This shows Christ Full of Grace.
Now, What about Mary!
LUKE 1:28 And he came to her and said, "Hail full of grace, the Lord is with you!"
Yet this is before she has Christ in her womb. Before the Holy Spirit overshadowed her for conception of Christ which comes after in this verse.
LUKE 1 34 34 “How will this be,” Mary asked the angel, “since I am a virgin?” 35 The angel answered, “The Holy Spirit will come on you, and the power of the Most High will Overshadow you. So the holy one to be born will be called[b] the Son of God. 36 Even Elizabeth your relative is going to have a child in her old age, and she who was said to be unable to conceive is in her sixth month. 37 For no word from God will ever fail.”