Yes Huaan Fund said that the medium and long-term allocation value of the market is gradually emerging, and the directions of great security, post-epidemic and steady growth are worthy of attention. Overall, the negative impact of COVID-19 will gradually weaken, domestic economic growth is expected to stabilize and rebound, and the global liquidity environment is expected to further improve. At present, the level of equity risk premium is higher than the historical average, and the long-term allocation value of the market is gradually emerging.