Scan is dredging the bottom of the universe — all 10 names sit at univ 0-2%. Book: -9.2% to -5.4% over 6m, median conf 73. Downside risk dominates 4 of 10. The rest is vol, P/E compression, illiquidit

Dragging hardest: China Three Gorges Renewables ($600905.SS), -9.2%, univ 0%. Downside risk, earnings yield vs bonds, 60d vol — all three point down. Bond proxy, bad tape. China Petroleum & Chemical ($600028.SS) at -7.4%: EPS revisions accelerating push up, vol instability + illiquidity win anyway. China Southern Airlines ($600029.SS) and Xinyi Solar ($0968.HK) at -5.8% and -5.7%. Southern: earnings yield vs bonds, fwd/trail P/E, downside risk. Xinyi flips it — illiquidity is the only driver pushing up. Changan Automobile ($000625.SZ) is cleaner at -5.4% on downside risk, 60d vol, P/E. China Energy Engineering ($601868.SS) and Shanghai United Imaging ($688271.SS), both -5.6%. EEC: downside risk and 60d vol down, but 12mo momentum fights back. United Imaging bugs me — EPS revision accelerating and trend both push up, still short. Good signal losing to a bad stack. Zheshang Securities ($601878.SS) is the lone real financial — sector count claims five. 60d vol, P/E, EPS revisions all down

Dragging hardest: China Three Gorges Renewables ($600905.SS), -9.2%, univ 0%. Downside risk, earnings yield vs bonds, 60d vol — all three point down. Bond proxy, bad tape. China Petroleum & Chemical (