[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio67870165":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio67870165","散户退场、机构砸盘：AI半导体真正的底部到底在哪里？","\u002Fdoc\u002Fdcio67870165","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>\u003Cspan>先看几个最关键的数据。追踪\u003C\u002Fspan>SK\u003Cspan>海力士的那\u003C\u002Fspan>7\u003Cspan>只杠杆\u003C\u002Fspan>ETF\u003Cspan>，现在的日交易量比巅峰时期直接缩水了\u003C\u002Fspan>90%\u003Cspan>，每天的换手连\u003C\u002Fspan>1\u003Cspan>亿股都不到。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>为什么退潮得这么猛？\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>直接诱因美股投资网判断，就是韩国监管在\u003C\u002Fspan>7\u003Cspan>月\u003C\u002Fspan>31\u003Cspan>号强行调高了杠杆\u003C\u002Fspan>ETF\u003Cspan>的最低现金存款要求，这一脚刹车，几乎是一夜之间把散户的狂热需求给物理切断了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>流动性一断，后面接踵而至的就是惨烈的连续爆仓。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>6\u003Cspan>月散户账户被强平了\u003C\u002Fspan>1\u003Cspan>万亿韩元，\u003C\u002Fspan>7\u003Cspan>月紧接着又爆掉了\u003C\u002Fspan>9930\u003Cspan>亿韩元，连续两个月刷出今年最大的强平规模。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>现在的保证金贷款余额已经掉到了\u003C\u002Fspan>27.4\u003Cspan>万亿韩元，直接砸到了\u003C\u002Fspan>2026\u003Cspan>年以来的最低点。摩根士丹利给的评估很客观：这场去杠杆进程，目前才刚走完一半，清算远没有结束。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>但这还不是最要命的。最棘手的问题—散户的杠杆是被洗出去了，可外资根本没有要回来的意思。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>外资\u003C\u002Fspan>6\u003Cspan>月创纪录地流出了\u003C\u002Fspan>300\u003Cspan>亿美元，\u003C\u002Fspan>7\u003Cspan>月接着卖了\u003C\u002Fspan>62\u003Cspan>亿，\u003C\u002Fspan>8\u003Cspan>月到现在又砸盘\u003C\u002Fspan>43\u003Cspan>亿。散户爆仓踩踏离场，机构又缺乏接盘意愿，这就是\u003C\u002Fspan>AI\u003Cspan>热潮褪去之后最典型的后遗症。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>我们要很清楚\u003C\u002Fspan>SK\u003Cspan>海力士在这个链条里的位置。它是英伟达\u003C\u002Fspan>HBM\u003Cspan>最核心的产能供应商，也是这轮\u003C\u002Fspan>AI\u003Cspan>硬件周期的风向标。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>韩国散户之前用高倍杠杆去赌\u003C\u002Fspan>SK\u003Cspan>海力士，本质上是在用零售端资金为整个\u003C\u002Fspan>AI\u003Cspan>半导体板块的高估值买单。现在韩国杠杆\u003C\u002Fspan>ETF\u003Cspan>的崩盘，反映的就是全球\u003C\u002Fspan>AI\u003Cspan>半导体正在经历的挤水分过程。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这件事绝不仅限于韩国。当市场上最狂热的散户被彻底清场，市场往往才能找到真正的底部。但要记住，出清散户只是见底的必要条件，真正的充分条件是看到外资重新回流。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>目前来看，外资还在单边抛售。在看到资本流向出现明确拐点之前，盲目去左侧抄底，依然是在接下坠的刀子。保持冷静，继续盯着资金面。\u003C\u002Fspan>#\u003Cspan>美股\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>$SKHY $WDC $MU $SNDK $STX\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FS\u002FSOXL\u002FSOXL.jpg","2026-08-11T05:22:09","2026.08.11","2026\u002F08\u002F11",54212,[22],"SOXL","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" rel=\"noopener 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]