CAC 40指数周五上涨0.4%，收于8155点，连续第二个交易日上涨，投资者评估了欧洲的PMI数据和企业盈利。欧元区私营部门活动趋于稳定，法国拖累增长，而德国则有所改善。法国2月份的综合采购经理人指数（PMI）显示，服务业跌至17个月低点，制造业仍处于负值区域，这是自2023年9月以来最严重的收缩。在企业方面，液化空气领涨，因强劲的年度业绩和向上的指导修订而上涨3.3%，而意法半导体在与亚马逊网络服务合作推出用于人工智能数据中心的新光子芯片后上涨1.4%。相反，空中客车公司股价下跌3.1%，原因是全年业绩低于预期，其航天和国防部门面临新的指控，以及持续存在的供应链问题。尽管周五上涨，但CAC 40指数本周收盘下跌0.2%，结束了六周的连胜。

The CAC 40 rose 0.4% to close at 8,155 on Friday, marking a second consecutive session of gains as investors assessed flash PMI data from Europe alongside corporate earnings. Eurozone private sector activity steadied, with France weighing on growth while Germany showed improvement. France’s composite PMI for February signaled the sharpest contraction since September 2023, as services slumped to a 17-month low and manufacturing remained in negative territory. On the corporate front, Air Liquide led gains, rising 3.3% on strong annual results and an upward guidance revision, while STMicroelectronics climbed 1.4% after unveiling a new photonics chip for AI data centers in collaboration with Amazon Web Services. Conversely, Airbus sank 3.1% following weaker-than-expected full-year guidance, fresh charges in its Space and defense divisions, and persistent supply chain issues. Despite Friday’s gains, the CAC 40 ended the week down 0.2%, snapping a six-week winning streak.

法国10年期政府债券收益率降至3.2%，此前低于预期的PMI数据强化了人们对欧洲央行今年进一步降息的预期。2月份的PMI数据显示，法国私营部门出现了一年来最严重的收缩，该指数暴跌至44.5，远低于市场预测的48.0。与此同时，欧元区的商业增长仍然疲软，主要得益于德国和其他欧洲经济体的适度扩张。投资者也在密切关注周日德国的联邦选举，因为欧洲最大的经济体正在努力应对经济停滞。尽管如此，收益率仍有望创下自1月以来的最大单周涨幅，这是由于美国总统特朗普和俄罗斯总统普京就结束乌克兰战争举行会谈后，人们对增加借贷以资助更高国防开支的担忧。

he yield on France’s 10-year government bond dropped to 3.2% after weaker-than-expected PMI data reinforced expectations of deeper interest rate cuts by the European Central Bank this year. February’s PMI data showed the steepest contraction in France’s private sector in a year, with the index plunging to 44.5, well below market forecasts of 48.0. Meanwhile, Eurozone business growth remained sluggish, supported mainly by modest expansions in Germany and other European economies. Investors are also closely watching Germany’s federal election on Sunday, as Europe’s largest economy grapples with stagnation. Still, the yield remained on track for its biggest weekly gain since January, driven by concerns over increased borrowing to fund higher defense spending following talks between U.S. President Trump and Russian President Putin on ending the Ukraine war.

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.