China MCHI quant short book: 10 names, 6m expected returns -10.0% to -7.6%, median conf 87. The drag is earnings yield vs bonds in 10/10. Not a sector call—one factor driving the list.

Muyuan Foods Group ($002714.SZ) -10.0%, conf 87, consumer defensive univ 0% sec 5%. Extra drag: 20d turnover. TCL Zhonghuan Renewable Energy ($002129.SZ) -9.6%, conf 88, tech univ 1% sec 2%. Same turnover drag, high conviction. Chongqing Zhifei Biological Products ($300122.SZ) -9.2%, conf 87, healthcare univ 1% sec 4%. Third driver is 6mo alpha vs SPY. Yonyou Network Technology ($600588.SS) -8.8%, conf 87, tech univ 1% sec 4%. Same alpha drag, not liquidity. Empyrean Technology ($301269.SZ) -8.1%, conf 86, tech univ 2% sec 6%. P/B vs 5yr positive—rare green flag in this book. Trina Solar ($688599.SS) -8.0%, conf 85, tech univ 2% sec 8%. Bigger 6mo alpha drag vs SPY. China Vanke ($000002.SZ) -7.8%, conf 82, real estate univ 2% sec 12%. Weakest within its sector, 6mo alpha vs SPY negative. Metallurgical Corporation of China ($601618.SS) -7.7%, conf 88, industrials univ 3% sec 2%. Yield gap less bad, but downside risk negative. National Silicon Industry Group ($688126.SS) -7.7%, conf

Muyuan Foods Group ($002714.SZ) -10.0%, conf 87, consumer defensive univ 0% sec 5%. Extra drag: 20d turnover. TCL Zhonghuan Renewable Energy ($002129.SZ) -9.6%, conf 88, tech univ 1% sec 2%. Same turnover drag, high conviction.