Scan says short MCHI. Top 10 all negative 6m expected returns, -4.8% to -3.4%, median conf 73. Dominant driver illiquidity in 3 of 10. Thin signal, under 1.5% range. Common theme: volatility and earni

China Yangtze Power ($600900.SS), Inner Mongolia Baotou Steel Uni ($600010.SS), China Energy Engineering Corp L ($601868.SS). Yangtze: illiquidity drags, EPS revision trend up. Baotou: downside risk, earnings yield vs bonds, fwd/trail P/E all down. Energy Engineering: 12mo momentum up, but 60d vol and downside risk down. Changan Automobile ($000625.SZ), Zheshang Securities ($601878.SS), China Petroleum & Chemical ($600028.SS). Changan: downside risk, 60d vol, 20d vol all drag. Zheshang: 60d vol, fwd/trail P/E, EPS revision accelerating drag. Sinopec: EPS revision accelerating up, but illiquidity and vol instability drag. China Northern Rare Earth (GP) Hi-T ($600111.SS, $GP), Xinyi Solar ($0968.HK), Empyrean Technology ($301269.SZ). Rare Earth: illiquidity, downside risk, EPS revision accelerating drag. Xinyi: illiquidity up, but fwd/trail P/E and EPS revision accelerating drag. Empyrean: EPS revision accelerating and max drawdown up, earnings yield vs bonds drag. Shanghai Stonehill Tec

China Yangtze Power ($600900.SS), Inner Mongolia Baotou Steel Uni ($600010.SS), China Energy Engineering Corp L ($601868.SS). Yangtze: illiquidity drags, EPS revision trend up. Baotou: downside risk,