[Goldman Sachs Research Indicates Global Profit Expansion, Strategic Allocation Value in South Korean Stock Market] According to Tide Research, the MSCI Global Index rose 2.9% last week, with the U.S. leading at 3.7%. AI trading continues to diverge, KOSPI fell 7.4% in a single week, while the technology sector overall gained 5.5%. Over the past two weeks, the scale of global tech stock long positions sold reached the largest since 2014. Goldman Sachs' August 10 report pointed out that EPS revisions in EM regions continue to trend upward, with South Korea and Taiwan's technology sectors contributing the most. Eurozone EPS revisions have strengthened continuously since April, surpassing the U.S. for the first time since January 2025. Goldman Sachs believes that the expansion of profitability supports global stock markets, noting that South Korea's KOSPI has fallen approximately 40% from its June peak, with valuations declining and positions cleared, thereby reemerging as a strategic allocation value. Goldman Sachs sets a 12-month target price of 8,300 points for the S&P 500 and 1,080 points for the MSCI Asia Pacific ex-Japan Index.