中国H股现货指数 (ChinaHShar) 加自选

周五，CAC 40指数几乎没有变化，为7965点，徘徊在10月中旬以来的最低水平附近，此前一周市场动荡，主要是一波季度盈利、对科技估值过高的担忧、美国政府持续停摆和美联储官员的鹰派言论。基准指数在过去两周内预计将下跌3%以上，从10月份创下的历史高点回落。周五，Teleperformance和Edenred领跌，均下跌约1.9%，而威立雅和必维国际检验集团均下跌超过1%。相比之下，奢侈品股表现优异，爱马仕上涨1.7%，路威酩轩集团上涨0.7%，开云集团上涨0.6%。除主要指数外，阿科玛下调了年度指引，Aperam公布了低于预期的第三季度业绩，德高贝登公布了收入下降，而泛欧交易所宣布了更高的营业收入。

The CAC 40 was little changed at 7,965 points on Friday, hovering near its lowest level since mid-October after a turbulent week dominated by a wave of quarterly earnings, renewed concerns over stretched tech valuations, the ongoing US government shutdown, and hawkish comments from Federal Reserve officials. The benchmark index is now on track for a loss of more than 3% over the past two weeks, retreating from the record highs reached in October. On Friday, Teleperformance and Edenred led the losses, each slipping around 1.9%, while Veolia and Bureau Veritas both declined by more than 1%. In contrast, luxury stocks outperformed, with Hermès rising 1.7%, LVMH up 0.7%, and Kering adding 0.6%. Outside the main index, Arkema cut its annual guidance, Aperam reported weaker-than-expected Q3 results, JCDecaux posted a decline in revenues, while Euronext announced higher operating income.

2025年9月，法国的经常账户赤字为16亿欧元，与前一个月向下修正的14亿欧元盈余有所不同。商品账户缺口从2025年8月的37亿欧元扩大到55亿欧元，而服务账户盈余从60亿欧元缩小到47亿欧元。与此同时，初级收入盈余从37亿欧元小幅增加到38亿欧元，次级收入赤字保持不变，为46亿欧元。

France recorded a current account deficit of EUR 1.6 billion in September 2025, shifting from a downwardly revised surplus of EUR 1.4 billion in the previous month. The goods account shortfall widened to EUR 5.5 billion from EUR 3.7 billion in August 2025, while the services account surplus narrowed to EUR 4.7 billion from EUR 6 billion. Meanwhile, the primary income surplus increased marginally to EUR 3.8 billion from EUR 3.7 billion, and the secondary income deficit remained unchanged at EUR 4.6 billion.

2025年9月，法国的贸易逆差从8月的52亿欧元扩大到66亿欧元，为三个月来最大，高于预测的59亿欧元。出口仅比上月增长0.1%，达到519亿欧元，精炼石油产品（+19.0%）、机械设备（+6.1%）和农产品（+1.6%）的增长几乎完全被运输设备（-8.6%）和天然碳氢化合物（-20.9%）的下降所抵消。按地区划分，对欧盟（+4.1%）和亚洲（+0.9%）的出口增加，而对中东（-22.5%）和美洲（-1.2%）的出口下降，后者受到美国关税的影响。与此同时，进口额增长2.5%，达到585亿欧元，主要受天然烃（+14.5%）、机械设备（+3.8%）和精炼石油（+3.2%）的推动，而农产品（-2.6%）和运输设备（-2.7%）的采购量下降。从地区来看，来自亚洲（+5.5%）和美洲（+3.9%）的进口有所增长，但来自非洲（-14.1%）和中东（-0.1%）的进口却有所下降。

France's trade deficit widened to €6.6 billion in September 2025, the largest in three months, from €5.2 billion in August and above forecasts of €5.9 billion. Exports grew only 0.1% from a month earlier to €51.9 billion, as gains in refined petroleum products (+19.0%), mechanical equipment (+6.1%), and agricultural products (+1.6%) were almost entirely offset by declines in transport equipment (-8.6%) and natural hydrocarbons (-20.9%). By region, exports increased to the EU (+4.1%) and Asia (+0.9%), while shipments to the Middle East (-22.5%) and the Americas (-1.2%) fell, the latter affected by US tariffs. Meanwhile, imports advanced 2.5% to €58.5 billion, driven by natural hydrocarbons (+14.5%), mechanical equipment (+3.8%), and refined petroleum (+3.2%), while purchases of agricultural products (-2.6%) and transport equipment (-2.7%) declined. Regionally, imports expanded from Asia (+5.5%) and the Americas (+3.9%) but fell from Africa (-14.1%) and the Middle East (-0.1%).

2025年10月，法国官方储备资产从9月的3302.7亿欧元创下历史新高，达到3500.4亿欧元。这意味着增加了197.7亿欧元，主要是黄金储备（2732.5亿欧元对9月份的2545.9亿欧元）、外汇储备（313.7亿欧元对306.8亿欧元），对国际货币基金组织的债权（389.7亿欧元对比386亿欧元）和其他储备资产（64.5亿欧元对64亿欧元）的增加。

France’s official reserve assets hit a new all-time high of €350.04 billion in October 2025, from €330.27 billion in September. This represents an increase of €19.77 billion, led by rises in gold reserves (€273.25 billion vs €254.59 billion in September), foreign currency reserves (€31.37 billion vs €30.68 billion), claims on the IMF (€38.97 billion vs €38.60 billion), and other reserve assets (€6.45 billion vs €6.40 billion).