比利时10年期国债 (Belgium10Y) 加自选

比利时的商业信心指数从9月的-7.9下降到2025年10月的-9.1，下降了1.2点，低于市场共识的-7.8，自4月以来基本呈上升趋势。这一下降是由商业相关服务业的逆转推动的（-3.9对9月的0.1），对当前活动的乐观情绪被对未来商业和整体市场需求的预期减弱所抵消。制造业信心（-11.2 vs-10.4）在需求预测疲软的情况下小幅下降，尽管就业仍有望上升。由于订单减少，建筑业（-5.9对-5.8）也略有下降，但订单簿保持正常，预计需求将恢复。相比之下，对贸易部门的信心（-6.1对-7.2）连续第二个月有所改善，因为对订单和需求的更强劲预期超过了对就业更悲观的前景。

Belgium’s business confidence index fell 1.2 points to -9.1 in October 2025, down from -7.9 in September and below the market consensus of -7.8, after largely trending upwards since April. The decline was driven by a reversal in the business-related services sector (-3.9 vs 0.1 in September), where optimism about current activity was offset by weaker expectations for future business and overall market demand. Manufacturing (-11.2 vs -10.4) confidence edged down amid soft demand forecasts, though employment is still expected to rise. The building industry (-5.9 vs -5.8) also saw a marginal dip due to lower orders, but order books remain normal and demand is expected to recover. In contrast, confidence in the trade sector (-6.1 vs -7.2) improved for a second consecutive month, as stronger expectations for orders and demand outweighed a more pessimistic outlook for employment.

比利时的消费者信心指数在2025年10月从上个月的-1停滞，这表明在连续21个月的负面读数之后，市场情绪转向中性。对失业率的预期转为负面（8月份为-6比2），表明消费者预计未来就业前景会更好。此外，储蓄倾向略有上升（23比22）。另一方面，对整体经济前景的看法（-27对-23）继续恶化，而消费者对未来财务状况的看法（-2对0）变得悲观。

Belgium’s consumer confidence indicator stalled in October 2025 from -1 in the previous month, signaling a shift toward a neutral sentiment following twenty-one consecutive months of negative readings. Expectations regarding unemployment turned negative (-6 vs 2 in August), suggesting that consumers foresee better job prospects ahead. Moreover, the propensity to save edged higher (23 vs 22). On the other hand, sentiment toward the general economic outlook (-27 vs -23) continued to deteriorate, while consumers’ views on their future financial situation (-2 vs 0) turned pessimistic.

继7月份下调0.3%后，比利时工业生产在2025年8月同比温和增长0.1%。采矿和采石业的活动增长加快，从上个月的0.3%增长到3.5%。制造业产出也有所加强，与7月份的1.7%相比增长了2.4%。与此同时，电力、天然气、蒸汽和空调供应行业下降了1.9%，与上一时期持平。经季节性调整的月度数据显示，继7月份修正后增长1%后，整体工业生产下降0.4%。

Belgium’s industrial production rose modestly by 0.1% year-on-year in August 2025, following a downwardly revised 0.3% decline in July. Activity growth accelerated in the mining and quarrying sector, which climbed 3.5%, up from a 0.3% increase in the previous month. Manufacturing output also strengthened, rising 2.4% compared to 1.7% in July. Meanwhile, the electricity, gas, steam, and air-conditioning supply sector declined by 1.9%, matching the pace of the prior period. On a seasonally adjusted monthly basis, overall industrial production fell 0.4%, following a revised 1% increase in July.

比利时的建筑产量在2025年8月同比增长6.7%，这是自1月以来最快的扩张速度，高于上个月向上修正的1.7%的增长。这一增长是由土木工程（7月份为5.6%对-2.6%）和建筑施工（4.8%对-2.4%）的反弹以及专业建筑活动的更快增长（7.6%对1.9%）推动的。经季节性调整的月度数据显示，8月份建筑活动下降1.6%，扭转了7月份2.3%的增长。

Belgium’s construction output rose 6.7% year-on-year in August 2025, the fastest pace of expansion since January and up from an upwardly revised 1.7% increase in the previous month. The growth was driven by rebounds in civil engineering works (5.6% vs -2.6% in July) and building construction (4.8% vs -2.4%), along with faster growth in specialized construction activities (7.6% vs 1.9%). On a seasonally adjusted monthly basis, construction activity fell 1.6% in August, reversing a 2.3% increase in July.