???????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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