{"id":256,"date":"2026-06-19T14:17:40","date_gmt":"2026-06-19T05:17:40","guid":{"rendered":"https:\/\/www.arphile.net\/?p=256"},"modified":"2026-06-19T14:37:56","modified_gmt":"2026-06-19T05:37:56","slug":"260619-%ec%82%bc%ec%84%b1%ec%a0%84%ec%9e%90%c2%b7sk%ed%95%98%ec%9d%b4%eb%8b%89%ec%8a%a4-%ec%9e%a5%ec%a4%91-%ea%b8%89%eb%9d%bd-%ec%9b%90%ec%9d%b8","status":"publish","type":"post","link":"https:\/\/www.arphile.net\/?p=256","title":{"rendered":"[260619] \uc0bc\uc131\uc804\uc790\u00b7SK\ud558\uc774\ub2c9\uc2a4 \uc7a5\uc911 \uae09\ub77d \uc6d0\uc778"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\ubb54\uac00 \ub370\uc774\ud130\uac00 \uc5c6\ub294\ub370 \ub0b4\ub824\uac00\ub294\uac70\uac19\uc544 \ub9ac\uc11c\uce58\ub97c \ud55c\ubc88 \uc9c4\ud589\ud574\ubcf4\ub3c4\ub85d \ud55c\ub2e4.<br>\uc694\uc57d\uc740 \uc544\ub798\ub97c \ubcf4\ub3c4\ub85d \ud558\uace0, \uc790\uc138\ud55c\ub0b4\uc6a9\uc740 \uc774\ud6c4\uc5d0 \ucd94\uac00\ud588\ub2e4.<br>\uac1c\uc778\uc801\uc73c\ub85c\ub294 \uc774\ub7f0\ub0a0\uc740 \ub2f9\uc7a5 \uc0ac\uc11c \ud3c9\ub2e8\uc774 \uc704\ud5d8\ud558\uc9c0 \uc54a\ub2e4 \ub77c\uace0 \ud558\uba74 \ub9e4\uc218\/\ub9e4\ub3c4\ub97c \ud558\uc9c0 \uc54a\ub294\ud3b8\uc774 \uc548\uc804\ud558\ub2e4\uace0 \uc0dd\uac01\ud55c\ub2e4. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ud574\ub2f9 \uac8c\uc2dc\ubb3c\uc740 Gemini \ub97c \uc0ac\uc6a9\ud558\uc5ec \ubd84\uc11d\uc744 \uc9c4\ud589\ud558\uc600\uc74c\uc744 \ubbf8\ub9ac \uace0\uc9c0\ud55c\ub2e4.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\uc694\uc57d<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\uc624\ub298 \uc624\uc804 \uc0ac\uc0c1 \ucd5c\uace0\uce58\ub97c \uacbd\uc2e0\ud558\ub358 \uc0bc\uc131\uc804\uc790\uc640 SK\ud558\uc774\ub2c9\uc2a4\uac00 \uc624\ud6c4 \ub4e4\uc5b4 \uae09\ub77d\uc138\ub85c \ub3cc\uc544\uc120 \uc774\uc720\ub294 \ud06c\uac8c \uc138 \uac00\uc9c0 \uc9c0\uc815\ud559\uc801\u00b7\uac70\uc2dc\uc801 \ucda9\uaca9\uc73c\ub85c \uc694\uc57d\ub41c\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \uc911\ub3d9 \ud3c9\ud654 \ud611\uc0c1(\ubbf8\uad6d-\uc774\ub780)\uc758 \uc804\uaca9 \uc5f0\uae30<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud575\uc2ec \ub274\uc2a4:<\/strong><br>J.D. \ubc34\uc2a4 \ubbf8\uad6d \ubd80\ud1b5\ub839\uc758 \uc2a4\uc704\uc2a4 \ud68c\ub2f4 \uc77c\uc815\uc774 \uc804\uaca9 \ucde8\uc18c\ub418\uc5c8\ub2e4.<\/li>\n\n\n\n<li><strong>\uc0c1\uc138 \ub0b4\uc6a9:<\/strong> <br>\uc774\ub780 \ub300\ud45c\ub2e8\uc774 \uc774\uc2a4\ub77c\uc5d8\uc758 \ub808\ubc14\ub17c \uad70\uc0ac\uc791\uc804\uc744 \uc774\uc720\ub85c \ud611\uc0c1 \ubd88\ucc38\uc744 \ud1b5\ubcf4\ud588\ub2e4. <br>&#8216;\ud638\ub974\ubb34\uc988 \ud574\ud611 \uac1c\ubc29&#8217; \ub4f1 \uc885\uc804 \uae30\ub300\uac10\uc774 \uc0ac\ub77c\uc9c0\uba70 \uc720\uac00 \uc0c1\uc2b9 \ubc0f \uc778\ud50c\ub808\uc774\uc158 \uacf5\ud3ec\uac00 \ub2e4\uc2dc \uc99d\uc2dc\ub97c \uc555\ubc15\ud558\uae30 \uc2dc\uc791\ud588\ub2e4.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. \ud2b8\ub7fc\ud504\uc758 &#8216;\ubd81\ud55c \ub9ac\uc2a4\ud06c&#8217; \uc7ac\uc810\ud654<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud575\uc2ec \ub274\uc2a4:<\/strong> <br>\ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504 \ub300\ud1b5\ub839\uc774 \uc790\uc2e0\uc758 SNS(\ud2b8\ub8e8\uc2a4\uc18c\uc15c)\uc5d0 \uae40\uc815\uc740 \uc704\uc6d0\uc7a5\uacfc \ucc0d\uc740 \uacfc\uac70 \uc0ac\uc9c4\uc744 \uac8c\uc2dc\ud588\ub2e4.<\/li>\n\n\n\n<li><strong>\uc0c1\uc138 \ub0b4\uc6a9:<\/strong> <br>\uc804\ubb38\uac00\ub4e4\uc740 \uc774\ub97c &#8220;\uc774\ub780 \ub2e4\uc74c \ud0c0\uac9f\uc740 \ubd81\ud55c&#8221;\uc774\ub77c\ub294 \uac15\ub825\ud55c \uba54\uc2dc\uc9c0\ub85c \ud574\uc11d\ud55c\ub2e4.<br>\ubbf8 \uad6d\ubb34\ubd80\uc5d0\uc11c\ub3c4 &#8220;\ubd81\ud55c \ube44\ud575\ud654\uac00 \ucd5c\uc6b0\uc120 \uc21c\uc704&#8221;\ub77c\uace0 \ubc1d\ud788\uba70 &#8216;\ud798\uc744 \ud1b5\ud55c \ud3c9\ud654&#8217; \uae30\uc870\ub97c \uac15\uc870\ud558\uc790, \ud55c\uad6d \uc2dc\uc7a5 \ud2b9\uc720\uc758 \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4(\ucf54\ub9ac\uc544 \ub514\uc2a4\uce74\uc6b4\ud2b8)\uc774 \uae09\uaca9\ud788 \ub192\uc544\uc84c\ub2e4.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. \uc218\uae09 \ubd88\uade0\ud615\uacfc \uae30\uad00\uc758 \ub300\uaddc\ubaa8 \ud22c\ub9e4<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud604\ud669:<\/strong> <br>\uc624\uc804 \uc911 \uc0bc\uc131\uc804\uc790\uc640 SK\ud558\uc774\ub2c9\uc2a4\ub85c\ub9cc \uc790\uae08\uc774 \uc3e0\ub9ac\ub294 &#8216;\uc2dc\uc7a5 \ud3ed(Breadth)\uc758 \ucd95\uc18c&#8217;\uac00 \uc2ec\uac01\ud588\ub2e4.<\/li>\n\n\n\n<li><strong>\uacb0\uacfc:<\/strong> \uac70\uc2dc\uc801 \uc545\uc7ac\uac00 \ud130\uc9c0\uc790 \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc774 \ub9ac\uc2a4\ud06c \uad00\ub9ac \ucc28\uc6d0\uc5d0\uc11c \ube44\uc911\uc774 \uac00\uc7a5 \ud070 \ubc18\ub3c4\uccb4 \uc885\ubaa9\ubd80\ud130 \uae30\uacc4\uc801\uc73c\ub85c \ub9e4\ubb3c\uc744 \uc3df\uc544\ub0b4\uba70 \ub099\ud3ed\uc744 \ud0a4\uc6e0\ub2e4.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\uacb0\ub860<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\ubc18\ub3c4\uccb4 \uc5c5\ud669\uc758 \ubb38\uc81c\ub77c\uae30\ubcf4\ub2e4, \uae00\ub85c\ubc8c \uc9c0\uc815\ud559\uc801 \ud658\uacbd\uc758 \ubd88\ud655\uc2e4\uc131\uc774 <strong>\ud560\uc778\uc728\uc744<\/strong><strong> \ub192\uc5ec \uc8fc\uac00<\/strong><strong>\ub97c \ub04c\uc5b4\ub0b4\ub9ac\ub294 \uc804\ud615\uc801\uc778 \ub9e4\ud06c\ub85c \uc1fc\ud06c<\/strong> \uad6d\uba74\uc774\ub2e4.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>1. \uc2dc\uc7a5 \uad6c\uc870\uc758 \ubd95\uad34\uc640 \uadf9\ub2e8\uc801 \ubcc0\ub3d9\uc131\uc758 \ubc1c\ud604<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">2026\ub144 6\uc6d4 19\uc77c \ub300\ud55c\ubbfc\uad6d \uc8fc\uc2dd\uc2dc\uc7a5\uc740 \ud380\ub354\uba58\ud138\uc758 \ubcf8\uc9c8\uc801 \uac00\uce58(Intrinsic Value) \ubcc0\ud654\ubcf4\ub2e4\ub294 \uac70\uc2dc\uacbd\uc81c\uc801 \uc678\uc0dd \ubcc0\uc218\uc640 \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4\uc758 \uae09\uaca9\ud55c \ud33d\ucc3d\uc5d0 \uc758\ud574 \uc9c0\ubc30\ub41c \uadf9\ub2e8\uc801\uc778 \ub864\ub7ec\ucf54\uc2a4\ud130 \uc7a5\uc138\ub97c \uc2dc\ud604\ud588\ub2e4. \uc774\ub0a0 \uc720\uac00\uc99d\uad8c\uc2dc\uc7a5(KOSPI)\uc740 \uac1c\uc7a5 \uc9c1\ud6c4 \uc804 \uac70\ub798\uc77c \ub300\ube44 225.05\ud3ec\uc778\ud2b8(2.48%) \uc0c1\uc2b9\ud55c 9,288.89\ub85c \ucd9c\ubc1c\ud558\uc5ec \uc7a5\uc911 9,385.59\uae4c\uc9c0 \uce58\uc19f\uc73c\uba70 \uc0ac\uc0c1 \ucd5c\uace0\uce58\ub97c \uacbd\uc2e0\ud558\ub294 \uae30\uc5fc\uc744 \ud1a0\ud588\ub2e4<sup>1<\/sup>. \uadf8\ub7ec\ub098 \ud654\ub824\ud55c \ucd95\ud3ec\ub294 \uc815\uc624\ub97c \uae30\uc810\uc73c\ub85c \uae09\uaca9\ud788 \uc18c\uba78\ub418\uc5c8\uc73c\uba70, \uc624\ud6c4 1\uc2dc \uae30\uc900 \uc9c0\uc218\ub294 \ud558\ub77d \uc804\ud658\ud558\uc5ec 8,893.93(\uc804\uc77c \ub300\ube44 1.83% \ud558\ub77d)\uc73c\ub85c \uc8fc\uc800\uc549\uc73c\uba70 9,000\uc120\uc744 \uc774\ud0c8\ud558\ub294 \ucda9\uaca9\uc801\uc778 \uc5ed\uc804 \ud604\uc0c1\uc744 \uae30\ub85d\ud588\ub2e4<sup>1<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ucf54\uc2a4\ub2e5(KOSDAQ) \uc2dc\uc7a5\uc758 \ub099\ud3ed\uc740 \ub354\uc6b1 \ud30c\uad34\uc801\uc774\uc5c8\ub2e4. \uc624\uc804 \uc911 1,001.40\uc73c\ub85c \ucd9c\ubc1c\ud558\uba70 1,000\uc120\uc744 \ub3cc\ud30c\ud588\ub358 \ucf54\uc2a4\ub2e5 \uc9c0\uc218\ub294 \uc624\ud6c4 \ub4e4\uc5b4 5%\ub300 \uc774\uc0c1\uc758 \ud3ed\ub77d\uc138\ub97c \uc5f0\ucd9c\ud558\uba70 949.98\uae4c\uc9c0 \ubc00\ub824\ub0ac\ub2e4<sup>1<\/sup>. \uc774\uc640 \uac19\uc740 \uc9c0\uc218\uc758 \uadf9\ub2e8\uc801 \ubc18\uc804 \uc911\uc2ec\uc5d0\ub294 \ub300\ud55c\ubbfc\uad6d \uc99d\uc2dc \uc2dc\uac00\ucd1d\uc561\uc758 \uc808\ub300\ub2e4\uc218\ub97c \ucc28\uc9c0\ud558\uba70 \uc2dc\uc7a5\uc758 \ubc29\ud5a5\uc131\uc744 \ub3c5\uc810\ud558\ub2e4\uc2dc\ud53c \ud55c \uc0bc\uc131\uc804\uc790\uc640 SK\ud558\uc774\ub2c9\uc2a4 \ub4f1 \ucd08\ub300\ud615 \ubc18\ub3c4\uccb4 \uc139\ud130\uc758 \ubd95\uad34\uac00 \uc790\ub9ac\ud558\uace0 \uc788\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uc774\ub0a0 \uc2dc\uc7a5\uc758 \uae09\ubcc0\ub3d9\uc740 \ub2e8\uc21c\ud788 \ub2e8\uae30 \uacfc\uc5f4\uc5d0 \ub530\ub978 \uae30\uc220\uc801 \uc870\uc815\uc73c\ub85c \ud574\uc11d\ud560 \uc218 \uc5c6\ub2e4. \uc774\ub294 \uae00\ub85c\ubc8c \uac70\uc2dc \uc790\ubcf8\uc774 \uac00\uc7a5 \ubbfc\uac10\ud558\uac8c \ubc18\uc751\ud558\ub294 &#8216;\uc9c0\uc815\ud559\uc801 \ub2e8\uce35\uc120(Geopolitical Fault Line)&#8217;\uc774 \ub3d9\uc2dc\uc5d0 \ubd95\uad34\ub41c \uacb0\uacfc\ub2e4. \uad6c\uccb4\uc801\uc73c\ub85c\ub294 \ucd5c\uadfc \uc548\ub3c4 \ub7a0\ub9ac\uc758 \uae30\ubc18\uc774 \ub418\uc5c8\ub358 \ubbf8\uad6d\uacfc \uc774\ub780 \uac04\uc758 \uc885\uc804 \ud6c4\uc18d \ud611\uc0c1\uc774 \uc804\uaca9 \uc5f0\uae30\ub418\uba70 \uc911\ub3d9 \ub9ac\uc2a4\ud06c\uac00 \uc7ac\ubd80\uc0c1\ud55c \uc810, \uadf8\ub9ac\uace0 \ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504 \ubbf8\uad6d \ub300\ud1b5\ub839\uc774 \ub300\ubd81 \uc5b4\uc820\ub2e4\ub97c \uc804\uba74\uc5d0 \ub0b4\uc138\uc6b0\uba70 \ud55c\ubc18\ub3c4\uc758 \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4\uc744 \uae30\ud558\uae09\uc218\uc801\uc73c\ub85c \ud3ed\ub4f1\uc2dc\ud0a8 \uc810\uc774 \ud575\uc2ec \ucd09\ub9e4\uc81c\ub85c \uc791\uc6a9\ud588\ub2e4. \ubcf8 \ubcf4\uace0\uc11c\ub294 \uc5c4\uaca9\ud558\uac8c \ud1b5\uc81c\ub41c \ucd5c\uadfc 6\uc2dc\uac04 \uc774\ub0b4\uc758 \ub370\uc774\ud130\uc640 \uc9c0\ud45c\ub9cc\uc744 \ubc14\ud0d5\uc73c\ub85c, \uc774\ub7ec\ud55c \uc678\uc0dd\uc801 \ucda9\uaca9\uc774 \uad6d\ub0b4 \ubc18\ub3c4\uccb4 \ud22c\ud1b1\uc758 \uc8fc\uac00 \ud558\ub77d \ubc0f \uc218\uae09 \ubd95\uad34\ub85c \uc804\uc774\ub41c \uae30\uc81c\ub97c \uc2ec\uce35\uc801\uc73c\ub85c \ubd84\uc11d\ud55c\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2. \uc7a5\uc911 \ud380\ub354\uba58\ud138 \uad34\ub9ac: \ubc18\ub3c4\uccb4 \uc3e0\ub9bc \ud604\uc0c1\uacfc \uad6c\uc870\uc801 \ucde8\uc57d\uc131<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2.1. \uc2dc\uc7a5 \ud3ed(Market Breadth)\uc758 \uadf9\ub2e8\uc801 \ucd95\uc18c\uc640 \uc9c0\uc218 \ucc29\uc2dc \ud604\uc0c1<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">6\uc6d4 19\uc77c \uc624\uc804, \ucf54\uc2a4\ud53c \uc9c0\uc218\uac00 9,300\uc120\uc744 \ub3cc\ud30c\ud588\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc2dc\uc7a5\uc758 \ub0b4\uba74\uc740 \uadf9\uc2ec\ud55c \ubd88\uade0\ud615\uacfc \uad6c\uc870\uc801 \ucde8\uc57d\uc131\uc744 \ub0b4\ud3ec\ud558\uace0 \uc788\uc5c8\ub2e4. \uac74\uc804\ud55c \uac15\uc138\uc7a5\uc740 \ub2e4\uc218\uc758 \uc139\ud130\uac00 \uace0\ub974\uac8c \uc0c1\uc2b9\ud558\ub294 \ub113\uc740 \uc2dc\uc7a5 \ud3ed(Market Breadth)\uc744 \ud2b9\uc9d5\uc73c\ub85c \ud558\uc9c0\ub9cc, \uc774\ub0a0 \uc624\uc804 9\uc2dc 41\ubd84 \uae30\uc900 \uc720\uac00\uc99d\uad8c\uc2dc\uc7a5\uc5d0\uc11c \uc0c1\uc2b9\ud55c \uc885\ubaa9\uc740 \ub2e8 157\uac1c\uc5d0 \uadf8\uce5c \ubc18\uba74, \ud558\ub77d \uc885\ubaa9\uc740 733\uac1c\uc5d0 \ub2ec\ud588\ub2e4<sup>3<\/sup>. \ucf54\uc2a4\ub2e5 \uc2dc\uc7a5 \uc5ed\uc2dc \uc0c1\uc2b9 \uc885\ubaa9 201\uac1c \ub300\ube44 \ud558\ub77d \uc885\ubaa9\uc774 1,480\uac1c\uc5d0 \uc774\ub974\uba70, \uc9c0\uc218\uc758 \uc0c1\uc2b9\uacfc \uc2e4\uc9c8\uc801\uc778 \uccb4\uac10 \uc7a5\uc138 \uac04\uc758 \uad34\ub9ac\uac00 \uadf9\ub2e8\uc801\uc73c\ub85c \ud655\ub300\ub418\uc5c8\ub2e4<sup>3<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uc774\ub294 \uad6d\ub0b4 \uc99d\uc2dc\uc5d0 \uc720\uc785\ub41c \uc720\ub3d9\uc131\uc774 \ucca0\uc800\ud558\uac8c \uc0bc\uc131\uc804\uc790\uc640 SK\ud558\uc774\ub2c9\uc2a4\ub77c\ub294 \uadf9\uc18c\uc218\uc758 \ub300\ud615\uc8fc\uc5d0\ub9cc \ube14\ub799\ud640\ucc98\ub7fc \ube68\ub824 \ub4e4\uc5b4\uac14\uc74c\uc744 \uc785\uc99d\ud55c\ub2e4. \ucd5c\uadfc \uae00\ub85c\ubc8c \uae08\ub9ac \uc0c1\uc2b9 \ud750\ub984\uacfc \uc21c\uc774\uc790\ub9c8\uc9c4(NIM) \uac1c\uc120 \uae30\ub300\ub97c \ubc14\ud0d5\uc73c\ub85c \uac15\uc138\ub97c \uc774\uc5b4\uc624\ub358 KB\uae08\uc735(-2.39%), \ud558\ub098\uae08\uc735\uc9c0\uc8fc(-2.14%), \uc6b0\ub9ac\uae08\uc735\uc9c0\uc8fc(-1.90%) \ub4f1 \ub300\ud615 \uc740\ud589\uc8fc\ub4e4\ub9c8\uc800 \uc77c\uc81c\ud788 \ud558\ub77d \uc804\ud658\ud55c \uac83\uc740, \uc2dc\uc7a5\uc758 \uc790\ubcf8\uc774 \uc5ec\ud0c0 \ud380\ub354\uba58\ud138 \uc6b0\ub7c9\uc8fc\ub97c \ubc84\ub9ac\uace0 \uc624\uc9c1 \ubc18\ub3c4\uccb4 \ub300\ud615\uc8fc\ub85c\ub9cc \uc9d1\uc911\ub418\ub294 \ubcd1\ubaa9 \ud604\uc0c1\uc744 \uacaa\uc5c8\uc74c\uc744 \uc2dc\uc0ac\ud55c\ub2e4<sup>4<\/sup>. \uc774\ub7ec\ud55c \ube44\uc815\uc0c1\uc801\uc778 \uc3e0\ub9bc\uc740 \uc678\ubd80\uc758 \uc791\uc740 \ucda9\uaca9\uc5d0\ub3c4 \uc2dc\uc7a5 \uc804\uccb4\uc758 \uc720\ub3d9\uc131\uc774 \uc77c\uc2dc\uc5d0 \uc99d\ubc1c\ud560 \uc218 \uc788\ub294 \uad6c\uc870\uc801 \ub1cc\uad00\uc744 \ud615\uc131\ud588\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2.2. \ubc18\ub3c4\uccb4 \uc9c0\ubd84\uc8fc\uc758 \uc790\uc0b0\uac00\uce58 \ud33d\ucc3d\uacfc \uc2dc\uac00\ucd1d\uc561 2,000\uc870 \uc6d0 \uc2dc\ub300<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\uc624\uc804 \uc7a5\uc744 \uc8fc\ub3c4\ud55c \ud575\uc2ec \ub0b4\ub7ec\ud2f0\ube0c\ub294 \ub2e8\uc21c\ud55c \ubc18\ub3c4\uccb4 \uc5c5\ud669 \uac1c\uc120\uc744 \ub118\uc5b4\uc120 &#8216;\ubc18\ub3c4\uccb4 \uc9c0\ubd84\uc8fc&#8217;\uc758 \uc5ed\uc0ac\uc801 \uc790\uc0b0 \uc7ac\ud3c9\uac00(Re-rating)\uc600\ub2e4. SK\ud558\uc774\ub2c9\uc2a4\uc758 \uc8fc\uac00\uac00 \uc624\uc804 \uc7a5\uc911 7% \uc774\uc0c1 \ud3ed\ub4f1\ud558\uba70 280\ub9cc \uc6d0\ub300(\uc774\ub978\ubc14 &#8216;280\ub9cc\ub2c9\uc2a4&#8217;)\uc5d0 \ub3c4\ub2ec\ud558\uc600\uace0, \uc774\uc5d0 \ub530\ub77c \ucf54\uc2a4\ud53c \uc5ed\uc0ac\uc0c1 \ub450 \ubc88\uc9f8\ub85c \uc2dc\uac00\ucd1d\uc561 2,000\uc870 \uc6d0 \uace0\uc9c0\ub97c \ub3cc\ud30c\ud558\ub294 \uae30\ub150\ube44\uc801 \uae30\ub85d\uc744 \uc138\uc6e0\ub2e4<sup>2<\/sup>. \uc774 \uc2dc\uc810 \uc0bc\uc131\uc804\uc790 \ubcf4\ud1b5\uc8fc \uc2dc\uac00\ucd1d\uc561(\uc57d 2,206\uc870 \uc6d0)\uacfc SK\ud558\uc774\ub2c9\uc2a4 \uc2dc\uac00\ucd1d\uc561(\uc57d 2,053\uc870 \uc6d0)\uc758 \uaca9\ucc28\ub294 153\uc870 \uc6d0 \uc218\uc900\uc73c\ub85c \ucd95\uc18c\ub418\uba70, SK\ud558\uc774\ub2c9\uc2a4\uac00 \uc0bc\uc131\uc804\uc790 \ubab8\uc9d1\uc758 90%\ub97c \ub118\uc5b4\uc11c\ub294 \ub300\ucd94\uaca9\uc804\uc774 \uc5f0\ucd9c\ub418\uc5c8\ub2e4<sup>3<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uc774 \uac70\ub300\ud55c \ubc38\ub958\uc5d0\uc774\uc158 \ud33d\ucc3d\uc740 \uace7\ubc14\ub85c \uc774\ub4e4 \uae30\uc5c5\uc758 \uc9c0\ubd84\uc744 \ubcf4\uc720\ud55c \ubaa8\uae30\uc5c5 \ubc0f \uacc4\uc5f4\uc0ac\ub85c \ud30c\uae09\ub418\uc5c8\ub2e4. SK\ud558\uc774\ub2c9\uc2a4\uc758 \ucd5c\ub300\uc8fc\uc8fc\uc778 SK\uc2a4\ud018\uc5b4\ub294 \uc7a5\uc911 188\ub9cc \uc6d0\uae4c\uc9c0 \uc624\ub974\uba70 9% \ub118\uac8c \uae09\ub4f1\ud588\uace0, \uc0bc\uc131\uc804\uc790 \uc9c0\ubd84\uc744 \ub300\uac70 \ubcf4\uc720\ud55c \uc0bc\uc131\ubb3c\uc0b0\uc740 12% \uc774\uc0c1\uc758 \ud3ed\ub4f1\uc138\ub97c \uae30\ub85d\ud588\uc73c\uba70, \uc0bc\uc131\uc0dd\uba85(9%\ub300)\uacfc \uc0bc\uc131\ud654\uc7ac \uc5ed\uc2dc \ub3d9\ubc18 \uac15\uc138\ub97c \uc2dc\ud604\ud588\ub2e4<sup>3<\/sup>. \uadf8\ub7ec\ub098 \uc774\ub7ec\ud55c \uc9c0\ubd84\uc8fc\uc758 \uae09\ub4f1\uc740 \uae30\uc5c5 \ubcf8\uc9c8\uc758 \uc601\uc5c5\uac00\uce58 \uac1c\uc120\uc774 \uc544\ub2cc \ubcf4\uc720 \uc790\uc0b0\uc758 \uc77c\uc2dc\uc801 \uc2dc\uac00 \ud3c9\uac00 \uc0c1\uc2b9\uc5d0 \uc758\uc874\ud55c \ubaa8\uba58\ud140 \ud2b8\ub808\uc774\ub529\uc758 \uc131\uaca9\uc774 \uac15\ud588\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2.3. \uae30\uad00\uc758 \uc735\ub2e8\ud3ed\uaca9\uc2dd \ub9e4\ub3c4\uc640 \uc218\uae09 \ubd95\uad34 \ub9e4\ucee4\ub2c8\uc998<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\uc218\uae09\uc758 \ud798\uc73c\ub85c \uc9c0\ud0f1\ub418\ub358 \uc0ac\uc0c1 \ucd5c\uace0\uce58 \uc9c0\uc218\ub294 \uc624\ud6c4 \ub4e4\uc5b4 \uac70\uc2dc\uc801 \uc545\uc7ac\uac00 \ucd9c\ubab0\ud558\uc790\ub9c8\uc790 \uc989\uac01\uc801\uc778 \ubd95\uad34 \uc218\uc21c\uc744 \ubc1f\uc558\ub2e4. \uc678\uad6d\uc778 \ud22c\uc790\uc790(3,800\uc5b5 \uc6d0 \uc21c\ub9e4\uc218)\uc640 \uac1c\uc778 \ud22c\uc790\uc790(4,500\uc5b5 \uc6d0 \uc21c\ub9e4\uc218)\uac00 \ubb3c\ub7c9\uc744 \ubc1b\uc544\ub0b4\ub824 \uc2dc\ub3c4\ud588\uc73c\ub098, \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc774 \ub2e8\uc228\uc5d0 7,700\uc5b5 \uc6d0 \uaddc\ubaa8\uc758 \uc555\ub3c4\uc801\uc778 \ub9e4\ubb3c \ud3ed\ud0c4\uc744 \uc3df\uc544\ub0b4\uba70 \uc2dc\uc7a5\uc758 \ud558\ub77d\uc744 \uc8fc\ub3c4\ud588\ub2e4<sup>2<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uc7a5 \ucd08\ubc18 37\ub9cc \uc6d0 \uace0\uc9c0\ub97c \ub3cc\ud30c\ud558\uba70 3% \uc774\uc0c1 \uae09\ub4f1\ud588\ub358 \uc0bc\uc131\uc804\uc790\ub294 \uae30\uad00\uc758 \ucc28\uc775\uc2e4\ud604 \ub9e4\ubb3c\uc774 \uc3df\uc544\uc9c0\uba70 \uc21c\uc2dd\uac04\uc5d0 3.45% \ubc00\ub9b0 35\ub9cc \uc6d0 \uc120(&#8217;35\ub9cc\uc804\uc790&#8217;)\uc73c\ub85c \uc8fc\uc800\uc549\uc558\uace0, 280\ub9cc \uc6d0\uc744 \ub118\uacbc\ub358 SK\ud558\uc774\ub2c9\uc2a4 \uc5ed\uc2dc \uc0c1\uc2b9\ud3ed\uc744 2%\ub300\ub85c \ub300\uac70 \ubc18\ub0a9\ud558\uba70 \uac04\uc2e0\ud788 \uac15\ubcf4\ud569\uc744 \uc720\uc9c0\ud558\ub294 \ub370 \uadf8\ucce4\ub2e4<sup>2<\/sup>. \uc54c\uace0\ub9ac\uc998\uacfc \ud504\ub85c\uadf8\ub7a8 \ub9e4\ub9e4\ub85c \uc5f0\ub3d9\ub41c \uae30\uad00\uc758 \ud328\uc2dc\ube0c \ud380\ub4dc\ub4e4\uc774 &#8216;\uc704\ud5d8 \ud68c\ud53c(Risk-off)&#8217; \uc2dc\uadf8\ub110\uc744 \uc218\uc2e0\ud558\ub294 \uc21c\uac04, \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ube44\uc911\uc774 \ube44\ub300\ud574\uc9c4 \ubc18\ub3c4\uccb4 \ud22c\ud1b1\ubd80\ud130 \uae30\uacc4\uc801\uc73c\ub85c \uccad\uc0b0\ud558\ub294 \uc720\ub3d9\uc131 \ucd95\uc18c(Liquidity Squeeze) \ub9e4\ucee4\ub2c8\uc998\uc774 \ubc1c\ub3d9\ub41c \uac83\uc774\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\uc885\ubaa9\uba85 \/ \uc9c0\uc218<\/strong><\/td><td><strong>2026\ub144 6\uc6d4 19\uc77c \uc7a5\uc911 \ucd5c\uace0\uac00 \/ \uc9c0\uc218<\/strong><\/td><td><strong>2026\ub144 6\uc6d4 19\uc77c \uc624\ud6c4 \uc9c0\ud45c (\uc624\ud6c4 1\uc2dc \uae30\uc900)<\/strong><\/td><td><strong>\uc8fc\uac00 \ud750\ub984\uc758 \uadf9\ub2e8\uc801 \ubcc0\ub3d9\ud3ed<\/strong><\/td><\/tr><tr><td><strong>KOSPI \uc9c0\uc218<\/strong><\/td><td>9,385.59<\/td><td>8,893.93<\/td><td>\ucd5c\uace0\uce58 \uacbd\uc2e0 \ud6c4 -1.83% \uae09\ub77d \uc804\ud658<\/td><\/tr><tr><td><strong>KOSDAQ \uc9c0\uc218<\/strong><\/td><td>1,001.40 (\uc7a5 \ucd08\ubc18 1,000\uc120 \ub3cc\ud30c)<\/td><td>949.98<\/td><td>-5.09% \ud3ed\ub77d (1,000\uc120 \ubd95\uad34)<\/td><\/tr><tr><td><strong>\uc0bc\uc131\uc804\uc790<\/strong><\/td><td>370,000 \uc6d0 \ub3cc\ud30c (3%\ub300 \uc0c1\uc2b9)<\/td><td>350,000 \uc6d0 \ub0b4\uc678 (-3.45%)<\/td><td>\uc2e0\uace0\uac00 \uacbd\uc2e0 \ud6c4 \ud558\ub77d \ubc18\uc804 (\uc57d 6.5% \uc9c4\ud3ed)<\/td><\/tr><tr><td><strong>SK\ud558\uc774\ub2c9\uc2a4<\/strong><\/td><td>2,820,000 \uc6d0 \uc774\uc0c1 (7%\ub300 \ud3ed\ub4f1)<\/td><td>\uc0c1\uc2b9\ud3ed \ucd95\uc18c (2%\ub300 \uc720\uc9c0)<\/td><td>\uc2dc\ucd1d 2,000\uc870 \uc6d0 \ub3cc\ud30c \ud6c4 \uc0c1\uc2b9\ubd84 \ub300\uac70 \ubc18\ub0a9<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\ub370\uc774\ud130 \uae30\uc900: 2026\ub144 6\uc6d4 19\uc77c 09:41 ~ 13:13 \uc0ac\uc774 \ubcf4\ub3c4\ub41c \uc2e4\uc2dc\uac04 \uc2dc\ud669 \uc885\ud569<sup>1<\/sup><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>3. \uac70\uc2dc\uacbd\uc81c \ucda9\uaca9 I: \uc911\ub3d9 \ud3c9\ud654 \ud611\uc0c1 \uc9c0\uc5f0\uacfc \ub9e4\ud06c\ub85c \ubd88\ud655\uc2e4\uc131<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\uae30\uad00\uc758 \ub300\uaddc\ubaa8 \ub9e4\ub3c4\uc138\ub97c \ucd09\ubc1c\ud55c 1\ucc28\uc801 \uc678\uc0dd \ubcc0\uc218\ub294 \uc911\ub3d9 \ubc1c \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c\uc758 \uc7ac\uc810\ud654\uc600\ub2e4. \ubbf8\uad6d\uacfc \uc774\ub780 \uc591\uad6d \ub300\ud1b5\ub839\uc774 \ud638\ub974\ubb34\uc988 \ud574\ud611 \uac1c\ubc29\uacfc \ub300\uc774\ub780 \ud574\uc0c1\ubd09\uc1c4 \ud574\uc81c \ub4f1\uc5d0 \uc804\uaca9 \ud569\uc758\ud558\ub294 \uc885\uc804 \uc591\ud574\uac01\uc11c(MOU)\uc5d0 \uc11c\uba85\ud588\uc73c\ub098<sup>7<\/sup>, \ubc14\ub85c \uadf8 \uc774\ud2bf\ub0a0 \uad6c\uccb4\uc801 \uc774\ud589\uc744 \uc704\ud55c \ud575\uc2ec \uc2e4\ubb34 \uc678\uad50 \uc77c\uc815\uc774 \ubb34\uc0b0\ub418\uba70 \uae00\ub85c\ubc8c \uae08\uc735\uc2dc\uc7a5\uc5d0 \uc9d9\uc740 \ubd88\ud655\uc2e4\uc131\uc744 \ub4dc\ub9ac\uc6e0\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3.1. J.D. \ubc34\uc2a4 \ubbf8\uad6d \ubd80\ud1b5\ub839\uc758 \uc2a4\uc704\uc2a4 \ud68c\ub2f4 \uc804\uaca9 \uc5f0\uae30<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\ubbf8\uad6d \ubc31\uc545\uad00\uc740 18\uc77c(\ud604\uc9c0\uc2dc\uac04) \uc800\ub141, \uc774\ub780\uacfc\uc758 \ud575 \ud611\uc0c1 \ud6c4\uc18d \uc2e4\ubb34 \ud611\uc758\ub97c \uc704\ud574 \uc2a4\uc704\uc2a4\ub85c \ucd9c\uad6d\ud558\ub824\ub358 J.D. \ubc34\uc2a4 \ubd80\ud1b5\ub839\uc758 \ubc29\ubb38 \uc77c\uc815\uc744 \uc804\uaca9 \uc5f0\uae30\ud55c\ub2e4\uace0 \ubc1c\ud45c\ud588\ub2e4<sup>1<\/sup>. \ub2f9\ucd08 \ubbf8\uad6d \ub300\ud45c\ub2e8\uc740 \ubaa8\ud558\ub9c8\ub4dc \ubc14\uac8c\ub974 \uac08\ub9ac\ubc14\ud504 \uc774\ub780 \uc758\ud68c \uc758\uc7a5\uc744 \ube44\ub86f\ud55c \uc774\ub780 \uce21 \ub300\ud45c\ub2e8\uacfc 19\uc77c \uc2a4\uc704\uc2a4\uc758 \ud734\uc591\uc9c0 \ubdd4\ub974\uac90\uc288\ud1a0\ud06c\uc5d0\uc11c \ub9cc\ub098, MOU\uc758 \uc138\ubd80 \uc774\ud589 \ubc29\uc548 \ubc0f \uc774\ub780 \uc81c\uc7ac \ud574\uc81c \ubb38\uc81c\ub97c \uc870\uc728\ud560 \uc608\uc815\uc774\uc5c8\ub2e4<sup>8<\/sup>. \ubc34\uc2a4 \ubd80\ud1b5\ub839 \ubcf8\uc778\uc774 \uc9c1\uc811 &#8220;\uc774\ub780\uacfc\uc758 \ud569\uc758\uc5d0 \ub530\ub978 60\uc77c\uac04\uc758 \ud611\uc0c1 \uae30\uac04\uc774 \uacf5\uc2dd\uc801\uc73c\ub85c \uc624\ub298 \uc2dc\uc791\ub410\ub2e4&#8221;\uace0 \uc120\uc5b8\ud558\uba70 8\uc6d4 16\uc77c\uae4c\uc9c0\uc758 \ud611\uc0c1 \ud0c0\uc784\ub77c\uc778\uc744 \uc81c\uc2dc\ud55c \uc0c1\ud669\uc774\uc5c8\uae30\uc5d0, \ucd9c\uad6d \uc9c1\uc804\uc758 \uc804\uaca9\uc801\uc778 \ubcf4\ub958 \uacb0\uc815\uc740 \uc2dc\uc7a5\uc5d0 \ucee4\ub2e4\ub780 \ub2f9\ud639\uac10\uc744 \uc548\uacbc\ub2e4<sup>8<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ubc31\uc545\uad00\uc740 \uc131\uba85\uc744 \ud1b5\ud574 &#8220;\uc2e4\ubb34 \ub300\ud654\ub97c \uc704\ud55c \uacc4\ud68d\uc774 \uc544\uc9c1 \ud655\uc815\ub418\uc9c0 \uc54a\uc558\uc73c\uba70, \uc774\ub7f0 \ud611\uc0c1\uc758 \uc2e4\ubb34\uc801 \uc870\uc728\uc740 \uacb0\ucf54 \uc27d\uac70\ub098 \uc608\uce21 \uac00\ub2a5\ud55c \uc801\uc774 \uc5c6\uc5c8\ub2e4&#8221;\uace0 \ud574\uba85\ud558\uba70 \uc0ac\ud0dc\uc758 \ubcf5\uc7a1\uc131\uc744 \uc6b0\ud68c\uc801\uc73c\ub85c \uc2dc\uc778\ud588\ub2e4<sup>8<\/sup>. \uc774\ub294 \uc885\uc804 \ud569\uc758\ub77c\ub294 \uad75\uc9c1\ud55c \ud504\ub808\uc784\uc6cc\ud06c \uc544\ub798\uc5d0\uc11c \ud575 \uc0ac\ucc30, \ub3d9\uacb0\uc790\uc0b0 \ubb38\uc81c \ub4f1 \ubbfc\uac10\ud55c \uc7c1\uc810\ub4e4\uc744 \uc870\uc728\ud558\ub294 \uacfc\uc815\uc774 \uacb0\ucf54 \uc21c\ud0c4\uce58 \uc54a\uc74c\uc744 \uc554\uc2dc\ud55c\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3.2. \ub808\ubc14\ub17c-\uc774\uc2a4\ub77c\uc5d8 \ub300\ub9ac\uc804\uacfc \uc774\ub780\uc758 \uc678\uad50\uc801 \uac15\uacbd \ub178\uc120<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\ubbf8\uad6d \uce21\uc740 \ud45c\uba74\uc801\uc73c\ub85c &#8216;\uc2e4\ubb34\uc801 \uc900\ube44 \ubbf8\ube44&#8217;\ub97c \uc5f0\uae30 \uc0ac\uc720\ub85c \ub4e4\uc5c8\uc73c\ub098, \uc2e4\uc9c8\uc801\uc778 \ud30c\ud589\uc758 \uc6d0\uc778\uc740 \uc774\uc2a4\ub77c\uc5d8\uacfc \ub808\ubc14\ub17c \uac04\uc758 \ubb34\ub825 \ucda9\ub3cc\uc774\ub77c\ub294 \uc9c0\uc815\ud559\uc801 \uc554\ucd08\uc5d0 \uae30\uc778\ud55c\ub2e4. \uc544\ub78d\uad8c \ubc0f \uc774\ub780 \ud604\uc9c0 \uc5b8\ub860 \ubcf4\ub3c4\uc5d0 \ub530\ub974\uba74, \uc774\ub780 \ub300\ud45c\ub2e8\uc740 \ub2f9\ucd08 60\uc77c \ud611\uc0c1 \uc808\ucc28\uc5d0 \ub530\ub978 \uccab \ubc88\uc9f8 \ud68c\ub2f4\uc744 \uc704\ud574 \ucd9c\uad6d\ud560 \ucc44\ube44\ub97c \ub9c8\ucce4\uc73c\ub098 \ucd5c\uc885 \ub2e8\uacc4\uc5d0\uc11c \uc2a4\uc704\uc2a4 \ubc29\ubb38\uc744 \uc77c\ubc29\uc801\uc73c\ub85c \ubcf4\ub958\ud588\ub2e4<sup>8<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ub808\ubc14\ub17c \ub0b4 \uce5c\uc774\ub780 \ubb34\uc7a5\uc815\ud30c\uc778 \ud5e4\uc988\ubcfc\ub77c\uc640 \uc5f0\uacc4\ub41c \uc54c\ub9c8\uc57c\ub518 \ubc29\uc1a1\uc758 \uc18c\uc2dd\ud1b5 \uc778\uc6a9 \ubcf4\ub3c4\uc5d0 \ub530\ub974\uba74, \uc774\ub780\uc740 \ub808\ubc14\ub17c \uc601\ud1a0 \uc548\ucabd 10km \uc9c0\uc810\uae4c\uc9c0 \ubc00\uace0 \ub4e4\uc5b4\uc628 \uc774\uc2a4\ub77c\uc5d8\uc758 \uad70\uc0ac\uc791\uc804\uc744 \ubbf8\uad6d-\uc774\ub780 \uac04 \uc885\uc804 MOU\uc5d0 \ub300\ud55c \uba85\ubc31\ud55c \uc704\ubc18 \ud589\uc704\ub85c \uaddc\uc815\ud588\ub2e4<sup>8<\/sup>. \uc774\ub780\uc740 \ubbf8\uad6d\uacfc \uc911\uc7ac\uad6d\ub4e4\uc744 \ud5a5\ud574 &#8220;\ub808\ubc14\ub17c \ubb38\uc81c\uac00 \ud611\uc0c1\uc744 \uacc4\uc18d\ud560\uc9c0 \uc911\ub2e8\ud560\uc9c0 \uacb0\uc815\ud558\ub294 \ud575\uc2ec \uae30\uc900\uc774 \ub420 \uac83&#8221;\uc774\ub77c\uace0 \uac15\ub825\ud788 \ud1b5\ubcf4\ud558\uba70, \uc774\uc2a4\ub77c\uc5d8\uc758 \uad70\uc0ac \ud589\ub3d9\uc744 \uc81c\uc5b4\ud558\uc9c0 \ubabb\ud558\ub294 \ubbf8\uad6d\uc758 \ud611\uc0c1 \ub2a5\ub825\uc744 \uc815\uba74\uc73c\ub85c \uc555\ubc15\ud588\ub2e4<sup>8<\/sup>. \uc774\ub780 \uad00\uc601 \ud0c0\uc2a4\ub2d8 \ud1b5\uc2e0 \uc5ed\uc2dc \uc774\ub780 \ub300\ud45c\ub2e8\uc758 \ubc29\ubb38\uacfc \uad00\ub828\ud574 &#8220;\uc544\ubb34\uac83\ub3c4 \ud655\uc815\ub41c \uac83\uc774 \uc5c6\ub2e4&#8221;\uba70 \uac15\uacbd\ud55c \uc785\uc7a5\uc744 \uace0\uc218\ud588\uace0, \ud30c\ud0a4\uc2a4\ud0c4\uc758 \uc170\ubc14\uc988 \uc0e4\ub9ac\ud504 \ucd1d\ub9ac \ub4f1 \uc8fc\uc694 \uc911\uc7ac\uad6d \ub300\ud45c\ub4e4\ub9c8\uc800 \uc77c\uc815\uc744 \uc5f0\uae30\ud558\uba70 \uc0ac\ud0dc\ub294 \uc678\uad50\uc801 \uad50\ucc29 \uc0c1\ud0dc\ub85c \ube60\uc838\ub4e4\uc5c8\ub2e4<sup>8<\/sup>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3.3. \uc911\ub3d9 \ub9ac\uc2a4\ud06c\uac00 \ubc18\ub3c4\uccb4 \ubc38\ub958\uc5d0\uc774\uc158\uc5d0 \ubbf8\uce58\ub294 \uac70\uc2dc\uacbd\uc81c\uc801 \uacbd\ub85c<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\uc2a4\uc704\uc2a4 \ud6c4\uc18d \ud611\uc0c1\uc758 \ud30c\ud589\uc740 \ub2e8\uc21c\ud55c \uc678\uad50\uc801 \ub9c8\ucc30\ub85c \ub05d\ub098\uc9c0 \uc54a\uace0, \uae00\ub85c\ubc8c \uae08\uc735\uc2dc\uc7a5\uc758 \uac70\uc2dc\uacbd\uc81c \ud380\ub354\uba58\ud138\uc744 \uc9c1\uc811\uc801\uc73c\ub85c \ud0c0\uaca9\ud558\ub294 \ud30c\ub3d9\uc744 \uc0dd\uc131\ud55c\ub2e4. \uc2dc\uc7a5\uc740 \ub2f9\ucd08 \ubbf8\uad6d-\uc774\ub780 \uc885\uc804 \ud569\uc758\ub97c \ud1b5\ud574 \ud638\ub974\ubb34\uc988 \ud574\ud611\uc758 \uc644\uc804\ud55c \uac1c\ubc29\uacfc \uc548\uc815\uc801\uc778 \uc6d0\uc720 \uc218\uc1a1\ub9dd \ud655\ubcf4\ub97c \uae30\ub300\ud588\ub2e4. \uc5d0\ub108\uc9c0 \uac00\uaca9\uc758 \ud558\ub77d\uc740 \uae00\ub85c\ubc8c \uc778\ud50c\ub808\uc774\uc158 \uc555\ub825\uc744 \uc644\ud654\ud558\uace0, \uc774\ub294 \uace7 \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\uc758 \uae30\uc900\uae08\ub9ac \uc778\ud558 \uc2a4\ucf00\uc904\uc744 \uc55e\ub2f9\uae38 \uac83\uc774\ub77c\ub294 \ub099\uad00\ub860\uc758 \ud1a0\ub300\uc600\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uadf8\ub7ec\ub098 \ub808\ubc14\ub17c\uc744 \ub9e4\uac1c\ub85c \ud55c \uc911\ub3d9 \uac08\ub4f1\uc758 \uc7ac\uc810\ud654\ub294 \uad6d\uc81c \uc720\uac00\uc758 \uc0c1\ubc29 \uc555\ub825\uc744 \uc7ac\uc790\uadf9\ud558\uba70, &#8216;\ub048\uc801\ud55c \uc778\ud50c\ub808\uc774\uc158(Sticky Inflation)&#8217;\uc758 \uacf5\ud3ec\ub97c \ub2e4\uc2dc \uc18c\ud658\ud588\ub2e4. \uac70\uc2dc \uc790\ubcf8(Macro Capital)\uc758 \uad00\uc810\uc5d0\uc11c, \ubb3c\uac00 \uc0c1\uc2b9 \uc555\ub825\uc758 \uc7ac\ud604\uc740 \uc2e4\uc9c8 \uae08\ub9ac\uc758 \uace0\uacf5\ud589\uc9c4\uc744 \uc758\ubbf8\ud55c\ub2e4. \ubc18\ub3c4\uccb4 \ubc0f \ud14c\ud06c \uc0b0\uc5c5\uacfc \uac19\uc740 \uc7a5\uae30 \ub4c0\ub808\uc774\uc158(Long-duration) \uc131\uc7a5\uc8fc\uc758 \uac00\uce58 \ud3c9\uac00\ub294 \ubbf8\ub798 \ud604\uae08\ud750\ub984\uc744 \ud560\uc778\ud558\ub294 \ud560\uc778\uc728(Discount Rate)\uc5d0 \uc808\ub300\uc801\uc73c\ub85c \uc758\uc874\ud55c\ub2e4. \ub530\ub77c\uc11c <math data-latex=\"P = \\frac{CF}{{(r-g)}} \\text(\ub2e8 r\uc740 \ud560\uc778\uc728)\"><semantics><mrow><mi>P<\/mi><mo>=<\/mo><mfrac><mrow><mi>C<\/mi><mi>F<\/mi><\/mrow><mrow><mo form=\"prefix\" stretchy=\"false\" lspace=\"0em\" rspace=\"0em\">(<\/mo><mi>r<\/mi><mo>\u2212<\/mo><mi>g<\/mi><mo form=\"postfix\" stretchy=\"false\" lspace=\"0em\" rspace=\"0em\">)<\/mo><\/mrow><\/mfrac><mtext>(<\/mtext><mtext>\ub2e8<\/mtext><mi>r<\/mi><mtext>\uc740<\/mtext><mtext>\ud560<\/mtext><mtext>\uc778<\/mtext><mtext>\uc728<\/mtext><mo form=\"postfix\" stretchy=\"false\">)<\/mo><\/mrow><annotation encoding=\"application\/x-tex\">P = \\frac{CF}{{(r-g)}} \\text(\ub2e8 r\uc740 \ud560\uc778\uc728)<\/annotation><\/semantics><\/math>\uc758 \uae30\ubcf8 \uac00\uce58\ud3c9\uac00 \ubaa8\ud615\uc5d0\uc11c \uae08\ub9ac \uc0c1\uc2b9 \uc704\ud5d8\uc758 \uc99d\uac00\ub294 \ubd84\ubaa8\ub97c \ud0a4\uc6cc \uc8fc\uac00\ub97c \uae30\uacc4\uc801\uc73c\ub85c \ub04c\uc5b4\ub0b4\ub9b0\ub2e4. \uc624\uc804 \ub0b4\ub0b4 \ub7a0\ub9ac\ub97c \ud3bc\uce58\ub358 \uc678\uad6d\uc778 \ubc0f \uae30\uad00\uc758 \ucc28\uc775\uc2e4\ud604 \ubb3c\ub7c9\uc774 \uc2a4\uc704\uc2a4 \ud68c\ub2f4 \uc5f0\uae30 \ubcf4\ub3c4 \uc2dc\uc810\uc744 \uc804\ud6c4\ub85c \ud3ed\ud3ec\uc218\ucc98\ub7fc \uc3df\uc544\uc9c4 \uac83\uc740 \uc774\uc640 \uac19\uc740 \uac70\uc2dc\uc801 \ud560\uc778\uc728 \uc7ac\ud3c9\uac00 \uc54c\uace0\ub9ac\uc998\uc774 \uc791\ub3d9\ud55c \ud544\uc5f0\uc801 \uacb0\uacfc\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4. \uac70\uc2dc\uacbd\uc81c \ucda9\uaca9 II: \ud2b8\ub7fc\ud504\uc758 &#8216;\uc774\ub780 \ub2e4\uc74c\uc740 \ubd81\ud55c&#8217; \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4 \uae09\ub4f1<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\uc911\ub3d9\uc758 \uc678\uad50\uc801 \uad50\ucc29 \uc0c1\ud0dc\uac00 \uae00\ub85c\ubc8c \uac70\uc2dc \ud658\uacbd\uc758 \ud560\uc778\uc728\uc744 \ub192\uc600\ub2e4\uba74, \uc624\ud6c4 \uc7a5\uc758 \ud3ed\ub77d\uc744 \ud55c\uad6d \uc2dc\uc7a5 \ud2b9\uc720\uc758 \ucda9\uaca9\uc73c\ub85c \uc2ec\ud654\uc2dc\ud0a8 \uacb0\uc815\uc801 \uc694\uc778\uc740 \ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504 \ubbf8\uad6d \ub300\ud1b5\ub839\uc774 \ucd09\ubc1c\ud55c &#8216;\ub300\ubd81 \uc9c0\uc815\ud559\uc801 \uc5b4\uc820\ub2e4&#8217;\uc758 \ubd80\uc0c1\uc774\ub2e4. \uc678\uad6d\uc778 \ubc0f \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc5d0\uac8c \uc774\ub294 \ud55c\uad6d\uc758 &#8216;\ucf54\ub9ac\uc544 \ub514\uc2a4\uce74\uc6b4\ud2b8(Korea Discount)&#8217;\ub97c \uac15\uc81c\ub85c \uac01\uc778\uc2dc\ud0a4\uace0 \uad6d\uac00 \ub2e8\uc704\uc758 \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4(Geopolitical Risk Premium)\uc744 \uc989\uac01\uc801\uc73c\ub85c \uc0c1\ud5a5 \uc870\uc815\ud558\ub294 \ubc29\uc544\uc1e0\uac00 \ub418\uc5c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4.1. \ud2b8\ub8e8\uc2a4\uc18c\uc15c \uc0ac\uc9c4 \uac8c\uc7ac\uac00 \uc554\uc2dc\ud558\ub294 \uc815\uce58\u00b7\uc678\uad50\uc801 \uc2dc\uadf8\ub110<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\ud2b8\ub7fc\ud504 \ub300\ud1b5\ub839\uc740 \uc774\ub780\uacfc\uc758 \uc885\uc804 \ubc0f \ube44\ud575\ud654 \ud569\uc758 MOU\ub97c \uacf5\uac1c\ud55c \uc9c1\ud6c4, \uc790\uc2e0\uc758 \uc18c\uc15c\ubbf8\ub514\uc5b4\uc778 &#8216;\ud2b8\ub8e8\uc2a4\uc18c\uc15c(Truth Social)&#8217;\uc5d0 \uc5b4\ub5a0\ud55c \uc124\uba85\uc801 \ud14d\uc2a4\ud2b8\ub3c4 \uc5c6\uc774 \uacfc\uac70 2018\ub144 \uc2f1\uac00\ud3ec\ub974 \ubbf8\u00b7\ubd81 1\ucc28 \uc815\uc0c1\ud68c\ub2f4 \ub2f9\uc2dc \uae40\uc815\uc740 \ubd81\ud55c \uad6d\ubb34\uc704\uc6d0\uc7a5\uacfc \ub098\ub780\ud788 \uac77\ub294 \uc0ac\uc9c4\uc744 \uc804\uaca9\uc801\uc73c\ub85c \uc5c5\ub85c\ub4dc\ud588\ub2e4<sup>14<\/sup>. \uc678\uad50\uac00\uc640 \uc9c0\uc815\ud559 \uc548\ubcf4 \uc804\ubb38\uac00\ub4e4\uc740 \uc774 \uce68\ubb35\uc758 \uc0ac\uc9c4\uc774 \ub358\uc9c0\ub294 \uc815\uce58\uc801 \ud30c\uc7a5\uc744 \uadf9\ud788 \uc911\ub300\ud558\uac8c \ubc1b\uc544\ub4e4\uc774\uace0 \uc788\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uc774\ud654\uc5ec\uc790\ub300\ud559\uad50 \ubd81\ud55c\ud559\uacfc \ubc15\uc6d0\uace4 \uad50\uc218\uc640\uc758 19\uc77c\uc790 \uc5b8\ub860 \uc778\ud130\ubdf0\uc5d0 \ub530\ub974\uba74, \uc774 \uc0ac\uc9c4\uc758 \uac8c\uc7ac\ub294 \ub450 \uac00\uc9c0 \uba85\ud655\ud55c \uc758\ubbf8\ub97c \uc9c0\ub2c8\uace0 \uc788\ub2e4<sup>14<\/sup>. \uccab\uc9f8\ub294 \ubbf8\uad6d \uad6d\ub0b4 \uc815\uce58\uc6a9 \uba54\uc2dc\uc9c0\ub85c, \uacfc\uac70 \ubc84\ub77d \uc624\ubc14\ub9c8 \ud589\uc815\ubd80 \ub4f1 \ubbfc\uc8fc\ub2f9 \uc815\uad8c\uc774 \uc804\ud600 \ud574\uacb0\ud558\uc9c0 \ubabb\ud55c \ubd81\ud575 \ubc0f \uc801\uc131\uad6d \ubb38\uc81c\ub97c \uc790\uc2e0\uc740 \uc9c1\uc811 \ub300\uba74 \uc678\uad50\ub97c \ud1b5\ud574 \ud1b5\uc81c\ud560 \uc218 \uc788\ub2e4\ub294 \ub9ac\ub354\uc2ed \uacfc\uc2dc\uc758 \ubaa9\uc801\uc774\ub2e4<sup>14<\/sup>. \ub458\uc9f8, \uc774\ub780\uc774\ub77c\ub294 \ucd5c\ub300 \uc9c0\uc815\ud559\uc801 \uc219\uc81c\ub97c \ud569\uc758\ub85c \uc774\ub048 \uc0c1\ud669\uc5d0\uc11c, \ubbf8\uad6d \ub300\uc678 \uc815\ucc45\uc758 \ub2e4\uc74c \uc870\uc900\uacbd(Next Target)\uc774 \ubd81\ud55c\uc744 \ud5a5\ud558\uace0 \uc788\uc74c\uc744 \uba85\ubc31\ud788 \uc2dc\uc0ac\ud558\ub294 &#8216;\uc774\ub780 \ub2e4\uc74c\uc740 \ubd81\ud55c&#8217;\uc774\ub77c\ub294 \ub258\uc559\uc2a4\ub2e4<sup>14<\/sup>. \ud2b8\ub7fc\ud504 \ub300\ud1b5\ub839\uc740 \uc7ac\uc120\uc5d0 \uc131\uacf5\ud558\uc5ec \ub354 \uc774\uc0c1 \uc815\uce58\uc801 \uc81c\uc57d\uc774 \uc5c6\ub294 \ub9c8\uc9c0\ub9c9 \uc784\uae30\ub97c \uc218\ud589 \uc911\uc774\ubbc0\ub85c, \uc138\uacc4\uc801\uc73c\ub85c \uc720\uc77c\ud558\uac8c \ubbf8\ud574\uacb0 \uc0c1\ud0dc\uc778 &#8216;\ubd81\ud575 \ubb38\uc81c&#8217;\ub97c \uc885\uacb0\uc9c0\uc5b4 \uc790\uc2e0\uc758 \ud655\uace0\ud55c \ub808\uac70\uc2dc(\uc5ed\uc0ac\uc801 \uc720\uc0b0)\ub85c \ub0a8\uae30\uace0\uc790 \ud558\ub294 \uc5f4\ub9dd\uc774 \uadf8 \uc5b4\ub290 \ub54c\ubcf4\ub2e4 \uac15\ub825\ud55c \uc0c1\ud669\uc774\ub2e4<sup>14<\/sup>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4.2. \u7f8e \uad6d\ubb34\ubd80\uc758 &#8216;\ubd81\ud55c \ube44\ud575\ud654 \uc6b0\uc120\uc21c\uc704 \uaca9\uc0c1&#8217; \uacf5\uc2dd\ud654\uc640 \ub300\ubd81 \uae30\uc870<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\ud2b8\ub7fc\ud504 \ub300\ud1b5\ub839\uc758 SNS\uac00 \uc554\uc2dc\ud55c \ub300\ubd81 \uc9c0\uc815\ud559\uc801 \uc5b4\uc820\ub2e4\uc758 \ubd80\uc0c1\uc740 18\uc77c(\ud604\uc9c0\uc2dc\uac04) \uc6cc\uc2f1\ud134DC\uc5d0\uc11c \uc5f4\ub9b0 \uacf5\uc2dd \ud3ec\ub7fc\uc744 \ud1b5\ud574 \uc0ac\uc2e4\ub85c \ud655\uc778\ub418\uc5c8\ub2e4. \ub370\uc774\ube44\ub4dc \uc70c\ub808\uc878 \ubbf8 \uad6d\ubb34\ubd80 \ud55c\uad6d\u00b7\uc77c\ubcf8\u00b7\ubabd\uace8 \ub2f4\ub2f9 \ubd80\ucc28\uad00\ubcf4\ub294 \ubbfc\uad00 \uc815\ucc45 \ud50c\ub7ab\ud3fc \ud2b8\ub77c\uc774\ud3ec\ub7fc\uc774 \uac1c\ucd5c\ud55c \ud589\uc0ac\uc5d0\uc11c &#8220;\ubd81\ud55c \ube44\ud575\ud654\ub294 \ud2b8\ub7fc\ud504 \ud589\uc815\ubd80\uc758 \uc6b0\uc120\uc21c\uc704 \ubaa9\ub85d\uc5d0\uc11c \ub9e4\uc6b0 \ub192\uc740 \uc704\uce58\uc5d0 \uc788\ub2e4&#8221;\uace0 \uacf5\uc2dd\uc801\uc73c\ub85c \ucc9c\uba85\ud588\ub2e4<sup>15<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uc774\ub294 \ud2b8\ub7fc\ud504 \ud589\uc815\ubd80 \ub0b4\uc5d0\uc11c \uc774\ub904\uc9c0\ub294 \ubd81\ud55c \uad00\ub828 \ub17c\uc758\uc758 \uc911\uc2ec\ucd95\uc774 \ubd81\ud55c\uc758 \uccb4\uc81c \uc778\uc815\uc774\ub098 \uad70\ucd95\uc774 \uc544\ub2cc &#8216;\uba85\ubc31\ud55c \ube44\ud575\ud654&#8217;\uc5d0 \ub9de\ucdb0\uc838 \uc788\uc74c\uc744 \uc758\ubbf8\ud55c\ub2e4. \ub098\uc544\uac00 \uc70c\ub808\uc878 \ubd80\ucc28\uad00\ubcf4\ub294 &#8220;\uc6b0\ub9ac\ub294 \uae40\uc815\uc740 \uad6d\ubb34\uc704\uc6d0\uc7a5\uc774 \ub300\ud654\ud560 \uc900\ube44\uac00 \ub418\uba74 \ud2b8\ub7fc\ud504 \ud589\uc815\ubd80\ub3c4 \uc5b8\uc81c\ub4e0 \ub300\ud654\ud560 \uc900\ube44\uac00 \ub3fc \uc788\ub2e4\ub294 \uc810\uc744 \ub9e4\uc6b0 \ubd84\uba85\ud788 \ubc1d\ud600\uc654\ub2e4&#8221;\uba70 \ub300\ud654\uc758 \ubb38\uc744 \uc5f4\uc5b4\ub450\uba74\uc11c\ub3c4, \uacb0\uc815\uc801\uc73c\ub85c \ub300\ud654\uac00 \uc2dc\uc791\ub418\uae30 \uc804\uae4c\uc9c0\ub294 &#8216;\ud798\uc744 \ud1b5\ud55c \ud3c9\ud654(Peace through Strength)&#8217; \uae30\uc870 \uc544\ub798 \uac15\ub825\ud55c \uc81c\uc7ac\uc640 \uc555\ubc15\uc744 \uc9c0\uc18d\ud560 \uac83\uc784\uc744 \uac70\ub4ed \uac15\uc870\ud588\ub2e4<sup>15<\/sup>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4.3. &#8216;\ud798\uc744 \ud1b5\ud55c \ud3c9\ud654&#8217;\uac00 \uc720\ubc1c\ud558\ub294 \ucf54\ub9ac\uc544 \ub514\uc2a4\uce74\uc6b4\ud2b8 \ud3ed\ubc1c<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\uae08\uc735\uc2dc\uc7a5\uc758 \uad00\uc810\uc5d0\uc11c \uac00\uc7a5 \uce58\uba85\uc801\uc778 \ub300\ubaa9\uc740 \ud2b8\ub7fc\ud504 \ud589\uc815\ubd80\uac00 \ub0b4\uc138\uc6b4 &#8216;\ud798\uc744 \ud1b5\ud55c \ud3c9\ud654&#8217;\ub77c\ub294 \uc815\ucc45 \uae30\uc870\uc758 \ubcf8\uc9c8\uc774\ub2e4. \uae40\uc815\uc740 \uc704\uc6d0\uc7a5\uc744 \ub300\ud654 \ud14c\uc774\ube14\ub85c \ub04c\uc5b4\ub0b4\uae30 \uc704\ud574 \ubbf8\uad6d\uc740 \ubd81\ud55c\uc744 \uacbd\uc81c\uc801, \uad70\uc0ac\uc801\uc73c\ub85c \uadf9\ub3c4\uc5d0 \ub2ec\ud560 \ub54c\uae4c\uc9c0 \uc555\ubc15\ud560 \uac00\ub2a5\uc131\uc774 \ub192\ub2e4. \ubd81\ud55c \uc5ed\uc2dc \ud575 \ud3ec\uae30\ub97c \uc808\ub300 \uc218\uc6a9\ud560 \uc218 \uc5c6\ub2e4\ub294 \uc785\uc7a5\uc744 \uace0\uc218 \uc911\uc778 \ub9cc\ud07c, \ubbf8\u00b7\ubd81 \ub300\ud654\uac00 \uc7ac\uac1c\ub418\uae30 \uc804\uae4c\uc9c0 \ud55c\ubc18\ub3c4 \uc8fc\ubcc0\uc758 \uad70\uc0ac\uc801 \ud150\uc158\uacfc \uad6d\uc9c0\uc801 \ub3c4\ubc1c \uc704\ud611\uc740 \uc5ed\ub300 \ucd5c\uace0\uc870\uc5d0 \ub2ec\ud560 \uc218\ubc16\uc5d0 \uc5c6\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ud22c\uc790\uc758 \uc138\uacc4\uc5d0\uc11c \uac00\uce58\ud3c9\uac00 \uacf5\uc2dd\uc740<math data-latex=\"P = \\frac{CF}{(r + \\text{RP}{geo} - g)}\"><semantics><mrow><mi>P<\/mi><mo>=<\/mo><mfrac><mrow><mi>C<\/mi><mi>F<\/mi><\/mrow><mrow><mo form=\"prefix\" stretchy=\"false\" lspace=\"0em\" rspace=\"0em\">(<\/mo><mi>r<\/mi><mo>+<\/mo><mtext>RP<\/mtext><mrow><mi>g<\/mi><mi>e<\/mi><mi>o<\/mi><\/mrow><mo>\u2212<\/mo><mi>g<\/mi><mo form=\"postfix\" stretchy=\"false\" lspace=\"0em\" rspace=\"0em\">)<\/mo><\/mrow><\/mfrac><\/mrow><annotation encoding=\"application\/x-tex\">P = \\frac{CF}{(r + \\text{RP}{geo} &#8211; g)}<\/annotation><\/semantics><\/math>\ub85c \ud655\uc7a5\ub420 \uc218 \uc788\ub2e4. \uc5ec\uae30\uc11c <math data-latex=\"RPgeo\"><semantics><mrow><mi>R<\/mi><mi>P<\/mi><mi>g<\/mi><mi>e<\/mi><mi>o<\/mi><\/mrow><annotation encoding=\"application\/x-tex\">RPgeo<\/annotation><\/semantics><\/math>\ub294 \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4\uc744 \ub73b\ud55c\ub2e4. \uc678\uad6d\uc778 \ud22c\uc790\uc790\uc640 \uae00\ub85c\ubc8c \ud380\ub4dc\ub9e4\ub2c8\uc800\ub4e4\uc758 \uc5d1\uc140 \ubaa8\ub378\uc5d0 \ubd81\ud575 \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4\uc774 \uae09\uaca9\ud788 \uac00\uc0b0\ub418\ub294 \uc21c\uac04, \uc0bc\uc131\uc804\uc790\uc640 SK\ud558\uc774\ub2c9\uc2a4\uc758 \ubbf8\ub798 \uc774\uc775(CF)\uc774 \uc544\ubb34\ub9ac \ub6f0\uc5b4\ub098\ub3c4 \ubc38\ub958\uc5d0\uc774\uc158(P)\uc740 \ud3ed\ub77d\ud558\uac8c \ub41c\ub2e4. \ud2b8\ub7fc\ud504\uc758 \uc608\uce21\ud560 \uc218 \uc5c6\ub294 \ubcbc\ub791 \ub05d \uc804\uc220(Brinkmanship)\uacfc \ubd81\ud55c \ubc1c \uc9c0\uc815\ud559\uc801 \uc704\uae30 \uace0\uc870 \uac00\ub2a5\uc131\uc740 \ud55c\uad6d \uc99d\uc2dc\uc5d0 \uadfc\ubcf8\uc801\uc778 \uc790\ubcf8 \uc774\ud0c8(Flight to Quality) \uba85\ubd84\uc744 \uc81c\uacf5\ud588\uc73c\uba70, \uae30\uad00\ub4e4\uc774 \uc0bc\uc131\uc804\uc790\uc640 SK\ud558\uc774\ub2c9\uc2a4\uc5d0\uc11c \uae30\ub85d\uc801\uc778 \ubb3c\ub7c9\uc744 \uc3df\uc544\ub0b8 \ud575\uc2ec \ub17c\ub9ac\ub85c \uc791\uc6a9\ud588\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5. \uc9c0\uc815\ud559\uc801 \ucda9\uaca9\uc758 \ud30c\uae09 \uacbd\ub85c (Transmission Mechanism)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\uc704\uc5d0\uc11c \uc0c1\uc220\ud55c \ub450 \uac00\uc9c0 \uc555\ub3c4\uc801\uc778 \uc678\uc0dd \ubcc0\uc218(\ubbf8\u00b7\uc774\ub780 \ud611\uc0c1 \uc9c0\uc5f0, \ub300\ubd81 \uc5b4\uc820\ub2e4 \ubd80\uc0c1)\ub294 \ud55c\uad6d \uc2dc\uc7a5 \ub0b4\uc758 \uad6c\uc870\uc801 \ucde8\uc57d\uc131\uacfc \uacb0\ud569\ud558\uc5ec \uac70\ub300\ud55c \ud558\ub77d\uc758 \uc18c\uc6a9\ub3cc\uc774(Feedback Loop)\ub97c \ub9cc\ub4e4\uc5b4\ub0c8\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uccab\uc9f8, \uac70\uc2dc \uc54c\uace0\ub9ac\uc998\uc758 \uae30\uacc4\uc801 \ub9e4\ub3c4 \uc804\ud658\uc774\ub2e4.