????:1???????:????95??98???

2?????????????

3??????98?95?

4?????vx

5?????

?????2??????6???? ????,????????????????,2025??1????????PMI??50%,?????0.5?????????????,?????3???????????????,2025???????????????????????????1???????,?????PMI??????????,??????????????13??50%????????;??????????PMI?50%?,???????????9???????50%??;????PMI????PMI??,??50%????????

????????????,??????????,???????,??????????????????????,?,???????????,????????????????????,?????????;?,??????

????2025????????,????????????????2025????????????????????«????????»?????2025?3.3%,?????2024???10??0.1???????????????????????«2025??»??2025?????2.8%,??????2024???????

??,????????????????????????????????????,?;?????,???;??????????????2025????????????,???????????2025????,??????

????,PMI?

2025??????1?,?????PMI??47.8%,??????????1???????????,??2??????????,???????????????PMI??52%?;???????PMI?????????????????????,?????50%????????;????PMI?????,?????50%???????

????????????????,????PMI?,?48%?????????,????,????????????????????,2024?(GDP)????????0.2%,????2025?????????????0.3%,?????????1.1%????????????????,?????2025???????1.1%????????????????0.9%?????????????,????????????????????????????????,???????,?????,?????6???????????????

????????????,PMI?50%??????????????

2025????????1???,?????PMI??50.9%,?????????1.3??????????,?????3??,??50%??,??????????,??????????PMI????,?????50%???????,??PMI??????,?????????????????????????50%?????

?????????????????????????PMI?????PMI??ISM??????????????,2025???1??,????????????????????????????PMI??????50.9%,???49.2%?????1.7??????,??3????????,????,????????????????????????????????,?????????,???????52%??,?????????????2????????????????????????4.25%-4.5%???????,?????CPI??3%???2024?????12?????????,????????????CPI???????????? 2.9%?

???????,PMI??????????50%??????

2025?????????1????????,????PMI???????????49.4%,??0.8???????????????,??PMI????,??????52%,????PMI?????????????????????????50%??????,?PMI???????4?,?????46%?????,???????PMI??????????

?????,???,?????,?????,??????????????,?????????????????,??????????,????????,?????2025???????????????4.3%? ???????????

??,PMI??????

2025????????????????1???????????,???????PMI????????????50.7%,??0.4??,????????13??50%?????????????????????????????????,?????,?????????????????PMI?????????PMI??57%?????????????????????????????????????????????????,??????????????????PMI?50%?;????????????????????????PMI??50%????????PMI????,???????????????????????50%????????????????????????;????????PMI????????????????????????????,?????50%?????????

???,??????????????????????????????,???,???????,????????????????????«???????????»??2025?4.6%,????????????2024??10?????0.1???????????????????????

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