AI 摘要
2026年上半年，外资从亚洲股市撤资1373.6亿美元，创下十年来最快速度，韩国和台湾受影响最大。分析师认为，此次撤资主要是基于风险管理和基准再平衡，并非全面风险规避。尽管对AI基础设施的需求依然强劲，但市场对半导体股的快速上涨感到谨慎。
原文内文
Regional equities here getting sold heavily. Equites getting hit. South Korea Kospi dumped 6%. Japan's Nikkei down more than 2.5% Posting this as background. - Record outflows from South Korea and Taiwan reflect index concentration risk rather than a broad risk-off shift, with long-only funds trimming winners to stay within diversification limits rather than exiting the region outright. The scale of selling, fastest in at least 16 years by LSEG data, raises the question of whether the strongest phase of the AI-led rally has passed even as underlying AI infrastructure demand remains intact. Rebalancing pressure is pushing fund managers further down the supply chain and into Southeast Asian markets seen as cheap but lacking a clear near-term catalyst. Analysts caution the outflows do not guarantee capital returns to regional laggards, since proceeds may be hedged, repatriated or redeployed outside Asia altogether, leaving a valuation reset as the more likely trigger for renewed inflows. --- Foreign investors pulled a record $137bn from Asian stocks in H1 2026, led by Korea and Taiwan, as the AI chipmaker rally forced rebalancing away from crowded winners. Summary: Foreign investors pulled a net $137.36 billion from Asian equities across seven markets in the first half of 2026, the fastest six month outflow in LSEG data since 2010 South Korea and Taiwan saw the heaviest outflows, losing $70.8 billion and $29.6 billion respectively The KOSPI nearly doubled in the first half of the year while Taiwan's stock index rose 62%, driven largely by TSMC, Samsung and SK Hynix In June alone foreign investors sold $27.08 billion of regional equities, including $12.63 billion from South Korea, $8 billion from Taiwan and $5.91 billion from India Bank of New York Mellon data showed mutual funds sold $7.50 billion of South Korean equities, pension funds sold $4.35 billion and hedge funds sold $1.87 billion Analysts described the selling as driven by currency hedging and benchmark rebalancing rather than a straightforward risk-off move Southeast Asian markets remain comparatively cheap with structural tailwinds, though the near-term case for overweighting them is less clear Foreign investors sold Asian equities at the fastest pace in at least 16 years in the first half of 2026, as a powerful AI-driven rally forced them to trim their biggest winners in South Korea and Taiwan and search for cheaper opportunities elsewhere in the region. Overseas investors pulled a net $137.36 billion from shares across South Korea, Taiwan, India, Indonesia, Thailand, Vietnam and the Philippines over the six month period, the fastest such outflow in LSEG data going back to 2010, with South Korea and Taiwan bearing the brunt at $70.8 billion and $29.6 billion respectively. The selling reflects investors managing an extraordinary rally rather than abandoning the region. South Korea's KOSPI index nearly doubled in the first half of the year while Taiwanese stocks gained 62%, propelled largely by three chipmakers, TSMC, Samsung and SK Hynix. That concentration has prompted investors to cut exposure to these dominant names as their index weighting grows, while looking for cheaper, less crowded markets nearby. Reuters cite Joshua Crabb, head of Asia-Pacific equities at Robeco, said the narrowness of outperformance across the region, confined largely to two markets and one sector, has made portfolio balance a pressing concern. Analysts stressed the withdrawals are not a straightforward risk-off signal, pointing instead to currency hedging and benchmark rebalancing, where funds trim outperforming positions to manage concentration risk. In June alone, foreign investors sold $27.08 billion of regional equities, including $12.63 billion from South Korea, $8 billion from Taiwan and $5.91 billion from India. Bank of New York Mellon analysis of the South Korean selling showed mutual funds accounted for $7.50 billion, pension funds $4.35 billion and hedge funds $1.87 billion, with BNY characterising the activity as rebalancing and profit-taking rather than a broad rejection of the market. The shift comes as investors weigh whether the strongest phase of the AI-led rally has already passed. While demand for AI infrastructure remains robust, sharp gains across semiconductor and memory stocks have made markets more cautious, pushing fund managers further down the supply chain in search of value. Crabb described Southeast Asia as very cheap with long-term structural tailwinds, though the near-term case for a strong overweight position remains less clear. Kerry Craig, global market strategist at J.P. Morgan Asset Management, said investors were reassessing whether their technology exposure had become excessive while exploring other themes including defence, renewables and broader diversification. Analysts nonetheless cautioned that record outflows do not guarantee a rotation into regional laggards, since much of the capital may be hedged, repatriated or redeployed outside Asia entirely, leaving a valuation reset as the more likely catalyst for renewed foreign buying. This article was written by Eamonn Sheridan at investinglive.com.