Scan is ugly. Book -6.3% to -4.3%, median conf 71. Earnings yield vs bonds is the dominant drag in 6 of 10. Airlines lead the pain. CHINA EASTERN AIRLINES CORP ($600115.SS) and China Southern Airlines

Air China Limited ($601111.SS) and LB Group Co., Ltd. ($002601.SZ). $601111.SS is the third airline in the top 10—same earnings yield vs bonds ↓, EPS revision accelerating ↑, fwd/trail P/E ↓. $002601.SZ is the other Basic Materials short: earnings yield vs bonds ↓, fwd/trail P/E ↓, max drawdown ↑. Not sure people appreciate the airline cluster. Xinyi Solar Holdings Limited ($0968.HK) and Rongsheng Petrochemical Co., Ltd. ($002493.SZ). $0968.HK is a liquidity/turnover short: illiquidity ↑, 20d turnover ↓, fwd/trail P/E ↓. $002493.SZ is different: 12mo momentum ↑, max drawdown ↑, P/B vs 5yr ↑. Two univ 0-1% names but different factor prints. SHANGHAI UNITED IMAGING HEALTHC ($688271.SS) and Tongwei Co.,Ltd ($600438.SS). $688271.SS: downside risk ↓, EPS revision trend ↑, 60d volatility ↓. $600438.SS: earnings yield vs bonds ↓, EPS revision accelerating ↑, illiquidity ↑. Healthcare vs tech, but both have vol/liquidity in the mix. Yonyou Network Technology Co.,Ltd. ($600588.SS) and H World G

Air China Limited ($601111.SS) and LB Group Co., Ltd. ($002601.SZ). $601111.SS is the third airline in the top 10—same earnings yield vs bonds ↓, EPS revision accelerating ↑, fwd/trail P/E ↓. $002601.