??1????????27? ?????????,1?????????????????27??????????????????????????,???????????????????????????????,????,2025?1??

1?????????,?????????????????????,????49.1%,????1.0?;???????????????????????50.2%,?2.0???????,??????????;??????PMI???????????50.1%,??????????????????????55.3%???56.7%,???????,???????????

?,?

1??,?PMI?????49.1%,?????

(????)???????????????,????49.8%???????49.2%,????????????????2.3?1.8??????,???????,???????????????51.5%,???????;???????????????????,????????????????????

(?)??????????????????PMI??????????????????49.9%?49.5%??????????46.5%,????????0.6?1.2???????????2.0???????????????,????????????????????????51.3%??????????????????????????50.6%,???????????;??????????????????

(?????????????????????????????)?????????????????????????????????????,????PMI?50.2%,??????????????0.4???,??6????;???????????PMI????49.3%?49.1%???????????????47.6%,???0.4?2.3?????1.2?????????????????????,??????

(????)?????????????????????49.5%?????????47.4%,?????1.3??0.7???????,?,???????????????????,??????

(??)????55.3%,?2.0?????????????????,??????????????????,??????????,????????????????60.0%????,??

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

1?????????,?????????50.2%,?????2.0?????,??????????,????????????

(?)???????????????????50.3%,??????????1.7?????????????,???????????????????,?????????????????????????????,????????????????????,??????;?????????????????????????????55.0%??????????????????,???????????????????,????????56.8%,???????????,?????????

(?)??????????????????????????????,?????,?????????49.3%,???????????????????????????????,?????56.5%,??0.6??????????,????,???

???????PMI???

1??????,?????????PMI?????50.1%,?2.1??????,?,???PMI??????????????49.8%????????????????????50.2%? ???????????:??????????? “??????2019??”_????

?? ????????????????:2025?1?????

????:1???????2019??:??????????

2??????

3????????????

4????????

5??????

??1????????27? ?????????,1?????????????????27??????????????????????????,???????????????????????????????,????,2025?1??

1?????????,?????????????????????,????49.1%,????1.0?;???????????????????????50.2%,?2.0???????,??????????;??????PMI???????????50.1%,??????????????????????55.3%???56.7%,???????,???????????

?,?

1??,?PMI?????49.1%,?????

(????)???????????????,????49.8%???????49.2%,????????????????2.3?1.8??????,???????,???????????????51.5%,???????;???????????????????,????????????????????

(?)??????????????????PMI??????????????????49.9%?49.5%??????????46.5%,????????0.6?1.2???????????2.0???????????????,????????????????????????51.3%??????????????????????????50.6%,???????????;??????????????????

(?????????????????????????????)?????????????????????????????????????,????PMI?50.2%,??????????????0.4???,??6????;???????????PMI????49.3%?49.1%???????????????47.6%,???0.4?2.3?????1.2?????????????????????,??????

(????)?????????????????????49.5%?????????47.4%,?????1.3??0.7???????,?,???????????????????,??????

(??)????55.3%,?2.0?????????????????,??????????????????,??????????,????????????????60.0%????,??

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

1?????????,?????????50.2%,?????2.0?????,??????????,????????????

(?)???????????????????50.3%,??????????1.7?????????????,???????????????????,?????????????????????????????,????????????????????,??????;?????????????????????????????55.0%??????????????????,???????????????????,????????56.8%,???????????,?????????

(?)??????????????????????????????,?????,?????????49.3%,???????????????????????????????,?????56.5%,??0.6??????????,????,???

???????PMI???

1??????,?????????PMI?????50.1%,?2.1??????,?,???PMI??????????????49.8%????????????????????50.2%? ???????????:???????????