会上，2025年度"光明奖"榜单正式揭晓。公牛集团凭借卓越的品牌实力与前瞻性的产品创新一举荣 获"2025年度家居照明品牌奖TOP10""2025年度健康照明品牌奖TOP10""2025年度创新产品奖"三项重量 级大奖。 据悉，"光明奖"被誉为中国照明灯饰电工产业的年度风向标，旨在表彰真正推动行业进步、引领消费趋 势的标杆力量。其评选维度覆盖品牌影响力、技术创新力、市场表现力以及产业贡献度等方面。 公牛集团表示，公司于严苛评选中一举揽获品牌、技术与产品三大维度重要荣誉，标志着公司品牌已从 行业"实力选手"进阶为定义标准的"引领者"。公司将始终以光为载体，用专业实力赋能美好生活，为中 国照明行业高质量发展注入更多可能。 本报讯 （记者邬霁霞）1月29日晚间，公牛集团（603195）股份有限公司（以下简称"公牛集团"）微信 公众号发布消息，近日，由中国（五金）交电渠道联盟、大照明全平台联合主办的"破局&新生"2026中 国照明行业品牌盛典暨首届"追光者"脱口秀大会隆重举行。 ...

从资金流向上来看，当日家居用品板块主力资金净流入2.63亿元，游资资金净流出1.41亿元，散户资金净 流出1.22亿元。家居用品板块个股资金流向见下表： 证券之星消息，1月29日家居用品板块较上一交易日上涨2.32%，马可波罗领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。家居用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001386 | 马可波罗 | 25.70 | 10.02% | 29.00万 | | 7.17亿 | | 6605099 | 并创草坪 | 43.05 | 9.99% | 5.10万 | | 2.11亿 | | 301193 | 家联科技 | 23.52 | 7.40% | 9.13万 | | 2.15亿 | | 603833 | 欧派家居 | 62.34 | 6.20% | 1 6.74万 | | 4.13亿 | | 001323 | 草思股份 | 27.45 | 5.46% ...

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.

长江商报消息 ●长江商报记者 沈右荣 "10户中国家庭，7户用公牛"。因为这句广告语，公牛集团（603195.SH）与同行对簿公堂。 1月21日，中山市家的电器有限公司（简称"家的电器"）在广州召开媒体沟通会，家的电器已就公牛集 团提起的诉讼提出管辖权异议，并以公牛集团涉嫌虚假宣传和不正当竞争提起诉讼。 此前，家的电器多个销售人员在社交平台发布视频，称公牛集团长期使用的宣传语"10户中国家庭，7户 用公牛"，存在误导性宣传。 备受关注的是，2023年，因为使用"10户中国家庭，7户用公牛"广告语，公牛集团被指虚假宣传、不正 当竞争被罚。更早的2021年，该公司因为垄断，被罚2.95亿元。 公牛集团积极营销推广。2024年，公司市场推广费、宣传费（以下简称"营销费"）合计为7.55亿元。 长江商报记者发现，公牛集团经营业绩增长承压。2025年第二、三季度，公司营收净利连续双降。 二级市场上，2021年1月13日以来，公牛集团股价累计跌逾50%。 因广告语而互诉 因为一句广告语，公牛集团与家的电器对簿公堂。 事情起因于一次质疑。2025年8月，家的公司销售人员发布视频，对公牛集团"10户中国家庭，7户用公 牛"的 ...

