<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/20250915_091516_zAJXE.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1152" height="720" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/20250915_091516_zAJXE.png"/></p>
<p>富时 100 指数今年上涨近 22%，确认了自 2020 年 3 月以来开始的强劲牛市，当时该指数跌至 4892 英镑的低点。</p>
<p>尽管英国面临来自美国的更高关税、更高税收和通货膨胀以及经济增长缓慢等重大挑战，但其飙升至创纪录高位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/FTSE-100-1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="3574" height="2020" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/FTSE-100-1.png"/></p>
<p><em>富时 100 指数图表 | 来源：TradingView</em></p>
<h2>富时 100 指数因商品价格上涨而上涨</h2>
<p>富时 100 指数上涨超过 20% 的一个主要原因是年内顶级商品的强劲表现。</p>
<p>该指数中的主要赢家来自商品领域。Fresnillo 的股价今年上涨了 446%，因为黄金和白银飙升至创纪录高位。这家墨西哥公司是全球白银市场的最大参与者之一。</p>
<p>Endeavour Mining 的股价上涨了 170%，受益于高企的黄金价格。这家公司在非洲运营大型金矿，其矿产生产与价格上涨相吻合，表现良好。</p>
<p>与此同时，Antofagasta 的股价今年上涨了 106%，因为铜的表现达到了多年来的最佳水平。Antofagasta 是铜矿业务的最大参与者之一，去年年收入超过 66 亿美元。</p>
<p>其他矿业公司如力拓、嘉能可和英美资源集团在年内也表现良好。力拓上涨了 26%，而另外两家公司分别上涨了 15% 和 12.8%。英美资源集团在宣布收购加拿大 Teck Resources 时成为头条新闻。</p>
<p>阅读更多：这就是为什么富时 100 指数的这只股票在 2025 年上涨了约 380%。</p>
<h2>英国银行推动富时 100 指数上涨</h2>
<p>与此同时，英国银行公司在年内也是表现最佳的公司之一，其表现与其他欧洲银行如意大利联合信贷、法国兴业银行和桑坦德银行相似。</p>
<p>渣打集团的股价上涨了 85%，而劳埃德银行、巴克莱银行、国家西敏银行和汇丰银行分别上涨了 80%、79%、63% 和 51%。</p>
<p>英国银行继续上涨，因为它们受益于相对较高的通货膨胀率，这促使英格兰银行维持较高的利率。</p>
<p>银行从较高的利率中受益，因为这通常会导致更高的净利差。此外，这些公司在年内也受益于强劲的盈利增长，得益于它们在低利率时代的成本削减。</p>
<p>最近，这些公司在 Rachel Reeves 宣布预算后表现良好，她避免实施一些分析师和智库所提议的意外税。</p>
<p>除了英国银行，金融服务行业的其他公司在年内也是表现最佳的赢家。专注于新兴市场的保险公司保诚上涨了 81%。圣詹姆斯广场的股价上涨了 60%，而 Aviva、M&amp;G 和凤凰集团的股价均上涨了超过 50%。</p>
<h2>国防承包商在强劲支出中上涨</h2>
<p>巴布科克国际的股价上涨了 147%，而罗尔斯·罗伊斯上涨了 102%，成为富时 100 指数中表现最佳的公司之一。BAE 系统公司作为该指数中的另一家顶级公司，股价上涨了 50%。</p>
<p>这些制造巨头受益于其产品需求的上升，尤其是在欧洲。英国和德国、西班牙等其他国家在过去几年中都增加了支出，表明美国正在收缩。</p>
<p>罗尔斯·罗伊斯的股价上涨，因为管理层在航空公司强劲需求的背景下提高了前瞻性指引。此外，它还受益于小型模块化反应堆（SMR）业务，预计该业务将随着时间的推移继续增长。</p>
<p>另一方面，该指数中的主要滞后者是 Bunzl、帝亚吉欧、汽车交易集团、Mondial 和伦敦证券交易所集团。这些公司的股价今年均下跌超过 20%。</p>
<p>本文首发于 Invezz，标题为《这就是为什么富时 100 指数在 2025 年上涨了约 22%》。</p>

渣打集团

<p>FTSE 100 指数在 2025 年上涨近 22%，标志着自 2020 年 3 月以来的强劲牛市。主要驱动因素包括高商品价格，Fresnillo 的股票飙升 446%，Endeavour Mining 上涨 170%。英国银行表现良好，受益于更高的利率，渣打银行上涨 85%。由于需求增加，防务承包商如 Babcock International 和 Rolls-Royce 也获得了显著收益。然而，一些公司，包括 Bunzl 和 Diageo，经历了超过 20% 的下跌</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/20250915_091516_zAJXE.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/09/20250915_091516_zAJXE.png"/></p>
<p>The FTSE 100 Index jumped by nearly 22% this year, confirming a strong bull run that started in March 2020 when it crashed to a low of £4,892.</p>
<div class="lb-trans"><p>富时 100 指数今年上涨近 22%，确认了自 2020 年 3 月以来开始的强劲牛市，当时该指数跌至 4892 英镑的低点。</p>
</div><p>Its surge to a record high happened even as the UK faced major challenges of higher tariffs from the United States, higher taxes and inflation, and slow economic growth.</p>
