China short scan: 6m expected returns -5.5% to -3.5%, median conf 71. Normal vol, normal credit, steep curve. Earnings yield vs bonds drags 7 of 10. Valuation/crowding signal, not a macro stress.

LONGi Green Energy Technology Co., Ltd. ($601012.SS) -5.5%, conf 72. Lowest univ. Shared earnings-yield drag + downside risk + 60d vol. Trina Solar Co., Ltd. ($688599.SS) -3.9%, conf 71. Fwd/trail P/E + vol instability. Tongwei Co.,Ltd ($600438.SS) -3.8%, conf 70. Similar, milder. Xinyi Solar Holdings Limited ($0968.HK) -4.4%, conf 71. Illiquidity helps; turnover/P/E drag. Rongsheng Petrochemical Co., Ltd. ($002493.SZ) -4.0%, conf 71. Max drawdown, P/B vs 5yr, 12mo momentum—backward-looking. H World Group Limited ($HTHT) -3.7%, conf 71. Same pattern. Zhongtai Securities Co., Ltd. ($600918.SS) -3.6%, conf 71. Earnings yield/P/E drag plus 5d reversal. LB Group Co., Ltd. ($002601.SZ) -3.6%, conf 71. Valuation drag, illiquidity offset. Zheshang Securities Co., Ltd. ($601878.SS) -3.5%, conf 71. Same broker drag, low 20d vol. Li Auto Inc. ($2015.HK) -3.5%, conf 70. Big earnings-yield drag, but EPS revision acceleration and trend are positive. Not sure people appreciate this is a valuation sh

LONGi Green Energy Technology Co., Ltd. ($601012.SS) -5.5%, conf 72. Lowest univ. Shared earnings-yield drag + downside risk + 60d vol. Trina Solar Co., Ltd. ($688599.SS) -3.9%, conf 71. Fwd/trail P/E