Night network, network nightlife Wall Street FRANCISCO 9 morning news, the stock market in China, led by strong gains in global stock markets this week, Deutsche Bank believes that China's stock market rose sharply extremely low valuations will also mean the end, it is expected to Hang Seng China Enterprises index (HSCEI) will rise to 13,000 points before the end of the year, 37% higher than Tuesday's closing。  Tuesday, the Shanghai Composite Index rose 2.9%, GEM boom 5.7%; Hang Seng index rose 3.3%, the Hang Seng China Enterprises Index rose 4.1%。Wednesday, Chinese stocks extended campaign, as of GMT 10:38, the Shanghai Composite rose 1.67%, the Hang Seng Index rose 2.31%。In addition, in the Chinese stock market, driven by Nikkei Index hit a new low on Wednesday after Tuesday's rebound retaliatory 5.67%。  Obviously, China to expand fiscal stimulus for investors to see the economic rebound hopes。Finance Minister Lou Jiwei said in the G20 meeting, he said China will accelerate the pace of fiscal spending expected this year central government spending growth of about 10%, about 7% higher than the beginning of the budget revenue growth rate。In mid-August, China's central bank [microblogging] main policy banks to provide financing for infrastructure inject $ 93 billion。  In addition, a recent overall design on deepening the reform of state also disclosed by the media, so that investors see the government's determination to continue to promote reform。  But more importantly, the Chinese stock market, especially in Hong Kong-listed companies, valuation is extremely cheap。  Deutsche Bank strategist Yuliang often pointed out in the report: "After the highs of 35% this year, April 27, MSCI index valuations decreased by 34% from the expected earnings 12.4 to 8 times.4-fold, 10-year average a 30% discount, one standard deviation below the mean。"Deutsche Bank said:" Since the financial crisis, the market trend, the current 8.2 times earnings seems to be a significant valuation support, while 1.1 times book has been lower than in early October 2011 the most serious European debt crisis and the situation in June 2013 when the liquidity crisis in the interbank market in China, close to the bottom level of September 2008 financial crisis。"Unless 'hard landing in China, the yuan depreciated or global stock market crash' extreme events, China's stock market valuation is only likely to further decline, Deutsche Bank said in a report the case。  Deutsche Bank said: "We expect the Hang Seng China Enterprises Index rose to 13,000 points by the end of 2015。"The Hang Seng China Enterprises Index closed at 9479 on Tuesday.48 points。  UBS strategist Wenjie Lu also agree with the view of Deutsche Bank。UBS report noted that the current market for Chinese listed companies earnings forecast extreme pessimism, analysts on average forecast 2015 profit growth of only 2.5%, while the MSCI China Index in the first half profit growth of 5.3%。This means that the second half of Chinese corporate earnings easily exceeded market expectations。  UBS said: "In our view, in addition to the GEM, A-shares and Hong Kong stock valuation looks more reasonable。We expect Hong Kong stocks will rise before the end of more than 15%。"(Tony compilation)