荷兰AEX25指数 (AEX) 加自选

2025年9月，荷兰制造业产量环比微涨0.1%，与上月上调的2%相比大幅放缓。尽管如此，这标志着产量连续第二个月增长。电气设备（1.7%对8月份的3.0%）、机械（1.0%对2.5%）和其他制成品（1.7%对3.9%）的增长明显放缓。与此同时，食品（-0.1%对2.4%）、皮革和鞋类（-0.9%对8.0%）、建筑材料（-2.0%对4.0%）、汽车和拖车（-12.2%对5.1%）以及纺织品（-0.2%对-0.5%）的产量均有所下降。相比之下，化学品（0.1%对-0.1%）、药品（10.8%对-5.7%）、基本金属（0.2%对-0.3%）、金属制品（扁平对-0.7%）和家具（1.4%对-3.0%）的生产恢复，而服装（1.0%对0.6%）的生产加速。按年计算，制造业活动增长2.1%，从8月份的持平数据反弹，创下2023年3月以来的最强劲增长。

Manufacturing production in the Netherlands edged up 0.1% month-over-month in September 2025, sharply slowing from an upwardly revised 2% gain in the previous month. Still, it marked the second consecutive monthly increase in output. Growth eased notably for electrical equipment (1.7% vs 3.0% in August), machinery (1.0% vs 2.5%), and other manufactured goods (1.7% vs 3.9%). Meanwhile, output declined for food (-0.1% vs 2.4%), leather and footwear (-0.9% vs 8.0%), building materials (-2.0% vs 4.0%), automotive and trailers (-12.2% vs 5.1%), and textiles (-0.2% vs -0.5%). In contrast, production recovered for chemicals (0.1% vs -0.1%), pharmaceuticals (10.8% vs -5.7%), basic metals (0.2% vs -0.3%), metal products (flat vs -0.7%), and furniture (1.4% vs -3.0%), while accelerating for clothing (1.0% vs 0.6%). On a yearly basis, manufacturing activity expanded 2.1%, rebounding from a flat reading in August and posting the strongest growth since March 2023.

2025年9月，荷兰家庭消费同比增长0.8%，增速低于8月的1.3%，为5月以来的最小增幅。由于食品、饮料和烟草支出下降（-0.3%对0.9%）以及耐用消费品增长放缓（0.2%对2.1%），商品消费几乎停滞（0.1%对8月的1.1%）。另一方面，个人护理产品和能源等其他商品的支出增长了0.4%，这是连续六个月下降后的首次增长。与此同时，服务业的消费增长也从1.4%放缓至1.2%，因为家庭在交通、通信、娱乐和文化方面的支出略有增加。服务支出占家庭总消费的一半以上。追踪影响家庭支出的关键因素的10月份消费雷达显示，在股价上涨和对未来一年更乐观的消费者前景的支持下，9月份的情况有所改善。

Household consumption in the Netherlands rose by 0.8% year-on-year in September 2025, slowing from a 1.3% increase in August, marking the smallest gain since May. Consumption of goods nearly stalled (0.1% vs 1.1% in August), driven by lower spending on food, beverages, and tobacco (-0.3% vs 0.9%), and a slower rise in durable consumer goods (0.2% vs 2.1%). On the other hand, spending on other goods, such as personal care products and energy, increased by 0.4%, the first rise after six consecutive months of declines. Meanwhile, consumption growth for services also eased to 1.2% from 1.4%, as households spent slightly more on transport, communication, recreation, and culture. Spending on services accounts for more than half of total household consumption. The October Consumption Radar, which tracks key factors affecting household spending, indicated improved conditions from September, supported by higher share prices and a more optimistic consumer outlook for the year ahead.

奈韦荷兰制造业采购经理人指数从上个月的三年多高点53.7降至2025年10月的四个月低点51.8。虽然扩张速度放缓，但新订单继续推动增长，这得益于欧洲和亚太地区客户兴趣增加，出口需求再次上升。随后，制造业产出延续了3月份开始的持续增长趋势。与此同时，就业水平自5月以来首次下降，反映了自愿离职、重组举措和临时员工减少的综合影响。在价格方面，由于食品、能源和原材料价格上涨，投入成本略有上升，而产出价格通胀降至一年来的最低水平。最后，制造商对12个月的前景仍持乐观态度，尽管整体信心水平仍低于系列平均水平。

The Nevi Netherlands Manufacturing PMI fell to a four-month low of 51.8 in October 2025, from a more than three-year high of 53.7 in the previous month. While the pace of expansion moderated, new orders continued to drive growth, supported by a renewed rise in export demand amid increased interest from customers across Europe and the Asia-Pacific region. Subsequently, manufacturing output continued the ongoing growth trend that began in March. Meanwhile, employment levels fell for the first time since May, reflecting a combination of voluntary departures, restructuring initiatives, and reductions in temporary staff. On the price front, input costs rose slightly, driven by higher food, energy, and raw material prices, while output price inflation eased to its lowest level in a year. Finally, manufacturers remained optimistic about the twelve-month outlook, although the level of overall confidence remained below the series average.

2025年9月，荷兰零售额同比增长3.8%，低于上个月向上修正的3.9%。这是自6月以来零售活动增长最疲软的一次，原因是非食品类产品的销售增长放缓（8月份为3.7%对3.8%），尤其是药店（2.1%对3.2%）和DIY、厨房、地板（0.2%对0.7%）。此外，鞋类和皮革制品（-3.9%对0.7%）以及娱乐用品（-1.8%对5.5%）的贸易均有所下降。另一方面，食品的活动增长进一步增加（4.1%对4%），超市的销售额增长（4.8%对4.7%），专卖店的销售额下降幅度较小（-0.2%对-0.3%）。经季节性调整的月度数据显示，9月份零售额增长0.3%，与前一时期持平。

Retail sales in the Netherlands rose by 3.8% year-on-year in September 2025, slowing from an upwardly revised 3.9% advance in the previous month. This marked the softest growth in retail activity since June, driven by a slower increase in sales of non-food products (3.7% vs 3.8% in August), particularly in drugstores (2.1% vs 3.2%) and DIY, kitchens, floors (0.2% vs 0.7%). Additionally, trade declined for shoes and leather goods (-3.9% vs 0.7%) and recreational items (-1.8% vs 5.5%). On the other hand, activity growth increased further for food products (4.1% vs 4%), with sales rising in supermarkets (4.8% vs 4.7%) and declining at a lesser extent in specialty stores (-0.2% vs -0.3%). On a seasonally adjusted monthly basis, retail sales went up by 0.3% in September, the same pace as in the preceding period.