韓股、台股今輪急升,本質上是AI硬件交易:資金追逐台積電、三星電子及SK海力士等AI供應鏈核心企業 [1][2]。 台灣受惠於台積電及半導體集中度;韓國則因AI伺服器帶動記憶體及高頻寬記憶體(HBM)需求而吸引資金 [5][8][16]。 資金轉向亞洲股票,原因包括盈利增長預期較強、AI基建敞口直接,以及部分韓股估值相對吸引 [12][16]。

Create a landscape editorial hero image for this Studio Global article: What is driving the recent surge in South Korean and Taiwanese stock markets, and why are investors shifting more capital into Asian equitie. Article summary: The surge is mainly an AI-and-semiconductor rally: investors are buying South Korea and Taiwan because they sit at the center of the global AI hardware supply chain. Capital is also rotating into Asian equities because e. Topic tags: general, general web. Reference image context from search candidates: Reference image 1: visual subject "The artificial intelligence (AI) boom has triggered a seismic reshuffling of global equity markets, with Taiwan and South Korea muscling" source context "Taiwan, S Korea climb global equity ranks on AI - Taipei Times" Reference image 2: visual subject "The artificial intelligence (AI) boom has triggered a seismic reshuffling of
韓股、台股今輪升勢,最準確的理解不是「新興市場全面翻身」,而是AI硬件交易。2026年4月下旬,多份報道指韓國和台灣股市創紀錄高位,並有望錄得逾30年來最強單月表現,因AI憧憬壓過中東局勢等憂慮 [2]。
被資金追捧的核心,不是整個亞洲經濟故事,而是幾間卡住AI供應鏈要衝的公司:台灣積體電路製造(台積電,TSMC)、三星電子及SK海力士。《The Star》形容它們是亞洲市值最高的三間公司,也是全球AI供應鏈的關鍵角色 [1]。
過去市場講AI,焦點常放在軟件、平台和應用;但今輪升浪更直接獎勵製造AI基建所需晶片和記憶體的公司。
台灣的優勢,是透過台積電提供先進晶片製造的集中敞口;韓國的優勢,則是透過三星電子和SK海力士,切入記憶體及高頻寬記憶體(HBM)需求 [1][
8][
16]。對投資者來講,這不是單純買一個地區,而是買AI數據中心、伺服器和加速器背後那條供應鏈。
升勢亦有短線動能支持。路透相關報道指,英特爾預測第二季收入高過華爾街預期後,晶片股需求再被推高,市場對AI相關半導體需求的熱情升溫 [2]。換言之,資金不是只買遙遠故事,也在回應盈利和指引信號。
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韓股、台股今輪急升,本質上是AI硬件交易:資金追逐台積電、三星電子及SK海力士等AI供應鏈核心企業 [1][2]。
韓股、台股今輪急升,本質上是AI硬件交易:資金追逐台積電、三星電子及SK海力士等AI供應鏈核心企業 [1][2]。 台灣受惠於台積電及半導體集中度;韓國則因AI伺服器帶動記憶體及高頻寬記憶體(HBM)需求而吸引資金 [5][8][16]。
資金轉向亞洲股票,原因包括盈利增長預期較強、AI基建敞口直接,以及部分韓股估值相對吸引 [12][16]。
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開啟相關頁面對照「Solana衝100美元前,分析師先睇92至95美元阻力區」交叉檢查此答案。
開啟相關頁面TAIPEI/SEOUL: Just as the world's AI bulls looked to be running out of puff, a fresh investor frenzy has hit Asia's tech names, making Seoul's stock market the world's hottest and delivering bonuses of half a million dollars to workers at one Korean chipmak...
April 27 (Reuters) - Equities in South Korea and Taiwan hit record highs on Monday and were headed for their best month in more than three decades as renewed excitement about artificial intelligence eclipsed worries over the Middle East conflict. Equity inv...
The artificial intelligence (AI) boom has triggered a seismic reshuffling of global equity markets, with Taiwan and South Korea muscling past European nations one by one. With its stock market now valued at nearly US$4.3 trillion, Taiwan surpassed the UK, E...
