股市总市值 0.5%。

外资流出方面，韩国年初至今外资流出已超过 1100 亿美元，其中约 90% 来自两只存储龙头，摩根大通称相关卖压已有所缓和。

Disclaimer: Contains third-party opinions, does not constitute financial advice

Recommended Reading

NVIDIA attracts $85 billion in investor demand during massive bond issuance

06-16
NVIDIA attracts $85 billion in investor demand during massive bond issuance

Ethereum surges over 10% in 24 hours, currently priced at $1,841.31

06-16
Ethereum surges over 10% in 24 hours, currently priced at $1,841.31

Amazon announces a multi-billion dollar investment in Missouri to build a data center campus, expected to create over 400 long-term positions

06-16
Amazon announces a multi-billion dollar investment in Missouri to build a data center campus, expected to create over 400 long-term positions

Binance Platform's SpaceX Perpetual Contract Trading Volume Surpasses $9 Billion, Capturing Over 60% Market Share

06-16
Binance Platform's SpaceX Perpetual Contract Trading Volume Surpasses $9 Billion, Capturing Over 60% Market Share

Binance platform XLM/USDT short-term spike down to $0.17, now recovered to $0.225

06-16
Binance platform XLM/USDT short-term spike down to $0.17, now recovered to $0.225

Trump: The Strait of Hormuz has been fully reopened as of Friday, and all agreements have been signed

06-16
Trump: The Strait of Hormuz has been fully reopened as of Friday, and all agreements have been signed

SlowMist: Aztec Connect Contract Hacked for $2.19 Million Due to ZK-Rollup L1/L2 State Boundary Vulnerability

06-15
SlowMist: Aztec Connect Contract Hacked for $2.19 Million Due to ZK-Rollup L1/L2 State Boundary Vulnerability