瑞士10年期国债 (Switzerland10Y) 加自选

瑞士第二季度的就业水平（QoQ）从之前的551.2万上升到553.2万。瑞士第二季度的就业水平（QoQ）从之前的551.2万上升到553.2万

Switzerland Employment Level (QoQ) up to 5.532M in 2Q from previous 5.512M.Switzerland Employment Level (QoQ) up to 5.532M in 2Q from previous 5.512M

2025年7月，瑞士的贸易顺差从上个月的42亿瑞士法郎略微扩大到43亿瑞士法郎，这是自4月以来的最大顺差。出口环比下降2.7%，至222亿瑞士法郎。这是由于服装和高级珠宝（-9.7%）以及化学和制药产品（-6.8%）的出货量下降。奥地利（-36.9%）、爱尔兰（-21.1%）和南非（-20.5%）的出口降幅最大。7月份对美国的出口仅增长1.1%，与6月份修订后的25.2%的激增相比大幅放缓。这一减速反映了美国在贸易谈判未能产生有利结果后对瑞士商品征收39%的关税的影响，这是全球最高的关税之一。与此同时，进口以4.2%的速度下降，至179亿瑞士法郎，主要原因是能源（-12.2%）和化学及药品（-11.7%）的进口减少。进口量下降幅度最大的是爱尔兰（-62.7%）、澳大利亚（-48.1%）和西班牙（-28.6%）。

Switzerland's trade surplus widened slightly to CHF 4.3 billion in July 2025 from CHF 4.2 billion in the previous month, marking the largest surplus since April. Exports fell by 2.7% month-on-month to CHF 22.2 billion, driven by lower shipments of costume and fine jewelry (-9.7%) as well as chemical and pharmaceutical products (-6.8%). The sharpest export declines were recorded to Austria (-36.9%), Ireland (-21.1%), and South Africa (-20.5%). Exports to the US rose just 1.1% in July, a sharp slowdown from June’s revised 25.2% surge. The deceleration reflects the impact of a 39% US tariff on Swiss goods—one of the highest globally—imposed after trade talks failed to produce a favorable outcome. Meanwhile, imports declined at a faster pace of 4.2% to CHF 17.9 billion, primarily due to reduced imports of energy sources (-12.2%) and chemical and pharmaceutical products (-11.7%). The steepest declines in import volumes were from Ireland (-62.7%), Australia (-48.1%), and Spain (-28.6%).

2025年第二季度，瑞士工业生产同比下降0.1%，扭转了上一季度向上修正的8.9%的增长。这是自2024年第一季度以来工业活动的首次下降，原因是能源供应（-8.9%对第一季度-6.2%）和建筑业（-0.5%对3.4%）的产出下降。与此同时，受运输设备（-10.4%）、纺织品和服装（-4.7%）、木材、纸张和印刷（-1.9%）以及金属制品（-1.2%）制造业下降的影响，制造业增长从10.3%放缓至0.7%。采矿和采石业的活动也以较慢的速度增长，从4.5%放缓至1.3%。经季节性调整的季度数据显示，工业产出下降3.5%，为2023年第二季度以来的最大降幅，此前一季度增长5.7%。

Industrial production in Switzerland fell 0.1% year-on-year in Q2 2025, reversing an upwardly revised 8.9% gain in the previous quarter. This was the first decline in industrial activity since Q1 2024, driven by lower output in energy supply (-8.9% vs -6.2% in Q1) and construction (-0.5% vs 3.4%). At the same time, manufacturing growth slowed to 0.7% from 10.3%, weighed by declines in manufacture of transport equipment (-10.4%), textiles and apparel (-4.7%), wood, paper and printing (-1.9%), and metal products (-1.2%). Activity in mining and quarrying also rose at a slower pace, moderating to 1.3% from 4.5%. On a seasonally adjusted quarterly basis, industrial output shrank 3.5%, the steepest drop since Q2 2023, following a 5.7% increase in the prior period.

瑞士工业生产（年环比）：第2季度下降0.1%，此前为8.5%。瑞士工业生产（年环比）：第2季度下降0.1%，此前为8.5%

Switzerland Industrial Production (YoY): -0.1% (2Q) vs previous 8.5%.Switzerland Industrial Production (YoY): -0.1% (2Q) vs previous 8.5%