马来西亚股票指数 (FKLCI) 加自选

2025年9月，马来西亚工业生产同比增长5.7%，高于8月的4.8%，超过了市场预期的5.5%的增长。这标志着自2024年7月以来工业活动的最快增长，这得益于制造业产出的大幅增长（8月份为2.8%，8月份为5%）。制造业的主要贡献者包括食品加工产品（9.0%）、计算机、电子和光学产品（8.8%）、蔬菜和动物油脂（7.4%）、基本金属（6.1%）和除机械和设备外的金属制品（4.5%）。此外，采矿业（10.2%对16.8%）和电力行业（2.8%对1.2%）的产量继续增长。经季节性调整的月度数据显示，9月份工业产出下降0.9%，这是连续第二个月下降，与前一时期0.3%的跌幅相比进一步下滑。

Industrial production in Malaysia grew by 5.7% year-on-year in September 2025, accelerating from a 4.8% rise in August and exceeding market expectations of a 5.5% increase. This marked the fastest growth in industrial activity since July 2024, boosted by a sharp rise in manufacturing output (5% vs 2.8% in August). Key contributors within the manufacturing sector included food processing products (9.0%), computer, electronic and optical products (8.8%), vegetables and animal oils and fats (7.4%), basic metals (6.1%), and fabricated metal products, except machinery and equipment (4.5%). Additionally, production continued to increase in the mining (10.2% vs 16.8%) and electricity sector (2.8% vs 1.2%). On a seasonally adjusted monthly basis, industrial output dropped by 0.9% in September, marking its second month of decline and slipping further from a 0.3% fall in the preceding period.

马来西亚央行在2025年11月连续第二次会议将关键利率维持在2.75%不变，符合市场预期。董事会表示，这一决定是恰当的，有助于在价格稳定的情况下实现经济增长。今年迄今为止，整体通胀率和核心通胀率分别平均为1.4%和1.9%。展望未来，在全球成本压力持续缓解的情况下，预计2026年整体通胀将保持温和，而核心通胀预计将保持稳定，接近长期平均水平。在增长方面，最近的数据显示，在持续的国内需求、有弹性的电气和电子产品出口以及大宗商品生产复苏的推动下，2025年第三季度的GDP表现好于预期。2026年预算下的措施也有望支持经济增长。展望未来，到2026年，有弹性的国内需求将继续支撑经济增长。然而，前景仍然不确定，特别是由于潜在的全球发展。

The Central Bank of Malaysia kept its key interest rate unchanged at 2.75% for a second consecutive meeting in November 2025, in line with market expectations. The board said the decision was appropriate and supportive of economic growth amid stable prices. Year-to-date, headline and core inflation averaged 1.4% and 1.9%, respectively. Looking ahead, headline inflation is expected to remain moderate in 2026 amid continued easing in global cost pressures, while core inflation is projected to stay stable and close to its long-term average. On the growth front, recent data indicate better-than-expected GDP performance in Q3 2025, driven by sustained domestic demand, resilient electrical and electronics exports, and a recovery in commodity production. Measures under Budget 2026 are also expected to support growth. Looking ahead, resilient domestic demand should continue to underpin growth into 2026. However, the outlook remains uncertain, particularly due to potential global developments.

标准普尔全球马来西亚制造业采购经理人指数从9月份的49.8微降至2025年10月的49.5。这标志着连续第17个月出现收缩，也是自6月以来最严重的衰退，因为新订单三个月来首次下降，反映了新出口销售额的急剧下降。因此，产量以五个月来最快的速度下降。尽管公司能够以自2月以来最快的速度减少积压，但人员配置水平再次降低。采购活动以当前四个月增长序列中最温和的速度增长，而库存水平有所放缓。由于持续的运输延误和材料短缺，交货时间也连续第二个月延长。在价格方面，投入价格进一步上涨，但作为刺激销售的一部分，公司选择六个月来首次降低销售价格。展望未来，受新订单复苏预期的支撑，商业信心改善至2023年4月以来的最高水平。

The S&P Global Malaysia Manufacturing PMI inched down to 49.5 in October 2025 from 49.8 in September. This marked the 17th straight month of contraction and the sharpest downturn since June, as new orders declined for the first time in three months, reflecting a steeper fall in new export sales. As a result, output fell at the fastest pace in five months. Staffing levels were lowered again, although firms were able to reduce backlogs at the quickest pace since February. Purchasing activity rose at the softest pace in the current four-month sequence of growth, while inventory levels moderated. Delivery times also lengthened for a second month amid ongoing shipping delays and material shortages. On the price front, input prices rose further, but firms opted to lower selling prices for the first time in six months as part of efforts to stimulate sales. Looking ahead, business confidence improved to its highest since April 2023, underpinned by expectations of a recovery in new orders.

2025年9月，马来西亚生产者价格指数同比下跌0.8%，较上月2.8%的跌幅有所缓解，是目前连续七个月下跌中跌幅最小的一次。制造业萎缩速度较慢（-2.1%对8月份的-4.0%），因为焦炭和精炼石油产品制造业的大幅下降（-8.9%）被其他部门的增长所抵消。与此同时，在天然气开采量强劲增长（8.9%）的支撑下，采矿产量反弹（1.1%对-3.4%）。电力和天然气供应增长更快（4.6%对4.1%），供水大幅飙升（9.1%对3.4%）。此外，农业、林业和渔业部门以更快的速度扩张（7.8%对7.3%），其中多年生作物的增长率达到两位数（11.7%）。按月计算，生产者价格指数上涨0.5%，高于8月份的0.1%涨幅。

Producer prices in Malaysia fell 0.8% year-on-year in September 2025, easing from a 2.8% decline in the previous month and marking the mildest drop in the current seven-month streak of decreases. The manufacturing sector shrank at a slower pace (-2.1% vs -4.0% in August), as a sharp fall in the manufacture of coke and refined petroleum products (-8.9%) was offset by gains across other segments. Meanwhile, mining output rebounded (1.1% vs-3.4%), supported by strong growth in the extraction of natural gas (8.9%). Electricity and gas supply rose faster (4.6% vs 4.1%), and water supply surged sharply (9.1% vs 3.4%). In addition, the agriculture, forestry, and fishing sector expanded at a quicker pace (7.8% vs 7.3%), led by a double-digit rise in the growing of perennial crops (11.7%). On a monthly basis, producer prices climbed 0.5%, accelerating from a 0.1% gain in August.