分析指出，在当前低利率、市场不确定性犹存的环境下，资金正加速寻找低估值且具备稳定收益与防御 属性的资产。港股高股息资产凭借其显著高于债券的股息率以及低波动的特性，成为包括险资在内的机 构资金的配置优选。 该基金采用 "高股息+低波动" 双因子策略，以全市场最低综合费率（0.2%）著称。其投资组合聚焦金 融、能源等成熟行业以构筑安全垫，并设置单一个股5%的权重上限以分散风险。同时，基金还具有月 度评估分红机制和T+0交易特性，进一步提升了资金使用效率。场外投资者可通过其联接基金（A类： 024029 / C类：024030）进行布局。 风险提示：基金有风险，投资需谨慎。 数据显示，截至12月1日，港股红利低波ETF(520550)已获资金连续8日净流入，累计超4300万元，年初 以来累计净流入超8.5亿元，最新规模约12亿元，再创历史新高。 ...

Core Viewpoint - The article emphasizes the importance of balancing growth ("small stocks") and stability ("large stocks") in investment strategies to navigate through different market cycles effectively [5][20]. Group 1: Historical Perspective on Investment Strategies - The distinction between "old stocks" and "new stocks" is not about superiority; both serve as tools in an investment portfolio, with their effectiveness varying by market conditions [6][7]. - Historical data shows that while growth stocks may outperform during bull markets, stable dividend-paying stocks can provide consistent returns over the long term, mitigating risks during downturns [11][14]. - The performance of various indices from 2013 to 2025 illustrates that while growth stocks can have significant short-term gains, they also experience substantial drawdowns, whereas dividend low-volatility stocks offer steadier returns [12][13]. Group 2: Hong Kong Stock Market Insights - The Hong Kong stock market is characterized by higher volatility and faster rhythms, making high dividend and low volatility strategies particularly valuable [15]. - The Hang Seng High Dividend Low Volatility Index employs strict rules to ensure sustainable dividends and avoid pitfalls like "dividend traps" [17][18]. - Over the past three to seven years, the Hang Seng High Dividend Low Volatility Index has outperformed the Hang Seng Index, demonstrating its effectiveness in providing stable returns [19]. Group 3: A+H Market Strategy - The core value of low-volatility dividend stocks lies in their defensive role within a portfolio, providing stability and peace of mind for investors [21]. - The A-share market's low-volatility dividend ETF has proven its defensive value over the past decade, while the Hong Kong counterpart offers new opportunities for investors [21][22]. - A balanced approach combining both defensive and growth-oriented assets is essential for long-term investment success [22][24].