????:1???????95?98??:?????????

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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