ETF與險資成為年內主要增量資金，500億險資開始建倉
作為資本市場重要的專業機構投資者，險資運用餘額一季度同比增長10.98%，增速創下2021年下半年以來新高，達30萬億元，手握重金的險資備受市場關注。
據媒體報道，中國人壽和新華人壽共同設立的私募證券投資基金穩步建倉，已投入相當規模資金入市，並準備長期持有。今年2月28日，兩大保險巨頭中國人壽和新華保險出資500億元的鴻鵠志遠(上海)私募投資基金有限公司成立，該私募投向A股和港股上市公司股票。
2024年以來，險資舉牌熱情不減，年內達到6次，紫金保險舉牌華光環能，長城人壽舉牌無錫銀行、江南水務、城發環境、秦港股份（H）、贛粵高速。
險資舉牌涉及電力設備、銀行、環保、交通運輸四個行業。從行業和個股特徵來看，被舉牌方具有高ROE、高分紅、高股息等特點，契合險資風格，凸顯耐心資本與價值投資屬性。
據中保協披露不完全統計，2021-2023年，險資年度舉牌次數分別為1、6、14次，舉牌熱情有上升趨勢。
從資金面看，今年市場主導資金髮生重要變化，ETF與保險成為最重要的增量，主動偏股基金、私募、兩融等增量不足。
增量資金決定市場風格，2017-2019年，“跟着外資買茅台”超額收益極為顯著；2020-2021，公募爆發增長，內資定價權反超外資，“茅指數”、“寧組合”崛起；2021-2023 年，私募帶來小票的跑贏。
今年增量資金並非“雨露均沾”，ETF和險資是今年重要的邊際增量資金，大盤龍頭、核心資產形成統一戰線。
興業證券研報指出，年初以來，保險公司保費收入維持兩位數增長，支撐險資運用餘額Q1同比高增10.98%，且餘額增速創下2021年下半年以來新高；2024年一季度，險資對股票、基金持有市值增長超千億 ，達1162.74億。
與此同時，興業證券數據顯示，險資權益倉位仍處於歷史低位，截至2024年一季度末，股票和基金合計佔比僅12.02%。
險資持倉主要聚焦於千億以上的大市值個股，今年一季度加倉也聚焦於各行業的大市值龍頭，包括貴州茅台、立訊精密、中國電信、浙商銀行等。
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