宏观经济周报 2025 年第 35 周 2025 年 8 月 25 日 徐婕，博士 (852) 2683 3777 jessica.xu@icbci.icbc.com.cn 周烨 (852) 2683 3232 dorothy.zhou@icbci.icbc.com.cn 一、中国宏观 高频：本周 ICHI 综合景气指数进一步扩张，显示中国经济动能持续增强，修复 态势从初步企稳走向更具广度和深度的协调扩张。四大分项指标全线走强，构 成经济运行的多重支撑。其中，消费景气指数显著上行，重回扩张区间并创近 一个月来新高，反映出居民消费信心加快恢复，服务类消费表现尤为亮眼。投 资景气指数进一步提升，政策驱动下的基建和制造业投资持续扩张。生产景气 指数显著改善，产能利用率大幅抬升，供给端延续良好韧性，成为当前经济增 长的重要引擎。出口景气指数同步回升，在外部需求整体偏弱的背景下展现出 较强适应能力和结构优势。总体而言，本周经济运行从边际修复走向实质扩 张，展现出消费、投资、生产与出口协同发力的积极格局，政策效应持续释 放，经济增长基础进一步夯实。 2025 年 7 月中国经济运行保持了稳中有进的发展态势。内需稳步恢复， ...

智通财经APP获悉，澳门统计暨普查局资料显示，2025年第2季零售业销售额为159.7亿元(澳门元，下 同)，按年下跌1.4%，跌幅明显较2025年第1季(-15.0%)收窄。主要零售行业中，第2季成人服装和百货的 销售额回升，分别录得2.7%及1.9%的按年增幅，而皮具(-4.4%)和化妆品及卫生用品(-3.6%)的减幅亦较 首季显著放缓。扣除价格因素影响的销货量指数方面，第2季同比下跌2.4%，当中成人服装(+7.3%)、百 货(+5.7%)和化妆品及卫生用品(+0.2%)录得增长，通讯设备(-4.8%)、超级市场(-2.4%)和皮具(-0.2%)则按 年下跌。 综合零售商户意见，预计今年第3季货物销售量与去年同季相若的商户有54.7%，认为销售量将会减少 的有40.0%，预期增加的占5.3%。与此同时，有76.0%商户预测第3季销售价格将维持在去年同期水平， 认为价格会下跌的占18.1%，而预计上升的占5.9%。 今年上半年零售业销售额为335.5亿元，按年减少9.0%。皮具和化妆品及卫生用品的销售额分别下跌 15.8%及14.3%，药房和汽车则上升4.5%及3.6%。上半年销货量平均指数同比下跌11. ...

Core Points - Shenzhen Qixinghuanyue Technology Co., Ltd. has been established with a registered capital of 10,000 RMB [1] - The legal representative of the company is Rao Caipeng [1] Business Scope - The company engages in the sale of electronic products, communication equipment, and power electronic components [1] - It also sells office supplies, household goods, toys, smart home consumer devices, cameras and equipment, integrated circuits, and hardware products [1] - The company is involved in wholesale and retail of computer software and hardware, daily necessities, arts and crafts, jewelry, sports equipment, and software development [1] - Additional services include technical services, consulting, domestic trade agency, import and export of goods, and technology import and export [1] - There are no licensed business projects listed for the company [1]

Core Viewpoint - Recently, Huizhou Lvxun New Materials Co., Ltd. was established with a registered capital of 200,000 RMB, focusing on various new material technologies and waste recycling services [1] Company Summary - The legal representative of Huizhou Lvxun New Materials Co., Ltd. is Zhang Yuhua [1] - The company has a registered capital of 200,000 RMB [1] - The business scope includes new material technology promotion, resource recycling technology research and development, and processing of non-metal and metal waste [1] Industry Summary - The company is involved in a wide range of activities including domestic trade agency, sales of non-metallic minerals and products, manufacturing and sales of paper, rubber, and plastic products [1] - It also engages in the sale of communication equipment, electrical wires and cables, and hardware products [1] - The company is authorized to handle urban construction waste disposal and road cargo transportation (excluding hazardous goods) [1]

Group 1 - Nanchang Yueteng E-commerce Co., Ltd. has been established with a registered capital of 10,000 RMB [1] - The legal representative of the company is Hu Yueyue [1] - The business scope includes internet sales (excluding goods that require permits), sales of electronic products, wholesale and retail of computer software and hardware, sales of household appliances, audio equipment, electronic components, and communication devices [1]

Group 1 - A new individual business named Qiangsheng Communication Equipment Sales Department has been established in Yuquan District, Hohhot City, with a registered capital of 30,000 RMB [1] - The legal representative of the business is Wang Qiang [1] - The business scope includes sales of communication equipment, retail of computer software and hardware, sales of wires and cables, optical cable sales, and various technical services [1] Group 2 - The company is authorized to conduct operations independently based on its business license, except for projects that require approval [1]