Core Viewpoint - The ongoing legal dispute between Gongniu Group and Jia's Electric reflects intense competition within the industry, with Jia's Electric challenging Gongniu's claims of market dominance and misleading advertising practices [2][8]. Group 1: Legal Dispute - Jia's Electric has filed a counterclaim against Gongniu Group in response to a lawsuit seeking 4.2 million yuan in damages, asserting that Gongniu's advertising is misleading [2][4]. - The legal conflict escalated from a public dispute over advertising claims, with Jia's Electric arguing that Gongniu's assertion that "7 out of 10 Chinese households use Gongniu" is inaccurate [5][8]. - Gongniu Group claims that Jia's Electric's social media posts have harmed its commercial reputation, leading to the legal action [4][5]. Group 2: Market Position and Competition - Gongniu Group holds a significant market share of 60% to 70% in the power strip sector, while Jia's Electric claims Gongniu's share in the wall switch socket market is around 30% [5][6]. - The competition has intensified as Gongniu has expanded into the wall switch socket market, impacting Jia's Electric's sales and market position [8][9]. - Jia's Electric's sales have reportedly declined significantly in 2024 and 2025, prompting the company to enhance its online marketing efforts to strengthen its brand presence [8][9]. Group 3: Financial Performance - Gongniu Group reported a revenue of approximately 12.2 billion yuan for the first three quarters of 2025, a decrease of 3.22% compared to the same period in 2024, with net profit down by 8.72% [9]. - The company is facing challenges in its traditional business while simultaneously developing new markets and products [9]. - Despite the financial pressures, Gongniu Group is adjusting its strategies to invest in new business opportunities, indicating a focus on long-term growth [9].

经济观察报 记者 张锐 一场行业内卷下的"困斗"正在公牛集团（603195.SH）与中山市家的电器有限公司（下称"家的电器"）之间展开。 1月21日，家的电器在广州举行媒体沟通会。广东歧江律师事务所执行主任柏伟在会上表示，针对公牛集团在慈溪市人民法院提起的诉讼，该公司受家的电 器委托已向慈溪市人民法院提起管辖权异议。同时，家的电器也在中山市第二人民法院对公牛集团提起"反诉"。 此前，家的电器在微信视频号等平台发布视频指出，公牛集团 "10户中国家庭，7户用公牛"广告语存在"大字吸睛、小字免责"等误导消费者的现象。 1月21日，家的电器创始人、总经理匡建表示，公牛集团向该公司索赔420万元。当天，匡建接受经济观察报记者采访表示，公牛集团的律师函是"战书"， 420万元索赔金是"天价"，他决定正面"应战"。 "口水战"升级至官司 1月22日，经济观察报记者就公牛集团起诉家的电器并索赔420万元一事，向公牛集团对外公布的投资者联系邮箱发出查询邮件。截至记者发稿，暂未获得回 复。 据匡建介绍，家的电器成立于2007年，主要从事电工及照明产品的制造与销售。该公司代表性产品是墙壁开关插座，在营收规模上属于中型企业，也是国 ...

来源：@华夏时报微博 广告语成为争议焦点，也暴露了营销创新与法律边界的临界张力。 1月21日下午，在广州四季酒店的聚光灯下，中山家的电器打破沉默，正面回击公牛集团，就其与行业巨头公牛集 团之间因广告语争议引发的诉讼风波进行集中说明。 这场由公牛集团"10户中国家庭，7户用公牛"广告语引发的争议，从社交平台的短视频质疑，升级为资本市场与行 业监管共同关注的商业诋毁诉讼案件，而争议的核心直指全行业潜藏多年的"大字宣传+小字免责"营销潜规则。 尺度模糊之处，往往是监管与竞争最容易相撞的地方。这场因广告词引发的"法律战"无论输赢，都将倒逼企业重 估其话语策略与边界管理。 线下实探，争议广告语未变化 一场围绕"10户中国家庭，7户用公牛"广告语的纷争，正将民用电工领域龙头公牛集团推向舆论与法律的双重焦 点。 从2025年8月家的电器发起舆论质疑，到11月双方律师函交锋，再到12月司法程序正式启动，事件节奏持续加速， 不仅暴露了头部企业与中型玩家的竞争张力，更直指商业宣传合规性的法律边界。 公开信息显示，总部位于浙江宁波的公牛集团，稳居民用电工领域头部位置，尤其在插座市场占据高额份额，其 近年来广泛使用的"10户中国家庭 ...

