西班牙10年期国债 (Spain10Y) 加自选

HCOB西班牙服务业采购经理人指数从上个月的53.2升至2025年9月的54.3，超过了市场预期的53。这标志着该行业连续第25个月扩张，得益于自1月以来在有利的需求条件和成功的客户收购下新业务的强劲增长。就业也录得增长，反映出商业前景普遍乐观。尽管9月份的就业增长速度是2023年11月以来最疲软的，但创造就业机会已连续三年保持。在价格方面，投入成本按历史标准仍大幅上升，其中较高的人员开支被认为是一个关键因素。反过来，产出费用继续上升，延续了四年半的连续增长。最后，商业信心在未来几个月保持乐观，企业预计在强劲的需求预测和计划的战略扩张的支持下，活动将进一步回升。

The HCOB Spain Services PMI rose to 54.3 in September 2025 from 53.2 in the previous month, surpassing market expectations of 53. This marked the 25th consecutive month of expansion in the sector, supported by the strongest increase in new business since January amid favorable demand conditions and successful client acquisition. Employment also recorded growth, reflecting a broadly positive business outlook. Job creation has now been sustained for three consecutive years, although September saw the softest pace of employment growth since November 2023. On the price front, input costs remained sharply elevated by historical standards, with higher staffing expenses cited as a key factor. In turn, output charges continued to rise, extending a four-and-a-half-year streak of continuous increases. Finally, business confidence remained upbeat in the months ahead, with firms anticipating a further pickup in activity, supported by robust demand forecasts and planned strategic expansions.

HCOB西班牙综合采购经理人指数从上个月的53.7微升至2025年9月的53.8，表明该国私营部门持续稳健增长。服务业（采购经理人指数为54.3，8月份为53.2）增速加快，而制造业（采购经理指数为51.5，8月为54.3）增长明显放缓。得益于服务业需求的增强，9月份新订单继续上升，达到八个月来的峰值。仅受服务业的推动，员工人数也有所增加，而制造业的员工人数略有下降。在价格方面，投入价格通胀保持高位，销售价格继续上涨，尽管增速是四个月来最慢的。最后，商业信心保持积极，略高于其长期趋势。

The HCOB Spain Composite PMI edged up to 53.8 in September 2025, from 53.7 in the prior month, signaling continued solid growth in the country’s private sector. The services sector (PMI at 54.3 vs 53.2 in August) expanded at a faster pace, while manufacturing (PMI at 51.5 vs 54.3) saw a noticeable slowdown in growth. New orders continued to rise in September, reaching an eight-month peak, thanks to stronger demand in the service sector. Staffing levels also increased, driven solely by the service sector, while manufacturing payrolls saw a modest decline. On the price front, input price inflation stayed elevated, and selling prices continued to increase, though at their slowest pace in four months. Lastly, business confidence remained positive, slightly above its long-term trend.

2025年8月，西班牙接待了约1130万国际游客，比2024年同月增长2.9%，创下本月新纪录。英国是主要的居住国，有220多万游客，与2024年8月相比增长了4.4%。法国紧随其后，有200万游客，下降了5.1%，德国有130万游客，增长了4.4%。大多数游客入住四至七晚，近530万人次，年增长3.9%。巴利阿里群岛是8月份最大的旅游目的地，占总数的22.5%。加泰罗尼亚（19.4%）和安达卢西亚（15.3%）紧随其后。8月份访问西班牙的国际游客总支出达到163.9亿欧元，比2024年同期增长6.7%。2025年前8个月，访问西班牙的游客数量增长了3.9%，达到近6680万人。

Spain welcomed approximately 11.3 million international tourists in August 2025, 2.9% more than in the same month in 2024 and setting a new record for the month. The United Kingdom was the main country of residence, with more than 2.2 million tourists and an increase of 4.4% compared to August 2024. France followed with 2.0 million visitors, down 5.1%, and Germany with 1.3 million, up 4.4%. The majority of tourists stayed between four and seven nights, with nearly 5.3 million, an annual increase of 3.9%. The Balearic Islands were the top tourist destination in August, accounting for 22.5% of the total. Catalonia (19.4%) and Andalusia (15.3%) followed. Total spending by international tourists visiting Spain in August reached €16.39 billion, a 6.7% increase compared to the same month in 2024. In the first eight months of 2025, the number of tourists visiting Spain increased by 3.9%, reaching nearly 66.8 million.

2025年9月，西班牙登记失业人数较上月减少4846人，降至242.2万人，为2007年以来的最低水平。分析师此前预计将增加15400人。所有行业的失业率都有所下降，其中建筑业下降幅度最大（-4670；-2.6%），其次是服务业（-3067；-0.2%）、工业（-1422；-0.8%）和农业（-1166；-1.5%）。与此同时，之前失业的人数也增加了5479人（2.5%）。25岁以下年轻人的失业率上升了16085人（9.6%），使总数达到183716人，这仍然是9月份该群体有史以来的最低数字。加泰罗尼亚（-5293）、加那利群岛（-4842）和巴伦西亚社区（-2739）的失业总人数有所下降，但安达卢西亚（7116）、加利西亚（3394）和阿斯图里亚斯公国（1219）的失业人数有所上升。

The number of people registering as jobless in Spain decreased by 4,846 people from a month earlier to 2.422 million in September 2025, the lowest since 2007. Analysts had expected an increase of 15,400 people. Unemployment fell across all sectors, with construction seeing the largest decrease (-4,670; -2.6%), followed by services (-3,067; -0.2%), industry (-1,422; -0.8%), and agriculture (-1,166; -1.5%). Meanwhile, the number of previously unemployed also rose by 5,479 (2.5%). Unemployment among young people under 25 rose by 16,085 (9.6%), bringing the total to 183,716— still the lowest figure ever recorded for this group in September. The total number of unemployed people declined across Catalonia (-5,293), Canarias (-4,842) and the Valencian Community (-2,739), bur rose in Andalusia (7,116), Galicia (3,394) and the Principality of Asturias (1,219).