Same trade across all 10 shorts: earnings yield vs bonds is the top drag in 10/10, P/E vs 5yr right behind. All expected returns negative, rich vs bonds, rich vs history—sector labels are noise, media

Muyuan Foods ($002714.SZ) -10.7%, conf 87: EPS revisions accelerating lower adds to the valuation drag. Chongqing Zhifei Biological Products ($300122.SZ) -9.7%: falling 20d turnover is the extra flag. TCL Zhonghuan Renewable Energy ($002129.SZ) -9.2%, conf 88: same bond-yield/P/E drag, but EPS revision breadth positive—that’s the disagreement. Empyrean Technology ($301269.SZ) -8.8%: EPS revisions accelerating lower. Zhongtai Securities ($600918.SS) -8.8%, conf 88: less bond-yield drag (-0.0956) but same revision bleed. Beijing Wantai Biological Pharmacy ($603392.SS) -8.6%: weak 6m alpha vs SPY is the different driver. Metallurgical Corp of China ($601618.SS) -8.4%: valuation drag plus lower downside risk—bad mix. National Silicon Industry ($688126.SS) -8.2%: same rich valuation, but downside risk is actually rising. Poly Developments and Holdings ($600048.SS) -8.1%, conf 82: EPS revision accelerating positive is the contrarian flag. Innovent Biologics ($1801.HK) -8.1%: P/E vs 5yr p

Muyuan Foods ($002714.SZ) -10.7%, conf 87: EPS revisions accelerating lower adds to the valuation drag. Chongqing Zhifei Biological Products ($300122.SZ) -9.7%: falling 20d turnover is the extra flag.