关联背景：本文是 KOSDAQ 改革、国家成长基金、外资与机构资金流、KOSPI 168 / KOSDAQ 355 外资交易名单分析的后续。
TL;DR
官方 70 家名单尚未公布。因此这不是确认名单，而是候选地图。框架结合了“高端板块可能压缩至 70 家”的报道、现有 KRX KOSDAQ Global 标准，以及 Thesis OS 关于市值、成交额、外资持股和当前 KOSDAQ Global 纳入情况的数据。
- 如果高端板块只有 70 家，约 30 个名字很难被排除。
- 筛选标准不只是市值，还包括流动性、KOSDAQ Global 状态、盈利或收入、治理和行业代表性。
- 事件型超额收益更可能来自尚未进入 KOSDAQ Global、但规模大、流动性好且具代表性的股票。
为什么 70 很重要
据 Seoul Economic Daily 报道，KOSDAQ 高端板块正在讨论压缩至 70 家公司。在约 1,800 家上市公司中，这大约是前 4%。这样的压缩会让名单更像养老金、资管公司和 ETF 可以使用的基准池。 Seoul Economic Daily
起点：KRX KOSDAQ Global
最接近的公开框架是 KRX KOSDAQ Global。KRX 关注市场评价、经营成果、研究成果和治理透明度。 KRX
| 筛选项 | 投资含义 |
|---|---|
| 市值 | 足以进入被动产品的规模 |
| 成交额 | 能否吸收再平衡交易 |
| 盈利或收入 | 避免只是主题股名单 |
| KOSDAQ Global | 已有制度性验证 |
| 治理 | 养老金和机构资金的最低门槛 |
| 行业代表性 | 半导体、生物科技、电池、机器人、娱乐 |
30 个核心候选
| Rank | Company | Code | Segment | Inclusion logic |
|---|---|---|---|---|
| 1 | Alteogen | 196170 | Biotech platform | Top KOSDAQ market cap, KOSDAQ Global, technology-transfer platform |
| 2 | EcoPro BM | 247540 | Battery materials | Key battery-materials leader with dominant size and liquidity |
| 3 | EcoPro | 086520 | Battery holding company | Representative battery holding/materials beta |
| 4 | Rainbow Robotics | 277810 | Robotics | Korea robotics leader and symbolic premium-league candidate |
| 5 | Jusung Engineering | 036930 | Semiconductor equipment | AI semiconductor equipment leader with strong liquidity |
| 6 | Wonik IPS | 240810 | Semiconductor equipment | KOSDAQ Global, equipment representative, earnings recovery |
| 7 | Leeno Industrial | 058470 | Test socket | Quality compounder with high ROE and margins |
| 8 | HPSP | 403870 | Semiconductor equipment | High-pressure hydrogen annealing leader |
| 9 | EO Technics | 039030 | Semiconductor equipment | HBM and laser-equipment representative |
| 10 | Simmtech | 222800 | PCB/SOCAMM | Key SOCAMM and substrate theme name |
| 11 | PSK | 319660 | Semiconductor equipment | Representative equipment-cycle earnings name |
| 12 | Jeju Semiconductor | 080220 | LPDDR/memory | LPDDR theme leader with heavy turnover |
| 13 | Hana Micron | 067310 | OSAT | Back-end memory beta and earnings recovery |
| 14 | Dongjin Semichem | 005290 | Materials | Large materials name with institutional access |
| 15 | TES | 095610 | Equipment | KOSDAQ Global and improving equipment-cycle name |
| 16 | Eugene Technology | 084370 | Equipment | DRAM/HBM capex beneficiary |
| 17 | ISC | 095340 | Test socket | AI memory test infrastructure |
| 18 | Soulbrain | 357780 | Materials | KOSDAQ Global quality materials leader |
| 19 | TCK | 064760 | Consumables | KOSDAQ Global, SiC ring and fab recovery |
| 20 | Park Systems | 140860 | Metrology | High-margin precision-equipment leader |
| 21 | LigaChem Biosciences | 141080 | ADC/biotech | KOSDAQ Global biotech platform |
| 22 | ABL Bio | 298380 | Biotech platform | KOSDAQ Global biotech growth name |
| 23 | PharmaResearch | 214450 | Medical aesthetics | KOSDAQ Global, strong growth and margins |
| 24 | Hugel | 145020 | Medical aesthetics | Large healthcare earnings name |
| 25 | Classys | 214150 | Medical devices | Quality aesthetic-device compounder |
| 26 | ST Pharm | 237690 | CDMO/RNA | KOSDAQ Global CDMO/RNA representative |
| 27 | Sam Chun Dang Pharm | 000250 | Pharma/biotech | Large pipeline and biosimilar option |
| 28 | Seojin System | 178320 | AI infrastructure | ESS, telecom and server infrastructure platform |
| 29 | JYP Ent. | 035900 | Entertainment | KOSDAQ Global entertainment earnings name |
| 30 | SM Entertainment | 041510 | Entertainment | Large KOSDAQ entertainment name |
事件型候选
更值得关注的是尚未进入 KOSDAQ Global、但可能进入新高端篮子的代表性股票：Rainbow Robotics、EO Technics、Jeju Semiconductor、Hana Micron、Dongjin Semichem、ISC、Eugene Technology 和 Seojin System。
风险
- 官方名单可能与本筛选不同。
- 如果挂钩 ETF 规模很小，资金流影响也会有限。
- 未入选股票可能出现标签折价。
- 部分候选可能在公布前已提前上涨。
结论
KOSDAQ 高端 70 强不是买入整个 KOSDAQ 的故事。它更像是一个把机构和被动资金注意力压缩到少数可持有股票上的政策事件。