<div class="lb-trans"><p>尽管英国面临来自美国的更高关税、更高税收和通货膨胀以及经济增长缓慢等重大挑战，但其飙升至创纪录高位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/FTSE-100-1.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/FTSE-100-1.png"/></p>
<p><em>FTSE 100 Index chart | Source: TradingView</em></p>
<div class="lb-trans"><p><em>富时 100 指数图表 | 来源：TradingView</em></p>
</div><h2>FTSE 100 Index rally boosted by higher commodity prices</h2>
<div class="lb-trans"><h2>富时 100 指数因商品价格上涨而上涨</h2>
</div><p>One main reason why the blue-chip FTSE 100 Index jumped by over 20% was the strong performance of top commodities during the year.</p>
<div class="lb-trans"><p>富时 100 指数上涨超过 20% 的一个主要原因是年内顶级商品的强劲表现。</p>
</div><p>The top gainers in the index were in the commodity sector. Fresnillo’s stockprice jumped by 446% this year as gold and silver jumped to their record highs. The Mexican company is one of the biggest players in the silver market globally.</p>
<div class="lb-trans"><p>该指数中的主要赢家来自商品领域。Fresnillo 的股价今年上涨了 446%，因为黄金和白银飙升至创纪录高位。这家墨西哥公司是全球白银市场的最大参与者之一。</p>
</div><p>Endeavour Mining stock rose by 170% as it benefited from the elevated gold prices. The company, which operates large gold mines in Africa, continued doing well as its mining production coincided with the rising prices.</p>
<div class="lb-trans"><p>Endeavour Mining 的股价上涨了 170%，受益于高企的黄金价格。这家公司在非洲运营大型金矿，其矿产生产与价格上涨相吻合，表现良好。</p>
</div><p>Meanwhile, Antofagasta’s share price jumped by 106% this year as copper experienced its best performance in years. Antofagasta is one of the biggest players in the copper mining business, delivering over $6.6 billion in annual revenue last year.</p>
<div class="lb-trans"><p>与此同时，Antofagasta 的股价今年上涨了 106%，因为铜的表现达到了多年来的最佳水平。Antofagasta 是铜矿业务的最大参与者之一，去年年收入超过 66 亿美元。</p>
</div><p>Other mining companies like Rio Tinto, Glencore, and Anglo American were also in the green during the year. RIO rose by 26%, while the other two jumped by 15% and 12.8%, respectively. Anglo American made headlines when it announced that it would acquire Canada’s Teck Resources.</p>
<div class="lb-trans"><p>其他矿业公司如力拓、嘉能可和英美资源集团在年内也表现良好。力拓上涨了 26%，而另外两家公司分别上涨了 15% 和 12.8%。英美资源集团在宣布收购加拿大 Teck Resources 时成为头条新闻。</p>
</div><p>READ MORE: Here’s why this FTSE 100 Index stock jumped ~380% in 2025</p>
<div class="lb-trans"><p>阅读更多：这就是为什么富时 100 指数的这只股票在 2025 年上涨了约 380%。</p>
</div><h2>UK banks contributed to the FTSE 100 surge</h2>
<div class="lb-trans"><h2>英国银行推动富时 100 指数上涨</h2>
</div><p>Meanwhile, UK banking companies were also among the best performers during the year, a performance that mirrored that of other European banks like Unicredit, Société Générale, and Banco Santander.</p>
<div class="lb-trans"><p>与此同时，英国银行公司在年内也是表现最佳的公司之一，其表现与其他欧洲银行如意大利联合信贷、法国兴业银行和桑坦德银行相似。</p>
</div><p>Standard Chartered stock jumped by 85%, while Lloyds, Barclays, NatWest, and HSBC rose by 80%, 79%, 63%, and 51%, respectively.</p>
<div class="lb-trans"><p>渣打集团的股价上涨了 85%，而劳埃德银行、巴克莱银行、国家西敏银行和汇丰银行分别上涨了 80%、79%、63% 和 51%。</p>
