In 2020，China’s stock market will increase a lot，the bond market will rise first and then decline，and the scale and performance of public funds will have a good harvest. Capital market reform has made great strides in gem registration and delisting. In 2021，the global economy will recover rapidly after the impact of the epidemic. The United States may usher in a larger fiscal stimulus plan，the overseas supply chain will recover，and asset prices will rise. China’s stock market still has upward momentum，which will lead to a bull trend；the bond market will usher in an investment inflection point in the second quarter，and the structural credit risk is worthy of attention；the performance of public funds is expected，active equity funds will still become the mainstream of product layout，and all kinds of products have investment opportunities.