【Monthly Market Strategy with Julius Bär】With Korean semiconductor stocks down nearly 50% from their June peak, has the AI correction finally run its course? Where could the next leg of the AI rally come from, and how are China’s cheaper AI models — including DeepSeek’s rumoured new release — reshaping the competitive landscape? 韩国半导体股自6月高位以来已回落近50%，AI板块回调是否已接近尾声？下一轮行情将由哪些领域推动？与此同时，低成本AI模型在中国持续发展，又将为全球AI的竞争格局带来什么变化？ 除AI主题外，市场亦聚焦价值股回归、中国经济增长预期、香港交易所推出五年期中国国债期货，以及黄金和白银强劲反弹等重要议题。 本期《市场透视》播客于2026年8月11日录制 ***2026.08.11录制。英文版并非中文版的英文翻译，有更多的细节讨论*** 节目播客链接：

AI and software stocks are now rising together. The 1-month correlation between AI-related stocks and software stocks has risen +0.70 over the last month, to +0.15, marking its largest monthly increase since July 2025. By comparison, the 1-month correlation was as low as -0.56 in July 2026, as investors increasingly viewed AI as a threat to traditional software businesses. As a result, hedge fund exposure to software and services stocks declined -5 percentage points over the 12 months ending July, to just ~1% of total global hedge fund market exposure, near its lowest level on record. The recent increase in correlation comes as some software firms previously viewed as vulnerable to AI are actually finding ways to use the technology to strengthen their existing businesses, improve productivity, and defend their competitive advantages. Meanwhile, the US software ETF, $IGV, is up +39% since its April low, recovering most of its drawdown that began in October 2025. The AI trade may be shifting from disruption to adaptation.