{"id":38727,"date":"2026-02-20T04:32:20","date_gmt":"2026-02-20T04:32:20","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/2026%eb%85%84-%ea%b0%80%ec%b9%98%ec%a3%bc%ec%99%80-%ec%86%8c%ed%98%95%ec%a3%bc%ea%b0%80-%ec%a3%bc%eb%8f%84%ed%95%98%eb%8a%94-%ec%9d%b4%ec%9c%a0-%ed%8a%b8%eb%a0%88%ec%9d%b4%eb%8d%94%ea%b0%80\/"},"modified":"2026-02-20T04:32:20","modified_gmt":"2026-02-20T04:32:20","slug":"2026%eb%85%84-%ea%b0%80%ec%b9%98%ec%a3%bc%ec%99%80-%ec%86%8c%ed%98%95%ec%a3%bc%ea%b0%80-%ec%a3%bc%eb%8f%84%ed%95%98%eb%8a%94-%ec%9d%b4%ec%9c%a0-%ed%8a%b8%eb%a0%88%ec%9d%b4%eb%8d%94%ea%b0%80","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/featured\/2026%eb%85%84-%ea%b0%80%ec%b9%98%ec%a3%bc%ec%99%80-%ec%86%8c%ed%98%95%ec%a3%bc%ea%b0%80-%ec%a3%bc%eb%8f%84%ed%95%98%eb%8a%94-%ec%9d%b4%ec%9c%a0-%ed%8a%b8%eb%a0%88%ec%9d%b4%eb%8d%94%ea%b0%80\/","title":{"rendered":"2026\ub144 \uac00\uce58\uc8fc\uc640 \uc18c\ud615\uc8fc\uac00 \uc8fc\ub3c4\ud558\ub294 \uc774\uc720 \u2014 \ud2b8\ub808\uc774\ub354\uac00 \uc54c\uc544\uc57c \ud560 \uac83"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/kr-asia\/wp-content\/uploads\/sites\/5\/2026\/03\/ross_maxwell_banner_mobile-1024x559.png\" alt=\"\" class=\"wp-image-25586\"\/><\/figure>\n\n\n\n<p><strong>\ud575\uc2ec \uc694\uc57d<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2026\ub144 \uc8fc\uc2dd\uc2dc\uc7a5\uc740 \u2018\ucd08\ub300\ud615 \uae30\uc220\uc8fc(mega-cap tech, \uc2dc\uac00\ucd1d\uc561\uc774 \ub9e4\uc6b0 \ud070 \uae30\uc220 \uae30\uc5c5)\u2019\uc5d0\uc11c \u2018\uac00\uce58\uc8fc(value, \uc2e4\uc801\u00b7\uc790\uc0b0 \ub300\ube44 \uac00\uaca9\uc774 \ub0ae\uc740 \uc8fc\uc2dd)\u2019\uc640 \u2018\uc18c\ud615\uc8fc(small-cap, \uc2dc\uac00\ucd1d\uc561\uc774 \uc791\uc740 \uae30\uc5c5)\u2019\ub85c \uc790\uae08\uc774 \uc62e\uaca8 \uac00\ub294 \u2018\uc21c\ud658(\ub85c\ud14c\uc774\uc158, \ud22c\uc790 \ub300\uc0c1\uc774 \ubc14\ub00c\ub294 \ud750\ub984)\u2019\uc774 \ub098\ud0c0\ub098\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc2dc\uc7a5 \uc804\uccb4\uac00 \uc704\ud5d8\uc744 \ud53c\ud558\ub294 \ubd84\uc704\uae30(\ub9ac\uc2a4\ud06c \uc624\ud504, \uc704\ud5d8\uc790\uc0b0\uc744 \uc904\uc774\ub294 \uc6c0\uc9c1\uc784)\ub294 \uc544\ub2d9\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\uc2e4\uc801 \uc2dc\uc98c(earnings season, \uae30\uc5c5\ub4e4\uc774 \ubd84\uae30 \uc2e4\uc801\uc744 \uc9d1\uc911 \ubc1c\ud45c\ud558\ub294 \uae30\uac04)\uc5d0\uc11c\ub294 \ub9e4\ucd9c \uc131\uc7a5\ubcf4\ub2e4 \u2018\uac00\uc774\ub358\uc2a4(guidance, \ud68c\uc0ac\uac00 \uc81c\uc2dc\ud558\ub294 \uc55e\uc73c\ub85c\uc758 \uc2e4\uc801 \uc804\ub9dd)\u2019\uc640 \u2018\ub9c8\uc9c4(margin, \ub9e4\ucd9c\uc5d0\uc11c \ube44\uc6a9\uc744 \ube80 \uc774\uc775\uc758 \ube44\uc728)\u2019\uc774 \uc5bc\ub9c8\ub098 \uc624\ub798 \uc720\uc9c0\ub418\ub294\uc9c0\uac00 \ub354 \uc911\uc694\ud558\ub2e4\ub294 \uc810\uc774 \ud655\uc778\ub410\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n<li>AI(\uc778\uacf5\uc9c0\ub2a5) \ud22c\uc790\ub294 \uc5ec\uc804\ud788 \uac15\ud558\uc9c0\ub9cc, \ucd08\ub300\ud615 \uae30\uc5c5\uc5d0 \uc9d1\uc911\ub3fc \uc788\uc2b5\ub2c8\ub2e4. \ubc18\uba74 \uc911\ud615 \uae30\uc220\uc8fc(mid-cap tech, \uc2dc\uac00\ucd1d\uc561\uc774 \uc911\uac04 \uaddc\ubaa8\uc778 \uae30\uc220 \uae30\uc5c5)\ub294 \uc9c0\ucd9c\uc744 \uc904\uc774\uba70 \uc18d\ub3c4 \uc870\uc808\uc744 \ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\uae08\uc735, \uc0b0\uc5c5\uc7ac, \uc5d0\ub108\uc9c0, \uadf8\ub9ac\uace0 \ub0b4\uc218 \uc911\uc2ec \uc18c\ud615\uc8fc\ub294 \u2018\uc2e4\uc801 \uac00\uc2dc\uc131(earnings visibility, \uc55e\uc73c\ub85c \uc2e4\uc801\uc744 \uc608\uce21\ud558\uae30 \uc26c\uc6b4 \uc815\ub3c4)\u2019\uc774 \uc88b\uc544\uc9c0\uace0 \u2018\ubc38\ub958\uc5d0\uc774\uc158(valuation, \uc8fc\uac00\uac00 \uc2e4\uc801\u00b7\uc790\uc0b0 \ub300\ube44 \ube44\uc2fc\uc9c0\/\uc2fc\uc9c0)\u2019\uc774 \ub354 \ub0ae\uc544 \uc218\ud61c\ub97c \ubcf4\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\uc0c1\uc2b9\uc7a5(bull market, \uc8fc\uac00\uac00 \uc804\ubc18\uc801\uc73c\ub85c \uc624\ub974\ub294 \uc7a5)\uc740 \uc774\uc5b4\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc \uc8fc\ub3c4\uc8fc\ub294 \u2018\ud604\uae08\ud750\ub984(cash flow, \uc0ac\uc5c5\uc5d0\uc11c \uc2e4\uc81c\ub85c \ub4e4\uc5b4\uc624\uace0 \ub098\uac00\ub294 \ub3c8)\u2019\uc774 \ud0c4\ud0c4\ud558\uace0 \u2018\uc790\ubcf8 \uaddc\uc728(capital discipline, \ubb34\ub9ac\ud55c \ud22c\uc790\ubcf4\ub2e4 \ud6a8\uc728\uc801\uc73c\ub85c \ub3c8\uc744 \uc4f0\ub294 \ud0dc\ub3c4)\u2019\uc744 \uc9c0\ud0a4\ub294 \uae30\uc5c5\uc73c\ub85c \ubc14\ub00c\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>2026\ub144 \uc2dc\uc7a5\uc740 \ub354 \uc774\uc0c1 \ube45\ud14c\ud06c(Big Tech, \ucd08\ub300\ud615 \uae30\uc220 \uae30\uc5c5)\ub9cc\uc774 \uc774\ub044\ub294 \ub2e8\uc77c\ud55c \uc2dc\uc7a5\uc774 \uc544\ub2d9\ub2c8\ub2e4. \ub0b4\uc218 \uae30\ubc18\uc758 \ud68c\ubcf5\ub825\uacfc \uc18c\ud615 \uac00\uce58\uc8fc\ub85c \ud3ec\uc9c0\uc158\uc744 \uc62e\uae30\ub294 \ud750\ub984\uc785\ub2c8\ub2e4. \ucd08\ub300\ud615\uc8fc\uc640\uc758 \uc2e4\uc801 \uaca9\ucc28\uac00 \uc904\uc5b4\ub4e4\uc218\ub85d, \uc2dc\uc7a5\uc740 \u2018\uacfc\ub3c4\ud55c \uae30\ub300\u2019\ubcf4\ub2e4 \u2018\uc7ac\ubb34\uc0c1\ud0dc\ud45c(balance sheet, \uae30\uc5c5\uc758 \uc790\uc0b0\u00b7\ubd80\ucc44\u00b7\uc790\ubcf8\uc744 \ubcf4\uc5ec\uc8fc\ub294 \ud45c) \ud0c4\ud0c4\ud568\u2019\uc744 \ub354 \ub192\uac8c \ud3c9\uac00\ud569\ub2c8\ub2e4. \uc6b0\ub9ac\ub294 \uc62c\ud574 \ud558\ubc18\uae30\uc5d0 \uae30\uc220\uc8fc \ubc16\uc73c\ub85c \ud655\uc0b0\ub418\ub294 \ud750\ub984\uc774 \ub354 \ube68\ub77c\uc9c8 \uac83\uc73c\ub85c \ubd05\ub2c8\ub2e4. \uc774\ub294 \ubb34\ub9ac\ud55c \ud655\uc7a5\ubcf4\ub2e4 \ubbff\uc744 \uc218 \uc788\ub294 \uc804\ub9dd\uacfc \uc790\ubcf8 \uaddc\uc728\uc744 \uc6b0\uc120\ud558\ub294 \uae30\uc5c5\uc774 \uc8fc\ub3c4\ud558\ub294, \ub354 \uac74\uac15\ud558\uace0 \ubd84\uc0b0\ub41c \uc2dc\uc7a5\uc744 \ub73b\ud569\ub2c8\ub2e4.