台灣股市同半導體供應鏈綁得很緊,而台積電正是投資者視台股為AI直接受惠市場的主因。《Taipei Times》報道,台灣股市總市值已升至接近4.3萬億美元,並在2026年4月較早時超越英國;這次全球股市排名變化,主要由提供AI必要硬件的公司股價大升帶動 [5]。
台積電的業績亦是關鍵。Finimize報道,台灣主要股指首次升穿31,000點,推動力包括台積電季度盈利增長35%,以及公司預期到2026年以美元計收入約增長30% [10]。
所以,台股在這輪AI交易入面,某程度上成為「想買AI實體基建」的其中一條最直接上市市場路線。
韓國升市的邏輯稍有不同:它更集中在記憶體晶片,尤其是AI伺服器需要的大量高性能記憶體。Business Insider報道,AI帶動的記憶體需求令韓國市場火上加油,而高盛分析員即使在大升後,仍認為韓股具吸引力 [8]。
這亦解釋了為何部分機構資金由台灣轉望韓國。南華早報報道,包括Federated Hermes、M&G Investments及Invesco Asset Management在內的投資者,曾對韓股持超配、對台股持低配,理由包括三星電子和SK海力士加快推進HBM、韓股估值較便宜,以及台股升浪已變得擁擠 [16]。
不過,韓國升市亦相當集中。《朝鮮日報》報道,在AI帶動的半導體超級周期憧憬下,三星電子和SK海力士合計市值佔KOSPI(韓國綜合股價指數)比例曾達歷史高位38.2% [15]。集中度高,既解釋到升得快,也提示一旦轉向,波幅可能同樣大。
這股流入亞洲股票的資金,大致由三個因素推動。
第二,盈利增長預期較強。《Business Times》報道,強勁基本面和較高盈利增長潛力正在支持資金流向亞洲科技股;台積電、三星電子和SK海力士在2026年初已升8%至16% [12]。
第三,指數本身也被韓國和台灣拉高。Kontan報道,2026年初MSCI新興亞洲指數一度升最多2%,主要由韓國和台灣股票帶動;兩地合共約佔該指數五分之二 [11]。對不少按指數配置的基金來講,韓台一升,整個新興亞洲配置故事也會被重新定價。
這輪升市並不代表地緣政治或宏觀風險已經消失。更準確講,是投資者暫時願意「睇穿」這些風險,因為AI盈利預期仍然夠強。
4月27日的報道指,投資者淡化美伊和平談判停滯,以及能源出口若長期受阻可能帶來的通脹風險,因市場認為AI趨勢仍然強勁 [2]。另一篇報道亦指出,即使中東緊張局勢令韓國和台灣股市出現波動,這種波動反而突顯投資者對AI仍然樂觀 [
7]。
重點是:市場不是沒有風險,而是現階段AI晶片需求敘事蓋過了其他憂慮。
最大風險,正正來自今輪升市的最大優勢:集中。台灣和韓國股市上升,很大程度由少數半導體龍頭推動 [5][
15]。如果AI相關需求未能持續轉化為盈利、晶片周期轉弱,或者公司指引被下修,帶動升市的集中度也可能放大跌市。
第二個風險是交易過分擁擠。南華早報報道提到,部分投資者認為台股在破頂後已變得擁擠,因而偏好估值較便宜的韓股 [16]。這不等於台灣AI故事失效,但當市場預期被推得太盡,持倉位置本身就會變成風險。
第三,貿易和政策不確定性仍在背景之中。2月一篇路透相關報道指,即使韓國和台灣AI相關股票創高,投資者仍在評估美國關稅政策再起波動對全球貿易的影響 [6]。
資金轉向亞洲股票,背後有盈利增長預期、直接AI硬件敞口,以及韓國部分估值相對吸引等因素支持 [12][
16]。但要記住,這仍是一輪相當狹窄、由半導體主導的升市。只要AI需求繼續落到業績,資金仍有理由追入;但若晶片周期轉向或市場預期重估,最受惠的市場也可能承受最急的回吐。
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