AI牛市急转直下，曾经的明星个股杠杆产品迅速崩塌。1SK海力士股价从6月高点累计下跌近46%，其中7月29日盘中更是暴跌逾19%，最终收跌9.61%。1随之瓦解的是规模庞大的杠杆ETF——南方东英SK海力士每日杠杆（2x）产品净值累计回撤超过80%，规模从6月下旬的1320.72亿港元骤降至7月28日的319.2亿港元，蒸发逾1000亿港元。1
监管部门随之推出应急举措。香港证监会宣布自8月3日起调整杠杆ETF框架，将此前固定的2倍杠杆改为最高2倍、最低1.1倍的动态目标杠杆机制，基金管理人需在每个交易日收盘后公布下一交易日的目标杠杆水平。1与此同时，韩国股市也陷入震荡——KOSPI指数和KOSDAQ指数连续第二个交易日盘中跌幅超过8%，双双触发熔断。1韩国金融当局宣布进一步收紧单一股票杠杆ETF监管，考虑将个人投资者投资额上限设定为其总金融投资资产的20%。1韩国副总理具润哲更是罕见公开致歉，承认监管部门对杠杆ETF潜在风险的考虑不足。1
The collapse of AI-driven stock rallies has triggered a sharp reversal in leveraged exchange-traded funds, with SK Hynix bearing the brunt of investor losses across Hong Kong and South Korea. The semiconductor giant's share price has plummeted nearly 46% from its June peak, dragging down funds designed to amplify gains alongside it 1. Southern Energy's SK Hynix Daily Leverage (2x) product suffered a cumulative drawdown exceeding 80%, wiping out more than 1 billion Hong Kong dollars in investor wealth as the fund's assets collapsed from 1.32 trillion Hong Kong dollars in late June to 319.2 billion Hong Kong dollars by July 28 1. On July 29 alone, SK Hynix shares plunged over 19% intraday before closing down 9.61% 1.
The turmoil has prompted sweeping regulatory intervention across both markets. Hong Kong's Securities and Futures Commission announced on August 3 a fundamental restructuring of leveraged ETF frameworks, replacing fixed 2x leverage with a dynamic mechanism that adjusts daily between a floor of 1.1x and a ceiling of 2x, with fund managers required to disclose the next trading day's target leverage after market close 1. South Korea has taken equally decisive action, with indices KOSPI and KOSDAQ triggering circuit breakers after consecutive days of intraday declines exceeding 8%, prompting authorities to consider capping individual investor exposure to single-stock leveraged ETFs at 20% of their total financial investment assets 1. The severity of the crisis prompted South Korea's Deputy Prime Minister Gu Yoon-chul to make a rare public apology, acknowledging that regulators had underestimated the systemic risks posed by leveraged ETF products 1.
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