沙特阿拉伯TASI指数 (TASI) 加自选

2025年9月，沙特阿拉伯的工业生产同比增长9.3%，高于上个月下调后的6.8%的增长。这一回升主要是由于石油活动的快速增长（8月份为10.1%对8.3%），以及焦炭和精炼石油产品制造业的大幅增长（11.0%对8.9%）。供水、污水处理、废物管理和修复活动也加速增长（9.2%对6.0%）。非石油活动以更快的速度扩张（7.3%对4.4%），这得益于制造业产出的增加（6.5%对3.7%），特别是纸张和纸制品（3.5%对3.2%）以及化学品和化学产品（9.2%对8.6%）。电力、天然气、蒸汽和空调供应的产出增长也有所加强（12.6%对8.7%）。工业活动在8月份下调1.0%后，每月增长1.9%。

Industrial production in Saudi Arabia grew 9.3% year-on-year in September 2025, accelerating from a downwardly revised 6.8% increase in the previous month. The pickup was mainly driven by faster growth in oil activities (10.1% vs 8.3% in August), supported by a sharp rise in the manufacture of coke and refined petroleum products (11.0% vs 8.9%). Growth also accelerated in water supply, sewerage, waste management, and remediation activities (9.2% vs 6.0%). Non-oil activities expanded at a faster pace (7.3% vs 4.4%), boosted by higher manufacturing output (6.5% vs 3.7%), particularly in paper and paper products (3.5% vs 3.2%) and chemicals and chemical products (9.2% vs 8.6%). Output growth also strengthened for electricity, gas, steam, and air conditioning supply (12.6% vs 8.7%). On a monthly basis, industrial activity rose 1.9%, following a downwardly revised 1.0% increase in August.

利雅得银行沙特阿拉伯的采购经理人指数从9月份的57.8急剧上升至2025年10月的60.2，标志着非石油私营部门状况自2014年以来最强劲的改善之一。这一加速是由新业务、产出和就业的强劲增长推动的，近一半的受访公司报告称，在国内需求上升和外国投资增加的情况下，销售额有所提高。随着公司提高了应对不断增长的工作量的能力，在招聘速度加快的支持下，商业活动显著扩大，这是近16年来最快的速度。采购和库存水平也有所加强，尽管需求增加，但供应商的交货时间有所改善。在价格方面，由于工资和进口材料成本的上涨，企业面临着更快的投入成本通胀，这促使产出费用出现了自2023年5月以来的最大涨幅。展望未来，在需求弹性、正在进行的项目以及对沙特非石油增长势头的信心的支撑下，商业乐观情绪依然强劲。

Riyad Bank Saudi Arabia’s PMI rose sharply to 60.2 in October 2025 from 57.8 in September, signaling one of the strongest improvements in non-oil private sector conditions since 2014. The acceleration was driven by robust gains in new business, output, and employment, as nearly half of surveyed firms reported higher sales amid rising domestic demand and increased foreign investment. Business activity expanded markedly, supported by faster hiring, the quickest pace in almost 16 years, as companies boosted capacity to meet growing workloads. Purchasing and inventory levels also strengthened, while suppliers’ delivery times improved despite heightened demand. On prices, firms faced faster input cost inflation due to rising wages and imported material costs, prompting the steepest increase in output charges since May 2023. Looking ahead, business optimism remained strong, underpinned by resilient demand, ongoing projects, and confidence in the Kingdom’s non-oil growth momentum.

据初步估计，沙特阿拉伯经济在2025年第三季度同比增长5%，较上一季度的3.9%有所加快。这标志着自2023年第一季度以来最强劲的经济扩张，受到所有主要经济部门增长的支持，石油活动领先，在上一季度增长3.8%后，增长了8.2%。政府活动的增长也有所回升（1.8%对0.6%），而非石油活动大致稳定在4.5%（之前为4.6%）。经季节性调整的季度数据显示，GDP增长1.4%，略低于6月份季度1.7%的增长率。

Saudi Arabia’s economy expanded by 5% year-on-year in the third quarter of 2025, accelerating from a 3.9% growth in the previous period, according to preliminary estimates. This marks the strongest economic expansion since the first quarter of 2023, supported by growth across all major economic sectors, with oil activities leading the way, jumping 8.2% after a 3.8% gain in the prior quarter. Growth also picked up for government activities (1.8% vs 0.6%), while non-oil activities remained broadly stable at 4.5% (4.6% previously). On a seasonally adjusted quarterly basis, GDP grew 1.4%, slightly easing from the 1.7% expansion recorded in the June quarter.

沙特央行于2025年10月29日将基准回购利率下调25个基点至4.5%，为近三年来的最低水平。此举符合市场预期，即保持与美联储的利差，以保护资本流动及其汇率制度。

The Saudi Central Bank cut its benchmark repo rate by 25bps to 4.5% on October 29th, 2025, the lowest in nearly three years. The move was aligned with market expectations to retain its rate differential with that of the Federal Reserve to preserve capital flows and its exchange rate regime.