德国DAX指数周三扭转走势，收于24049点，上涨约0.4%，欧洲市场追随美国同行，对人工智能估值过高的担忧有所缓解。与此同时，财报季继续受到密切关注。宝马股价上涨超过6%，也提振了其他汽车制造商的股价，此前该公司公布了第三季度盈利增长，并表示有望实现全年目标。另一方面，西门子医疗是最大的输家，下跌8.6%，此前该公司公布第四季度利润下降低于市场预期，归咎于美国关税的影响。费森尤斯股份有限公司（Fresenius SE）在公布了一系列喜忧参半的第三季度业绩后，进入负值区域，下跌约1%，营业利润有所下降，但收入略有下降。

Germany's DAX reversed course to close about 0.4% up at 24,049 on Wednesday, as European markets followed US peers, as concerns over lofty AI valuations eased. Meanwhile, the earnings season continued to be closely watched. BMW shares jumped more than 6%, also lifting the stocks of other automakers, after reporting higher Q3 earnings and saying it was on track to meet its full-year targets. On the opposite side, Siemens Healthineers was the top loser, slipping 8.6%, after the company posted a fall in fourth-quarter profit that undershot market expectations, blaming the impact of US tariffs. Fresenius SE moved into negative territory, falling about 1%, after reporting a mixed set of Q3 results, with a beat on operating earnings but a slight miss on revenue.

德国10年期国债收益率升至2.65%以上，再次触及10月9日以来的最高水平，投资者评估了欧洲央行和美联储的新数据及其对货币政策的影响。欧洲央行的工资追踪指标与其谈判工资指标密切相关，显示平均工资增长从2024年的4.9%放缓至2025年的3.0%，到2026年第三季度进一步放缓至2.2%，与欧洲央行2%的通胀目标一致。这些数据强化了人们对央行将在较长一段时间内保持利率不变的预期。与此同时，在德国，9月份工厂订单反弹超过预期，10月份私营部门活动以2023年5月以来的最快速度增长，标志着欧洲最大经济体的初步复苏。在大西洋彼岸，美国国债收益率也攀升，因为在鲍威尔主席发表鹰派言论以及ADP就业和ISM服务活动数据强于预期后，交易员减少了对美联储进一步降息的押注。

Germany’s 10-year Bund yield rose above 2.65%, revisiting its highest level since October 9, as investors assessed fresh data and its implications for monetary policy from both the ECB and the Federal Reserve. The ECB’s wage tracker, closely aligned with its indicator of negotiated wages, showed average pay growth slowing to 3.0% in 2025 from 4.9% in 2024, and further to 2.2% by Q3 2026, consistent with the ECB’s 2% inflation target. The data reinforced expectations that the central bank will keep rates unchanged for an extended period. Meanwhile, in Germany, factory orders rebounded more than expected in September, and private sector activity grew in October at the fastest pace since May 2023, signaling a tentative recovery in Europe’s largest economy. Across the Atlantic, US Treasury yields also climbed as traders pared back bets on further Fed rate cuts, following Chair Powell’s hawkish comments and stronger-than-expected readings for ADP employment and ISM services activity.

HCOB德国综合采购经理人指数从9月份的52微升至2025年10月的53.8，略微上调至53.9。该数据显示，自2023年5月以来，私营部门活动增长最为强劲，服务业扩张更快（54.6比51.5），制造业萎缩更少（49.6比49.5）。尽管出口销售略有疲软，但新业务总额仍创下2022年4月以来的最大增幅。总体积压工作三年多来首次增加，反映了服务业产能压力的增加。服务业的重新招聘在很大程度上抵消了制造业的裁员。在价格方面，服务业推动了投入成本和产出费用的更快增长。值得注意的是，出厂价上涨幅度为2023年4月以来最大。最后，商业预期降至4月以来的最低水平。

The HCOB Germany Composite PMI was revised slightly higher to 53.9 in October 2025 from a preliminary of 53.8, compared to 52 in September. The reading pointed to the strongest growth in private sector activity since May 2023, with services expanding faster (54.6 vs 51.5) and manufacturing shrinking less (49.6 vs 49.5). Total new business showed the steepest rise since April 2022, despite export sales softening slightly. Overall backlogs of work rose for the first time in over three years, reflecting increased capacity pressures in the service sector. Renewed hiring among services firms largely offset job cuts in manufacturing. On the price front, the service sector drove faster increases in both input costs and output charges. Notably, factory gate prices rose to the greatest extent since April 2023. Finally, business expectations weakened to its lowest since April.

HCOB德国服务业采购经理人指数从9月份的51.5升至2025年10月的54.6，为2023年5月以来的最高水平，高于市场初步估计的54.5。受国内需求增强和新业务增加的推动，德国服务业在第四季度初大幅走强。在9月份大幅下降后，就业人数在三个月内首次增长，因为公司对更高的工作量和不断增长的积压做出了回应，这是自2022年中期以来首次增加。出口需求仍然疲软，但显示出企稳的迹象，出现了自2024年中期以来的最小跌幅。然而，通货膨胀压力再次上升，因为工资上涨将投入成本推至4月以来的最高水平，而服务提供商以8个月来最快的速度提高了销售价格。尽管乐观情绪略有下降，但在经济状况改善、新产品开发和技术投资的预期支持下，市场情绪仍然乐观。

The HCOB Germany Services PMI rose to 54.6 in October 2025 from 51.5 in September, the highest reading since May 2023 and above market preliminary estimates of 54.5. Germany’s services sector strengthened sharply at the start of Q4, driven by stronger domestic demand and a rise in new business. Employment grew for the first time in three months after steep declines in September, as firms responded to higher workloads and growing backlogs, which increased for the first time since mid-2022. Export demand remained weak but showed signs of stabilizing, with the smallest fall since mid-2024. Inflationary pressures, however, picked up again, as higher wages pushed input costs to their highest since April, while service providers raised their selling prices at the fastest rate in eight months. Despite a slight dip in optimism, sentiment remained upbeat, supported by expectations of improving economic conditions, new product development, and investment in technology.