The scan is thin: 6m expected -3.8% to -3.1%, median conf 71. Earnings yield vs bonds is dragging 6 of 10. Not a crash call — a grind lower. Watch the rate-sensitive cluster.

Tech is the concentrated short pocket. Xinyi Solar Holdings Limited $0968.HK univ 0%, sec 1%, -3.8%, conf 72: illiquidity ↑, but 20d turnover ↓ and vol instability ↓. LONGi Green Energy Technology Co., Ltd. $601012.SS univ 1%, sec 2%, -3.8%, conf 71: earnings yield vs bonds ↓, vol instability ↓, downside risk ↓. Trina Solar Co., Ltd. $688599.SS univ 1%, sec 2%, -3.5%, conf 71: same earnings-yield/P-E/vol instability drag. SG Micro Corp $300661.SZ Tech univ 1%, sec 3%, -3.5%, conf 70: different print — max drawdown ↑, P/B vs 5yr ↑, 12mo momentum ↑. Yonyou Network Technology Co.,Ltd. $600588.SS Tech univ 1%, sec 4%, -3.4%, conf 70: earnings yield vs bonds ↓, fwd/trail P/E ↓, vol instability ↓. Same tech rank, opposite driver mix. Airlines are the same trade, different rank. CHINA EASTERN AIRLINES CORP $600115.SS univ 1%, sec 1%, -3.7%, conf 71: earnings yield vs bonds ↓, EPS revision accelerating ↑, fwd/trail P/E ↓. Air China Limited $601111.SS univ 2%, sec 4%, -3.1%, conf 70: same earni

Tech is the concentrated short pocket. Xinyi Solar Holdings Limited $0968.HK univ 0%, sec 1%, -3.8%, conf 72: illiquidity ↑, but 20d turnover ↓ and vol instability ↓. LONGi Green Energy Technology Co.