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws [2][3] - Shanghai Yachuang Electronics Group Co., Ltd. is established as a joint-stock company in accordance with the Company Law and other relevant regulations [2][3] - The company was approved by the Shenzhen Stock Exchange on January 21, 2021, and registered by the China Securities Regulatory Commission on August 27, 2021, issuing 20 million shares to the public [2][3] Company Structure - The company has a registered capital of RMB 146.665777 million [2][3] - The company is a permanent joint-stock company, with the chairman serving as the legal representative [3] - The company’s assets are divided into equal shares, and shareholders are liable for the company’s debts only to the extent of their subscribed shares [3] Business Objectives and Scope - The company's business objective is to become the most influential partner in niche markets [4] - The company is engaged in the sale of electronic products, machinery and equipment, communication devices, and software and hardware development [4] Shares - The company issues shares in the form of stocks, with each share having a par value of RMB 1 [5][8] - The total number of shares issued by the company is 146.665777 million, all of which are ordinary shares [8] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in decision-making processes, including the right to request meetings and supervise the company's operations [15][19] - Shareholders must comply with laws and regulations, pay their subscribed capital on time, and cannot withdraw their capital except as provided by law [19] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting required to be held within six months after the end of the previous accounting year [47] - Shareholder meetings can be called by the board of directors or by shareholders holding more than 10% of the shares [27][47] Voting and Resolutions - Resolutions at shareholder meetings can be ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring two-thirds approval [79][80] - The company must ensure that all proposals are fully disclosed to shareholders prior to meetings [60][62]

Core Viewpoint - Recently, Haixing Pengjun Communication Equipment Co., Ltd. was established with a registered capital of 500,000 RMB, indicating a new player in the communication equipment sector [1] Company Summary - The legal representative of the newly established company is Wang Hui [1] - The company has a registered capital of 500,000 RMB [1] - The business scope includes general projects such as installation services for ordinary machinery, sales of communication equipment, installation services for household appliances, repair of communication equipment, sales of optical communication equipment, sales of mobile communication equipment, leasing of machinery and equipment, and sales of electronic products [1] - The company is also involved in labor services (excluding labor dispatch), wholesale of computer software and hardware, and auxiliary equipment [1] Industry Summary - The company is permitted to engage in electrical installation services, internet information services, and installation, maintenance, and testing of power facilities [1] - The company can conduct specialized construction operations, which require approval from relevant departments before commencement [1]

Core Viewpoint - The Supreme People's Court emphasizes that the rule of law is the best business environment, highlighting the release of typical administrative enforcement cases to protect the rights and interests of market entities and promote high-quality development of the private economy [1] Group 1: Administrative Enforcement Cases - The Supreme People's Court selected 10 typical administrative enforcement cases involving various types of administrative enforcement measures, including property seizure and administrative execution [1] - The cases cover diverse industries such as greening, telecommunications, tourism, energy, pharmaceuticals, decoration, and cultural dissemination, reflecting the broad scope of administrative management [1] - The cases illustrate significant legal issues, including the exploration and improvement of legal application standards regarding administrative subject qualifications, statutory powers, enforcement basis, enforcement procedures, and protection of legitimate interests [1] Group 2: Case Summaries - Case 1: A rafting company sued the local tourism bureau for unlawfully seizing its property without proper legal basis, resulting in a court ruling that confirmed the seizure was illegal and ordered compensation for losses incurred [3][4][6] - Case 2: A new energy company and its owner contested the local market supervision bureau's seizure of a ship and oil products, with the court ruling that the bureau failed to follow due process, leading to compensation for losses [7][8][9] - Case 3: A greening company challenged the local government’s forced demolition of its property, with the court confirming the demolition was illegal due to lack of proper legal procedures [10][11][12] - Case 4: A telecommunications company contested the unlawful demolition of its facilities by a local street office, resulting in a court ruling that the demolition violated legal procedures [13][14][15] - Case 5: A decoration company faced an administrative penalty for wage arrears but successfully contested the enforcement of the penalty due to the company's timely payment of owed wages, leading to a court ruling against the enforcement [17][18]

Core Insights - A new company, Gu'an Yuan Yu Tai Electronic Equipment Co., Ltd., has been established with a registered capital of 700,000 RMB [1] - The legal representative of the company is Zhang Junyu [1] Business Scope - The company is engaged in various activities including sales and repair of communication equipment, retail of computer software and hardware, and sales of electronic products [1] - Additional services include sales of home appliances, daily electrical appliance repair, sales of mobile terminal devices, and sales of cameras and audio equipment [1] - The company also offers sales of office supplies and equipment, maintenance of computers and office equipment, and sales of wearable smart devices [1] - It provides installation services for home appliance parts and sales of second-class medical devices, operating independently within the scope of its business license [1]