</div><p>UK banks continued rising as they benefited from the relatively higher inflation rate, which pushed the Bank of England to maintain higher interest rates for longer.</p>
<div class="lb-trans"><p>英国银行继续上涨，因为它们受益于相对较高的通货膨胀率，这促使英格兰银行维持较高的利率。</p>
</div><p>Banks benefit from higher interest rates because they normally lead to higher net interest margin. Additionally, the companies benefited from the strong earnings growth during the year, helped by their cost cuts during the low-interest rate era.</p>
<div class="lb-trans"><p>银行从较高的利率中受益，因为这通常会导致更高的净利差。此外，这些公司在年内也受益于强劲的盈利增长，得益于它们在低利率时代的成本削减。</p>
</div><p>Most recently, the companies did well after Rachel Reeves announced her budget in which she avoided implementing windfall taxes as some analysts and think tanks had proposed.</p>
<div class="lb-trans"><p>最近，这些公司在 Rachel Reeves 宣布预算后表现良好，她避免实施一些分析师和智库所提议的意外税。</p>
</div><p>In addition to UK banks, other companies in the financial services industry were among the top gainers during the year. Prudential, an emerging market-focused insurance company, rose by 81%. St. James Place stock rose by 60%, while Aviva, M&amp;G, and Phoenix Group rose by over 50%.</p>
<div class="lb-trans"><p>除了英国银行，金融服务行业的其他公司在年内也是表现最佳的赢家。专注于新兴市场的保险公司保诚上涨了 81%。圣詹姆斯广场的股价上涨了 60%，而 Aviva、M&amp;G 和凤凰集团的股价均上涨了超过 50%。</p>
</div><h2>Defense contractors jumped amid resilient spending</h2>
<div class="lb-trans"><h2>国防承包商在强劲支出中上涨</h2>
</div><p>Babcock International’s stock price rose by 147%, while Rolls-Royce jumped by 102%, making some of the best-performing companies in the FTSE 100 Index. BAE Systems, another top company in the index, rose by 50%.</p>
<div class="lb-trans"><p>巴布科克国际的股价上涨了 147%，而罗尔斯·罗伊斯上涨了 102%，成为富时 100 指数中表现最佳的公司之一。BAE 系统公司作为该指数中的另一家顶级公司，股价上涨了 50%。</p>
</div><p>These manufacturing giants benefited as demand for their products rose, essentially in Europe. The UK and other countries like Germany and Spain have all boosted their spending in the past few years amid signs that the US was pulling back.</p>
<div class="lb-trans"><p>这些制造巨头受益于其产品需求的上升，尤其是在欧洲。英国和德国、西班牙等其他国家在过去几年中都增加了支出，表明美国正在收缩。</p>
</div><p>Rolls-Royce share price rose as the management boosted the forward guidance amid strong demand from its airline companies. Also, it benefited from the Small Modular Reactor (SMR) business, which is expected to continue growing over time.</p>
<div class="lb-trans"><p>罗尔斯·罗伊斯的股价上涨，因为管理层在航空公司强劲需求的背景下提高了前瞻性指引。此外，它还受益于小型模块化反应堆（SMR）业务，预计该业务将随着时间的推移继续增长。</p>
</div><p>On the other hand, the top laggards in the index were companies like Bunzl, Diageo, Auto Trader Group, Mondial, and London Stock Exchange Group. All these companies dropped by over 20% this year.</p>
<div class="lb-trans"><p>另一方面，该指数中的主要滞后者是 Bunzl、帝亚吉欧、汽车交易集团、Mondial 和伦敦证券交易所集团。这些公司的股价今年均下跌超过 20%。</p>
</div><p>The post Here’s why the FTSE 100 Index jumped by ~22% in 2025 appeared first on Invezz</p>
<div class="lb-trans"><p>本文首发于 Invezz，标题为《这就是为什么富时 100 指数在 2025 年上涨了约 22%》。</p>
</div>

以下是 2025 年富时 100 指数上涨约 22% 的原因