Book 6m -4.5%..-3.3% — a 1.2% band. Thin short signal, even with conf 70-72. Drag: ↓ earnings yield vs bonds in 4/10. CHINA EASTERN AIRLINES CORP ($600115.SS) and LB Group Co., Ltd. ($002601.SZ) lead,

Xinyi Solar Holdings Limited ($0968.HK) and iFLYTEK CO.,LTD ($002230.SZ) are the tech/illiquidity edges. $0968.HK: ↑ illiquidity, ↓ 20d turnover, ↓ fwd/trail P/E. $002230.SZ: ↓ downside risk, ↓ 60d vol, ↓ 20d vol. China Southern Airlines Company Limited ($600029.SS) is the same airline trade: ↓ earnings yield vs bonds, ↓ 60d vol, ↓ fwd/trail P/E. Zheshang Securities Co., Ltd. ($601878.SS): ↓ 60d vol, ↓ earnings yield vs bonds, ↓ fwd/trail P/E. BYD Company Limited ($002594.SZ) is the outlier: ↓ illiquidity, but ↑ max drawdown, ↑ 12mo momentum. Jinko Solar Co., Ltd. ($688223.SS): ↓ earnings yield vs bonds, ↓ vol instability, ↓ fwd/trail P/E. CHINA ENERGY ENGINEERING CORP L ($601868.SS) and SHANGHAI UNITED IMAGING HEALTHC ($688271.SS) round out the tail. $601868.SS: ↓ downside risk, ↑ 12mo momentum, ↓ 60d vol. $688271.SS: ↑ 5d reversal, ↓ downside risk, ↑ EPS revision trend. So-what: crowded, low-vol short book at univ 0-2%, sec 1-4%. Watch if ↓ earnings yield vs bonds flips or airline/so

Xinyi Solar Holdings Limited ($0968.HK) and iFLYTEK CO.,LTD ($002230.SZ) are the tech/illiquidity edges. $0968.HK: ↑ illiquidity, ↓ 20d turnover, ↓ fwd/trail P/E. $002230.SZ: ↓ downside risk, ↓ 60d vo