AI狂潮变双面刃！台韩科技股剧烈震荡新兴市场波动超越新冠疫情

在人工智慧 (AI) 热潮下，主导高频宽记忆体 (HBM) 与先进记忆体的南韩、台湾企业大涨，也让新兴市场股市今年成为全球焦点，逐渐摆脱过去追随美股的角色。

新兴市场基金经理人 Carlos von Hardenberg 于 2018 年与新兴市场投资老将墨比尔斯 (Mark Mobius) 共同创立 MCP Emerging Markets。他说：「过去投资人只对美国和『科技七巨头』(Magnificent Seven) 有兴趣，因为它们表现实在太好了。但今年情况完全反转。」

然而，AI 行情也带来沉重代价。自 6 月底以来，新兴市场科技股剧烈震荡，仿佛投资人突然出现「高原反应」。

南韩 KOSPI 指数在三星电子与 SK 海力士带动下，一度翻倍上涨，但随后因市场疑虑及监管措施影响，短短六周内回跌约 40%，台积电 (TSM-US) 股价也回落近 14%。

这波修正使南韩市场波动率急升，就连涵盖 24 个国家、逾 1175 档股票、市值约 1.8 兆美元的 MSCI 新兴市场指数，其波动率也超越新冠疫情高峰。

AI 让新兴市场愈来愈像美股

法国巴黎银行 (BNP Paribas) 亚太现金股票研究主管 William Bratton 表示，目前许多机构投资人已难以承受南韩市场的剧烈波动。他说：「我们接触到的机构投资人认为，即使基本面仍相当强劲，目前也不值得冒这么大的波动风险。」

MSCI 仍将南韩与台湾列为新兴市场，主要是因为外资交易两地货币仍存在限制。

但部分市场人士认为，AI 热潮让新兴市场出现过去梦寐以求的科技股行情，如今却演变成「小心愿望成真」。

目前在 MSCI 新兴市场指数中，仅九家公司便占了权重逾 40%，包括台湾、南韩大型科技股，以及中国阿里巴巴 (BABA-US) 与腾讯 (00700-HK) 等企业，集中度甚至高于美股。

MSCI 研究主管 Ashley Lester 说：「过去投资人把新兴市场视为分散投资来源，但如今随着 AI 硬体龙头崛起，新兴市场已不再具有过去那种分散效果。它们如今正处于 AI 热潮的核心。」

外资撤离亚洲创十多年最大规模

欧洲最大资产管理公司东方汇理 (Amundi) 基金经理人 Ji Young Park 表示，她在市场震荡前已开始降低部分持股，但修正幅度仍让基金承受不小压力。

她透露：「过去一个月，南韩股市触发熔断机制约六、七次，可见波动程度之高。」

Ji Young Park 表示，她的投资期限约五年，因此并不偏好如此剧烈波动的市场，「我只希望晚上能睡得着。」

瑞士联合私人银行 (UBP) 科技投资组合经理人 Dimitri Kallianiotis 则表示，部分私人银行客户确实受到市场震荡影响，但他的建议仍是不要恐慌。

伦敦证券交易所集团 (LSEG) 资料显示，今年上半年，国际资金撤出亚洲 (不含中国) 股市的速度，至少是 2010 年以来同期最快。摩根大通 (JPM-US) 统计也显示，南韩及台湾首当其冲，分别流出超过 1000 亿美元及 440 亿美元资金。

