https://koreainvestinsights.com/zh/tags/foreign-flows/Recent content in Foreign Flows on Korea Invest InsightsHugo -- gohugo.iozhWed, 03 Jun 2026 05:14:33 +0900https://koreainvestinsights.com/zh/post/kosdaq-foreign-buying-institution-real-money-adr-2026-06-03/Wed, 03 Jun 2026 10:20:00 +0900https://koreainvestinsights.com/zh/post/kosdaq-foreign-buying-institution-real-money-adr-2026-06-03/<h2 id="tldr">TL;DR </h2><p>KOSDAQ走弱不能简单解释为外资卖出。根据本地Kiwoom DB，外资仍是净买入。市场下跌的原因是外资买入范围很窄，ADR崩落，而真正的机构资金继续卖出。</p> <p>截至2026年6月2日，KOSDAQ年初以来仍上涨<strong>8.5%</strong>，但较4月27日高点回落<strong>16.3%</strong>，5月下跌<strong>15.5%</strong>。</p> <h2 id="主要资金流">主要资金流 </h2><p>单位: 亿韩元。</p> <table> <thead> <tr> <th>区间</th> <th style="text-align: right">外资</th> <th style="text-align: right">机构</th> <th style="text-align: right">个人</th> <th style="text-align: right">其他法人</th> </tr> </thead> <tbody> <tr> <td>年初以来</td> <td style="text-align: right"><strong>+55,399</strong></td> <td style="text-align: right"><strong>+80,131</strong></td> <td style="text-align: right"><strong>-90,492</strong></td> <td style="text-align: right"><strong>-45,515</strong></td> </tr> <tr> <td>5月</td> <td style="text-align: right"><strong>+28,608</strong></td> <td style="text-align: right"><strong>-23,516</strong></td> <td style="text-align: right">+11</td> <td style="text-align: right"><strong>-5,624</strong></td> </tr> <tr> <td>近20日</td> <td style="text-align: right"><strong>+34,930</strong></td> <td style="text-align: right"><strong>-18,992</strong></td> <td style="text-align: right"><strong>-10,473</strong></td> <td style="text-align: right"><strong>-6,096</strong></td> </tr> </tbody> </table> <h2 id="解读">解读 </h2><p>外资买入集中在FADU、EcoPro BM、EO Technics、Hana Micron、Seojin System、Leeno Industrial和SIMMTECH等少数股票。这不是广泛的市场买入。</p> <p>KOSDAQ 20日ADR从4月末附近的120.3降至6月2日的48.1。下跌股票显著多于上涨股票，这是最重要的问题。</p> <h2 id="结论">结论 </h2><p>在ADR恢复到60之前，应只关注外资和机构同时买入的股票。ADR恢复到80之后，才可以讨论扩大KOSDAQ整体敞口。最重要的信号是投信、私募和养老金5日合计转为净买入。</p>https://koreainvestinsights.com/zh/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/Wed, 03 Jun 2026 09:20:00 +0900https://koreainvestinsights.com/zh/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/ <blockquote> <p>背景：本文是对GTC Taipei之后韩国市场、Jensen Huang催化下的窄幅主线行情，以及外国投资者韩国股票交易清单的后续分析。</p> </blockquote> <h2 id="tldr">TL;DR </h2><p>韩国市场不缺钱。股市周边资金大幅增加。问题在于，资金没有扩散到整个市场，而是集中在少数主线股票。</p> <p>外国投资者并不是全面撤离韩国。更准确的说法是：他们降低Samsung Electronics和SK hynix这类大型存储股仓位，同时选择性转向KOSDAQ、电池、机器人、生物医药和部分基础设施公司。</p> <p><img alt="韩国2026年: 外国资金流、流动性和ADR" class="gallery-image" data-flex-basis="225px" data-flex-grow="93" height="2880" loading="lazy" sizes="(max-width: 767px) calc(100vw - 30px), (max-width: 1023px) 700px, (max-width: 1279px) 950px, 1232px" src="https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/korea_ytd_foreign_liquidity_adr_20260602.png" srcset="https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/korea_ytd_foreign_liquidity_adr_20260602_hu_95f86b492e34b3d2.png 800w, https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/korea_ytd_foreign_liquidity_adr_20260602_hu_66f0438e5d04fcd9.png 1600w, https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/korea_ytd_foreign_liquidity_adr_20260602_hu_13cb3d89fd013f6b.png 2400w, https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/korea_ytd_foreign_liquidity_adr_20260602.png 2700w" width="2700"></p> <h2 id="核心数据">核心数据 </h2><table> <thead> <tr> <th>指标</th> <th style="text-align: right">日期</th> <th style="text-align: right">数值</th> </tr> </thead> <tbody> <tr> <td>KOSPI 20日ADR</td> <td style="text-align: right">2026-06-02</td> <td style="text-align: right"><strong>48.9</strong></td> </tr> <tr> <td>KOSDAQ 20日ADR</td> <td style="text-align: right">2026-06-02</td> <td style="text-align: right"><strong>48.1</strong></td> </tr> <tr> <td>全市场20日ADR</td> <td style="text-align: right">2026-06-02</td> <td style="text-align: right"><strong>48.4</strong></td> </tr> <tr> <td>上涨 / 下跌股票数</td> <td style="text-align: right">2026-06-02</td> <td style="text-align: right"><strong>693 / 1,741</strong></td> </tr> <tr> <td>投资者保证金 + CMA</td> <td style="text-align: right">2026-01-02 → 2026-06-01</td> <td style="text-align: right"><strong>189.5万亿韩元 → 246.3万亿韩元</strong></td> </tr> <tr> <td>KOSPI外国净买入YTD</td> <td style="text-align: right">截至2026-06-02</td> <td style="text-align: right"><strong>-108.1万亿韩元</strong></td> </tr> <tr> <td>KOSDAQ外国净买入YTD</td> <td style="text-align: right">截至2026-06-02</td> <td style="text-align: right"><strong>+5.5万亿韩元</strong></td> </tr> <tr> <td>Samsung Electronics + SK hynix</td> <td style="text-align: right">截至2026-06-02</td> <td style="text-align: right"><strong>-96.1万亿韩元</strong></td> </tr> </tbody> </table> <h2 id="解读">解读 </h2><p>FreeSIS显示，截至2026年6月1日，投资者保证金为<strong>132.6万亿韩元</strong>，CMA余额为<strong>113.7万亿韩元</strong>，融资余额为<strong>37.7万亿韩元</strong>。因此这不是缺钱的市场。</p> <blockquote> <p>钱很多，但并没有买入平均股票。</p> </blockquote> <p><img alt="外国持股比例趋势" class="gallery-image" data-flex-basis="426px" data-flex-grow="177" height="1602" loading="lazy" sizes="(max-width: 767px) calc(100vw - 30px), (max-width: 1023px) 700px, (max-width: 1279px) 950px, 1232px" src="https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/foreign_ownership_trends_2026.png" srcset="https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/foreign_ownership_trends_2026_hu_61d43848ee3f29b0.png 800w, https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/foreign_ownership_trends_2026_hu_630813f4094b5fd8.png 1600w, https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/foreign_ownership_trends_2026_hu_6ac5b5b95bbc636.png 2400w, https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/foreign_ownership_trends_2026.png 2849w" width="2849"></p> <p>外国卖出主要集中在两大存储股。与此同时，资金流向Doosan Enerbility、Celltrion、Samsung SDI、APR、Hanwha Ocean、Hyundai E&amp;C、Doosan Robotics、FADU和Sanil Electric等股票。</p> <p><img alt="外国资金重新配置" class="gallery-image" data-flex-basis="426px" data-flex-grow="177" height="1610" loading="lazy" sizes="(max-width: 767px) calc(100vw - 30px), (max-width: 1023px) 700px, (max-width: 1279px) 950px, 1232px" src="https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/foreign_reallocation_2026_ytd_may.png" srcset="https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/foreign_reallocation_2026_ytd_may_hu_cb36b421ecf8b23.png 800w, https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/foreign_reallocation_2026_ytd_may_hu_ed7fd445d6dd5513.png 1600w, https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/foreign_reallocation_2026_ytd_may_hu_e2fcf2a46190bf3e.png 2400w, https://koreainvestinsights.com/post/korea-market-liquidity-foreign-reallocation-adr-narrow-leadership-2026-06-03/foreign_reallocation_2026_ytd_may.png 2861w" width="2861"></p> <h2 id="结论">结论 </h2><p>当前市场是<strong>选择性风险偏好 / 市场宽度承压</strong>。在ADR恢复到60、80、100之前，不宜简单买入全市场beta。更合理的策略是，只在价格强度和外国人或机构资金仍然存在的主线股票回调时选择性买入。</p> <p>[Blocked] 本文未反映2026年6月3日盘中或收盘数据。</p>