港股科技风头正劲之际，正是红利低波定投之时

Core Viewpoint - The article discusses the recent performance of Hong Kong stocks, particularly the technology sector and the low-volatility dividend ETFs, highlighting investment strategies and valuation metrics like the "Market Earnings Ratio" [2][8]. Group 1: Market Performance - The Hong Kong technology sector has seen significant gains, with the Hong Kong Technology 50 ETF rising over 50% since mid-January [2]. - The low-volatility dividend ETF (520550) has also started to experience a rebound, indicating a broader bull market in Hong Kong stocks [8]. Group 2: Investment Strategies - Investors are advised to adopt a strategy of selling as prices rise and to maintain cash positions for potential reinvestment in low-volatility dividend ETFs [2][8]. - The concept of "ten-year dollar-cost averaging" is emphasized, suggesting that investors should remain disciplined and not become emotionally attached to stocks [9]. Group 3: Valuation Metrics - The author introduces a self-invented valuation metric called "Market Earnings Ratio" (PR), calculated as PE/ROE/100, where a PR of 1 indicates fair valuation [3]. - For the low-volatility dividend ETF (520550), the current Market Earnings Ratio is approximately 0.725, suggesting it is undervalued at around 70% of its fair value [5][10]. Group 4: Dividend Yield and Economic Context - As of January 2025, the dividend yield for the low-volatility dividend ETF (520550) is 7.96%, significantly higher than the 10-year government bond yield of 1.62%, making it an attractive investment during a rate-cutting cycle [10]. - The article argues against the misconception that dividend yields must reach risk-free rates to be considered overvalued, emphasizing the importance of maintaining a focus on valuation metrics [10].