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

2????????

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

4?????92?

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????????

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