新加坡海峡时报指数 (STI) 加自选

新加坡10年期政府债券收益率降至1.74%，为2022年2月以来的最低水平。过去4周，新加坡10年期债券收益率下跌3.40个基点，过去12个月下跌98.80个基点。

Singapore 10 Year Government Bond Yield decreased to 1.74%, the lowest since February 2022. Over the past 4 weeks, Singapore 10Y Bond Yield lost 3.40 basis points, and in the last 12 months, it decreased 98.80 basis points.

新加坡经济在2025年第三季度同比增长2.9%，低于第二季度向上修正的4.5%，因为制造业疲软影响了整体表现。最新数据标志着两年来最慢的增长速度，尽管仍超过了市场2%的增长预期。与去年同期相比，制造业总体持平，与上一季度5%的扩张相比大幅放缓。与此同时，随着公共和私营部门项目的进展更加缓慢，第三季度建筑业增长3.1%，低于第二季度的6.2%。在服务业中，批发零售业和运输仓储业合计增长2.5%，较上一季度的4.9%有所放缓。最新数据突显了新加坡开放型经济面临的挑战，因为它要应对美国对出口产品征收的更高关税，对药品和电子产品的贸易限制对外部需求造成了沉重打击。

Singapore’s economy expanded 2.9% year-on-year in the third quarter of 2025, slowing from an upwardly revised 4.5% in Q2 as weakness in manufacturing weighed on overall performance. The latest reading marked the slowest pace of growth in two years, though it still exceeded market expectations of a 2% increase. The manufacturing sector was broadly flat compared to a year earlier, a sharp slowdown from the 5% expansion seen in the previous quarter. Meanwhile, the construction sector grew 3.1% in Q3, moderating from a 6.2% gain in Q2 as public and private sector projects progressed more gradually. Among the services industries, the wholesale & retail trade and transportation & storage sectors together expanded by 2.5%, easing from 4.9% growth in the prior quarter. The latest figures underscore the challenges facing Singapore’s open economy as it contends with higher US tariffs on exports, with trade restrictions on pharmaceuticals and electronics taking a heavy toll on external demand.

新加坡金融管理局（MAS）周二维持其货币政策不变，维持新加坡元名义有效汇率（S$NEER）区间的升值率，其宽度或中心不变。央行今年两次放松政策，表示仍有能力应对中期价格稳定的风险，并密切关注全球不确定性。提前估计显示，尽管美国关税逆风，但受制造业和国内需求的支撑，该国第三季度国内生产总值环比增长1.3%，略低于第二季度的1.5%，但高于预期。同比增长从4.5%放缓至2.9%。新加坡金融管理局预计，随着贸易相关行业的正常化，增长将放缓，尽管人工智能投资、基础设施支出和金融状况应该会支持这一活动。预计2026年国内生产总值将恢复到接近趋势的水平，2025年核心通胀率平均为0.5%，2026年将上升到0.5-1.5%。

The Monetary Authority of Singapore (MAS) left its monetary policy unchanged on Tuesday, maintaining the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) band, with no change to its width or centre. Having eased policy twice this year, the central bank said it remains well-positioned to respond to risks to medium-term price stability and is closely monitoring global uncertainties. Advance estimates showed the country's Q3 GDP rose 1.3% qoq, slightly below Q2’s 1.5% but above expectations, supported by manufacturing and domestic demand despite U.S. tariff headwinds. Year-on-year growth moderated to 2.9% from 4.5%. MAS expects growth to ease as trade-related sectors normalise, though AI investment, infrastructure spending, and financial conditions should support activity. GDP is projected to return to near-trend in 2026, with core inflation averaging 0.5% in 2025 and rising to 0.5–1.5% in 2026.

2025年8月，新加坡零售额同比增长5.2%，高于上个月下调后的4.6%。这标志着自去年2月以来零售活动的最强劲增长，主要是由于家具和家用设备（7月份为8.6%对2%）、娱乐用品（9.9%对6.8%）和其他（1.6%对-0.3%）的销售额增加。此外，服装和鞋类（-1.4%对-4.2%）和加油站（-5%对-5.6%）的贸易下降幅度较小。另一方面，百货商店（-6.5%对4.1%）、迷你商场和便利店（-1.7%对0%）的活动有所下降，而计算机和电信设备的销售增长有所放缓（7.4%对10.9%）。按月计算，8月份零售额增长了0.5%，较前一时期下调后的3.9%有所放缓。

Retail sales in Singapore climbed by 5.2% year-on-year in August 2025, accelerating from a downwardly revised 4.6% increase in the previous month. This marked the strongest growth in retail activity since February of last year, mainly driven by higher sales of furniture and household equipment (8.6% vs 2% in July), recreational goods (9.9% vs 6.8%), and others (1.6% vs -0.3%). Additionally, trade declined to a lesser extent for wearing apparel and footwear (-1.4% vs -4.2%) and petrol service stations (-5% vs -5.6%). On the other hand, activity decreased in department stores (-6.5% vs 4.1%) and mini-marts and convenience stores (-1.7% vs 0%), while sales growth softened for computer and telecommunications equipment (7.4% vs 10.9%). On a monthly basis, retail sales rose by 0.5% in August, slowing from a downwardly revised 3.9% advance in the preceding period.