First Korean Presidential Visit to China in 6 Years, Divergent Yuan Effective Exchange Rate Strategy, Lifting of Korea-China Cultural Ban and Changes in Leading Stocks | Vincent, Hana Securities Manager

Summary

Vincent of Hana Securities remains bullish on KOSPI and leading semiconductor stocks, expecting a possible move to 5,000 before the Lunar New Year. He argues foreign inflows and AI-driven chip demand support Samsung Electronics and SK hynix. He also analyzes China's effective exchange-rate divergence and concludes that Korean real effective won weakness favors exporters and semiconductors over Korea-China reopening beneficiaries. He monitors shipbuilding, defense, and nuclear as former leaders at a possible re-ignition point.

• Vincent stays bullish on KOSPI and advises buying leading stocks on dips.
• Semiconductors and AI are viewed as the likely first-half leadership theme.
• Samsung Electronics and SK hynix are favored on earnings, HBM sold-out status, and foreign underownership.
• Foreign inflows into Korean assets are expected to increase, helped by FX stability and bond index inclusion.
• China's yuan is strong versus the dollar but weak on a real effective basis, while Korea's won is weak on both measures.
• Vincent prefers Korean exporters and semiconductors over entertainment, cosmetics, leisure, and duty-free China-reopening plays.
• Shipbuilding, defense, and nuclear are watched for signs of renewed leadership.
• He does not give a clean directional USD/KRW call.