All 10 shorts hit the same wall: earnings yield vs bonds −0.1138, P/E vs 5yr negative. Not a sector call—rich vs bonds, rich vs history.

$002129.SZ TCL Zhonghuan Renewable Energy Technology Co.,Ltd. −8.4% conf 88: extra drag 60d momentum. $002714.SZ Muyuan Foods Group Co., Ltd. −8.3% conf 87: fading 20d turnover. $300122.SZ Chongqing Zhifei Biological Products Co., Ltd. −7.9% conf 87: weak 6mo alpha vs SPY. $600588.SS Yonyou Network Technology Co.,Ltd. −7.4% conf 87: same, less negative alpha. $688303.SS Xinjiang Daqo New Energy Co.,Ltd. −7.3% conf 88: small P/B vs 5yr positive fighting the short. $688126.SS National Silicon Industry Group Co., Ltd. −7.3% conf 86: downside risk up. $688599.SS Trina Solar Co., Ltd. −6.9% conf 85: worst alpha vs SPY here. $603260.SS Hoshine Silicon Industry Co., Ltd. −6.6% conf 86: alpha bleed, less severe. $301269.SZ Empyrean Technology Co., Ltd. −6.6% conf 84: slight P/B support, lower conf. $3690.HK Meituan −6.6% conf 88: only positive 6mo alpha vs SPY—if it folds, whole basket confirms.

$002129.SZ TCL Zhonghuan Renewable Energy Technology Co.,Ltd. −8.4% conf 88: extra drag 60d momentum. $002714.SZ Muyuan Foods Group Co., Ltd. −8.3% conf 87: fading 20d turnover.