马来西亚股票指数 (FKLCI) 加自选

马来西亚10年期政府债券收益率降至3.60%的3年低点。过去4周，马来西亚10年期债券收益率下跌16.05个基点，过去12个月下跌35.60个基点。

Malaysia 10 Year Government Bond Yield decreased to a 3-year low of 3.60%. Over the past 4 weeks, Malaysia 10Y Bond Yield lost 16.05 basis points, and in the last 12 months, it decreased 35.60 basis points.

马来西亚的建筑活动在2025年第一季度同比增长16.6%，较第四季度的23.1%有所放缓，为2024年第一季度以来的最低增速。所有领域的增长都有所放缓：住宅建筑增长了27.0%（第四季度为38.9%），占总建筑量的23.0%；非住宅建筑增长21.0%（24.6%），占28.8%；土木工程项目增长3.7%（9.3%），占总项目的36.6%；特殊贸易活动增长35.5%（44.9%），贡献11.6%。

Malaysia’s construction activity grew 16.6% year-on-year in Q1 2025, easing from a 23.1% surge in Q4 and marking the slowest pace since Q1 2024. Growth slowed across all segments: residential buildings rose 27.0% (vs. 38.9% in Q4), accounting for 23.0% of total construction; non-residential buildings increased 21.0% (vs. 24.6%), with a 28.8% share; civil engineering projects grew 3.7% (vs. 9.3%), making up 36.6% of the total; and special trade activities expanded 35.5% (vs. 44.9%), contributing 11.6%.

马来西亚的失业率从去年同期的3.3%降至2025年3月的3.1%，连续第四个月保持稳定，同时保持在2015年5月以来的最低水平。失业人数同比下降4.9%，至52.96万人，为五年多来的最低点，而就业人数增长3.0%，至1678万人。与此同时，劳动力参与率从去年同期的70.5%上升到70.7%的历史新高。

The unemployment rate in Malaysia declined to 3.1% in March 2025 from 3.3% in the same month of the previous year, holding steady for the fourth month running while staying at its lowest level since May 2015. The number of unemployed persons fell by 4.9% year-on-year to a over five-year low of 529.6 thousand, while employment increased by 3.0% to 16.78 million. Meanwhile, the labor force participation rate increased to a record-high of 70.7% from 70.5% in the corresponding month a year earlier.

马来西亚中央银行在2025年5月的会议上将基准利率稳定在3%，这是连续第十一个利率不变的时期，符合市场预期。央行重申了其对经济增长的支持立场，并指出，鉴于其对通货膨胀和增长前景的最新评估，目前的政策制定仍然是适当的。2025年第一季度，总体通胀率和核心通胀率平均分别为1.5%和1.9%，在全球成本适中和国内需求压力减弱的情况下，预计今年剩余时间的总体通胀率将保持可控。与此同时，初步估计显示，该国的年度GDP增长从上一季度的5%放缓至4.4%的一年低点。展望未来，尽管增长预计将受到有弹性的国内需求的支撑，但不断升级的贸易紧张局势和全球政策不确定性的加剧可能会对外部部门造成压力。

The Central Bank of Malaysia held its benchmark interest rate steady at 3% during its May 2025 meeting, marking the eleventh consecutive period of unchanged rates and aligning with market expectations. The central bank reiterated its supportive stance on economic growth, noting that the current policy setting remains appropriate in light of its latest assessment of inflation and growth prospects. Headline and core inflation averaged 1.5% and 1.9%, respectively, in the first quarter of 2025, with overall inflation expected to remain manageable for the rest of the year amid moderate global costs and subdued domestic demand pressures. Meanwhile, preliminary estimates showed that the country's annual GDP growth slowed to a one-year low of 4.4% from 5% gain in the previous quarter. Looking ahead, although growth is expected to be anchored by resilient domestic demand, escalating trade tensions and heightened global policy uncertainties are likely to weigh on the external sector.