Japan Record High, China Rebound… Where Are Global Funds Flowing? _26.04.24. | So Jin-woong, Yeo Do-eun, Heo Jae-moo

일본 신고가, 중국 반등…글로벌 자금 흐름은?_26.04.24. | 소진웅, 여도은, 허재무 [아침N투자]

Watch on YouTube ↗ | April 24, 2026 at 02:44 | 57:22 | 3PRO TV (삼프로TV)

Speakers

Park Ji-hoon — Director, Asset Management Consulting Dept., NH Investment & Securities

So Jin-woong — Manager

Summary

The episode covers Korean market strength in bios and semiconductors, then a cameo from Park Ji-hoon on post-SK hynix earnings diffusion, power semiconductors, and substrates. So Jin-woong discusses China's rebound, including index preferences, yuan usage, EV/battery, chemicals, power grid, AI hardware ETFs, and memory supply risk. The discussion then moves to Japan's record-high market, BOJ rate normalization, banks/insurers, activist campaigns, semiconductor equipment/materials, nuclear/data-center suppliers, and defense export competition. It ends with caution about Middle East risk and oil.

Korean equities were mixed, with KOSDAQ bios and semiconductor small caps strong while KOSPI lagged.
Park Ji-hoon highlighted memory earnings diffusion, power semiconductors, and AI substrate names.
So Jin-woong favored selected China indices and sectors, including EV/battery, high-value/coal chemicals, power grid, and AI hardware ETFs.
He viewed Hang Seng Tech as undervalued but trigger-dependent and saw advanced memory supply as still tight.
Japan's market recovered to highs, with BOJ rate hikes supporting banks and insurers.
Japanese activist targets, semiconductor equipment/materials, and nuclear/data-center suppliers were highlighted.
Japan's defense export liberalization was seen as not yet undermining K-defense momentum.
The show ended with caution over Middle East tensions and oil prices.

Ideas

Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 4:55

Memory earnings cheap, though heavy

SK hynix's strong earnings are a signal of earnings diffusion across memory. Foreign brokers are quickly raising estimates for Samsung Electronics and SK hynix, and their valuations remain cheap versus conservative consensus even though near-term price action feels heavy.

Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 5:30

Power semiconductors are next strong keyword

After CPO, power semiconductors are emerging as the next strong keyword. Not only LS and Hyosung Heavy Industries but also DB HiTek and KOSDAQ-linked names are hot.

Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 5:48

Substrates still not bad

Substrate-related names are still not bad, with Samsung Electro-Mechanics and Haesung DS moving as part of the same AI semiconductor component rally.

So Jin-woong Manager 25:34

Chinese yuan positive on de-dollarization

Middle East tensions are increasing yuan usage in some commodity settlements, and although this does not yet threaten dollar hegemony, the yuan is structurally positive and short-term supportive.

So Jin-woong Manager 27:59

Chinese EV and battery bottoming

Chinese EV demand interest has revived, industry consolidation has cleaned up subsidy-driven overcapacity, and battery demand remains structurally growing with CATL reporting strong earnings; sector valuations are near bottom.

So Jin-woong Manager 31:22

Shanghai index favored in second quarter

For Q2, Shanghai is preferable among mainland indices because it is weighted toward cyclicals and traditional industries that can pass through higher commodity prices before a confirmed economic recovery.

So Jin-woong Manager 31:49

Shenzhen best for mainland tech

For yuan-based mainland tech and IT exposure, Shenzhen is better because of its high technology weighting and holdings such as CATL, though many good names are hard for foreign investors to access.

So Jin-woong Manager 33:15

Hang Seng Tech undervalued catch-up setup

Hang Seng Tech is the cheapest of the three China indices, heavily weighted in EVs and domestic platforms; after weak performance and heavy IPO supply, it could catch up quickly if a trigger appears.

So Jin-woong Manager 35:08

Buy China specialty and coal chemicals

In Chinese chemicals, avoid the whole sector; favor high-value/specialty chemicals with pricing power and coal-based chemical/fertilizer producers that benefit from energy and raw material shortages caused by the Hormuz disruption.