由于市场规定基金不得持有单一个股过高比重，投资人也趁三星电子与 SK 海力士过去一年分别大涨约 500% 及 1100% 后，先行获利了结。

UBP 的 Kallianiotis 说：「投资人应该接受波动，同时避免追逐市场最热门的股票。如果在最剧烈修正时完全没有持股，也很可能错过之后的反弹。」

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14A预计2027年试产、2028年量产；18A良率传达85%，EMIB-T封装良率98%。", "pv": 325, "pinyin": "AI", "name": "科技", "path": "/new/AI" }, { "id": 18224, "title": "Muse引爆「主动式电商」AI代理人恐重塑Airbnb、Amazon商业模式", "shortTitle": "Muse引爆「主动式电商」AI代理人恐重塑Airbnb、Am", "img": "https://cimg.cnyes.cool/prod/news/6619983/l/439411e49d315a8a9164ed7664273aa9.jpg", "createdAt": "2026-10-01T23:30:03.000Z", "description": "MBI测试Muse后，清空Airbnb并加码Meta，认为AI自回答问题走向替使用者完成任务。
他称Muse可跨站比价、直接预订，恐削弱Airbnb、Booking等OTA流量、信任与中介优势，并压缩估值。
Muse也恐冲击亚马逊广告、Uber与DoorDash，但程度取决于忠诚度、供给与履约能力。", "pv": 262, "pinyin": "AI", "name": "科技", "path": "/new/AI" }, { "id": 22222, "title": "记忆体涨价潮恐延续至2028年！TrendForce估HBM明年营收破2000亿美元", "shortTitle": "记忆体涨价潮恐延续至2028年！TrendForce估HBM", "img": "https://cimg.cnyes.cool/prod/news/6639462/l/feffb48f16ae4e9ac55d4939b1961bc8.jpg", "createdAt": "2026-10-28T14:10:05.000Z", "description": "TrendForce估DRAM涨价可延续至2028年上半年，2027年LTA恐涵盖60%至70%交易量
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法案锁定成都新易盛、300308-CN中际旭创等供应商；美国国防部已将中际旭创列入1260H清单。
支持者称可降低AI资料中心与政府系统风险；业界忧供应受限恐拖慢美国AI基建。", "pv": 194, "pinyin": "AI", "name": "科技", "path": "/new/AI" }, { "id": 11741, "title": "AI晶片封装大突破日厂新光电气做出「22层玻璃基板」", "shortTitle": "AI晶片封装大突破日厂新光电气做出「22层玻璃基板」", "img": "https://cimg.cnyes.cool/prod/news/6580025/l/a3632f2431e4fdfaaa43b1ecd1692a9b.jpg", "createdAt": "2026-08-18T04:00:30.000Z", "description": "日本半导体封装基板制造商新光电气工业（Shinko Electric Industries）在玻璃基板技术取得重大突破，成功建构22层铜布线结构，在玻璃基板两面各堆叠11层铜布线层，显示玻璃基板朝高层数、高密度封装再跨出关键一步。玻璃基板长期被视为先进半导体封装的重要发展方向，但实际应用一直受到「SeWaRe」问题限制，也就是玻璃内部可能出现裂缝或分层。玻璃虽具有优异平整度与低热膨胀系数，但材质本身较脆，在加工及热循环过程中容易产生微裂纹，进而影响产品良率与可靠性。新光电气此次透过材料创新", "pv": 190, "pinyin": "AI", "name": "科技", "path": "/new/AI" }, { "id": 20697, "title": "集邦： Meta、中系品牌齐发力估2026年AR眼镜出货翻倍至131万台", "shortTitle": "集邦： Meta、中系品牌齐发力估2026年AR眼镜出货翻", "img": "https://cimg.cnyes.cool/prod/news/6632066/l/24c0d49fb9571cadf0f1f049d11eb7a8.jpg", "createdAt": "2026-10-16T09:00:28.000Z", "description": "研调中心TrendForce指出，AR眼镜逐步由概念验证走向消费市场，Meta Ray-Ban Display Glasses展现超乎市场预期的成长动能，带动品牌与供应链加快产品布局。受惠于Meta(META-US)产品带动的外溢效应，其余AR眼镜品牌亦积极拓展产品线与销售市场，趁着其他科技巨头尚未全面入局，全球AR眼镜出货量将由2025年的62万台跃升至2026年131万台，年增率达111.1%。品牌竞争部分，TrendForce提到，2026年Meta将以约20%的出货占比持续领先，其余四", "pv": 185, "pinyin": "AI", "name": "科技", "path": "/new/AI" }, { "id": 21727, "title": "OpenAI奥特曼示警AI恐加剧贫富差距！吁限制自我进化速度", "shortTitle": "OpenAI奥特曼示警AI恐加剧贫富差距！吁限制自我进化速度", "img": "https://cimg.cnyes.cool/prod/news/6637075/l/2e7f7af527e928e1d4d1856d9e809a45.jpg", "createdAt": "2026-10-24T11:10:06.000Z", "description": "奥特曼警告AI自我改进若失控恐放大不平等，主张对RSI发展速度设限制。
