China top 10 is one factor wearing 10 hats: earnings yield vs bonds shows up in 9 of 10. Model is long cheap cash flows, not broad China beta. Financial Services cluster is the tell — 3 names. Book on

Want Want China Holdings Limited ($0151.HK) and New China Life Insurance Company Ltd. ($1336.HK) are univ 100% / sec 100%. Same cheap-yield core. What’s different: $0151.HK adds vol instability; $1336.HK adds downside risk. Defensive vs insurer risk. CHINA TAIPING ($0966.HK) is the third insurer, sec 99%. Differentiator: illiquidity plus fwd/trail P/E. Vipshop Holdings Limited ($VIPS) and Kuaishou Technology ($1024.HK) show the split: $VIPS is cheap-yield minus vol instability; $1024.HK leans fwd/trail P/E and downside risk. PICC GROUP ($1339.HK), SHANDONG HUALU-HENGSHENG CHEMIC ($600426.SS), 3SBio Inc. ($1530.HK). $1339.HK: illiquidity + 20d vol. $600426.SS is the odd one — no earnings-yield driver, just vol instability and downside risk. $1530.HK: fwd/trail P/E + illiquidity. GDS Holdings Limited ($9698.HK) and DIAN TOU ENERGY ($002128.SZ) round it out. $9698.HK: cheap-yield minus vol instability, plus illiquidity. $002128.SZ: fwd/trail P/E, minus 12mo momentum. Tech and energy both

Want Want China Holdings Limited ($0151.HK) and New China Life Insurance Company Ltd. ($1336.HK) are univ 100% / sec 100%. Same cheap-yield core. What’s different: $0151.HK adds vol instability; $1336