????:1?????????:??????????

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

3??????

4???????????

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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