[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio085806df":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio085806df","韩国股市暴跌近40%之后，摩根大通说：“砸盘的主力军，已经没子弹了”","\u002Fdoc\u002Fdcio085806df","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">韩国股市这个\u003C\u002Fspan>7\u003Cspan style=\"font-family: DengXian;\">月，惨烈到什么程度？\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">KOSPI\u003Cspan style=\"font-family: DengXian;\">指数从\u003C\u002Fspan>6\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>22\u003Cspan style=\"font-family: DengXian;\">日的高点一路暴跌，到\u003C\u002Fspan>7\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>29\u003Cspan style=\"font-family: DengXian;\">日收盘报\u003C\u002Fspan>5663.08\u003Cspan style=\"font-family: DengXian;\">点，回撤接近\u003C\u002Fspan>40%\u003Cspan style=\"font-family: DengXian;\">。盘中一度暴跌超\u003C\u002Fspan>12%\u003Cspan style=\"font-family: DengXian;\">，连续两个交易日触发熔断——这是韩国股市历史上头一回。今年已经触发第\u003C\u002Fspan>9\u003Cspan style=\"font-family: DengXian;\">次熔断了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">韩国财长都出来公开道歉了，承认引入单只股票杠杆\u003C\u002Fspan>ETF\u003Cspan style=\"font-family: DengXian;\">时“考虑欠周”。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">但就在市场最恐慌的时候，摩根大通在\u003C\u002Fspan>7\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>29\u003Cspan style=\"font-family: DengXian;\">日发布报告，给出了一个核心判断：这轮“去杠杆”抛售潮，基本结束了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">什么意思？简单说——前期把市场砸下来的那批“机械性卖盘”，子弹已经打光了。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">一、谁在砸盘？现在还有没有子弹？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这轮暴跌的核心驱动力，不是基本面出了多大问题，而是杠杆踩踏。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第一把枪：杠杆\u003C\u002Fspan>ETF\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">今年\u003C\u002Fspan>5\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>27\u003Cspan style=\"font-family: DengXian;\">日，韩国推出了\u003C\u002Fspan>16\u003Cspan style=\"font-family: DengXian;\">只单只股票杠杆\u003C\u002Fspan>ETF\u003Cspan style=\"font-family: DengXian;\">，允许散户对三星电子和\u003C\u002Fspan>SK\u003Cspan style=\"font-family: DengXian;\">海力士进行两倍杠杆博弈。散户疯狂涌入，到\u003C\u002Fspan>6\u003Cspan style=\"font-family: DengXian;\">月底，这类产品的规模飙到了\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">相对韩国市场规模，这个比例是美国同类产品的\u003C\u002Fspan>4\u003Cspan style=\"font-family: DengXian;\">倍。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">然后市场一跌，杠杆\u003C\u002Fspan>ETF\u003Cspan style=\"font-family: DengXian;\">被迫减仓——价格跌、强制卖、价格继续跌，形成了一个死亡循环。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">现在呢？这类产品的规模已经从\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">亿美元，缩水到了\u003C\u002Fspan>170\u003Cspan style=\"font-family: DengXian;\">亿美元。资金流入也完全停滞了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">摩根大通的观点很直接：这个规模已经回落到不再构成突出风险的水平。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">第二把枪：对冲基金\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">摩根大通主经纪账户里，对冲基金的多空杠杆比率，最高的时候到过\u003C\u002Fspan>5.7\u003Cspan style=\"font-family: DengXian;\">倍。到\u003C\u002Fspan>7\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>27\u003Cspan style=\"font-family: DengXian;\">日，已经降到了\u003C\u002Fspan>3.2\u003Cspan style=\"font-family: DengXian;\">倍。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">去杠杆完成了大概\u003C\u002Fspan>90%\u003Cspan style=\"font-family: DengXian;\">。剩下的那点，已经翻不起大浪了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">第三把枪：外资\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">今年外资累计卖出了超过\u003C\u002Fspan>1100\u003Cspan style=\"font-family: DengXian;\">亿美元的韩国股票。但注意一个关键细节——这\u003C\u002Fspan>1100\u003Cspan style=\"font-family: DengXian;\">亿里面，\u003C\u002Fspan>90%\u003Cspan style=\"font-family: DengXian;\">都集中在三星电子和\u003C\u002Fspan>SK\u003Cspan style=\"font-family: DengXian;\">海力士两家公司身上。