????:1????????V:????????????

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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