他称AI目前无意识，但反对把模型塑造成具人格权利，强调重大决策应由人类掌握。
奥特曼看好AI助科学突破与个人助手，惟算力需求无上限，OpenAI正布局自研晶片与新硬体。", "pv": 172, "pinyin": "AI", "name": "科技", "path": "/new/AI" }, { "id": 22214, "title": "长鑫存储积极寻找记忆体国产替代方案！HBM3E良率仅20%至30%仍拚量产、落后SK海力士一个世代", "shortTitle": "长鑫存储积极寻找记忆体国产替代方案！HBM3E良率仅20%至", "img": "https://cimg.cnyes.cool/prod/news/6639396/l/b6f1cb597f0c89f2afbc381a8a24f846.jpg", "createdAt": "2026-10-28T13:10:02.000Z", "description": "长鑫科技计划未来两个月内启动HBM3E有限量产，并已向多家中国本土AI晶片设计商送交样品。
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美国2024年12月收紧HBM出口管制，中国AI晶片业者急寻国产替代，华为等晶片价格已调涨20%至50%。", "pv": 171, "pinyin": "AI", "name": "科技", "path": "/new/AI" } ], "prev": { "id": 9886, "title": "辉达急寻中国AI基地台供应商明后年启动端侧算力组网", "name": "科技", "path": "/new/AI" }, "next": { "id": 9960, "title": "记忆体「三国」掀变局：三星市占重返39%登顶美光紧咬SK海力士", "name": "科技", "path": "/new/AI" }, "randomRecommend": [ { "id": 1244, "title": "外汇投资九大看盘技巧", "img": "/public/uploads/default/image/2026/05/29/1780040999840_1d6rpx.jpg", "path": "/whhq" }, { "id": 1301, "title": "内包日线交易策略", "img": "/public/uploads/default/image/2026/05/29/1780041028794_e4gx6f.png", "path": "/whcl" }, { "id": 1311, "title": "什么是裸K交易？如何运用裸K交易实现稳定盈利？", "img": "/public/uploads/default/image/2026/05/29/1780041042003_4p7fdd.jpg", "path": "/whcl" }, { "id": 7413, "title": "TMGM外汇官网-2026 年贵金属平台全球服务器覆盖度排名,金盛贵金属位列榜首", "img": "/public/uploads/default/image/2026/07/20/1784530560130_9sjhrx.png", "path": "/whplat" }, { "id": 1377, "title": "全球乱局：美国失序与右翼抬头", "img": "/public/uploads/default/image/2026/05/29/1780041076299_ddynz9.jpg", "path": "/whjy" }, { "id": 1340, "title": "什么是外汇点差？交易者需要了解外汇点差哪些知识？", "img": "/public/uploads/default/image/2026/05/29/1780041052456_t6s65x.jpg", "path": "/whrm" }, { "id": 4253, "title": "外汇交易的止损策略有哪些？", "img": "/public/uploads/default/image/2026/06/29/1782715898725_crskvr.jpg", "path": "/whhq" }, { "id": 4221, "title": "金秋九月，TMGM平台官网积分商城特别礼品！限量版周琦签名篮球、球衣！", "img": "/public/uploads/default/image/2026/06/29/1782715894613_kk5kom.png", "path": "/whhq" } ], "cate": { "id": 28, "pid": 15, "name": "科技", "pinyin": "AI", "path": "/new/AI", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 }, "article": { "id": 9905, "cid": 28, "subCid": null, "title": "AI狂潮变双面刃！台韩科技股剧烈震荡新兴市场波动超越新冠疫情 ", "shortTitle": "AI狂潮变双面刃！台韩科技股剧烈震荡新兴市场波动超越新冠疫", "tagId": "", "attr": "", "articleView": null, "source": null, "author": "网络", "description": "在人工智慧 (AI) 热潮下，主导高频宽记忆体 (HBM) 与先进记忆体的南韩、台湾企业大涨，也让新兴市场股市今年成为全球焦点，逐渐摆脱过去追随美股的角色。新兴市场基金经理人 Carlos von Hardenberg 于 2018 年与新兴市场投资老将墨比尔斯 (Mark Mobius) 共同创立 MCP Emerging Markets。他说：「过去投资人只对美国和『科技七巨头』(Magnificent Seven) 有兴趣，因为它们表现实在太好了。