코스피 11,500과 첨단 제조업, 병목을 사라 ㅣ투자전략ㅣ황수욱 애널리스트

Just because it has risen steeply does not mean it is over. The AI ​​infrastructure cycle is just in the bottom of the second inning, and Korea is an advanced manufacturing nation at the core of that cycle. Based on the residual earnings method, the past four major infrastructure cycles (electricity/mass production, internet, and cloud), and the stock price pattern that follows the progression from platform to infrastructure to manufacturing, Commissioner Hwang Soo-wook explains why the upside in the second half of the year is greater than the downside, why the inflection point is the third quarter, and why the answer ultimately boils down to 'advanced manufacturing.' The keyword is "Eliminate the bottlenecks." 🔖 Analyst Hwang Su-wook 🎬 Filmed: June 2, 2026 ⏱ Timeline 0:00 Intro 0:48 Stagnation of the Steep Rise — Current Market Status via ROE/COE Spreads 2:01 Stagnation of the Korea Discount and Potential Upside — Residual Earnings Evaluation Formula 3:24 Ultimately, the Key is the Re-rating of Samsung Electronics and SK Hynix 6:11 KOSPI Year-End Target of 11,500 Points, the Basis for Derivation 8:13 4.5%, the Critical Rate Dividing Portfolio Strategies 9:57 Trends in the Second Half — Consolidation in June, Q3 as the Inflection Point 12:22 Upward and Downward Risks — Chinese AI Models and Interest Rates 19:37 AI = 4th Industrial Revolution, 20th-Century Infrastructure Cycle 20:46 Recurring Stock Price Patterns — Platform, Infrastructure, Manufacturing 22:45 Jensen Huang's Visit to Korea and the Korean AI Data Center Agenda 25:29 AI Cycle Position — "Bottom of 2nd Inning ~ Top of 3rd Inning" 28:23 Investment Strategy — Buy ​​the Bottleneck, the Answer is High-tech Manufacturing 30:55 Top Picks, and Summary of the Second Half #HwangSooWook #MeritzSecuritiesHwangSooWook #MeritzResearch #MeritzSecurities #KOSPIOutlook #SecondHalfStockMarket #SecondHalfInvestmentStrategy #KOSPI11500 #AICycle #AIInfrastructure #4thIndustrialRevolution #SamsungElectronics #SKHynix #HyundaiMotor #Semiconductor #JensenHuang #NVIDIA #DataCenter #PhysicalAI #WorldModel #Antropic #Alphabet #USTreasuryYields #Valuation #Rerating #ResidualIncomeModel #TurningPoint #HighTechManufacturing #InvestmentStrategy [Disclaimer] This video is based on research and analysis materials published by Meritz Securities. This video and materials are distributed for the purpose of providing information to assist investors in their investment decisions. The content contained in this video and materials is derived from reliable sources and information, but its accuracy or completeness is not guaranteed. Please make your final investment decisions regarding this video and materials at your own discretion. Therefore, under no circumstances may this material be used as evidence or for establishing legal liability regarding investment results. The intellectual property rights to this video and research analysis materials belong to our company; therefore, they may not be copied, lent, or distributed without our permission.