利安人寿举牌江南水务！

Core Viewpoint - Lian Life Insurance has increased its stake in Jiangnan Waterworks to 5.03%, indicating a long-term investment strategy based on the company's value and the insurance firm's asset allocation needs [1][3]. Group 1: Shareholding Changes - Jiangnan Waterworks announced that Lian Life Insurance acquired a total of 46.9954 million shares, raising its ownership from 4.91% to 5.03%, with an increase of 0.12% [1][3]. - The increase in shareholding does not trigger a mandatory takeover bid, and the control of Jiangnan Waterworks remains unchanged, with Jiangyin Public Asset Management Co. and Jiangyin Public Utilities Group as the largest shareholders [3]. Group 2: Investment Rationale - Lian Life Insurance stated that the share increase is driven by its own asset allocation needs and the perceived value of Jiangnan Waterworks, funded by its own resources [3]. - There is a possibility of further increasing the stake in Jiangnan Waterworks within the next 12 months, subject to compliance with existing laws and regulations [3]. Group 3: Industry Trends - Public utility companies like Jiangnan Waterworks have become increasingly attractive to insurance capital, with a notable example being Great Wall Life's previous stake increase to 5.21% and then 6.38% [5]. - Jiangnan Waterworks reported a revenue of 1.533 billion yuan in 2024, a year-on-year increase of 12.39%, and a net profit of 402 million yuan, up 24.31% [5]. - The company's net profit has shown consistent growth from 195 million yuan in 2018 to 400 million yuan in 2024, with dividends increasing from 0.7 yuan to 1.12 yuan per share [5].