Thin book: -4.4% to -2.9%, median conf 71. China short scan is saying valuation/vol unwind, not a macro short. Earnings yield vs bonds drags 4 of 10. Sector concentration is thin: Financial Services (

Xinyi Solar Holdings Limited ($0968.HK), LONGi Green Energy Technology Co., Ltd. ($601012.SS), Trina Solar Co., Ltd. ($688599.SS) top the list at univ 0-1%, sec 1-2%. Xinyi: illiquidity +0.0241, but 20d turnover -0.0188 and 5d reversal -0.0177. LONGi and Trina both hit by earnings yield vs bonds -0.0263; Trina also fwd/trail P/E -0.0195. Common thread: expensive vs bonds, unstable vol. Good signal for solar downside if rates stay steep. LB Group Co., Ltd. ($002601.SZ), iFLYTEK CO.,LTD ($002230.SZ), Bank of China Limited ($601988.SS). LB is Basic Materials but same earnings-yield vs bonds drag -0.0223, plus illiquidity +0.0178. iFLYTEK is pure vol/downside short: downside risk -0.0219, 60d/20d vol -0.0205/-0.0184. Bank of China is the outlier: 12mo momentum +0.0303, max drawdown +0.0274, P/B vs 5yr +0.0245. Financials rank well but still short. CHINA EASTERN AIRLINES CORP ($600115.SS), SG Micro Corp ($300661.SZ), Anhui Gujing Distillery Co., Ltd. ($000596.SZ). China Eastern: earnings yi

Xinyi Solar Holdings Limited ($0968.HK), LONGi Green Energy Technology Co., Ltd. ($601012.SS), Trina Solar Co., Ltd. ($688599.SS) top the list at univ 0-1%, sec 1-2%. Xinyi: illiquidity +0.0241, but 2