CAC 40指数周五微涨0.2%，至8141点，连续第二个交易日上涨，投资者消化了欧洲的PMI数据，同时关注企业盈利和新闻。在法国，初步估计显示，2025年2月的综合采购经理人指数有所下降，这是自2023年9月以来的最大收缩。服务业出现了17个月来最严重的收缩，而制造业略有改善，但仍处于负值区域。在企业方面，液化空气集团领涨该指数，股价上涨3.3%，达到2024年3月以来的最高水平，此前年度业绩强劲，指引上调。意法半导体紧随其后，股价上涨2.5%，达到2024年9月以来的最高水平，这得益于与亚马逊网络服务公司合作开发的用于人工智能数据中心的新型光子芯片的推出。本周，该指数在连续六周上涨后，有望下跌。 .

The CAC 40 edged up 0.2% to 8,141 on Friday, marking its second consecutive session of gains as investors digested flash PMI data from Europe while keeping an eye on corporate earnings and news. In France, preliminary estimates revealed a dip in the composite PMI for February 2025, marking its sharpest contraction since September 2023. The services sector saw the most significant contraction in 17 months, while manufacturing showed slight improvement but remained firmly in negative territory. On the corporate front, Air Liquide led the index, with shares climbing 3.3% to its highest level since March 2024, following strong annual results and an upward revision of guidance. STMicroelectronics followed suit, gaining 2.5% to reach its highest level since September 2024, buoyed by the unveiling of a new photonics chip for AI data centers, developed in collaboration with Amazon Web Services. Over the week, the index is on track for a decline following six consecutive weeks of gains. .

预览估计显示，HCOB法国综合采购经理人指数在2025年2月降至44.5，为一年多来的最低水平，而1月份为47.6，基本上低于市场预测的48。最新数据显示，该国私营部门连续第六个月出现收缩，且收缩速度稳健。服务业收缩幅度为17个月来最大（44.5比48.2），而制造业略有改善，但仍处于深度负值区域（45.5比45）。对法国商品和服务的需求疲软导致私营部门新订单出现近五年来最大跌幅。出口也稳步下降，但速度为五个月来最低。与此同时，由于工作量下降，公司以2020年8月以来的最高速度裁员。与此同时，成本压力加剧，因为投入价格以去年8月以来的最快速度上涨，而产出价格仅略有上涨。法国公司表现出中性前景，制造业下降，服务业乐观情绪减弱。

The HCOB France Composite PMI fell to 44.5 in February 2025, the lowest in over a year, compared to January’s 47.6 and largely missing market forecasts of 48, flash estimates showed. The latest reading indicated the sixth straight month of contraction in the country's private sector and at a solid pace. Services sector contracted the most in 17 months (44.5 vs 48.2) while manufacturing slightly improved but remained in the deeply negative territory (45.5 vs 45). Weaker demand for French goods and services led to the sharpest drop in private sector new orders in nearly five years. Exports also fell solidly but at the weakest pace in five months. At the same time, companies cut jobs at the steepest rate since August 2020 due to falling workloads. Meanwhile, cost pressures intensified as input prices rose at the fastest rate since last August, while output prices rose only slightly. French companies showed a neutral outlook, with lower manufacturing and subdued service sector optimism.

HCOB法国服务业采购经理人指数从上个月的48.2降至2025年2月的44.5，低于市场预期的48.9。这标志着自2023年9月以来最严重的收缩，产出下降速度远快于1月，是近一年半来最显著的下降。此外，新业务大幅下降，是五年来降幅最大的业务之一，主要原因是国内需求疲软。此外，服务业的人员配置明显减少，这是自2020年8月以来的最大幅度削减，主要原因是临时合同未续签和自愿离职人员未被替换。在价格方面，成本压力越来越大，因为投入价格以2023年8月以来的最快速度上涨，服务公司报告称其运营费用显著增加。

The HCOB France Services PMI dropped to 44.5 in February 2025 from 48.2 in the previous month, worse than market expectations of 48.9. This marked the steepest contraction since September 2023, with output declining at a much faster pace than in January and marking the most significant drop in nearly a year and a half. In addition, new business saw a dramatic fall, registering one of the steepest declines in five years, primarily due to sluggish domestic demand. Moreover, the services sector experienced a notable reduction in staffing, the largest cut since August 2020, primarily attributed to the non-renewal of temporary contracts and the non-replacement of voluntary leavers. On the price front, cost pressures mounted, as input prices rose at their fastest rate since August 2023, with services firms reporting marked increases in their operating expenses.

据初步估计，HCOB Flash法国制造业采购经理人指数从1月份的45上升到2025年2月的45.5，符合市场预期。虽然这标志着法国制造业自去年5月以来最温和的收缩，但该行业仍然存在严重的收缩性，尽管新订单的下降速度较上月有所放缓，但需求疲软仍在持续。由于对未来产出的悲观情绪和大规模裁员仍在继续，整体前景仍然黯淡。与此同时，该行业的困境因投入成本上升而进一步加剧。

The HCOB Flash France Manufacturing PMI rose to 45.5 in February 2025, up from 45 in January, in line with market expectations, according to preliminary estimates. While this marks the mildest contraction in the French manufacturing sector since last May, the sector remains deeply contractionary, with weak demand persisting despite a slower decline in new orders compared to the previous month. The overall outlook remains bleak, as pessimism about future output and widespread layoffs continue. Meanwhile, the sector's struggles are further exacerbated by rising input costs.