Book is -4.5% to -3.4%, conf 71-73. That’s a 1.1 pt spread — thin signal, not a broad China short. No clean sector cluster. EPS revision accelerating shows up in 3 of 10, but downside risk/vol/P-E do

China Yangtze Power Co., Ltd. ($600900.SS) is the biggest drag at -4.5%, conf 71. The issue: illiquidity is pushing the short, while EPS revision trend and max drawdown push back. CHANGAN AUTOMOBILE ($000625.SZ) is cleaner: downside risk, 60d vol, and fwd/trail P/E all push down. SHANGHAI UNITED IMAGING HEALTHC ($688271.SS) is the opposite — EPS revision accelerating/trend are up-drivers, downside risk down. Healthcare sec 2, univ 1%. Not a consensus short. INNER MONGOLIA BAOTOU STEEL UNI ($600010.SS) is a pure valuation/risk fade: downside risk, fwd/trail P/E, earnings yield vs bonds all push down. CHINA ENERGY ENGINEERING CORP L ($601868.SS) has 12mo momentum as an up-driver, but downside risk and 60d vol still lean short. Xinyi Solar Holdings Limited ($0968.HK) is weird: illiquidity pushes short, but fwd/trail P/E and EPS revision accelerating push back. Tech sec 1, univ 1%. China Petroleum & Chemical Corporation ($600028.SS) has the biggest single up-driver here: EPS revision accel

China Yangtze Power Co., Ltd. ($600900.SS) is the biggest drag at -4.5%, conf 71. The issue: illiquidity is pushing the short, while EPS revision trend and max drawdown push back. CHANGAN AUTOMOBILE (