但今年情况完全反转。」然而，AI 行情", "img": "https://cimg.cnyes.cool/prod/news/6562120/l/1f1d7f054ee35e8d6d4c91df62409c17.jpg", "content": "<p>在人工智慧 (AI) 热潮下，主导高频宽记忆体 (HBM) 与先进记忆体的南韩、台湾企业大涨，也让新兴市场股市今年成为全球焦点，逐渐摆脱过去追随美股的角色。</p>\n<p style=\"text-align:center;\"><img src=\"https://cimg.cnyes.cool/prod/news/6562120/l/1f1d7f054ee35e8d6d4c91df62409c17.jpg\" alt=\"AI狂潮变双面刃！台韩科技股剧烈震荡新兴市场波动超越新冠疫情 \" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\"></p>\n\n\n<p>新兴市场基金经理人 Carlos von Hardenberg 于 2018 年与新兴市场投资老将墨比尔斯 (Mark Mobius) 共同创立 MCP Emerging Markets。他说：「过去投资人只对美国和『科技七巨头』(Magnificent Seven) 有兴趣，因为它们表现实在太好了。但今年情况完全反转。」</p>\n\n<p>然而，AI 行情也带来沉重代价。自 6 月底以来，新兴市场科技股剧烈震荡，仿佛投资人突然出现「高原反应」。</p>\n\n<p>南韩 KOSPI 指数在三星电子与 SK 海力士带动下，一度翻倍上涨，但随后因市场疑虑及监管措施影响，短短六周内回跌约 40%，台积电 (TSM-US) 股价也回落近 14%。</p>\n\n<p>这波修正使南韩市场波动率急升，就连涵盖 24 个国家、逾 1175 档股票、市值约 1.8 兆美元的 MSCI 新兴市场指数，其波动率也超越新冠疫情高峰。</p>\n\n<h6>AI 让新兴市场愈来愈像美股</h6>\n\n<p>法国巴黎银行 (BNP Paribas) 亚太现金股票研究主管 William Bratton 表示，目前许多机构投资人已难以承受南韩市场的剧烈波动。他说：「我们接触到的机构投资人认为，即使基本面仍相当强劲，目前也不值得冒这么大的波动风险。」</p>\n\n<p>MSCI 仍将南韩与台湾列为新兴市场，主要是因为外资交易两地货币仍存在限制。</p>\n\n<p>但部分市场人士认为，AI 热潮让新兴市场出现过去梦寐以求的科技股行情，如今却演变成「小心愿望成真」。</p>\n\n<p>目前在 MSCI 新兴市场指数中，仅九家公司便占了权重逾 40%，包括台湾、南韩大型科技股，以及中国阿里巴巴 (BABA-US) 与腾讯 (00700-HK) 等企业，集中度甚至高于美股。</p>\n\n<p>MSCI 研究主管 Ashley Lester 说：「过去投资人把新兴市场视为分散投资来源，但如今随着 AI 硬体龙头崛起，新兴市场已不再具有过去那种分散效果。它们如今正处于 AI 热潮的核心。」</p>\n\n<h6>外资撤离亚洲创十多年最大规模</h6>\n\n<p>欧洲最大资产管理公司东方汇理 (Amundi) 基金经理人 Ji Young Park 表示，她在市场震荡前已开始降低部分持股，但修正幅度仍让基金承受不小压力。</p>\n\n<p>她透露：「过去一个月，南韩股市触发熔断机制约六、七次，可见波动程度之高。」</p>\n\n<p>Ji Young Park 表示，她的投资期限约五年，因此并不偏好如此剧烈波动的市场，「我只希望晚上能睡得着。」</p>\n\n<p>瑞士联合私人银行 (UBP) 科技投资组合经理人 Dimitri Kallianiotis 则表示，部分私人银行客户确实受到市场震荡影响，但他的建议仍是不要恐慌。</p>\n\n<p>伦敦证券交易所集团 (LSEG) 资料显示，今年上半年，国际资金撤出亚洲 (不含中国) 股市的速度，至少是 2010 年以来同期最快。摩根大通 (JPM-US) 统计也显示，南韩及台湾首当其冲，分别流出超过 1000 亿美元及 440 亿美元资金。</p>\n\n<p>由于市场规定基金不得持有单一个股过高比重，投资人也趁三星电子与 SK 海力士过去一年分别大涨约 500% 及 1100% 后，先行获利了结。</p>\n\n<p>UBP 的 Kallianiotis 说：「投资人应该接受波动，同时避免追逐市场最热门的股票。如果在最剧烈修正时完全没有持股，也很可能错过之后的反弹。」</p>\n<div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/AI/article-22697.html\" title=\"Anthropic总裁：Claude永远不会成为你的伴侣或心理师！AI时代人类更要持续进化\">Anthropic总裁：Claude永远不会成为你的伴侣或心理师！AI时代人类更要持续进化</a></li>\n <li><a href=\"/new/AI/article-19239.html\" title=\"历史首次破100兆韩元！三星Q3本业获利暴增782% AI记忆体需求大爆发\">历史首次破100兆韩元！三星Q3本业获利暴增782% AI记忆体需求大爆发</a></li>\n <li><a href=\"/new/AI/article-11617.html\" title=\"长鑫科技股价飙12%再创高！市值超越腾讯、AI资金转向记忆体与晶片\">长鑫科技股价飙12%再创高！市值超越腾讯、AI资金转向记忆体与晶片</a></li>\n <li><a href=\"/new/AI/article-9452.html\" title=\"韩股崩盘散户失去信心直呼再也不碰韩股了\">韩股崩盘散户失去信心直呼再也不碰韩股了</a></li>\n <li><a href=\"/new/AI/article-19145.html\" 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