So Jin-woong Manager 36:15

China grid transmission beats generation

China's power industry is broadly positive, but transmission/distribution and transformer names are preferable to generation equipment because of the west-to-east power transmission policy and the need to store and move power.

So Jin-woong Manager 38:18

Play China AI hardware via ETF

AI hardware and optical communications are strong globally, but individual Chinese names are hard for foreigners to access and the lower supply chain is less competitive; China AI/semiconductor ETFs are a sufficient way to play it.

So Jin-woong Manager 39:15

Advanced memory prices not threatened yet

Chinese NAND/DRAM and ChangXin HBM3 efforts may add low-end supply, but advanced/HBM memory is still so tight that the major three memory makers are capacity-constrained; low-end oversupply is unlikely to drag advanced prices near term, with only NAND substitution risk if buyers prioritize cost.

So Jin-woong Manager 48:52

K-defense momentum remains intact

Japan's lethal weapons export liberalization will not undermine the recent K-defense momentum; defense is a diplomacy-driven industry where each country has different strengths, and the broader defense sector retains positive momentum.

So Jin-woong Manager 51:38

Japanese activist targets have new catalysts

Activist funds are increasingly targeting Japanese companies with structural or policy tailwinds. Daikin has AI data-center cooling exposure, Sumitomo is a Buffett-style trading house, Kansai Electric is tied to nuclear/power, and Mitsui O.S.K. can benefit from shipping ton-mile and LNG import diversification; these are watch candidates if activist momentum builds.

So Jin-woong Manager 54:30

Japanese banks and insurers rate play

BOJ rate normalization continues even if the pace is delayed by oil, making Japanese large banks and insurers among the easiest ways to play higher rates; Warren Buffett's purchase of a Japanese insurer supports the insurance angle.

So Jin-woong Manager 54:51

Japan chip equipment remains in focus

Japan is rebuilding semiconductor manufacturing through Rapidus with government, company, and IBM collaboration; although the targets are ambitious, Japan's strength in equipment and materials and continued global semiconductor momentum warrant attention.

So Jin-woong Manager 55:49

Japan nuclear and data center suppliers

Japan's nuclear restart policy and data-center buildout create demand for Japanese energy/nuclear and data-center-related materials, components, machinery, and equipment, where Japan has many strong companies.

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3PRO TV (삼프로TV) · Apr 24

This 3PRO TV (삼프로TV) video, published April 24, 2026, features Park Ji-hoon, So Jin-woong discussing 005930.KS, 000660.KS, Power semiconductor sector, 000990.KS, 009150.KS, 195870.KS, Chinese yuan (CNY), KARS, Chinese battery sector, CATL, Shanghai Composite Index, SHENZHEN COMPONENT INDEX, KWEB, Chinese high-value/specialty chemicals, Chinese coal chemicals/fertilizer, China power grid/transmission & distribution/transformers, China AI/semiconductor ETF, Advanced memory/HBM, MU, Korean defense sector, 6367.T, 8053.T, 9503.T, MSLOY, Japanese large banks, Japanese insurers, 8766.T, Japan semiconductor equipment/materials sector, Japan nuclear/energy sector, Japan data center supply chain. 17 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Ji-hoon, So Jin-woong · Tickers: 005930.KS, 000660.KS, Power semiconductor sector, 000990.KS, 009150.KS, 195870.KS, Chinese yuan (CNY), KARS, Chinese battery sector, CATL, Shanghai Composite Index, SHENZHEN COMPONENT INDEX, KWEB, Chinese high-value/specialty chemicals, Chinese coal chemicals/fertilizer, China power grid/transmission & distribution/transformers, China AI/semiconductor ETF, Advanced memory/HBM, MU, Korean defense sector, 6367.T, 8053.T, 9503.T, MSLOY, Japanese large banks, Japanese insurers, 8766.T, Japan semiconductor equipment/materials sector, Japan nuclear/energy sector, Japan data center supply chain