波兰华沙WIG指数 (WIG) 加自选

正如预期的那样，波兰国家银行在2025年5月的会议上将关键利率降至5.25%，这是自2023年10月以来的首次降息。伦巴第和存款利率也分别降至5.25%和4.25%。这一削减是由通胀下降、工资放缓以及2025年初经济疲软的迹象引发的，因为需求、劳动力市场、能源价格和财政政策存在不确定性。通货膨胀率从3月份的4.9%降至4月份的4.2%，这反映了燃料价格下跌和去年增值税上调对食品的影响减弱等因素。尽管工业有所增长，但零售额和建筑业却有所下降。失业率仍然很低，但企业就业人数略有下降，工资也有所下降。央行表示，进一步的决定将取决于通货膨胀和经济活动。

The National Bank of Poland cut its key interest rate to 5.25% at its May 2025 meeting, as expected, to mark the first cut since October 2023. The Lombard and deposit rates were also lowered to 5.25% and 4.25%. The cut was prompted by falling inflation, a slowdown in wages and signs of economic weakness in early 2025 amid uncertainties related to demand, the labor market, energy prices and fiscal policy. Inflation slowed to 4.2% in April from 4.9% in March, reflecting, among other factors, lower fuel prices and the fading of the effect of the previous year’s VAT hike on food. Despite growth in industry, there were declines in retail sales and construction. Unemployment remained low, but corporate employment fell slightly and wages weakened. The central bank said further decisions would depend on inflation and economic activity.

标准普尔全球波兰制造业采购经理人指数从3月份的50.7降至2025年4月的50.2，表明商业状况持续改善，尽管速度较慢。产出连续第三个月增长，增速为2022年2月以来最快，同时就业也有所回升，以应对不断增长的工作量。积压订单近三年来首次增加，支持了复苏。然而，新订单略有下滑，引发了对需求的担忧。采购活动增加，但随着生产加速，投入库存下降。供应商交货时间自2024年6月以来首次缩短。就价格而言，销售和投入成本都进一步上涨，但涨幅相对较弱。尽管产出强劲，但商业信心急剧减弱，创下疫情以来的最大跌幅，突显出该行业前景的脆弱性。

The S&P Global Poland Manufacturing PMI fell to 50.2 in April 2025 from 50.7 in March, indicative of continued improvement in business conditions although at a slower pace. Output rose for the third month and at the fastest pace since February 2022, while employment also picked up to meet rising workloads. Backlogs increased for the first time in nearly three years, supporting the recovery. However, new orders slipped slightly, raising concerns about demand. Purchasing activity rose, but input inventories fell as production accelerated. Supplier delivery times shortened for the first time since June 2024. In terms of prices, selling and input costs both rose further, but at relatively weak rates. Despite stronger output, business confidence weakened sharply, registering its steepest drop since the pandemic, highlighting fragility in the sector's outlook.

初步估计显示，波兰的年通货膨胀率从3月份的4.9%降至2025年4月的4.2%，略低于市场预测的4.3%。这是九个月来的最低读数，因为公用事业（+13%）和食品价格（+5.3%）的上涨被燃料成本下降8.3%部分抵消。按月计算，4月份消费者价格指数上涨0.4%，而前一个月上涨0.2%，略低于0.3%的预期涨幅。

Poland’s annual inflation rate dropped to 4.2% in April 2025, from 4.9% in March and slightly below market forecasts of 4.3%, preliminary estimates showed. It was the lowest reading in nine months, as rising utility (+13%) and food prices (+5.3%) were partially offset by an 8.3% decline in fuel costs. On a monthly basis, consumer prices rose by 0.4% in April, after a 0.2% increase in the prior month and slightly below estimates of a 0.3% advance.

WIG指数升至99709.00点的历史高点。在过去的4周里，华沙证券交易所WIG总回报指数上涨了0.17%，在过去的12个月里，它上涨了19.3%。

WIG increased to an all-time high of 99709.00 Index Points. Over the past 4 weeks, Warsaw Stock Exchange WIG Total Return Index gained 0.17%, and in the last 12 months, it increased 19.3%.