葡萄牙20年期国债 (Portugal20Y) 加自选

PSI 20指数升至7852.00点，为2011年4月以来的最高点。在过去的4周里，PSI 20上涨了1.52%，在过去的12个月里，它上涨了15.83%。

PSI 20 increased to 7852.00 Index Points, the highest since April 2011. Over the past 4 weeks, PSI 20 gained 1.52%, and in the last 12 months, it increased 15.83%.

葡萄牙的年通货膨胀率从上个月的2.4%上升到2025年7月的2.6%，与初步估计一致。这是自年初以来的最高通胀水平。未加工食品的价格加速上涨（6.2%对4.7%），弥补了加工食品的稳定通胀率（1.3%）。反过来，不包括能源和未加工食品成分的核心通胀指数从6月份的2.4%上升到2.5%。与此同时，欧盟统一消费者价格指数（HICP）从2.1%攀升至2.5%。

The annual inflation rate in Portugal rose to 2.6% in July of 2025 from 2.4% in the previous month, aligned with the flash estimate. It was the highest level of inflation since the start of the year. Prices accelerated for unprocessed food (6.2% vs 4.7%), making up for the steady inflation rate in processed food (1.3%). In turn, the core inflation index, which excludes energy and unprocessed food products components rose to 2.5% from 2.4% in June. Meanwhile, the EU-harmonized index of consumer prices (HICP) climbed to 2.5% from 2.1%.

葡萄牙的贸易逆差从一年前的20.1亿欧元扩大到2025年6月的23.5亿欧元，进口增长3.9%至89.0亿欧元，出口下降0.1%至65.5亿欧元。进口增长主要由食品驱动（+12.9%），主要是来自西班牙的农产品；运输设备（+9.8%），主要是乘用车；消费品（+8.7%）。工业供应下降3.7%，主要是来自爱尔兰的化工产品，这些产品与没有所有权转移的加工交易有关。来自西班牙的进口增长5.5%，而来自爱尔兰的进口下降73.1%。在出口方面，燃料和润滑油下降了28.3%，尤其是对西班牙的出口。工业供应下降10.8%（不包括加工相关贸易，下降4.8%），主要是对美国的化工产品。运输设备出口激增19.9%，尤其是对德国的出口，抵消了一些下降。与去年同期相比，对美国的出口下降了39.4%，而对德国的销售额增长了16.4%。

Portugal’s trade deficit widened to €2.35 billion in June 2025 from €2.01 billion a year earlier, as imports rose 3.9% to €8.90 billion while exports slipped 0.1% to €6.55 billion. Import growth was driven by food products (+12.9%), mainly agricultural goods from Spain; transport equipment (+9.8%), largely passenger cars; and consumer goods (+8.7%). Industrial supplies fell 3.7%, mostly chemical products from Ireland tied to processing transactions without ownership transfer. Imports from Spain rose 5.5%, while those from Ireland plunged 73.1%. On the export side, fuels and lubricants dropped 28.3%, notably to Spain. Industrial supplies fell 10.8% (-4.8% excluding processing-related trade), mainly chemical products to the US. Offsetting some declines, transport equipment exports surged 19.9%, especially to Germany. Year-on-year, exports to the US sank 39.4%, while sales to Germany jumped 16.4%.

2025年6月，葡萄牙工业生产同比增长2.9%，略低于上个月上调的3.0%。这一增长是由消费品产出的复苏（5月份为+0.7%对-0.8%）和能源生产的进一步激增（+20.0%对+18.0%）推动的。然而，中间产品产量下降（-0.6%对+0.6%），而资本货物增长放缓（+1.5%对+1.7%）。按月计算，6月份工业产出下降3.6%，扭转了5月份2.2%的修正增长。

Portugal’s industrial production rose 2.9% year-on-year in June 2025, slightly easing from an upwardly revised 3.0% gain in the previous month. The increase was driven by a recovery in consumer goods output (+0.7% vs -0.8% in May) and a further surge in energy production (+20.0% vs +18.0%). However, intermediate goods output declined (-0.6% vs +0.6%), while growth in capital goods moderated (+1.5% vs +1.7%). On a monthly basis, industrial output declined 3.6% in June, reversing a revised 2.2% increase in May.