Top 10 China MCHI 6m expected returns are all negative — -5.5% to -3.1% — conf 70-72. Earnings yield vs bonds is the dominant drag in 6 of 10. Tech/solar heavy, one staples, one auto.

$601012.SS LONGi Green Energy Technology Co., Ltd. -5.5% conf 72 — bond-yield drag, downside risk, 60d vol. $600438.SS Tongwei Co.,Ltd -4.5% conf 71 — same bond-yield drag, EPS revision accelerating positive. $0968.HK Xinyi Solar Holdings Limited -4.2% conf 71 — illiquidity helps, 20d turnover and vol instability drag. $000301.SZ Jiangsu Eastern Shenghong Co.,Ltd. -3.7% conf 71 — max drawdown and P/B vs 5yr help, bond-yield drag. $300661.SZ SG Micro Corp -3.6% conf 70 — momentum, drawdown, P/B positive. $600588.SS Yonyou Network Technology Co.,Ltd. -3.4% conf 70 — bond-yield drag, vol instability, fwd/trail P/E lower. $600010.SS Inner Mongolia Baotou Steel Union Co., Ltd. -3.1% conf 71 — bond-yield, fwd/trail P/E, 20d vol drag. $688303.SS Xinjiang Daqo New Energy Co.,Ltd. -3.1% conf 70 — bond-yield drag, vol instability up, P/E down. $000858.SZ Wuliangye Yibin Co.,Ltd. -3.1% conf 70 — staples outlier, no bond-yield driver; illiquidity, 20d vol, downside risk drag. $2015.HK Li Auto Inc.

$601012.SS LONGi Green Energy Technology Co., Ltd. -5.5% conf 72 — bond-yield drag, downside risk, 60d vol. $600438.SS Tongwei Co.,Ltd -4.5% conf 71 — same bond-yield drag, EPS revision accelerating p