????: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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