2025???????1?PMI??????50% ?3??

????:????VX????:??????????

?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????????????????

????????:???????