[Gate Research Institute: Divergent Return Drivers Across U.S., Japanese, Korean, and Hong Kong Stock Markets; Gate Stocks Bridge Four Core Markets] Odaily Planet Daily News – Gate Research Institute has released its latest Gate TradFi global market connection research report, highlighting that the U.S., Japanese, Korean, and Hong Kong markets derive returns from different sources: U.S. stocks rely on corporate earnings and technological investments, Japanese stocks benefit from governance reforms and improved capital efficiency, Korean stocks are primarily driven by the semiconductor cycle, while Hong Kong stocks depend on Chinese corporate earnings, capital flows, and changes in risk premiums. Since 2016, the annualized returns of U.S. and Korean stocks have been similar, but Korean stocks exhibit significantly higher volatility and drawdowns; Japanese stocks offer certain diversification value, while Hong Kong stocks have undergone a longer valuation recovery cycle. Backtesting shows that cross-market diversification can reduce reliance on a single market, and trend rotation helps mitigate drawdowns, though systemic risks cannot be eliminated, and higher turnover may increase transaction costs. Gate TradFi integrates U.S., Japanese, Korean, and Hong Kong stocks into a unified stock account, covering over 10,000 U.S. stocks and ETFs, more than 1,500 Hong Kong stocks, over 1,000 Korean stocks, and approximately 300 Japanese stocks, totaling over 12,800 global stock and ETF assets. The platform further connects indices, forex, and metals markets, enabling investors to compare cross-regional markets, screen assets, and manage portfolios within the same trading environment, expanding multi-asset observation and trading scenarios.