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这两家公司在\u003C\u002Fspan>MSCI\u003Cspan style=\"font-family: DengXian;\">新兴市场指数里的权重，已经从\u003C\u002Fspan>6\u003Cspan style=\"font-family: DengXian;\">月底的\u003C\u002Fspan>9.5%\u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan>8.3%\u003Cspan style=\"font-family: DengXian;\">，降到了\u003C\u002Fspan>6.5%\u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan>4.5%\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这意味着什么？那些因为指数权重配置而被动卖出的压力，已经大幅缓解了。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">散户融资盘呢？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">散户的融资余额从来没有特别高过，现在已经温和回落到\u003C\u002Fspan>200\u003Cspan style=\"font-family: DengXian;\">亿美元左右。而且散户手里还有足够的现金、海外资产和盈利做缓冲。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">摩根大通的判断是：不太可能出现无序的强制平仓踩踏。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">二、那接下来怎么看？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">摩根大通认为，市场底部特征已经很明显了。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">估值便宜到什么程度？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">KOSPI\u003Cspan style=\"font-family: DengXian;\">的\u003C\u002Fspan>12\u003Cspan style=\"font-family: DengXian;\">个月远期市盈率已经跌到了\u003C\u002Fspan>5\u003Cspan style=\"font-family: DengXian;\">倍左右。什么概念？比\u003C\u002Fspan>2008\u003Cspan style=\"font-family: DengXian;\">年全球金融危机时候还低。这是\u003C\u002Fspan>2004\u003Cspan style=\"font-family: DengXian;\">年以来的最低水平。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">预期自由现金流的估值水平，也被摩根大通称为“危机级别”。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">但盈利能力还在\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这不是说企业不行了。\u003C\u002Fspan>SK\u003Cspan style=\"font-family: DengXian;\">海力士二季度营业利润同比增长\u003C\u002Fspan>557%\u003Cspan style=\"font-family: DengXian;\">，营收同比增长\u003C\u002Fspan>257%\u003Cspan style=\"font-family: DengXian;\">，都创了历史单季新高。只是没达到市场最疯狂的预期，股价照样暴跌。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">摩根大通的原话是：便宜的估值\u003C\u002Fspan> + \u003Cspan style=\"font-family: DengXian;\">还在的盈利能力\u003C\u002Fspan> = \u003Cspan style=\"font-family: DengXian;\">仓位结构已经比之前有吸引力得多。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">二、如果市场企稳，钱往哪里走？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">摩根大通在报告里点了几个方向：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">第一，“财富效应”受益股——百货、化妆品、旅游、券商、建筑。这些板块会受益于市场情绪修复后的消费反弹。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">第二，生物制药——这轮暴跌中严重滞后的板块，而且可能受益于全球医疗健康板块的情绪回暖。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">第三，优先股——折价率接近历史最高水平，意味着极高的收益率和套息空间。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">第四，银行股——资产质量改善、韩国央行加息利好净息差、市场交易量放大增加券商收入，三重利好叠加。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">美股投资网认为，韩国股市这轮暴跌，本质上是一场杠杆狂欢后的清算。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">散户用两倍杠杆追芯片股，市场一翻脸，杠杆就成了绞索。但现在，杠杆\u003C\u002Fspan>ETF\u003Cspan style=\"font-family: DengXian;\">爆完了、对冲基金撤完了、外资该卖的基本也卖完了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">接下来市场的定价逻辑，会从“被动平仓”切换回“主动判断”——也就是看基本面、看估值、看企业到底值多少钱。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">摩根大通的结论是：极端、机械式的去杠杆平仓阶段已经结束，市场正逐步接近阶段性底部。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">当然，这不代表明天就涨。美联储议息会议、科技股财报这些短期不确定性还在。但至少，那个最恐怖的“不知道谁又在被迫卖出”的阶段，过去了。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">韩国财长都道歉了，你觉得呢？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FS\u002FSKHY\u002FSKHY.jpg","2026-07-30T14:21:09","2026.07.30","2026\u002F07\u002F30",52040,[22],"SKHY","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"\u002Fimg\u002Fstockwewebfiles\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]