<\/strong> \uae00\ub85c\ubc8c \uc99d\uc2dc\uc5d0\uc11c \uc0bc\uc131\uc804\uc790\uc640 SK\ud558\uc774\ub2c9\uc2a4\ub294 \ub2e8\uc21c\ud55c \uae30\uc5c5 \uc8fc\uc2dd\uc774 \uc544\ub2c8\ub77c, \uc2e0\ud765\uad6d(EM) \ub9e4\ud06c\ub85c \uacbd\uc81c \ubc0f \ubc18\ub3c4\uccb4 \uc0ac\uc774\ud074\uc744 \ub300\ubcc0\ud558\ub294 ETF\uc758 \ud575\uc2ec \ud3b8\uc785 \uc885\ubaa9\uc774\ub2e4. \uc911\ub3d9 \ub9ac\uc2a4\ud06c\uc5d0 \ub530\ub978 \uc5d0\ub108\uc9c0 \uac00\uaca9 \uc0c1\uc2b9 \uacf5\ud3ec\uc640 \uc778\ud50c\ub808\uc774\uc158 \uace0\ucc29\ud654 \uc6b0\ub824\uac00 CTA(\uc0c1\ud488\ud22c\uc790\uace0\ubb38) \ud380\ub4dc\ub4e4\uc758 \ub9e4\ud06c\ub85c \ud329\ud130\ub97c \uc790\uadf9\ud588\uace0, \ub3d9\uc2dc\uc5d0 \ud55c\ubc18\ub3c4 \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c\ub77c\ub294 \uc815\uc131\uc801 \uc545\uc7ac\uac00 \uacb9\uce58\uba74\uc11c \ud328\uc2dc\ube0c \uc790\uae08\uc758 \uae30\uacc4\uc801 \ud3ec\uc9c0\uc158 \ucd95\uc18c(De-leveraging)\uac00 \uad11\ubc94\uc704\ud558\uac8c \uc77c\uc5b4\ub0ac\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ub458\uc9f8, \uc3e0\ub9bc \ud604\uc0c1\uc758 \uc5ed\ud48d(Reverse Effect of Overcrowding)\uc774\ub2e4.<\/strong> \uc624\uc804 \uc7a5\uc5d0\uc11c \ucf54\uc2a4\ud53c \uc9c0\uc218\uac00 9,300\uc120\uc744 \ub3cc\ud30c\ud558\ub294 \ub3d9\uc548\uc5d0\ub3c4 700\uac1c\uac00 \ub118\ub294 \uc885\ubaa9\uc774 \ud558\ub77d\ud560 \uc815\ub3c4\ub85c \uc790\ubcf8\uc774 \ud3b8\uc911\ub418\uc5b4 \uc788\uc5c8\ub2e4<sup>3<\/sup>. \ub300\ud615\uc8fc\ub97c \ucd94\uc885\ud558\uba70 \ubab0\ub824\ub4e0 \ubaa8\uba58\ud140 \uc790\ubcf8\ub4e4\uc774 \uc624\ud6c4 \ub4e4\uc5b4 \uc545\uc7ac\ub97c \uc778\uc2dd\ud558\uc790\ub9c8\uc790, \uc720\ub3d9\uc131\uc744 \ud655\ubcf4\ud558\uae30 \uc704\ud574 \uac00\uc7a5 \uc27d\uac8c \ud314 \uc218 \uc788\ub294 \uc2dc\ucd1d 1, 2\uc704 \uc885\ubaa9\uc744 \ud22c\ub9e4\ud588\ub2e4. \ubc18\ub3c4\uccb4 \ud22c\ud1b1\uc758 \uc8fc\uac00\uac00 \uc9c0\uc218\uc5d0\uc11c \ucc28\uc9c0\ud558\ub294 \uc808\ub300\uc801 \ube44\uc911 \ud0d3\uc5d0, \uc774\ub4e4\uc758 \ud558\ub77d\uc740 \uc9c0\uc218 \uae09\ub77d\uc744 \uc57c\uae30\ud558\uace0, \uc9c0\uc218 \uae09\ub77d\uc740 \ub2e4\uc2dc \uc778\ub371\uc2a4 \ud380\ub4dc\uc758 \ub9e4\ub3c4\ub97c \ubd80\ub974\ub294 \uc545\uc21c\ud658\uc774 \uc7a5 \ud6c4\ubc18\uc744 \uc9c0\ubc30\ud588\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>6. \uacb0\ub860 \ubc0f \uc804\ub7b5\uc801 \uc804\ub9dd<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">2026\ub144 6\uc6d4 19\uc77c\uc758 \uc5ed\uc0ac\uc801 \uae09\ub77d \uc0ac\ud0dc\ub294, \uc544\ubb34\ub9ac \ud55c\uad6d \ubc18\ub3c4\uccb4 \uae30\uc5c5\ub4e4\uc758 \ud380\ub354\uba58\ud138\uc801 \uc2dc\uac00\ucd1d\uc561(SK\ud558\uc774\ub2c9\uc2a4 2,000\uc870 \ub3cc\ud30c \ub4f1)\uc774 \uadf9\ub300\ud654\ub418\ub354\ub77c\ub3c4 \uae00\ub85c\ubc8c \uc9c0\uc815\ud559\uc801 \uc9c8\uc11c\uac00 \ud754\ub4e4\ub9b4 \uacbd\uc6b0 \ub2e8 \uba87 \uc2dc\uac04 \ub9cc\uc5d0 \ubaa8\ub798\uc131\ucc98\ub7fc \ubb34\ub108\uc9c8 \uc218 \uc788\ub2e4\ub294 \ub0b4\uc7ac\uc801 \ucde8\uc57d\uc131\uc744 \uc5ec\uc2e4\ud788 \uc99d\uba85\ud588\ub2e4<sup>3<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ub2e8\uae30\uc801\uc73c\ub85c \uad6d\ub0b4 \uc99d\uc2dc\uc758 \ubc29\ud5a5\uc131\uc740 \ubc18\ub3c4\uccb4 \uc2e4\uc801\ubcf4\ub2e4\ub294 \ucca0\uc800\ud788 \uc6cc\uc2f1\ud134\uacfc \ud14c\ud5e4\ub780, \uadf8\ub9ac\uace0 \ud3c9\uc591\uc5d0\uc11c \ub4e4\ub824\uc624\ub294 \uc678\uad50\uc801 \uc218\uc0ac\uc5d0 \uc885\uc18d\ub420 \uac83\uc774\ub2e4. J.D. \ubc34\uc2a4 \ubd80\ud1b5\ub839\uc758 \uc2a4\uc704\uc2a4 \ud589 \uc5f0\uae30\uc640 \uc774\ub780\uc758 \uac15\uacbd \uc120\ud68c\ub294, \ud638\ub974\ubb34\uc988 \ud574\ud611\uc758 \uc644\uc804 \uac1c\ubc29\uc774\ub77c\ub294 \ub099\uad00\ub860\uc774 \uc5b8\uc81c\ub4e0 \ud30c\uae30\ub420 \uc218 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc8fc\uc5c8\ub2e4<sup>1<\/sup>. \ud5a5\ud6c4 60\uc77c\uc758 \ud611\uc0c1 \uae30\uac04 \ub3d9\uc548 \ub808\ubc14\ub17c \uc804\ud669 \ub4f1\uc5d0 \ub530\ub77c \uc911\ub3d9 \ub9ac\uc2a4\ud06c\ub294 \ub04a\uc784\uc5c6\uc774 \uc704\ud5d8\uc790\uc0b0 \uc120\ud638 \uc2ec\ub9ac\ub97c \uc5b5\ub204\ub97c \uac83\uc774\ub2e4<sup>8<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ub3d9\uc2dc\uc5d0 \ud2b8\ub7fc\ud504 \ud589\uc815\ubd80\uc758 &#8216;\uc774\ub780 \ub2e4\uc74c\uc740 \ubd81\ud55c&#8217; \uae30\uc870 \uacf5\uc2dd\ud654\ub294 \uc911\uc7a5\uae30\uc801\uc73c\ub85c \ud55c\uad6d \uc99d\uc2dc\ub97c \uc625\uc8c4\ub294 \uac70\ub300\ud55c \uba39\uad6c\ub984\uc774\ub2e4<sup>14<\/sup>. \ud2b8\ub7fc\ud504\uc758 \ub808\uac70\uc2dc \ucc3d\ucd9c\uc744 \uc704\ud55c \uac15\ub825\ud55c \ub300\ubd81 \uc555\ubc15\uacfc &#8216;\ud798\uc744 \ud1b5\ud55c \ud3c9\ud654&#8217; \uc804\ub7b5\uc740 \ud544\uc5f0\uc801\uc73c\ub85c \ud55c\ubc18\ub3c4\uc758 \uc9c0\uc815\ud559\uc801 \uae34\uc7a5\uc744 \ucd5c\uace0\uce58\ub85c \ub04c\uc5b4\uc62c\ub9ac\uba70 \ucf54\ub9ac\uc544 \ub514\uc2a4\uce74\uc6b4\ud2b8\ub97c \uc2ec\ud654\uc2dc\ud0ac \uac83\uc774\ub2e4<sup>14<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ub530\ub77c\uc11c \ud22c\uc790\uc790\ub4e4\uc740 \ub2e8\uae30\uc801\uc778 \ubc38\ub958\uc5d0\uc774\uc158 \ub9e4\ub825\uc774\ub098 \ub099\ud3ed \uacfc\ub300 \uc778\uc2dd\uc5d0 \uae30\ubc18\ud55c \uc800\uac00 \ub9e4\uc218(Buy the dip) \uc804\ub7b5\uc744 \uc9c0\uc591\ud574\uc57c \ud55c\ub2e4. \ub300\uc2e0 \ubc18\ub3c4\uccb4 \uc139\ud130\uc5d0 \ub300\ud55c \ub178\ucd9c\ub3c4\ub97c \uc870\uc815\ud558\uace0, \uc5d0\ub108\uc9c0 \uc778\ud50c\ub808\uc774\uc158 \ud5e4\uc9c0(Hedge) \uc790\uc0b0 \ubc0f \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c\uc5d0 \ub454\uac10\ud55c \ubc29\uc5b4\uc8fc(Defensive Sector) \uc704\uc8fc\ub85c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uc7ac\ud3b8\ud558\ub294 \ub4f1 \uac70\uc2dc\uacbd\uc81c\uc801 \ud558\ubc29 \uc704\ud5d8\uc744 \ucc28\ub2e8\ud558\ub294 \ub370 \uc8fc\ub825\ud574\uc57c \ud560 \uc2dc\uc810\uc774\ub2e4. \uac70\ub300\ud55c \uc9c0\uc815\ud559\uc801 \ub2e8\uce35\uc120\uc774 \uc6c0\uc9c1\uc774\ub294 \ud604 \uad6d\uba74\uc5d0\uc11c \uc2dc\uc7a5\uc758 \uadf9\ub2e8\uc801 \ubcc0\ub3d9\uc131\uc740 \ub2f9\ubd84\uac04 \ub274\ub178\uba40(New Normal)\ub85c \uc790\ub9ac \uc7a1\uc744 \uac00\ub2a5\uc131\uc774 \ub18d\ud6c4\ud558\ub2e4.