EWY · 深度研究报告 · In-Depth Research Report
Korea Discount终结的起点：《商业法》修订通过股息税从约45%降至约14至30%、KOSPI创历史新高首破约5500点、SK Hynix HBM3E供不应求全年已售罄、外国资本净流入同比翻倍、国民年金基金增加国内股市配置——当前股价约$121，较历史高位仍有显著距离，市场尚未充分定价韩国公司治理改革从政策公告到实际执行的结构性估值重估周期——今天是最清晰的新兴市场公司治理改革红利正在释放、但国际资金尚未大规模流入的布局窗口
The starting point of the end of the Korea Discount: revision of the Commercial Act passed, cutting dividend tax from about 45% to about 14% to 30%, KOSPI reached a record high for the first time above about 5500 points, SK Hynix HBM3E remains in short supply and is sold out for the full year, foreign capital net inflows doubled year-over-year, and the National Pension Fund increased domestic equity allocation — the current share price is about $121, still significantly below the historical high, and the market has not yet fully priced in the structural valuation rerating cycle of Korean corporate governance reform from policy announcement to actual execution — today is the clearest positioning window where the benefits of emerging-market corporate governance reform are being released, but international capital has not yet flowed in at large scale.
Korea Discount。这三个字在国际投资界沿用了超过二十年，用来描述韩国上市公司长期以其资产价值的折扣交易——原因是股息税率约45%、财阀家族控制的公司治理结构、以及对外国股东利益的系统性忽视。
Korea Discount. These three words have been used in the international investment world for more than twenty years to describe how Korean listed companies have long traded at a discount to their asset value — because of dividend tax rates of about 45%, chaebol-family-controlled corporate governance structures, and systematic neglect of foreign shareholder interests.
2025年，这个折扣开始松动。
In 2025, this discount began to loosen.
韩国《商业法》修订案正式通过，股息税率从约45%大幅降至约14至30%，直接提升了外国机构投资者的税后股息回报。上市公司开始提高股息支付率、推进股票回购、简化控股结构——这不是自愿的，是新法律框架下的合规要求。KOSPI首次突破约5500点，创历史新高。外国资本净流入同比翻倍。国民年金基金——全球最大主权基金之一——宣布增加国内股市配置。
The revision of South Korea’s Commercial Act was formally passed, cutting the dividend tax rate sharply from about 45% to about 14% to 30%, directly increasing after-tax dividend returns for foreign institutional investors. Listed companies began raising dividend payout ratios, advancing share buybacks, and simplifying holding structures — this is not voluntary, but a compliance requirement under the new legal framework. KOSPI broke above about 5500 points for the first time, setting a record high. Foreign capital net inflows doubled year-over-year. The National Pension Fund — one of the world’s largest sovereign funds — announced an increase in domestic equity allocation.
与此同时，SK Hynix的HBM3E内存芯片在AI加速器市场供不应求，全年产能已售罄。三星电子正在追赶。LG化学、LG Energy Solution、POSCO在电动车与电池材料赛道完成全球布局。
At the same time, SK Hynix’s HBM3E memory chips remain in short supply in the AI accelerator market, with full-year capacity already sold out. Samsung Electronics is catching up. LG Chem, LG Energy Solution, and POSCO have completed global positioning in the electric vehicle and battery materials sectors.
Korea Discount终结，不会是一夜之间的事，但它已经开始。EWY是参与这个结构性重估周期最简洁的工具。
The end of the Korea Discount will not happen overnight, but it has already begun. EWY is the simplest tool for participating in this structural rerating cycle.
本报告将深入拆解EWY的四大核心投资逻辑、关键催化剂时间节点、风险框架，以及12至24个月目标价区间。
This report will deeply break down EWY’s four core investment logics, key catalyst timelines, risk framework, and the 12- to 24-month target price range.
