????: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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