在法兰克福，DAX指数周四上涨268点，涨幅1.12%。涨幅最大的是海德堡水泥（6.04%）、德国商业银行（4.94%）和巴斯夫（4.73%）。

In Frankfurt, the DAX Index rose 268 points or 1.12 percent on Thursday. Leading the gains are HeidelbergCement (6.04%), Commerzbank (4.94%) and BASF (4.73%).

法兰克福DAX指数上涨，周四上涨超过1.5%，表现优于地区同行，因为投资者关注强劲的企业盈利，并在很大程度上消除了对关税的担忧。目前生效的“互惠”措施针对几乎所有主要贸易伙伴，包括面临15%税率的欧盟。德国依赖出口的经济正面临美国关税带来的越来越大的压力。在数据方面，6月份德国出口强劲，但工业产出下降幅度超过预期。在业务方面，巴斯夫领涨，涨幅超过5%，紧随其后的是安联，安联在公布乐观的第二季度业绩并坚持全年指导后上涨了近5%。海德堡材料、西门子和德国邮政也取得了强劲的增长，分别增长了4.7%、4.1%和3.75%。不利的一面是，莱茵金属公司在报告第二季度销售额低于预期后下跌了5%以上。由于业绩不佳，德国电信股价下跌约4%。

Frankfurt's DAX gained ground, rising over 1.5% on Thursday, outperforming its regional peers, as investors focused on strong corporate earnings and largely brushed off concerns over tariffs. The "reciprocal" measures, now in effect, target nearly all major trading partners, including the EU, which faces a 15% rate. Germany’s export-reliant economy is under growing pressure from US tariffs. On the data front, June saw stronger German exports but a deeper-than-expected drop in industrial output. On the business front, BASF led the gains with a rise of over 5%, followed closely by Allianz, which added nearly 5% after reporting upbeat Q2 results and sticking to its full-year guidance. Heidelberg Materials, Siemens, and Deutsche Post also saw strong advances, rising 4.7%, 4.1%, and 3.75%, respectively. On the downside, Rheinmetall is down more than 5% after reporting lower-than-expected second-quarter sales. Deutsche Telekom is down by about 4%, weighed down by weak results.

法兰克福DAX指数周四开盘小幅上涨，但在美国新征收的关税生效和企业盈利成为焦点后，稳定在23930点附近。目前生效的“互惠”措施几乎针对所有主要贸易伙伴，包括面临15%税率的欧盟。德国依赖出口的经济正面临美国关税带来的越来越大的压力。最新数据显示，2025年6月，贸易顺差收窄超过预期，工业生产降至2020年以来的最低水平，工厂订单连续第二个月出现意外下降。在业务方面，安联因盈利超过预期而上涨3.6%，汉高在上调利润预期后上涨2.5%。西门子股价持平，业绩令人失望，而德国电信股价下跌超过5%，莱茵金属股价下跌超过6%，低于预期。

Frankfurt’s DAX edged higher at the open on Thursday but leveled off near 23,930 as newly imposed US tariffs came into force and corporate earnings took center stage. The "reciprocal" measures, now in effect, target nearly all major trading partners, including the European Union, which faces a 15% rate. Germany’s export-reliant economy is under growing pressure from US tariffs. In June 2025, the trade surplus narrowed more than expected, industrial production fell to its lowest level since 2020, and factory orders posted a surprise second consecutive monthly decline, according to the latest data. On the business front, Allianz gained 3.6% on an earnings beat, and Henkel rose 2.5% after lifting its profit forecast. Siemens was flat as results disappointed, while Deutsche Telekom fell over 5% and Rheinmetall lost more than 6% on weaker-than-expected figures.

2025年6月，德国工业生产环比下降1.9%，比5月修正后的0.1%降幅进一步下滑，降幅超过预期的0.5%。这标志着自2024年7月以来工业活动的最大跌幅，主要原因是机械设备制造业（-5.3%）、制药业（-11%）和食品业（-6.3%）的收缩。相比之下，能源生产增长了3.1%。

Germany’s industrial production dropped 1.9% month-over-month in June 2025, slipping further from a revised 0.1% fall in May, and coming more than the expected 0.5% decrease. This marks the sharpest decline in industrial activity since July 2024, largely driven by contractions in the manufacture of machinery and equipment (-5.3%), pharmaceuticals (-11%), and the food industry (-6.3%). In contrast, energy production recorded an increase of 3.1%.