<\/p><cite>Ross Maxwell, VT Markets \uc560\ub110\ub9ac\uc2a4\ud2b8<\/cite><\/blockquote><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">2026\ub144 \uc8fc\uc2dd\uc2dc\uc7a5 \uc21c\ud658: \u2018\ud604\uc2e4\ub85c\uc758 \uc774\ub3d9\u2019<\/h2>\n\n\n\n<p>2026\ub144 1\ubd84\uae30\uc5d0\ub294 \uc775\uc219\ud55c \ud750\ub984\uc774 \ub098\ud0c0\ub0ac\uc2b5\ub2c8\ub2e4. \ucd08\ub300\ud615 \uae30\uc220\uc8fc\ub294 \uc870\uc815\uacfc \ud6a1\ubcf4\uac00 \uc774\uc5b4\uc9c4 \ubc18\uba74, \uac00\uce58\uc8fc\uc640 \uc18c\ud615\uc8fc\ub294 \ube44\uad50\uc801 \uac15\uc138\ub97c \uc720\uc9c0\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ucd5c\uadfc \uae30\uc220\uc8fc \ube44\uc911\uc774 \ud070 \uc9c0\uc218\uc758 \ud558\ub77d\uc740 \uc2dc\uc7a5 \uc804\uccb4\uc758 \ud558\ub77d \uc2e0\ud638\ub77c\uae30\ubcf4\ub2e4, \uc0c1\uc2b9\uc7a5 \uc548\uc5d0\uc11c \uc790\uae08\uc774 \ub0b4\ubd80\uc801\uc73c\ub85c \uc62e\uaca8 \uac00\ub294 \ubaa8\uc2b5\uc785\ub2c8\ub2e4. \uc6b0\ub9ac\ub294 \uc774\ub97c <strong>\u201c\ud604\uc2e4\ub85c\uc758 \uc774\ub3d9(Flight to Reality)\u201d<\/strong>\uc774\ub77c\uace0 \ubd05\ub2c8\ub2e4. \uc790\uae08\uc774 \uc8fc\uc2dd\uc744 \ub5a0\ub098\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \uc2e4\uc801\uc744 \uc608\uce21\ud558\uae30 \uc26c\uc6b4 \uc5c5\uc885\uacfc \u2018\ubc38\ub958\uc5d0\uc774\uc158 \uc704\ud5d8(valuation risk, \uac00\uaca9\uc774 \ube44\uc2f8\uc11c \ud558\ub77d\ud560 \uc704\ud5d8)\u2019\uc774 \ub0ae\uc740 \uacf3\uc73c\ub85c \uc7ac\ubc30\uce58\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ube14\ub8f8\ubc84\uadf8 \uc778\ud154\ub9ac\uc804\uc2a4(Bloomberg Intelligence, \ube14\ub8f8\ubc84\uadf8\uc758 \ub9ac\uc11c\uce58 \uc870\uc9c1)\uc5d0 \ub530\ub974\uba74, \ub7ec\uc140 2000(Russell 2000, \ubbf8\uad6d \uc18c\ud615\uc8fc \uc9c0\uc218) \uad6c\uc131 \uae30\uc5c5\uc758 \uc57d <a href=\"https:\/\/finance.yahoo.com\/news\/small-caps-flourish-us-earnings-100028602.html\">65%<\/a>\uac00 \uc9c0\uae08\uae4c\uc9c0 4\ubd84\uae30(4Q) \uc774\uc775 \uc608\uc0c1\uce58\ub97c \ub118\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\ub294 202\ub144 \uc911\ubc18 \uc774\ud6c4(\uc6d0\ubb38 \uadf8\ub300\ub85c) \uac00\uc7a5 \ub192\uc740 \ube44\uc728\uc785\ub2c8\ub2e4. \ubc18\uba74 S&amp;P 500(S&amp;P 500, \ubbf8\uad6d \ub300\ud615\uc8fc 500\uac1c\ub85c \uad6c\uc131\ub41c \ub300\ud45c \uc9c0\uc218) \uae30\uc5c5\uc758 \u2018\uc608\uc0c1\uce58 \uc0c1\ud68c \ube44\uc728(beat rate, \uc2dc\uc7a5 \uc608\uc0c1\ubcf4\ub2e4 \uc2e4\uc801\uc774 \ub354 \uc88b\uc740 \ube44\uc728)\u2019\uc740 \ucd5c\uadfc 3\uac1c \ubd84\uae30 \uc911 \uac00\uc7a5 \ub0ae\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\ub294 \uc704\ud5d8\uc744 \ud53c\ud558\ub824\ub294 \uc2ec\ub9ac\uac00 \ucee4\uc84c\ub2e4\uae30\ubcf4\ub2e4, \uc8fc\ub3c4\uc8fc\uac00 \ubc14\ub00c\uace0 \uc788\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4. \uc2dc\uc7a5\uc740 2020\ub144\ub300 \ucd08\ubc18\uc758 \u2018\uc5b4\ub5a4 \uac00\uaca9\uc774\ub4e0 \uc131\uc7a5(growth-at-any-price, \uc218\uc775\uc131\ubcf4\ub2e4 \uc131\uc7a5\ub9cc\uc744 \uc911\uc2dc)\u2019\uc5d0\uc11c \ubc97\uc5b4\ub098, \uc9c0\uc18d \uac00\ub2a5\ud55c \uc218\uc775\uc744 \ucc3e\ub294 \ucabd\uc73c\ub85c \ub354 \uc5c4\uaca9\ud574\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/kr-asia\/wp-content\/uploads\/sites\/5\/2026\/03\/image-10-1024x533.png\" alt=\"\" class=\"wp-image-42353\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\uad6c\uc870\uc801 \ud6fc\uc190\uc774 \uc544\ub2c8\ub77c, \ud1b5\uc81c\ub41c \uc870\uc815<\/h2>\n\n\n\n<p>\ucd5c\uadfc \uc9c0\uc218 \uc57d\uc138\ub294 \uc81c\ud55c\uc801\uc774\uc5c8\uc2b5\ub2c8\ub2e4. \ubcc0\ub3d9\uc131(volatility, \uac00\uaca9\uc774 \ud06c\uac8c \ud754\ub4e4\ub9ac\ub294 \uc815\ub3c4)\uc740 \uc870\uae08 \uc62c\ub790\uc9c0\ub9cc, \uc2e0\uc6a9 \uc2a4\ud504\ub808\ub4dc(credit spreads, \ud68c\uc0ac\ucc44 \uae08\ub9ac\uc640 \uc548\uc804\ud55c \uad6d\ucc44 \uae08\ub9ac\uc758 \ucc28\uc774)\uc640 \uc720\ub3d9\uc131(liquidity, \ub3c8\uc774 \uc27d\uac8c \uac70\ub798\ub418\ub294 \uc815\ub3c4)\uc740 \uc548\uc815\uc801\uc785\ub2c8\ub2e4. \uac89\uc73c\ub85c \ubcf4\uc774\ub294 \uc9c0\uc218 \uc131\uacfc\uc640 \ub2ec\ub9ac, \ub3d9\uc77c\uac00\uc911(equal-weight, \ud070 \uae30\uc5c5\uc5d0 \ub354 \ud070 \ube44\uc911\uc744 \ub450\uc9c0 \uc54a\uace0 \ube44\uc2b7\ud558\uac8c \ubc18\uc601)\uacfc \uc18c\ud615\uc8fc \uc9c0\ud45c\uac00 \uc2dc\uac00\ucd1d\uc561\uac00\uc911(cap-weighted, \ud070 \uae30\uc5c5 \ube44\uc911\uc774 \ud070 \ubc29\uc2dd) \uc9c0\uc218\ubcf4\ub2e4 \ub354 \uc798 \ubc84\ud17c\uc2b5\ub2c8\ub2e4. 2026\ub144 \ub4e4\uc5b4 \ub7ec\uc140 2000\uc740 S&amp;P 500\uc744 \uc57d <a href=\"https:\/\/markets.chroniclejournal.com\/chroniclejournal\/article\/marketminute-2026-2-17-the-small-cap-renaissance-russell-2000-breaks-13-quarter-slumber-to-outpace-large-cap-giants\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">4%<\/a>p \uc55e\uc130\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\ub294 \ud22c\uc790\uc790\ub4e4\uc774 \uc8fc\uc2dd \ube44\uc911\uc744 \uc904\uc774\uae30\ubcf4\ub2e4, \uc8fc\uc2dd \uc548\uc5d0\uc11c \ube44\uc911\uc744 \uc62e\uae30\uace0 \uc788\ub2e4\ub294 \uc758\ubbf8\uc785\ub2c8\ub2e4. \u2018\uc7a5\uae30 \uc131\uc7a5(\ub871 \ub4c0\ub808\uc774\uc158 \uc131\uc7a5, far-future \uc774\uc775 \uae30\ub300\uac00 \ud070 \uc131\uc7a5\uc8fc)\u2019\uacfc \uc5f0\uacb0\ub41c \uae30\uc220\uc8fc\ub294 \u2018\uc2e4\uc9c8\uae08\ub9ac(real yields, \ubb3c\uac00\ub97c \ube80 \uc2e4\uc81c \uae08\ub9ac)\u2019\uac00 4% \uadfc\ucc98\ub85c \uc62c\ub77c\uac00\uba74\uc11c \ud2b9\ud788 \ubbfc\uac10\ud558\uac8c \ubc18\uc751\ud588\uc2b5\ub2c8\ub2e4. \ubc18\ub300\ub85c \ub2e8\uae30 \ud604\uae08\ud750\ub984\uc774 \ub69c\ub837\ud558\uace0, \uc2e4\ubb3c \uc790\uc0b0(tangible assets, \uacf5\uc7a5\u00b7\uc124\ube44 \uac19\uc740 \uc2e4\uc81c \uc790\uc0b0)\uc774 \uc788\uc73c\uba70, \uac00\uaca9\uc774 \ub35c \ube44\uc2fc \uae30\uc5c5\uc5d0\ub294 \uc790\uae08\uc774 \uc720\uc785\ub410\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/kr-asia\/wp-content\/uploads\/sites\/5\/2026\/03\/image-9-1024x533.png\" alt=\"\" class=\"wp-image-42352\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">2026\ub144 \uc2e4\uc801 \uc2dc\uc98c: \uacb0\uacfc\ubcf4\ub2e4 \u2018\uc55e\uc73c\ub85c\uc758 \uc804\ub9dd\u2019<\/h2>\n\n\n\n<p>\uc774\ubc88 <a href=\"https:\/\/www.vtmarkets.com\/financial-events\/earnings-season\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\uc2e4\uc801 \uc2dc\uc98c<\/a>\uc758 \ud575\uc2ec\uc740, \ubc1c\ud45c\ub41c \uc218\uce58\ubcf4\ub2e4 \u2018\uac00\uc774\ub358\uc2a4(\uc55e\uc73c\ub85c\uc758 \uc2e4\uc801 \uc804\ub9dd)\u2019\uac00 \ub354 \ud070 \uc601\ud5a5\uc744 \uc92c\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. \ub300\ud615\uc8fc\ub294 \ub300\uccb4\ub85c \uc774\uc775 \uc608\uc0c1\uce58\ub97c \ub118\uc5c8\uace0 \ub9e4\ucd9c\ub3c4 \ubb34\ub09c\ud588\uc9c0\ub9cc, \ub9ce\uc740 \uc885\ubaa9\uc774 \uc2e4\uc801 \ubc1c\ud45c \ud6c4 \ud558\ub77d\ud588\uc2b5\ub2c8\ub2e4. \uacbd\uc601\uc9c4\uc758 \uc804\ub9dd\uc774 \uc218\uc694 \ub454\ud654, \ub9c8\uc9c4 \uc555\ubc15, \ub610\ub294 2026\ub144\uc744 \ub0b4\ub2e4\ubcf4\uae30 \uc5b4\ub835\ub2e4\ub294 \uc2e0\ud638\ub97c \uc92c\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc2dc\uc7a5\uc740 \uc774\uc81c \uacfc\uc7a5\ub41c \ub099\uad00\uc744 \uc2eb\uc5b4\ud569\ub2c8\ub2e4. \ud22c\uc790\uc790\ub294 \uc57d\uc18d\ubcf4\ub2e4 \uc2e4\ud589\uc744 \ub354 \ubd05\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\ub7f0 \ubcc0\ud654\ub294 \uc778\uac74\ube44(labour costs, \uace0\uc6a9\u00b7\uc784\uae08 \uad00\ub828 \ube44\uc6a9)\uc640 \uc870\ub2ec\ube44\uc6a9(financing costs, \ub300\ucd9c\u00b7\ucc44\uad8c \ubc1c\ud589 \ub4f1\uc73c\ub85c \ub3c8\uc744 \ube4c\ub9ac\ub294 \ube44\uc6a9)\uc774 \ub192\uc740 \ud658\uacbd\uc5d0 \ub300\ud55c \ubc18\uc751\uc785\ub2c8\ub2e4. \u2018\ub9c8\uc9c4\uc744 \uc9c0\ud0a4\uace0\u2019 \u2018\uc789\uc5ec\ud604\uae08\ud750\ub984(free cash flow, \ud22c\uc790\uc5d0 \ud544\uc694\ud55c \ub3c8\uc744 \uc4f0\uace0\ub3c4 \ub0a8\ub294 \ud604\uae08)\u2019\uc744 \uc720\uc9c0\ud558\ub294 \uae30\uc5c5\uc774, \uc774\uc775\uc744 \ud76c\uc0dd\ud558\uba74\uc11c \ub9e4\ucd9c\ub9cc \uacf5\uaca9\uc801\uc73c\ub85c \ub298\ub9ac\ub294 \uae30\uc5c5\ubcf4\ub2e4 \uc131\uacfc\uac00 \uc88b\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc2dc\uc7a5\uc774 \uc810\uc810 \uc120\ud638\ud558\ub294 \uae30\uc5c5 \ud2b9\uc9d5\uc740 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc548\uc815\uc801\uc778 \uc601\uc5c5\uc774\uc775\ub960(operating margins, \ubcf8\uc5c5\uc5d0\uc11c \ub0a8\uae30\ub294 \uc774\uc775 \ube44\uc728)<\/li>\n\n\n\n<li>\uac15\ud55c \ud604\uae08 \ucc3d\ucd9c\ub825(cash generation, \ud604\uae08\uc744 \uafb8\uc900\ud788 \ub9cc\ub4e4\uc5b4\ub0b4\ub294 \ub2a5\ub825)<\/li>\n\n\n\n<li>\uaddc\uc728 \uc788\ub294 \uc790\uae08 \ubc30\ubd84(capital allocation, \ud22c\uc790\u00b7\ubc30\ub2f9\u00b7\uc790\uc0ac\uc8fc\ub9e4\uc785 \ub4f1\uc5d0 \ub3c8\uc744 \uc5b4\ub5bb\uac8c \ub098\ub204\uc5b4 \uc4f0\ub294\uc9c0)<\/li>\n<\/ul>\n\n\n\n<p>\uc774\ub294 \uc8fc\uc2dd\uc2dc\uc7a5\uc758 \ud6c4\ubc18 \uad6d\uba74(later-cycle, \uacbd\uae30\u00b7\uc2dc\uc7a5 \uc0ac\uc774\ud074\uc774 \uc131\uc219\ud55c \ub2e8\uacc4)\uc5d0\uc11c \ud754\ud788 \ubcf4\uc774\ub294 \ud2b9\uc9d5\uc73c\ub85c, \uc131\uc7a5\uc131\ubcf4\ub2e4 \uc7ac\ubb34 \uac74\uc804\uc131\uc774 \ub354 \uc911\uc694\ud574\uc9d1\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">\uac00\uce58\uc8fc\uc640 \uc18c\ud615\uc8fc\uac00 \uc55e\uc11c\ub294 \uc774\uc720<\/h2>\n\n\n\n<p>\uac00\uce58\uc8fc\uc640 \uc18c\ud615\uc8fc \uac15\uc138\ub294 \ub2e8\uc21c\ud788 \uae30\uc220\uc8fc\uc5d0\uc11c \ube60\uc838\ub098\uc628 \uacb0\uacfc\ub9cc\uc740 \uc544\ub2d9\ub2c8\ub2e4. \uae30\ubcf8 \uccb4\ub825(\ud380\ub354\uba58\ud138, \uc2e4\uc801\u00b7\uc7ac\ubb34 \uac19\uc740 \uae30\ucd08)\uc774 \uc88b\uc544\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\ub4e4 \uc139\ud130\uac00 \uc720\ub9ac\ud55c \uc774\uc720\ub294 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ub0ae\uc740 \ub808\ubc84\ub9ac\uc9c0(leverage, \ube5a\uc744 \ud65c\uc6a9\ud558\ub294 \uc815\ub3c4\u00b7\ubd80\ucc44 \ube44\uc911)<\/li>\n\n\n\n<li>\ub0b4\uc218 \ub9e4\ucd9c \ube44\uc911(domestic revenue exposure, \uad6d\ub0b4 \uacbd\uae30 \uc601\ud5a5\uc744 \ub354 \ubc1b\ub294 \uad6c\uc870)<\/li>\n\n\n\n<li>\uc131\uc7a5 \uc548\uc815\ud654\uc5d0 \ub300\ud55c \ubbfc\uac10\ub3c4(sensitivity, \uacbd\uc81c\uac00 \uae09\ub77d\ud558\uc9c0 \uc54a\uace0 \uc548\uc815\ub420 \ub54c \ub354 \uc88b\uc544\uc9c0\ub294 \uc131\uaca9)<\/li>\n\n\n\n<li>\ub354 \ub192\uc740 \uc2e4\uc801 \uac00\uc2dc\uc131(\uc55e\uc73c\ub85c \uc2e4\uc801\uc744 \uc608\uce21\ud558\uae30 \uc26c\uc6c0)<\/li>\n<\/ul>\n\n\n\n<p>\uae08\uc735\uc8fc\ub294 \u2018\ub192\uc740 \uae08\ub9ac\uc758 \uc7a5\uae30\ud654(higher-for-longer, \uae08\ub9ac\uac00 \uc624\ub798 \ub192\uac8c \uc720\uc9c0\ub418\ub294 \uc0c1\ud669)\u2019\uc5d0\uc11c \uc774\uc775\uc774 \ub298\uace0, \uc5d0\ub108\uc9c0 \uae30\uc5c5\uc740 \uac15\ud55c \ud604\uae08\ud750\ub984\uc744 \ub9cc\ub4ed\ub2c8\ub2e4. \uc0b0\uc5c5\uc7ac\ub294 \uc778\ud504\ub77c \uc218\uc694(infrastructure demand, \ub3c4\ub85c\u00b7\uc804\ub825\ub9dd \uac19\uc740 \uae30\ubc18 \uc2dc\uc124 \ud22c\uc790 \uc218\uc694)\uc758 \uc9c0\uc6d0\uc744 \ubc1b\uc2b5\ub2c8\ub2e4. \ub610\ud55c \uc5ec\ub7ec \ud574 \ub3d9\uc548 \ubd80\uc9c4\ud588\ub358 \ud0d3\uc5d0, \uac00\uaca9\ub3c4 \ube44\uad50\uc801 \ub9e4\ub825\uc801\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc2e4\uc801\uc758 \ud655\uc2e4\uc131\uc774 \ub354 \uc911\uc694\ud574\uc9c0\uba74\uc11c, <a href=\"https:\/\/www.vtmarkets.com\/thought-leadership\/a-traders-guide-to-the-great-rotation-in-2026\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\uc790\uae08\uc740 \uc21c\ud658<\/a>\ud558\uba70 \uac00\uaca9\uc774 \ub35c \ube44\uc2f8\uace0 \ud604\uae08\uc744 \uc798 \ubc84\ub294 \uae30\uc5c5\uc73c\ub85c \uc774\ub3d9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\uc0c1\uc2b9\uc7a5\uc758 \ub05d\uc774 \uc544\ub2c8\ub77c, \uac74\uac15\ud55c \uc21c\ud658<\/h2>\n\n\n\n<p>\ud604\uc7ac\uc758 \uc5c5\uc885 \uc774\ub3d9\uc740 \ud558\ub77d\uc7a5(bearish turn, \ud558\ub77d\uc73c\ub85c\uc758 \uc804\ud658)\uc744 \ub73b\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uc0c1\uc2b9\uc7a5\uc774 \uc131\uc219\ud574\uc9c0\uba74\uc11c \ub098\ud0c0\ub098\ub294 \uc790\uc5f0\uc2a4\ub7ec\uc6b4 \ubcc0\ud654\uc785\ub2c8\ub2e4. \uc774\uc775 \uc131\uc7a5\uc740 \uc5ec\uc804\ud788 \ud50c\ub7ec\uc2a4\uc774\uace0, \uae30\uc5c5 \uc7ac\ubb34\uc0c1\ud0dc\ud45c\ub294 \uc804\ubc18\uc801\uc73c\ub85c \uac74\uac15\ud569\ub2c8\ub2e4. \uae08\uc735 \uc5ec\uac74(financial conditions, \uae08\ub9ac\u00b7\ub300\ucd9c\u00b7\uc720\ub3d9\uc131 \uac19\uc740 \uc790\uae08 \ud658\uacbd)\uc740 \ube61\ube61\ud558\uc9c0\ub9cc, \uacbd\uae30 \uc218\ucd95(contraction, \uacbd\uc81c\uac00 \uc904\uc5b4\ub4dc\ub294 \uc0c1\ud669)\uc744 \ub9cc\ub4e4 \uc815\ub3c4\ub294 \uc544\ub2d9\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub2ec\ub77c\uc9c4 \uc810\uc740 \u2018\uc5b4\ub5a4 \uae30\uc5c5\uc744 \uc8fc\ub3c4\uc8fc\ub85c \uc778\uc815\ud558\ub290\ub0d0\u2019\uc785\ub2c8\ub2e4. \uc2dc\uc7a5\uc740 \uc774\uc81c \ubcf4\uc218\uc801\uc778 \uac00\uc774\ub358\uc2a4, \ub9c8\uc9c4 \uc548\uc815, \uc790\ubcf8 \uaddc\uc728\uc744 \ub354 \ub192\uac8c \ud3c9\uac00\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/kr-asia\/wp-content\/uploads\/sites\/5\/2026\/03\/image-8-1024x618.png\" alt=\"\" class=\"wp-image-42351\"\/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>\uc774 \ud788\ud2b8\ub9f5(heatmap, \uc131\uacfc\ub97c \uc0c9\uc73c\ub85c \ubcf4\uc5ec\uc8fc\ub294 \uc9c0\ub3c4)\uc740 \uacfc\uc5f4\ub41c \ucd08\ub300\ud615 \uae30\uc220\uc8fc(\ube68\uac04\uc0c9)\uc5d0\uc11c \uc790\uae08\uc774 \ube60\uc838\ub098\uc640, \uc5d0\ub108\uc9c0\u00b7\uc0b0\uc5c5\uc7ac\u00b7\uc18c\uc7ac \uac19\uc740 \u2018\uc2e4\ubb3c\uacbd\uc81c(real economy, \uc2e4\uc81c \uc0dd\uc0b0\u00b7\uc18c\ube44 \ud65c\ub3d9)\u2019 \uc5c5\uc885(\ubc1d\uc740 \ucd08\ub85d\uc0c9)\uc73c\ub85c \ub113\uac8c \ud37c\uc9c0\ub294 \ubcc0\ud654\ub97c \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \uc774\ub294 \u2018AI \uc911\uc2ec\uc758 \uc881\uc740 \uc0c1\uc2b9\u2019\uc5d0\uc11c \u2018\uc2dc\uc7a5 \uc804\ubc18\uc758 \uc0c1\uc2b9\u2019\uc73c\ub85c \uc804\ud658\ub418\ub294 \uac74\uac15\ud55c \ud750\ub984\uc744 \ub73b\ud569\ub2c8\ub2e4.<br>\ucd9c\ucc98: FinViz<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AI \ud22c\uc790 \uaca9\ucc28: \ucd08\ub300\ud615\uc8fc vs \uc911\ud615\uc8fc<\/h2>\n\n\n\n<p>AI(\uc778\uacf5\uc9c0\ub2a5)\ub294 \uc5ec\uc804\ud788 \uc7a5\uae30 \ud750\ub984(\uad6c\uc870\uc801 \ud14c\ub9c8, \ub2e8\uae30 \uc720\ud589\uc774 \uc544\ub2cc \uc624\ub798\uac00\ub294 \ubcc0\ud654)\uc785\ub2c8\ub2e4. \ub2e4\ub9cc \uc9c0\ucd9c\uc740 \uc77c\ubd80 \uae30\uc5c5\uc5d0 \ub354 \uc9d1\uc911\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ucd08\ub300\ud615 \uae30\uc220 \ud50c\ub7ab\ud3fc\uc740 \ub370\uc774\ud130\uc13c\ud130(data centres, AI \ud559\uc2b5\u00b7\uc11c\ube44\uc2a4\uc6a9 \ucef4\ud4e8\ud130\ub97c \ub300\uaddc\ubaa8\ub85c \ubaa8\uc544 \ub454 \uc2dc\uc124)\uc640 \uc778\ud504\ub77c(infrastructure, \uc804\ub825\u00b7\uc11c\ubc84\u00b7\ub124\ud2b8\uc6cc\ud06c \uac19\uc740 \uae30\ubc18)\uc5d0 \uacc4\uc18d \ud070\ub3c8\uc744 \uc501\ub2c8\ub2e4. \ub2e8\uae30\uc801\uc73c\ub85c \ub9c8\uc9c4\uc774 \uc904\uc5b4\ub3c4, \uc790\uccb4 \uc790\uae08\uc73c\ub85c \uc124\ube44\ud22c\uc790(capex, capital expenditure: \uacf5\uc7a5\u00b7\uc11c\ubc84 \uac19\uc740 \uc7a5\uae30 \uc790\uc0b0\uc5d0 \uc4f0\ub294 \ub3c8)\ub97c \uac10\ub2f9\ud569\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4 \uc544\ub9c8\uc874\uc740 \uc778\ud504\ub77c\uc5d0 <a href=\"https:\/\/www.cnbc.com\/2026\/02\/05\/why-amazons-ceo-is-confident-with-200-billion-spending-plan.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">2,000\uc5b5 \ub2ec\ub7ec<\/a> \uc9c0\ucd9c \uacc4\ud68d\uc744 \uc81c\uc2dc\ud588\uc2b5\ub2c8\ub2e4. \ubc18\uba74 \uc774 \uadf8\ub8f9 \ubc16\uc758 \ub9ce\uc740 \uc911\ud615\u00b7\uc18c\ud615 \uae30\uc220 \uae30\uc5c5\uc740 \ud604\uae08\ud750\ub984\uacfc \uc218\uc775(returns, \ud22c\uc790 \ub300\ube44 \ub0a8\ub294 \uc774\uc775)\uc744 \uc6b0\uc120\ud558\uba70 AI \uc9c0\ucd9c \ubc94\uc704\ub97c \uc904\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uacb0\uacfc\uc801\uc73c\ub85c \ucd5c\uc0c1\uc704 \uae30\uc5c5\uc740 \uacf5\uaca9\uc801\uc73c\ub85c \ud22c\uc790\ud558\uace0, \ub098\uba38\uc9c0\ub294 \uc808\uc81c\ud558\ub294 \u2018\uc591\uadf9\ud654\u2019\uac00 \uc0dd\uae41\ub2c8\ub2e4. \ub530\ub77c\uc11c AI\ub85c \uc778\ud55c \uc774\uc775 \uac1c\uc120(earnings upside, \uc2e4\uc801\uc774 \ub354 \uc88b\uc544\uc9c8 \uc5ec\uc9c0)\uc740 \uc2dc\uc7a5 \uc804\ubc18\ubcf4\ub2e4 \uc77c\ubd80\uc5d0 \uc9d1\uc911\ub429\ub2c8\ub2e4.<\/p>\n\n\n<!-- wp:paragraph-->\n<p><b>VT Markets \ub77c\uc774\ube0c \uacc4\uc815\uc744 \ub9cc\ub4e4\uace0 \uc9c0\uae08 \ubc14\ub85c <a href=\"https:\/\/www.vtmarkets.com\/kr\/trade-now\/\">\uac70\ub798<\/a>\ub97c \uc2dc\uc791\ud558\uc138\uc694.<\/b><\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>2026 \uc99d\uc2dc\ub294 \u2018\ud604\uc2e4\ub85c\uc758 \ube44\ud589\u2019: \ube45\ud14c\ud06c\uc5d0\uc11c \uac00\uce58\u00b7\uc18c\ud615\uc8fc\ub85c \uc790\uae08\uc774 \ud68c\uc804 \uc911. \uc2e4\uc801\ubcf4\ub2e4 \uac00\uc774\ub358\uc2a4\u00b7\ub9c8\uc9c4\u00b7\ud604\uae08\ud750\ub984\uc774 \ud575\uc2ec, AI \ud22c\uc790\ub294 \uba54\uac00\ucea1\uc5d0 \uc9d1\uc911. \uae08\uc735\u00b7\uc0b0\uc5c5\u00b7\uc5d0\ub108\uc9c0\u00b7\ub0b4\uc218 \uc18c\ud615\uc8fc\uac00 \uc218\ud61c. \uc57d\uc138\uc7a5 \uc544\ub2cc \ub9ac\ub354\uc2ed \uad50\uccb4. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":62,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[48,51],"tags":[],"class_list":["post-38727","post","type-post","status-publish","format-standard","hentry","category-featured","category-learn"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/38727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=38727"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/38727\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=38727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=38727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=38727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}