瑞士国家银行周五表示，其第三季度投资实现利润191亿瑞士法郎（233亿美元），主要受黄金和外汇持仓推动。
The Swiss National Bank said Friday that it made a profit of 19.1 billion Swiss francs ($23.3 billion) on its investments in the third quarter, driven by its gold and foreign currency holdings.
这使该央行今年迄今的利润达到442亿瑞士法郎，约合538亿美元，提高了年底向瑞士联邦和地方各州政府分红的可能性。但2026年第三季度的整体利润同比下滑近32%。
It brought the central bank's year-to-date profit up to 44.2 billion francs, the equivalent of around $53.8 billion, raising the prospect of a payout to Swiss federal and local governments at the end of the year. But the overall profit in the third quarter of 2026 marked a year-on-year decline of almost 32%.
瑞士国家银行季度会计更新中记录的损益包括利息收入、股息，以及汇率变动和市场价格变化带来的估值调整。
Profit and loss recorded in the SNB's quarterly accounting updates consists of interest income, dividends, and valuation adjustments resulting from exchange rate movements and market price changes.
2025年，瑞士法郎兑美元上涨约12%，原因是美国总统唐纳德·特朗普宣布关税后，投资者纷纷涌向这一避险货币。今年迄今为止，瑞士法郎兑美元已下跌约3.6%。
The Swiss franc rose around 12% against the U.S. dollar in 2025, having been lifted by investors flocking to the safe-haven currency in the wake of U.S. President Donald Trump's tariff announcements. So far this year, it has lost around 3.6% versus the greenback.
利润驱动因素方面，2025年第三季度，瑞士国家银行黄金净收益为143亿瑞士法郎，而截至9月的三个月黄金净收益为76亿瑞士法郎。
Profit drivers In the third quarter of 2025, the SNB saw a 14.3-billion-franc net gain on gold, compared to a net gain on gold of 7.6 billion francs in the three months to September.
2025年，这种黄色金属经历了一轮创纪录的涨势，其价值在2025年全年飙升约66%。但其走势在2026年波动大得多，自年初以来该金属价值已下跌超过7%。
The yellow metal saw a record-smashing rally in 2025, with its value surging by around 66% over the course of 2025. But its trajectory has been far more volatile in 2026, and the metal has fallen in value by more than 7% since the start of the year.
瑞士国家银行外汇头寸（包括国际股票投资）的利润达到116亿瑞士法郎，同比下降约15%。
Profit on the SNB's foreign currency positions, which include investments in international equities, reached 11.6 billion francs, marking a year-on-year decline of around 15%.
瑞士国家银行的外汇储备大部分以以外币计价的金融资产形式持有，而非硬通货持有。它还拥有规模较小的瑞士法郎债券投资组合。
Most of the SNB's foreign currency reserves are held in financial assets denominated in foreign currencies, as opposed to hard currency holdings. It also has a smaller Swiss franc bond portfolio.
第三季度末，其外汇储备的61%配置于政府债券，包括在各国央行和国际清算银行的存款，28%投资于股票，11%投资于其他债券。
At the end of the third quarter, 61% of its foreign currency reserves were allocated to government bonds, including deposits with central banks and the Bank for International Settlements, while 28% were invested in equities and 11% in other bonds.
从货币敞口看，39%的投资组合以欧元计价，37%以美元计价。日元和英镑敞口分别占7%和6%。
In terms of currency exposure, 39% of the portfolio was denominated in euros and 37% in U.S. dollars. Japanese yen and British pound exposure accounted for 7% and 6%, respectively.
瑞士央行的股票投资组合。瑞士央行庞大的股票投资组合使其与美国联邦储备委员会和英国央行等其他主要央行不同，后者通常不直接投资于股市。
The SNB's stocks portfolio The SNB's large equity portfolio makes it unusual compared to other major central banks like the U.S. Federal Reserve and the Bank of England, which do not typically invest directly in equity markets.
然而，瑞士央行是一个被动投资者，因此不参与选股。其持股基于一个由国际股票指数构成的基准指数，投资组合主要由发达市场的中大型公司股票组成。
However, the SNB is a passive investor, and therefore does not engage in equity selection. Its stock holdings are based on a benchmark index composed of international stock indexes, with its portfolio mostly made up of shares of mid- and large-cap companies in developed markets.
其利润大部分分配给瑞士联邦和地方政府，如果其股本足够大，股东将获得股息。如果投资产生亏损，瑞士央行可能无法进行支付。
Its profits are mostly distributed to Switzerland's federal and local governments, with shareholders receiving a dividend if its equity capital is large enough. If the investments generate a loss, the SNB may be unable to make payouts.
然而，尽管该国受益于强劲的投资表现，瑞士央行的投资并不以追求尽可能高的回报为重点。
Despite the country benefiting from a strong investment performance, however, the SNB's investments are not focused on achieving the highest possible return.
“对于一家传统公司而言，利润是长期成功的重要前提。相比之下，瑞士国家银行的目标并非创造利润，”其网站上写道。“它肩负另一项使命：必须确保瑞士的物价稳定，同时充分考虑经济发展。”
"For a conventional company, profits are an important prerequisite for long-term success. The SNB's goal, by contrast, is not to generate profit," it says on its website. "It has another mandate: It must ensure price stability in Switzerland, while taking due account of economic developments."
“货币政策使命始终具有最高优先级。因此，瑞士国家银行可能不得不做出对其年度业绩产生负面影响的货币政策决定。”与许多其他主要央行不同，瑞士国家银行的货币政策使命允许其利用利率和汇率来实现物价稳定，如果认为必要，它将采取措施影响汇率。
"The monetary policy mandate always has highest priority. The SNB can thus find itself having to take monetary policy decisions that may have a negative impact on its annual result." Unlike many other major central banks, the SNB's monetary policy mandate allows it to use interest rates and exchange rates to achieve price stability, and it will use measures to influence the exchange rate if deemed necessary.
瑞士国家银行的通胀目标也使其在国际同行中显得与众不同，其通胀目标区间为 0% 至 2%。
The SNB's inflation target also makes it an outlier among its international peers, with its target range for inflation being 0% to 2%.