法兰克福DAX指数周三上涨超过0.5%，接近24000点大关，连续第三个交易日上涨，受到强劲企业盈利的支撑。Vonovia领涨该指数，在公布收益增长11%并上调2025年预期后飙升超过4%。西门子能源公司第三季度净利润6.97亿欧元，增长1.8%，扭转了去年同期创纪录的订单和强劲的部门收入导致的1.02亿欧元亏损。该公司重申了其在第二季度发布的升级指引，并表示收益预计将接近上限。费森尤斯股份有限公司股价上涨超过1%，此前该公司确认了2024年的前景，并报告了第二季度销售额和利润的增长。相比之下，拜尔斯道夫在下调增长预测后下跌了7%以上，理由是环境充满挑战。拜耳紧随其后，在第二季度业绩与预期一致以及特朗普总统威胁对药品征收250%的关税后，股价下跌近4%。

Frankfurt's DAX rose over 0.5% to approach the 24,000 mark on Wednesday, marking its third consecutive session of gains, supported by strong corporate earnings. Vonovia led the index, surging more than 4% after reporting an 11% increase in earnings and raising its 2025 guidance. Siemens Energy added 1.8% following a €697 million Q3 net profit, reversing a €102 million loss a year earlier on record orders and strong segment revenue. The firm reaffirmed the upgraded guidance it issued in the second quarter and said earnings are expected toward the upper range. Fresenius SE added over 1% after confirming its 2024 outlook and reporting higher Q2 sales and profit. In contrast, Beiersdorf sank more than 7% after moderating its growth forecast, citing a challenging environment. Bayer followed closely, down nearly 4%, following in-line Q2 results and after President Trump Threateaned 250% tariffs on pharmaceuticals.

HCOB德国建筑业采购经理人指数从6月份的44.8升至2025年7月的46.3，表明该行业自2023年2月以来收缩最慢。这一改善主要是由商业建筑的再次增长推动的，这是自2022年4月以来的首次扩张，而住房活动的下降则降至三个月低点。然而，土木工程活动又开始收缩。新订单大幅下降，企业称成本高和客户需求疲软，促使采购量出现自3月以来最快的下降，并继续裁员，尽管裁员人数降至四个月来的最低水平。投入成本已连续第五个月上涨，但增速低于6月份，而分包商费用因可用性提高而上涨。由于需求疲软，供应商的交货时间也再次缩短。最后，商业信心仍略为悲观，但较上月有所改善，企业对住房和整体经济前景特别谨慎。

The HCOB Germany Construction PMI rose to 46.3 in July 2025 from 44.8 in June, indicating the slowest contraction in the sector since February 2023. The improvement was mainly driven by a renewed rise in commercial construction, the first expansion since April 2022, while the decline in housing activity eased to a three-month low. However, civil engineering activity returned to contraction. New orders fell sharply, with firms citing high costs and weak client demand, prompting the fastest drop in purchasing since March and continued job cuts, though staff reductions eased to a four-month low. Input costs rose for the fifth month but at a slower pace than in June, while subcontractor charges increased amid improved availability. Supplier delivery times also shortened again due to weak demand. Lastly, business confidence remained slightly pessimistic but improved from the previous month, with firms particularly cautious about the outlook for housing and the broader economy.

在法兰克福，DAX指数周三上涨144点，涨幅0.60%。领涨的是Vonovia（4.20%）、海德堡水泥（2.77%）和德意志银行（1.69%）。跌幅最大的是拜尔斯道夫（-9.33%）、拜耳（-4.17%）和扎兰多（-2.37%）。

In Frankfurt, the DAX Index is gaining 144 points or 0.60 percent on Wednesday. Leading the gains are Vonovia (4.20%), HeidelbergCement (2.77%) and Deutsche Bank (1.69%). Top losers are Beiersdorf (-9.33%), Bayer (-4.17%) and Zalando (-2.37%).

2025年6月，德国工厂订单环比下降1.0%，未达到市场普遍预期的1.0%增长，此前5月份下调了0.8%。这标志着连续第二个月下降，主要是由于飞机、船舶、火车和军用车辆订单大幅下降23.1%。汽车行业（-7.6%）和金属制品（-12.9%）的需求也有所减弱。相比之下，电气设备订单激增（23.5%）。资本货物订单下降5.3%，而中间产品（6.1%）和消费品（0.5%）订单增长。外国需求下降3.0%，欧元区以外的订单下降7.8%，被欧元区内部订单增长5.2%略微抵消。与此同时，国内订单增长2.2%。剔除大规模订单，整体需求增长0.5%。在波动较小的三个月平均值上，2025年第二季度工厂订单增长了3.1%，这得益于预期的全球关税上调和欧元区贸易活动反弹之前的前期需求。

Factory orders in Germany dropped 1.0% mom in June 2025, missing market consensus of a 1.0% increase and following a downwardly revised 0.8% fall in May. This marked the second straight monthly decline, largely driven by a sharp 23.1% plunge in orders for aircraft, ships, trains, and military vehicles. Demand also weakened for the automotive sector (-7.6%) and fabricated metal products (-12.9%). In contrast, orders surged for electrical equipment (23.5%). Capital goods orders fell 5.3%, while orders grew for intermediate goods (6.1%) and consumer goods (0.5%). Foreign demand shrank 3.0%, with orders from outside the euro area down 7.8%, offset slightly by a 5.2% rise in orders from within the bloc. Meanwhile, domestic orders rose 2.2%. Excluding large-scale orders, overall demand rose 0.5%. On a less volatile three-month average, factory orders increased 3.1% in Q2 2025, supported by front-loaded demand ahead of anticipated global tariff hikes and a rebound in euro area trade activity.