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\ucc38\uace0 \uc790\ub8cc<\/strong><\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\ucf54\uc2a4\ud53c, \uc7a5\uc911 \ud558\ub77d \uc804\ud658\ud574 9,000\uc120 \uc544\ub798\ub85c\u2026\ucf54\uc2a4\ub2e5 4.7% \ud558\ub77d &#8211; Daum, <a href=\"https:\/\/v.daum.net\/v\/20260619131203740\">https:\/\/v.daum.net\/v\/20260619131203740<\/a><\/li>\n\n\n\n<li>\ucd95\uad6c \ubcf4\uace0 \uc654\ub354\ub2c8 \uacc4\uc88c\uac00 &#8216;\ud30c\ub780\ubd88&#8217;\u2026\ucf54\uc2a4\ud53c \ud558\ub77d \uc804\ud658, &#8216;9000\ud53c&#8217; \ub0b4\uc92c\ub2e4 &#8211; Daum, <a href=\"https:\/\/v.daum.net\/v\/20260619131318769\">https:\/\/v.daum.net\/v\/20260619131318769<\/a><\/li>\n\n\n\n<li>SK\ud558\uc774\ub2c9\uc2a4 \uccab 2000\uc870 \ub3cc\ud30c\u2026\uc0bc\uc131\uc804\uc790 \ud131\ubc11\uae4c\uc9c0 \ucd94\uaca9, <a href=\"https:\/\/ket.kr\/news\/article.html?no=38892\">https:\/\/ket.kr\/news\/article.html?no=38892<\/a><\/li>\n\n\n\n<li>\uc0bc\uc804\u00b7SK\ud558\ub2c9 \uc3e0\ub9bc\uc5d0 \uc740\ud589\uc8fc \uc228\uace0\ub974\uae30\u2026KB\uae08\uc735 2.5% \ud558\ub77d [\ud56b\uc885\ubaa9] &#8211; Daum, <a href=\"https:\/\/v.daum.net\/v\/20260619110231375\">https:\/\/v.daum.net\/v\/20260619110231375<\/a><\/li>\n\n\n\n<li>[\ud2b9\uc9d5\uc8fc] \ud558\uc774\ub2c9\uc2a4 \uc0ac\uc0c1 \uccab &#8216;280\ub9cc\ub2c9\uc2a4&#8217;\u2026\uc0bc\uc804\ub3c4 \uc2e0\uace0\uac00 \uacbd\uc2e0 &#8211; \uc5f0\ud569\ub274\uc2a4, <a href=\"https:\/\/www.yna.co.kr\/view\/AKR20260619044600008\">https:\/\/www.yna.co.kr\/view\/AKR20260619044600008<\/a><\/li>\n\n\n\n<li>\uad6d\ub0b4\uc99d\uc2dc \uc2dc\ucd1d \uccab 8\ucc9c\uc870\u2026\ud558\uc774\ub2c9\uc2a4 2\ucc9c\uc870\ub85c \uc0bc\uc804 \ubc14\uc9dd \ucd94\uaca9 &#8211; \uc5f0\ud569\ub274\uc2a4, <a href=\"https:\/\/www.yna.co.kr\/view\/AKR20260619044700008\">https:\/\/www.yna.co.kr\/view\/AKR20260619044700008<\/a><\/li>\n\n\n\n<li>\ud2b8\ub7fc\ud504 &#8220;\uc138\uacc4\uacbd\uc81c\uacf5\ud669 \ub9c9\uae30\uc704\ud574 \uc774\ub780\uacfc \ud569\uc758\u2026\ub0b4\uad8c\ub825 \ud55c\uacc4\uc5c6\ub2e4&#8221;(\uc885\ud569) &#8211; \uc5f0\ud569\ub274\uc2a4, <a href=\"https:\/\/www.yna.co.kr\/amp\/view\/AKR20260619003851071\">https:\/\/www.yna.co.kr\/amp\/view\/AKR20260619003851071<\/a><\/li>\n\n\n\n<li>\ubc34\uc2a4 \ubd80\ud1b5\ub839, \uc2a4\uc704\uc2a4\ud589 \uc5f0\uae30&#8230;\uc774\ub780 &#8220;\uc544\ubb34\uac83\ub3c4 \ud655\uc815\ub41c \uac83 \uc5c6\uc5b4&#8221;, <a href=\"https:\/\/m.ytn.co.kr\/news_view.php?key=202606191327581060&amp;s_mcd=0104\">https:\/\/m.ytn.co.kr\/news_view.php?key=202606191327581060&amp;s_mcd=0104<\/a><\/li>\n\n\n\n<li>\ubbf8\u00b7\uc774\ub780, 19\uc77c &#8216;\uc2e4\ubb34 \ud68c\ub2f4&#8217; \uc5f0\uae30\u2026\ubc31\uc545\uad00 &#8220;\ubc34\uc2a4 \ubd80\ud1b5\ub839, \uc2a4\uc704\uc2a4 \uc548 \uac04\ub2e4&#8221; &#8211; \uba38\ub2c8\ud22c\ub370\uc774, <a href=\"https:\/\/www.mt.co.kr\/amp\/world\/2026\/06\/19\/2026061911310179559\">https:\/\/www.mt.co.kr\/amp\/world\/2026\/06\/19\/2026061911310179559<\/a><\/li>\n\n\n\n<li>\ubc31\uc545\uad00 &#8220;\ubc34\uc2a4, \uc2a4\uc704\uc2a4\u884c \uc5f0\uae30&#8221;\u2026\ubbf8\u00b7\uc774\ub780 \ud6c4\uc18d\ud611\uc0c1 \uac1c\uc2dc \uc9c0\uc5f0, <a href=\"https:\/\/www.yna.co.kr\/amp\/view\/AKR20260619068000009\">https:\/\/www.yna.co.kr\/amp\/view\/AKR20260619068000009<\/a><\/li>\n\n\n\n<li>\ubc34\uc2a4 \ubd80\ud1b5\ub839, \uc2a4\uc704\uc2a4\ud589 \uc5f0\uae30\u2026 \uc774\ub780\uacfc \ud6c4\uc18d\ud611\uc0c1 \uac1c\uc2dc \uc9c0\uc5f0 &#8211; \uc870\uc120\ube44\uc988, <a href=\"https:\/\/biz.chosun.com\/international\/international_general\/2026\/06\/19\/GZNPFDF35FB47AA42MF3JZZIMA\/\">https:\/\/biz.chosun.com\/international\/international_general\/2026\/06\/19\/GZNPFDF35FB47AA42MF3JZZIMA\/<\/a><\/li>\n\n\n\n<li>\ubbf8\u00b7\uc774\ub780 \ud575\ud611\uc0c1 \uc2e4\ubb34\ud68c\uc758 \uc5f0\uae30\u2025\ubc34\uc2a4 \ubd80\ud1b5\ub839 \ucd9c\uad6d \ubcf4\ub958 &#8211; MBC \ub274\uc2a4, <a href=\"https:\/\/imnews.imbc.com\/news\/2026\/world\/article\/6831387_36925.html\">https:\/\/imnews.imbc.com\/news\/2026\/world\/article\/6831387_36925.html<\/a><\/li>\n\n\n\n<li>[\uc18d\ubcf4] \ubc31\uc545\uad00, \ubc34\uc2a4 \uc2a4\uc704\uc2a4\u884c \uc5f0\uae30\u2026\uc774\ub780\uacfc \ud6c4\uc18d\ud611\uc0c1 \uac1c\uc2dc \uc9c0\uc5f0 &#8211; \uc5f0\ud569\ub274\uc2a4, <a href=\"https:\/\/www.yna.co.kr\/amp\/view\/AKR20260619057800009\">https:\/\/www.yna.co.kr\/amp\/view\/AKR20260619057800009<\/a><\/li>\n\n\n\n<li>8\ub144 \uc804 \uae40\uc815\uc740\uacfc \ucc0d\uc740 \uc0ac\uc9c4 \uc62c\ub9b0 \ud2b8\ub7fc\ud504&#8230; &#8220;\ub450 \uac00\uc9c0 \uc758\ubbf8 \uc788\ub2e4&#8221;, <a href=\"https:\/\/v.daum.net\/v\/20260619113305856\">https:\/\/v.daum.net\/v\/20260619113305856<\/a><\/li>\n\n\n\n<li>\u7f8e\uad6d\ubb34\ubd80 \ub2f9\uad6d\uc790 \u201c\u5317 \ube44\ud575\ud654\ub294 \uc5ec\uc804\ud788 \ub300\ubd81\uc815\ucc45 \uc6b0\uc120 \uacfc\uc81c\u201d, <a href=\"https:\/\/www.donga.com\/news\/Inter\/article\/all\/20260619\/134143044\/1\">https:\/\/www.donga.com\/news\/Inter\/article\/all\/20260619\/134143044\/1<\/a><\/li>\n\n\n\n<li>\u7f8e \ub2f9\uad6d\uc790 \u201c\u5317 \ube44\ud575\ud654, \uc815\ucc45 \uc6b0\uc120\uc21c\uc704 \ub192\uc544\u2026\uae40\uc815\uc740 \uc900\ube44\ub418\uba74 \ub300\ud654\u201d &#8211; \uc11c\uc6b8\uc2e0\ubb38, <a href=\"https:\/\/www.seoul.co.kr\/news\/politics\/2026\/06\/19\/20260619500022\">https:\/\/www.seoul.co.kr\/news\/politics\/2026\/06\/19\/20260619500022<\/a><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ubb54\uac00 \ub370\uc774\ud130\uac00 \uc5c6\ub294\ub370 \ub0b4\ub824\uac00\ub294\uac70\uac19\uc544 \ub9ac\uc11c\uce58\ub97c \ud55c\ubc88 \uc9c4\ud589\ud574\ubcf4\ub3c4\ub85d \ud55c\ub2e4.\uc694\uc57d\uc740 \uc544\ub798\ub97c \ubcf4\ub3c4\ub85d \ud558\uace0, \uc790\uc138\ud55c\ub0b4\uc6a9\uc740 \uc774\ud6c4\uc5d0 \ucd94\uac00\ud588\ub2e4.\uac1c\uc778\uc801\uc73c\ub85c\ub294 \uc774\ub7f0\ub0a0\uc740 \ub2f9\uc7a5 \uc0ac\uc11c \ud3c9\ub2e8\uc774 \uc704\ud5d8\ud558\uc9c0 \uc54a\ub2e4 \ub77c\uace0 \ud558\uba74 \ub9e4\uc218\/\ub9e4\ub3c4\ub97c \ud558\uc9c0 \uc54a\ub294\ud3b8\uc774 \uc548\uc804\ud558\ub2e4\uace0 \uc0dd\uac01\ud55c\ub2e4. \ud574\ub2f9 \uac8c\uc2dc\ubb3c\uc740 Gemini \ub97c \uc0ac\uc6a9\ud558\uc5ec \ubd84\uc11d\uc744 \uc9c4\ud589\ud558\uc600\uc74c\uc744 \ubbf8\ub9ac \uace0\uc9c0\ud55c\ub2e4. \uc694\uc57d \uc624\ub298 \uc624\uc804 \uc0ac\uc0c1 \ucd5c\uace0\uce58\ub97c \uacbd\uc2e0\ud558\ub358 \uc0bc\uc131\uc804\uc790\uc640 SK\ud558\uc774\ub2c9\uc2a4\uac00 \uc624\ud6c4 \ub4e4\uc5b4 \uae09\ub77d\uc138\ub85c \ub3cc\uc544\uc120 \uc774\uc720\ub294 \ud06c\uac8c <a href=\"https:\/\/www.arphile.net\/?p=256\" class=\"btn btn-link continue-link\">\ub354 \uc77d\uae30<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[62,63,48],"class_list":["post-256","post","type-post","status-publish","format-standard","hentry","category-39","tag-sk","tag-63","tag-48"],"_links":{"self":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=256"}],"version-history":[{"count":6,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/256\/revisions"}],"predecessor-version":[{"id":268,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/256\/revisions\/268"}],"wp:attachment":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}