天风证券：预计四季度要落实落细更加积极的财政政策和适度宽松的货币政策

Core Viewpoint - The article emphasizes the expectation of maintaining policy continuity and stability in the second half of the year, with a focus on enhancing flexibility and foresight to achieve the "four stabilizations" [1] Group 1: Policy Outlook - The Fourth Plenary Session concluded with a public announcement that reflects strong policy continuity [1] - It is anticipated that more proactive fiscal policies and moderately loose monetary policies will be implemented in the fourth quarter [1] - The coordination between monetary and fiscal policies is expected to be strengthened to address potential impacts from uncertainties related to Trump and escalating overseas geopolitical risks [1] Group 2: Investment Focus - There is an emphasis on the importance of gold and bonds, with a particular focus on exploring convertible bonds [1] - The article suggests that the reduction in uncertainties from the fifth round of China-U.S. negotiations may create a more favorable investment environment [1]