EWY · 交易机会 · Trading Opportunity

报告日期：2025年12月17日

Report Date: December 17, 2025

《商业法》修订股息税从约45%降至约14至30%、KOSPI首破约5500点创历史新高、SK Hynix HBM3E全年产能已售罄、外国资本净流入同比翻倍、国民年金增加国内股市配置——当前股价约$121，仍高于最佳建仓区间：Korea Discount终结的结构性重估周期已经启动，但最佳入场时机在回调期而非追涨——等待股价回落至约$100以下，以更高的安全边际参与韩国公司治理改革与HBM全球垄断双重主题的布局窗口

The Commercial Act amendment reduces dividend tax from approximately 45% to approximately 14% to 30%, KOSPI breaks approximately 5,500 for the first time in history creating a new all-time high, SK Hynix HBM3E full-year capacity sold out, foreign capital net inflows doubled year-over-year, National Pension Service increases domestic stock market allocation — current share price approximately $121, still above the optimal entry range: the structural re-rating cycle marking the end of the Korea Discount has started, but the optimal entry point is during a pullback not chasing strength — wait for the share price to fall below approximately $100 to participate in the dual themes of Korean corporate governance reform and global HBM monopoly with a higher margin of safety.

Korea Discount用了二十年建立，用了约两年开始瓦解。

Korea Discount took twenty years to build and approximately two years to begin unwinding.

《商业法》修订通过，股息税从约45%降至约14至30%，外国机构投资者的税后股息回报大幅提升，重新配置韩国股票的财务逻辑发生根本性改变。KOSPI首次突破约5500点。外国资本净流入同比翻倍。国民年金增加国内配置。SK Hynix HBM3E全年产能已对英伟达等主要客户售罄，HBM4量产在即。

The Commercial Act amendment has passed, reducing dividend tax from approximately 45% to approximately 14% to 30%, significantly improving after-tax dividend returns for foreign institutional investors, fundamentally changing the financial logic for reallocating to Korean equities. KOSPI has broken above approximately 5,500 for the first time. Foreign capital net inflows have doubled year-over-year. The National Pension Service has increased domestic allocation. SK Hynix HBM3E full-year capacity is sold out to major customers including Nvidia, with HBM4 mass production imminent.

这个故事是真实的，方向是清晰的。

This story is real, the direction is clear.

但今天约$121的EWY，已经反映了相当一部分公司治理改革预期。从风险回报的角度，最佳建仓区间在约$100以下——在那里，安全边际更充足，加仓空间更大，万一韩国政治局势再次出现波动，损失空间也更可控。

But today's EWY at approximately $121 has already reflected a significant portion of corporate governance reform expectations. From a risk-reward perspective, the optimal entry range is below approximately $100 — where the margin of safety is more sufficient, room to add is greater, and if Korean political conditions deteriorate again, the loss space is more manageable.

今天的报告不是告诉你现在追涨，而是帮你建立清晰的等待框架：在哪个价格建仓、在哪个信号加仓、在哪里止盈、在哪里离场。下半部分，我们会给出完整的分层建仓价位与三个阶段的止盈目标。

Today's report is not telling you to chase strength now, but to help you establish a clear waiting framework: at what price to build a position, at what signal to add, where to take profits, where to exit. In the second half, we will provide complete tiered entry levels and three-stage profit-taking targets.