???????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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