匈牙利10年期国债 (Hungary10Y) 加自选

2025年6月，匈牙利工业生产同比下降4.9%，与初步估计相符，前一个月下降2.4%。制造业的产量下降（-5.3%，而5月份为-2.5%），特别是纺织品、服装、皮革和相关产品的产量。此外，电力、天然气、蒸汽和空调供应的产量下降（-0.1%对8.6%）。与此同时，采矿和采石业的产量反弹（5.2%对-8.0%）。经季节性调整后，6月份工业活动下降了1.2%，而前一时期下降了1.1%。

Industrial production in Hungary dropped to 4.9% year-on-year in June 2025, matching preliminary estimates and following a 2.4% drop in the previous month. Production volume decreased in manufacturing (-5.3% vs -2.5% in May), particularly in the manufacture of textiles, apparel, leather, and related products. Additionally, production declined for electricity, gas, steam, and air-conditioning supply (-0.1% vs 8.6%). Meanwhile, production rebounded for mining and quarrying (5.2% vs -8.0%). On a seasonally adjusted basis, industrial activity fell by 1.2% in June, following a 1.1% decline in the preceding period.

2025年6月，匈牙利的建筑产量同比增长2.6%，低于上个月向上修正的6.8%的增长，这是自2024年1月以来最强劲的增长。建筑业的增长从5月份的7.8%急剧放缓至0.4%，而土木工程的增长则从5.4%加速至6.5%。经季节性调整的月度数据显示，6月份建筑业产出下降5.3%，扭转了5月份向下修正的1%的增长。

Hungary's construction output increased by 2.6% year-on-year in June 2025, slowing from an upwardly revised 6.8% rise in the previous month, which had marked the strongest expansion since January 2024. Growth in building construction eased sharply to 0.4% from 7.8% in May, while that for civil engineering works accelerated to 6.5% from 5.4%. On a seasonally adjusted monthly basis, construction output dropped by 5.3% in June, reversing a downwardly revised 1% gain in May.

匈牙利的年通货膨胀率从前一个月的4.6%降至2025年7月的4.3%，但高于4.1%的市场预期。这是自4月以来的最低水平，因为食品（5.9%对6月的6.2%）、服务（5.3%对5.4%）和耐用消费品（2.1%对2.6%）的价格增长放缓。与此同时，电力、天然气和其他燃料的通货膨胀率加快（10.9%对8.6%），酒精饮料和烟草的通货膨胀率上升（6.5%对6.3%）。按月计算，7月份消费者价格指数在6月份上涨0.1%后，上涨0.4%，为五个月来最快涨幅。年度核心通胀率（不包括食品和能源等波动性项目）从6月份的4.4%降至4.0%的14个月低点，与市场预测相符。

The annual inflation rate in Hungary eased to 4.3% in July 2025 from 4.6% in the previous month, but it was above market expectations of 4.1%. This was the lowest level since April, as price growth moderated for food (5.9% vs 6.2% in June), services (5.3% vs 5.4%), and consumer durables (2.1% vs 2.6%). Meanwhile, inflation accelerated for electricity, gas and other fuels (10.9% vs 8.6%) and picked up for alcoholic beverages and tobacco (6.5% vs 6.3%). On a monthly basis, consumer prices increased by 0.4% in July, the fastest increase in five months, after a 0.1% gain in June. Annual core inflation, which excludes volatile items such as food and energy, fell to a fourteen-month low of 4.0%, from 4.4% in June, matching market forecasts.

继上个月增长2.1%之后，匈牙利零售额在2025年6月同比增长3.0%。食品、饮料和烟草的销售额增长更快（5月份为3.7%对0.6%）。与此同时，汽车燃料贸易反弹（2.5%对-1.1%）。与此同时，非食品类产品销售额的增长略有放缓（3.9%对4.0%）。经季节性调整的月度数据显示，零售活动增长了0.5%，从上一时期-1.3%的下降中恢复过来。

Retail sales in Hungary rose by 3.0% year-on-year in June 2025, following a 2.1% growth in the previous month. Sales increased faster for food, drinks and tobacco (3.7% vs 0.6% in May). At the same time, trade rebounded for automotive fuel (2.5% vs -1.1%). Meanwhile, growth in non-food product sales eased slightly (3.9% vs 4.0%). On a seasonally adjusted monthly basis, retail activity grew by 0.5%, recovering from a -1.3% decline in the prior period.