???1????????4?? ?????????????????????:????2025:????? ?????????

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

???????,???????????????????????????????????????,????????2025??

“?”?????????????????

???????????????????,???

???1?????3?,??9??????11???????,??50%?????????,???????20%?????????????

?????????“???????”,???????????????????“?????”???????,????“?????????????????”???????????????????,?????????????“?????????????”???????,????

???“?????”???????????,??????????????,???????????,?????????????????????????????

???,?????????????“??”????,????????????

?

?????????????,?????????????

????????,???????????????1?????????????11??????????,??(??????????????????????,??)??????????6.8%,????3.5??????????;??3.7???

2025??????????,??????????????????304??????,??????3860??;????????????????????????2807?,???????????????97?;???????????????616????????????,??????2.9??

???????????????????????????????????????,?,???????????“???”???,???

?????????2025????????????,???????????

???,???????????????,2024????7000?????????????????????1.2???,2025????????????????????1000?????????????????,?????“???????”(??)?????????????????,???????????????

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

????????????(PMI)?????,?????????????GDP?????????????????,??PMI??????50%?,?????????

??????????,???

??????,?????12??????????,?PMI??3????????????50%????,???????3????52%??????????????,??,???????????????,?????,??54%,??

???,??,??????????????????????,??2024????12??????,?????????,?????????????????2025???????????????????????,?????????????????(???????) ????????????:????? ??“???????????”????

?? (??????????)??2025:?????? ????

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

2??????????

3?????????????

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

5?????????

???1????????4?? ?????????????????????:????2025:????? ?????????

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

???????,???????????????????????????????????????,????????2025??

“?”?????????????????

???????????????????,???

???1?????3?,??9??????11???????,??50%?????????,???????20%?????????????

?????????“???????”,???????????????????“?????”???????,????“?????????????????”???????????????????,?????????????“?????????????”???????,????

???“?????”???????????,??????????????,???????????,?????????????????????????????

???,?????????????“??”????,????????????

?

?????????????,?????????????

????????,???????????????1?????????????11??????????,??(??????????????????????,??)??????????6.8%,????3.5??????????;??3.7???

2025??????????,??????????????????304??????,??????3860??;????????????????????????2807?,???????????????97?;???????????????616????????????,??????2.9??

???????????????????????????????????????,?,???????????“???”???,???

?????????2025????????????,???????????

???,???????????????,2024????7000?????????????????????1.2???,2025????????????????????1000?????????????????,?????“???????”(??)?????????????????,???????????????

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

????????????(PMI)?????,?????????????GDP?????????????????,??PMI??????50%?,?????????

??????????,???

??????,?????12??????????,?PMI??3????????????50%????,???????3????52%??????????????,??,???????????????,?????,??54%,??

???,??,??????????????????????,??2024????12??????,?????????,?????????????????2025???????????????????????,?????????????????(???????) ????????????:?????