China (MCHI) short scan is not subtle: 6m -5.5% to -3.8%, median conf 71. Earnings yield vs bonds is the drag in 6 of 10. Solar, airlines, brokers all get the same macro-yield haircut. This is a low-r

Xinyi Solar Holdings Limited ($0968.HK) is the top short at -5.5%, conf 72. ↓20d turnover and ↓fwd/trail P/E are the kicker; ↑illiquidity is doing work. JA Solar Technology Co., Ltd. ($002459.SZ) is right behind at -5.3%, conf 71, same P/E compression plus ↓earnings yield vs bonds. Solar is the cleanest expression of the yield problem. Airlines are a three-name block. CHINA EASTERN AIRLINES CORP ($600115.SS) -5.0%, conf 71: ↓earnings yield vs bonds, ↓fwd/trail P/E, but ↑EPS revision accelerating is a rare positive. China Southern Airlines Company Limited ($600029.SS) -5.0%, conf 71 adds ↓60d volatility. Air China Limited ($601111.SS) -4.7%, conf 70 also has ↑EPS revision accelerating. Same yield drag, different vol/revision fingerprints. Basic Materials: Rongsheng Petrochemical Co., Ltd. ($002493.SZ) -4.3%, conf 71, is different — ↑12mo momentum, ↑max drawdown, ↑P/B vs 5yr are pushing it down. LB Group Co., Ltd. ($002601.SZ) -4.2%, conf 71 leans on ↓earnings yield vs bonds and ↓fwd/tra

Xinyi Solar Holdings Limited ($0968.HK) is the top short at -5.5%, conf 72. ↓20d turnover and ↓fwd/trail P/E are the kicker; ↑illiquidity is doing work. JA Solar Technology Co., Ltd. ($002459.SZ) is r