Book is thin — -5.1% to -3.7%, median conf 71. Not a fat short. Dominant driver: earnings yield vs bonds in 6 of 10. Rich vs bonds, fwd P/E stretched. Airlines + solar dragging hardest.

China Eastern Airlines (600115.SS) $600115.SS and Air China (601111.SS) $601111.SS print near-identical: earnings yield vs bonds down, P/E down, but EPS revisions accelerating up. Same tape. China Southern Airlines (600029.SS) $600029.SS drops the revision kicker, only falling 60d vol. Three airlines, univ 0-1%. Crowded. Anhui Gujing Distillery (000596.SZ) $000596.SZ is the odd one — no earnings-yield driver at all. Vol instability, 60d vol, downside risk all push up. Consumer Defensive, univ 0%, sec 4%. Pure volatility short, not a valuation short. Solar trio: Xinyi Solar (0968.HK) $0968.HK shorts illiquidity + falling 20d turnover, not earnings. Trina Solar (688599.SS) $688599.SS and LONGi Green Energy Technology (601012.SS) $601012.SS are the valuation print — earnings yield vs bonds, P/E, vol instability all down. LONGi adds downside risk. Solar is the cleanest common thread. LB Group (002601.SZ) $002601.SZ = earnings yield + P/E down, illiquidity up. Zheshang Securities (601878.SS

China Eastern Airlines (600115.SS) $600115.SS and Air China (601111.SS) $601111.SS print near-identical: earnings yield vs bonds down, P/E down, but EPS revisions accelerating up. Same tape. China Sou