正在直播丨易方达基金杨正旺：红利可以“+”成长，不同风格并非一定“零和博弈”，或可实现在持有体验上1+1＞2的效果

Group 1 - The core viewpoint emphasizes that dividend assets can provide independent allocation value and complement growth-style assets, optimizing the overall risk-return structure of investment portfolios [1] - Dividend assets serve as a balancing tool in portfolios, particularly effective in a moderate credit cycle recovery and neutral market sentiment, highlighting their cost-effectiveness due to low valuations and stable dividends [1][2] - The combination of "dividend + growth" can significantly reduce portfolio volatility and maximum drawdown while maintaining return elasticity, potentially achieving a performance effect greater than the sum of its parts [1] Group 2 - New regulations on insurance funds have lowered the risk factors associated with dividend assets, guiding long-term capital allocation and providing structural support for dividend assets [2] - The dividend index is characterized as both a defensive allocation tool and a crucial component for enhancing long-term resilience in investment portfolios [3]