中金：韩股绝对杠杆已至历史高位，但相对市值比例算不上极致

Odaily Planet Daily News CICC research report believes that overall, the current on-exchange leverage multiple of Korean stocks is around 2x to 5x, with absolute leverage reaching historical highs. However, compared to the market value ratio, it is not extreme in both horizontal and vertical comparisons, and market sentiment and liquidity indicators are slightly tight but not significant.

Looking ahead, high leverage itself can amplify volatility and even bring liquidity pressure. For example, a decline of 16-36% could trigger margin calls. Recently, liquidation pressure has increased, but the medium to long-term trend depends more on fundamentals. (Jinshi)