存储超级周期面临考验，韩股波动率“创新高”，对冲成本急升

华尔街见闻02-03

在经历了全球最强劲的年初涨势后，投资者正对冲韩国股市波动风险。周一，韩国股市遭遇4月以来最大跌幅，韩国综合指数跌超5%。同时押注韩国综合指数下跌10%的一个月期权成本相对看涨期权的比例跳升至去年11月以来最高水平。（昨日韩国综合指数重挫，周二高开反弹）值得注意的是，韩国综合指数波动率指数相对波动率指数VIX的溢价已升至历史新高。在过去几个月韩国股市强劲反弹期间，两者之间的利差持续扩大，分析认为...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2608124508?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-03 09:31","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2608124508","market":"sg","top_or_hot":-1,"title":"存储超级周期面临考验，韩股波动率“创新高”，对冲成本急升","media":"华尔街见闻","content":"<div>\n<p>在经历了全球最强劲的年初涨势后，投资者正对冲韩国股市波动风险。周一，韩国股市遭遇4月以来最大跌幅，韩国综合指数跌超5%。同时押注韩国综合指数下跌10%的一个月期权成本相对看涨期权的比例跳升至去年11月以来最高水平。（昨日韩国综合指数重挫，周二高开反弹）值得注意的是，韩国综合指数波动率指数相对波动率指数VIX的溢价已升至历史新高。在过去几个月韩国股市强劲反弹期间，两者之间的利差持续扩大，分析认为...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3764796\">网页链接</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>存储超级周期面临考验，韩股波动率“创新高”，对冲成本急升</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n存储超级周期面临考验，韩股波动率“创新高”，对冲成本急升\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-03 09:31 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3764796><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在经历了全球最强劲的年初涨势后，投资者正对冲韩国股市波动风险。周一，韩国股市遭遇4月以来最大跌幅，韩国综合指数跌超5%。同时押注韩国综合指数下跌10%的一个月期权成本相对看涨期权的比例跳升至去年11月以来最高水平。（昨日韩国综合指数重挫，周二高开反弹）值得注意的是，韩国综合指数波动率指数相对波动率指数VIX的溢价已升至历史新高。在过去几个月韩国股市强劲反弹期间，两者之间的利差持续扩大，分析认为...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3764796\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FLKR","symbol_name":"Franklin FTSE South Korea ETF","start_time":0,"source_url":"https://wallstreetcn.com/articles/3764796","article_id":"2608124508","we_media_id":"1084101182","thumbnails":[],"rights":{"source":null,"url":"https://wallstreetcn.com/articles/3764796","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2608124508","pubTimestamp":1770082264,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"华尔街见闻","introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"summary":"周一韩国综指暴跌超5%，创4月以来最大跌幅，三星电子和SK海力士等芯片股领跌。投资者避险情绪升温，韩国波动率指数VKOSPI飙升至近10个月最高，相对全球VIX的溢价创历史新高。分析师建议投资者谨慎对冲，等待确认后再入场。","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"zh","relate_stocks":{"FLKR":"Franklin FTSE South Korea ETF","MULL":"2倍做多MU ETF-GraniteShares","MKOR":"Matthews Korea Active ETF","09347":"南方两倍做空三星电子(美元)","TVIX":"二倍做多VIX波动率指数短期期权ETN","EWY":"韩国ETF-iShares MSCI","KT":"韩国电信","DDI":"DoubleDown Interactive","07709":"南方两倍做多海力士","CPNG":"Coupang, Inc.","KB":"韩国国民银行","KPOP":"KPOP AND KOREAN ENTERTAINMENT ETF","SKM":"韩国SK电信","GRVY":"重力社","07747":"南方两倍做多三星电子","PKX":"浦项钢铁","SSNLF":"三星电子","LPL":"LG Display Co ADS","KEP":"韩国电力","MUU":"2倍做多MU ETF-Direxion","KORU":"Direxion Daily MSCI South Korea Bull 3x Shares","SHG":"新韩金融","SMSD.UK":"三星电子","KF":"韩国基金","MUD":"1倍做空MU ETF-Direxion"},"translate_title":"The storage super cycle is facing a test, the volatility of Korean stocks has hit a \"new high\", and hedging costs have soared","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KPOP":2,"KORU":2,"PKX":2,"MULL":2,"SMSD.UK":2,"KF":2,"GRVY":2,"KEP":2,"MUU":2,"KT":2,"SKM":2,"MUD":2,"MKOR":2,"DDI":2,"FLKR":2,"LPL":2,"CPNG":2,"09347":2,"SSNLF":2,"07747":2,"EWY":2,"KB":2,"TVIX":0.6,"07709":2,"SHG":2},"content_text":"在经历了全球最强劲的年初涨势后，投资者正对冲韩国股市波动风险。周一，韩国股市遭遇4月以来最大跌幅，韩国综合指数跌超5%。同时押注韩国综合指数下跌10%的一个月期权成本相对看涨期权的比例跳升至去年11月以来最高水平。（昨日韩国综合指数重挫，周二高开反弹）值得注意的是，韩国综合指数波动率指数相对波动率指数VIX的溢价已升至历史新高。在过去几个月韩国股市强劲反弹期间，两者之间的利差持续扩大，分析认为投资者在追逐涨势的同时加大了对冲力度。尽管波动率在各类资产和股票市场均有所上升，但VKOSPI的涨幅尤为显著。这反映出存储超级周期在推动韩国股市大幅上涨后，投资者对潜在回调的担忧情绪明显升温。（周一重挫前，韩国综合指数今年已累涨超20%）周一，三星电子和SK海力士两大芯片巨头股价均暴跌超过5%，尽管上周两家公司均公布利润大幅增长，但股价在业绩公布后仍然下跌。这进一步加剧了投资者的谨慎情绪。波动率指标飙升至极端水平韩国Kospi 200波动率指数(VKOSPI)周一飙升近8点，创下近10个月来最大单日涨幅。，同时也已连续六个交易日上涨。Korea Investments & Securities Asia环球衍生品主管Jangwon Seo上周表示，VKOSPI的高位水平反映出\"市场不确定性加剧，以及韩国个股预期将出现极端波动\"，建议投资者考虑进行对冲。巴克莱银行亚太区股票业务主管Paul Johnson上周指出，1月份韩国市场涨势加速。他表示：考虑到该市场波动率相对缺乏流动性以及指数挂钩结构性产品供应量较低，通过期权进行杠杆投机交易和对冲活动的需求自然会大幅推动市场。基准韩国综合指数自去年4月低点以来已累计上涨逾一倍，表现远超全球同类市场。这一强劲涨势促使投资者在获利的同时加大保护性措施。Eugene Asset Management首席投资官Ha SeokKeun表示：需要采取谨慎态度，等待确认市场反弹后再建仓。不过他仍将此次回调视为逢低买入的机会。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2608124508","isCrawlerRequest":true}