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

2??????????????

3???????150

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?????????????

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