周四，基准韩国综合股价指数收于2481点，几乎持平，在经历了三个交易日的反弹后暂停，因为芯片股在美国芯片制造商英伟达强劲盈利后涨跌互现。然而，由于英伟达的业绩显示与前三个季度相比增长放缓，且未达到投资者的高预期，乐观情绪有所缓和。指数权重股三星电子飙升2.2%，而其竞争对手和英伟达供应商SK海力士下跌0.8%，扭转了早些时候的涨幅。在医疗保健类股中，三星生物制品下跌0.3%，而Celltrion在宣布1000亿韩元的股票回购以提高股东价值后上涨1.7%。经济新闻方面，韩国11月前20天的出口同比增长5.8%。投资者现在等待韩国央行的利率决定，预计将利率维持在3.25%。

The benchmark KOSPI closed nearly flat at 2,481 points on Thursday, pausing after a three-session rally, as chip stocks traded mixed following strong earnings from US chipmaker Nvidia. However, optimism was tempered as Nvidia’s results showed slowing growth compared to the previous three quarters and fell short of high investor expectations. Index heavyweight Samsung Electronics soared 2.2%, while its rival and Nvidia supplier, SK Hynix, tumbled 0.8%, reversing earlier gains. Among healthcare stocks, Samsung Biologics slipped 0.3%, while Celltrion gained 1.7% after announcing a KRW 100 billion share buyback to enhance shareholder value. In economic news, South Korea's exports increased 5.8% year-on-year during the first 20 days of November. Investors now await the Bank of Korea's rate decision, with expectations to hold rates at 3.25%.

随着当选总统特朗普拟议政策的势头推动美元走强，韩元继续下跌至1400韩元兑1美元，回到2022年10月下旬以来的最低水平。交易员们现在正在等待特朗普政策的明确性，这些政策可能会重新引发通货膨胀，并衡量美联储未来的降息。此外，俄罗斯和乌克兰之间的紧张局势加剧，这对美元来说是一个积极的信号，可能会给韩元带来进一步的压力。在国内，投资者等待韩国央行下周的利率决定，预计在10月降息后将利率保持在3.25%。然而，越来越多的猜测表明，央行明年可能会采取更温和的立场，随着通货膨胀的稳定，可能会将基准利率降至2.5%。

The South Korean won continued its recent decline toward 1,400 per dollar, heading back to its lowest level since late October 2022, as the US dollar strengthened bolstered by the momentum of President-elect Trump’s proposed policies. Traders now await clarity of Trump’s policies that could reignite inflation and gauge the Federal Reserve’s future rate cuts. Furthermore, rising tensions between Russia and Ukraine, which is a positive signal for the dollar, may put further pressure on the won. Domestically, investors await the Bank of Korea's rate decision next week, with expectations to keep rates at 3.25% after the October cut. However, growing speculation suggests the central bank may adopt a more dovish stance next year, potentially lowering the benchmark rate to 2.5% as inflation stabilizes.

周四，基准韩国综合股价指数上涨0.2%，至2488点左右，连续第四个交易日上涨，美国芯片制造商英伟达强劲盈利后芯片股领涨。然而，乐观情绪有所缓和，因为与前三个季度相比，业绩仍然放缓，没有达到投资者的高预期。指数权重股三星电子上涨0.4%，其竞争对手、英伟达供应商SK海力士上涨0.6%。医疗保健类股也出现了显著上涨，三星生物制品公司股价飙升1.1%，Celltrion股价飙升2.4%，此前该公司宣布回购1000亿韩元的股票以提高股东价值。在国内，韩国11月前20天的出口同比增长5.8%。投资者目前正在等待韩国央行的利率决定，预计将保持在3.25%。

The benchmark KOSPI rose 0.2% to around 2,488 points on Thursday, rising for a fourth consecutive session, led by gains in chip stocks following strong earnings from US chipmaker Nvidia. However, optimism was tempered as the results still showed a slowdown compared to the previous three quarters and fell short of high investor expectations. Index heavyweight Samsung Electronics rose 0.4%, while its rival and Nvidia supplier, SK Hynix, climbed 0.6%. Notable gains were also seen among healthcare stocks, with Samsung Biologics surging 1.1% and Celltrion soaring 2.4%, after announcing a KRW 100 billion share buyback to enhance shareholder value. Domestically, South Korea's exports rose 5.8% year-on-year during the first 20 days of November. Investors are now awaiting the Bank of Korea's rate decision, with expectations for it to remain at 3.25%.

韩国11月1日至20日贸易数据：出口同比增长5.8%。韩国本月前20天的贸易数据对出口来说是令人鼓舞的：同比增长5.8%，而10月（整个月）为-0.2%。进口情况则不太好：同比增长-1.0%Morgan Stanely指出，新上任的美国政府给SK带来了风险：“供应链将面临巨大的重新布线压力，企业部门面临的混乱将有意义地减缓资本支出周期。”“亚洲的增长可能会显著放缓，韩国和台湾等贸易导向型经济体将面临更大的下行压力。

South Korea 1 - 20 November trade data: Exports jump 5.8% y/y.South Korean trade data for the first 20 days of the month is encouraging for exports: +5.8% y/y vs. a -0.2% for October (full month) Not so much for imports: -1.0% y/y Morgan Stanely noted risks for SK from the new incoming US admin: “Supply chains would face significant rewiring pressures, and the disruption faced by the corporate sector would meaningfully slow the capex cycle,” “Asia's growth could decelerate meaningfully, with the more trade-oriented economies like Korea and Taiwan facing more downward pressure.