截至2026年2月，韓國股市出現歷史性突破，韓國綜合股價指數（KOSPI）正式站上6,000點大關，改寫自設立以來的新高紀錄。若與2024年底至2025年初仍徘徊在約2,500至2,600點區間的水準相比，短短一年多時間內指數幾乎翻倍成長，形成極為罕見的「超級多頭行情」。市場普遍認為，這波飆升並非單一題材帶動，而是由人工智慧產業革命、出口景氣循環、政策刺激與資金動能同時共振所推動的結果。

整體漲勢的核心引擎來自AI記憶體與半導體產業的爆發。韓國在全球記憶體市場長期具備結構性優勢，而生成式AI的快速普及，使高頻寬記憶體（HBM）成為AI伺服器不可或缺的關鍵零組件。S海力士憑藉技術領先，在HBM市場取得約七成以上的全球市占率，幾乎成為AI GPU生態鏈的核心供應商。同時，三星電子推出的12層HBM3E產品成功打入高階AI晶片供應鏈，進一步鞏固韓國在記憶體領域的戰略地位。隨著AI晶片需求爆炸式成長，記憶體價格由長期低迷轉為急速上升，企業獲利出現結構性反轉，甚至出現SK海力士單季獲利短暫超越三星電子的罕見情況，市場因此重新評價整個韓國科技產業的長期價值。

在產業基本面改善的同時，出口成長也成為支撐股市的重要力量。AI半導體帶來的財富效應，使韓國整體企業市值快速膨脹，至2026年初，韓國股市總市值已超越法國與德國，躍升為全球第九大股票市場。韓國政府同步推出多項促進出口與產業升級政策，設定全年出口額達7,400億美元的目標。強勁的貿易數據與科技產品外銷需求，使投資人對企業未來盈餘成長形成高度共識，市場估值因此持續上修。

政策與市場心理因素同樣扮演推波助瀾的角色。韓國總統李在明曾提出推動KOSPI挑戰5,000點的政策目標，而該目標不僅提前達成，指數更在2026年2月短時間內直接突破 6,000 點，強化了市場對政府經濟政策的信心。2025年全年韓股漲幅接近76%，吸引大量散戶投資人開立證券帳戶，同時外資資金也重新大幅流入亞洲科技市場，形成資金與情緒互相強化的正向循環。

綜合而言，KOSPI能在短期內創下歷史性飆升，反映的是全球產業結構正在向AI與高效能運算集中，而韓國恰好掌握記憶體供應鏈的關鍵位置。然而，市場亦開始討論估值過熱與景氣循環風險，因為如此高速的上漲往往伴隨未來波動加劇的可能。這意味著韓國股市的突破不僅象徵科技國力的再度崛起，也代表全球資本市場正進入以AI為核心的新一輪產業周期。

As of February 2026, South Korea’s stock market has achieved a historic breakthrough, with the Korea Composite Stock Price Index (KOSPI) officially surpassing the 6,000-point mark and setting a new all-time high since its establishment. Compared with levels of roughly 2,500 to 2,600 points at the end of 2024 and the beginning of 2025, the index nearly doubled within just over a year, forming an exceptionally rare “super bull market.” Market analysts generally believe this surge was not driven by a single factor, but rather by the combined impact of the artificial intelligence industry boom, export growth, policy support, and powerful capital inflows occurring simultaneously.

The primary engine behind the rally has been the explosive growth of AI memory and semiconductor industries. South Korea has long held structural advantages in the global memory market, and the rapid expansion of generative AI has turned high-bandwidth memory (HBM) into an indispensable component for AI servers. SK hynix, benefiting from technological leadership, secured more than 70% global market share in the HBM sector, effectively becoming a core supplier within the AI GPU ecosystem. At the same time, Samsung Electronics successfully integrated its 12-layer HBM3E products into high-end AI chip supply chains, further strengthening South Korea’s strategic position in the memory industry. As demand for AI chips surged dramatically, memory prices rebounded sharply from a prolonged downturn, leading to a structural reversal in corporate earnings. At one point, SK hynix’s quarterly profits even briefly surpassed those of Samsung Electronics—an unusual development that prompted investors to reassess the long-term valuation of South Korea’s entire technology sector.

Alongside improving industry fundamentals, export growth has also provided strong support for the stock market. The wealth effect generated by AI semiconductors rapidly expanded overall corporate market capitalization, and by early 2026, South Korea’s stock market had surpassed those of France and Germany to become the world’s ninth-largest equity market. The South Korean government simultaneously introduced multiple policies aimed at boosting exports and upgrading industry competitiveness, setting an annual export target of USD 740 billion. Strong trade performance and sustained global demand for technology products reinforced investor confidence in future corporate earnings, driving continuous upward revisions in market valuations.

Policy factors and market sentiment also played significant roles in accelerating the rally. President Lee Jae-myung had previously set a policy goal of pushing the KOSPI past 5,000 points. Not only was this target achieved ahead of schedule, but the index further surged beyond 6,000 points within less than a month in February 2026, strengthening market confidence in government economic policies. With South Korean equities rising nearly 76% throughout 2025, large numbers of retail investors opened new brokerage accounts, while foreign institutional capital returned aggressively to Asian technology markets, creating a positive feedback loop between capital inflows and investor sentiment.

In summary, the rapid rise of the KOSPI reflects a broader structural shift in the global economy toward artificial intelligence and high-performance computing, with South Korea occupying a critical position in the memory supply chain. However, discussions about potential overvaluation and cyclical risks have also emerged, as such rapid gains often bring increased volatility. The index’s historic breakout therefore symbolizes not only a resurgence of South Korea’s technological strength, but also the arrival of a new industrial cycle in global capital markets centered on AI.