Thin signal: 6m expected returns -10.2% to -9.1%, median conf 86. Univ ranks 0-3% — top shorts, not sector outliers. One factor dragging all 10: ↓ earnings yield vs bonds. A single-factor short book.

$300498.SZ Wens Foodstuff Group Co., Ltd. -10.2%, conf 87. $301269.SZ Empyrean Technology Co., Ltd. -10.1%, conf 89. Both cheap vs bonds, cheap vs own history. Wens gets a small EPS revision breadth bid — not enough. Empyrean’s third hit is vol instability. $002129.SZ TCL Zhonghuan Renewable Energy Technology Co.,Ltd. -9.9%, conf 88. $000002.SZ China Vanke Co., Ltd. -9.6%, conf 83. Same valuation drag. TCL’s third hit is fwd/trail P/E ratio; Vanke’s is 60d momentum. Tech vs real estate, same short. $300122.SZ Chongqing Zhifei Biological Products Co., Ltd. -9.3%, conf 88. $600048.SS Poly Developments and Holdings Group Co., Ltd. -9.2%, conf 75. Both cheap vs bonds/5yr P/E. Zhifei hit by vol instability. Poly actually has EPS revisions accelerating. Healthcare vs property, same book. $688303.SS Xinjiang Daqo New Energy Co.,Ltd. -9.2%, conf 88. $603392.SS Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. -9.2%, conf 86. Same valuation factor. Daqo’s third hit is vol instability; Wan

$300498.SZ Wens Foodstuff Group Co., Ltd. -10.2%, conf 87. $301269.SZ Empyrean Technology Co., Ltd. -10.1%, conf 89. Both cheap vs bonds, cheap vs own history. Wens gets a small EPS revision breadth b