编辑｜杨锦 家电行业再现"口水战"。 主角之一是"插座一哥"公牛集团。这家百亿营收插座龙头，近日因为"小字争议"再度引发外界关注。 （图片来源：网络） 出品｜搜狐财经 作者｜李保铭 截止到1月底，这场口水战已经持续近2个月，事情不仅没有解决，反而有愈演愈烈之势。 何以至此？ 近日，公牛集团与家的电器的广告语纠纷还在持续发酵。 最新进展是，家的电器不仅举办了媒体沟通会，还就公牛集团提起的诉讼提出管辖权异议，并向中山市第二人民法院提起独立诉讼，指控该广告存在合 规性疑问，涉嫌虚假宣传和不正当竞争并获得受理。 针对此次"硬刚"，家的电器方面告诉搜狐财经，"我们认为此次事件的根源并非我方，而是公牛的广告语确实涉嫌不正当竞争。" 搜狐财经以个人投资者身份向公牛集团董秘办电话咨询，询问其有关事项的后续处理事宜，一位证券部员工表示，"前期已经通过媒体发声，现在公司 的诉讼还是在司法程序里面，所以我们也不便过多回应。" 搜狐财经还向家的电器询问是否在媒体沟通会后收到公牛方面的私下回应，家的方面表示，"目前家的电器与公牛集团暂未进行任何私下沟通，双方均 明确通过法律途径解决此次纠纷。" 家的方面指出，"后续我们会针对公牛所提交 ...

Core Viewpoint - The controversy surrounding the advertisement slogan "7 out of 10 Chinese families use Bull" highlights the tension between marketing innovation and legal boundaries, prompting companies to reassess their communication strategies and compliance with advertising laws [2][4]. Group 1: Background of the Dispute - The dispute began with the advertisement slogan "7 out of 10 Chinese families use Bull," which escalated from social media criticism to a legal battle involving commercial defamation [2][3]. - Bull Group, a leading player in the household electrical sector, has a significant market share in the socket market, while the competitor, Home Appliance, faces brand pressure from Bull [4][5]. - The slogan has been widely used in various advertising materials and has raised questions about compliance with advertising regulations, particularly regarding the "big font, small print" marketing tactic [4][5]. Group 2: Legal Proceedings and Claims - Home Appliance initiated a public campaign against Bull's advertisement, claiming it misrepresents market conditions and violates advertising laws [6][7]. - In November 2025, Bull Group filed a lawsuit against Home Appliance for commercial defamation, seeking 4.2 million yuan in damages [8][9]. - Home Appliance countered with its own lawsuit, alleging that Bull's advertisement constitutes false advertising and unfair competition, which was accepted by the court [9]. Group 3: Market Impact and Consumer Behavior - Despite the presence of other brands, Bull maintains a strong market presence, with consumers expressing loyalty due to the brand's reliability [5][6]. - The ongoing legal battle may have significant implications for both companies, affecting Bull's advertising strategy and Home Appliance's financial stability if they lose the case [10].

经典广告语遭同行吐槽，公牛集团（603195.SH）起诉家的公司索赔420万元一事迎来最新进展。 据智通财经，1月21日，针对该事件，家的电器在广州召开媒体沟通会。面对"蹭流量"的质疑，家的电器创始人、总经理匡建回应称，发声初衷源于维护公 平竞争环境和消费者知情权，而非炒作。在发出《致开关行业同仁的一封公开信》后，公司决定将争议转化为动力，通过法律途径厘清是非，同时用更具创 新力的产品参与市场竞争。 据家的电器的代理律师柏伟介绍，家的电器已就公牛集团提起的诉讼提出管辖权异议，目前该案处于管辖权异议处理阶段。此外，家的电器已向中山市第二 人民法院提起独立诉讼，指控该广告存在合规性疑问，涉嫌虚假宣传和不正当竞争，法院已于2026年1月16日正式受理此案。 此前，家的电器多个销售人员此前在社交平台发布视频，称公牛集团长期使用的宣传语——"10户中国家庭，7户用公牛"，存在误导性宣传，是"大字吹牛、 小字免责"，引起外界关注。 2025年12月16日，家的公司在给中国开关行业同仁的一封公开信称，12月12日，公司收到了一份特殊的"战书"。"公牛集团正式起诉我们，索赔420万。理由 是我们对行业广告话术的客观探讨，以及 ...