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

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

??

??:???????????,??????????,??????????????