This　study　investigates　liquidity　spillover　effects　within　Chinese　green　financial　markets　and　their　implications　for　investment　strategy　construction.　Utilizing　time-varying　parameter　vector　autoregression　and　quantile　connectedness　methods,　we　analyze　the　interconnectedness　of　these　markets　from　both　temporal　and　quantile　perspectives.　Our　findings　reveal　that　liquidity　spillovers　exhibit　notable　time-varying　characteristics,　with　spillover　effects　being　weaker　in　low　and　intermediate　quantiles　and　more　pronounced　in　high　quantile.　The　minimum　connectedness　portfolio　analysis　demonstrates　superior　performance　with　more　stable　and　higher　cumulative　returns　surpassing　most　individual　assets.　Furthermore,　including　green　bonds　in　these　portfolios　is　an　effective　strategy　for　mitigating　portfolio　risk.