南非3个月期国债 (SouthAfrica3M) 加自选

SAALL指数升至109480.00点的历史高点。在过去的4周里，南非股市综合指数上涨了8.97%，在过去的12个月里，它上涨了26.77%。

SAALL increased to an all-time high of 109480.00 Index Points. Over the past 4 weeks, South Africa Stock Market Index (Composite) gained 8.97%, and in the last 12 months, it increased 26.77%.

标准普尔南非全球采购经理人指数在2025年9月升至50.2，略高于8月的50.1，标志着连续第五个月增长，尽管增长幅度不大。产出和新订单进一步扩大，新业务受到更强劲的地区需求的支撑，抵消了美国和欧洲流入的疲软。出口订单自3月以来首次上升。采购活动略有增加，而由于材料可用性的提高，供应商的交货时间连续第六个月缩短。成本压力有所缓解，在汇率走强和员工人数减少的推动下，投入价格以11个月来最低的速度上涨。随着企业将节省的资金转嫁给客户，销售价格通胀放缓至四个月来的最低点。与此同时，就业人数连续第二个月下降，主要是由于员工更换困难，尽管积压人数一年多来首次增加。商业信心减弱，对未来产出的乐观情绪降至2021年7月以来的最低水平。

The S&P Global South Africa PMI rose to 50.2 in September 2025, up slightly from 50.1 in August, signaling a fifth consecutive month of growth, albeit marginal. Output and new orders expanded further, with new business supported by stronger regional demand, offsetting weaker inflows from the US and Europe. Export orders rose for the first time since March. Purchasing activity increased modestly, while suppliers’ delivery times shortened for a sixth straight month amid improving material availability. Cost pressures eased, with input prices rising at the weakest rate in 11 months, helped by a stronger exchange rate and lower headcounts. Selling price inflation slowed to a four-month low as firms passed on savings to customers. Meanwhile, employment declined for a second month, largely due to staff replacement difficulties, though backlogs rose for the first time in over a year. Business confidence weakened, with optimism towards future output falling to its lowest level since July 2021.

2025年9月，南非的汽车总销量同比增长24.3%，达到5.47万辆，为2015年以来的最高水平。新乘用车销量增长28%，达到38603辆，为2014年10月以来的最高水平。国内轻型商用车销量增长19.7%，达到13078辆，重型卡车和公共汽车销量增长5.9%，达到2252辆，而中型卡车销量下降1.9%，达到767辆。汽车出口同比增长32.9%，达到38772辆。纳姆萨表示：“今年迄今为止的出口比2024年高出6%，突显出尽管全球供应链中断和美国汽车关税，但行业仍具有韧性。”。该行业组织主席指出，在消费者对经济型汽车的强劲需求的支持下，国内新车销量有望在五年内首次超过疫情前的水平。

Total vehicle sales in South Africa surged 24.3% year-on-year to 54,700 units in September 2025, the highest figure for that month since 2015. Sales of new passenger cars jumped 28% to 38,603 units, its highest level since October 2014. Domestic sales of light commercial vehicles rose 19.7% to 13,078 units, heavy trucks and buses advanced 5.9% to 2,252 units, while medium trucks slipped 1.9% to 767 units. Vehicle exports jumped 32.9% year-on-year to 38,772 units. "Year-to-date exports are 6% higher than in 2024, underscoring industry resilience despite global supply chain disruptions and US automotive tariffs.", Naamsa said. The president of the industry group noted that domestic new vehicle sales are on track to surpass pre-pandemic levels for the first time in five years, supported by strong consumer demand for affordable cars.

尽管面临全球挑战和脆弱的国内条件，但受金价反弹和美元持续疲软的推动，南非兰特小幅上涨至17.2美元左右，创下2024年9月以来的新高。由于对美国经济增长放缓的担忧和美联储进一步降息的前景，美元面临压力。较低的美国利率往往会支撑南非兰特，因为投资者被南非相对较高的收益率所吸引。与此同时，正如预期的那样，南非储备银行（SARB）在9月19日将回购利率维持在7%不变，因为通货膨胀率仍接近3%和6%区间的较低水平。在贸易方面，南非继续与美国就超过30%的关税进行谈判，而特朗普政府则表示支持将《非洲增长与机会法案》延长一年。

The South African rand edged higher to around 17.2 per USD, reaching a fresh high since September 2024, driven by a rally in gold prices and the ongoing US dollar weakness, despite global challenges and fragile domestic conditions. The greenback has come under pressure due to concerns about slowing US economic growth and prospects of more interest rate cuts by the Federal Reserve. Lower US interest rates tend to support the South African rand, as investors are drawn to the comparatively higher yields in South Africa. Meanwhile, the South African Reserve Bank (SARB) left its repo rate unchanged at 7% on September 19, as anticipated, as inflation remains near the lower side of the 3% and 6% range. On the trade front, South Africa continued talks with the US over 30% tariffs, while the Trump administration signaled support for a one-year extension of the African Growth and Opportunity Act.