Asia Pacific Equity Derivatives Strategy: Korea volatility elevated but increasingly contained; China hyperscalers as a rotation hedge; TSMC’s resilience vs. TWSE; HK single-stock structured product issuance remains weak

研报英文原文证据摘录

Asia Pacific Equity Derivatives Strategy: Korea volatility elevated but increasingly contained; China hyperscalers as a rotation hedge; TSMC’s resilience vs. TWSE; HK single-stock structured product issuance remains weak

J P M O R G A N Global Markets Strategy

14 July 2026

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Asia Pacific Equity Derivatives

Strategy

Korea volatility elevated but increasingly contained;

China hyperscalers as a rotation hedge; TSMC’s

resilience vs. TWSE; HK single-stock structured

product issuance remains weak

• Korea Volatility: Elevated but Increasingly Contained: Strong AI memory Global Equity Derivatives Strategy

AC demand, leveraged ETF activity, and options flows have been keeping KOSPI2 Tony SK Lee

volatility historically elevated. However, we expect volatility to become (852) 2800-8857

increasingly contained as several self-correcting mechanisms take hold: tony.sk.lee@jpmorgan.com

higher implied funding raises the cost of maintaining levered upside J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

exposure; broker and dealer balance-sheet constraints make incremental AC Haoshun Liu

demand more price-sensitive; regulatory scrutiny limits further leverage (852) 2800-7736

build-up; and weaker July–August momentum seasonality argues for haoshun.liu@jpmorgan.com

caution. Market behavior is already consistent with this shift: despite a roughly J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited