China (MCHI) top 10 shorts: 6m expected returns run -6.4% to -4.9%. A 1.5pt book is thin, and median conf 73 is a rank, not an edge. All 10 sit in the bottom 2% of the universe. Theme: downside risk a

CHANGAN AUTOMOBILE (000625.SZ) $000625.SZ, univ 0%, sec 2%, has the purest vol print here: downside risk ↓, 60d vol ↓, 20d vol ↓, zero fundamental driver. China Yangtze Power (600900.SS) $600900.SS is the mirror: EPS revision trend ↑ and max drawdown ↑, only illiquidity ↓. Its sec 5% is the weakest sector rank in the ten. INNER MONGOLIA BAOTOU STEEL (600010.SS) $600010.SS adds the valuation leg: downside risk ↓ with earnings yield vs bonds ↓ and fwd/trail P/E ↓. Two materials names in the top 10 is the only real cluster. Orient Securities (600958.SS) $600958.SS: 60d vol ↓, EPS revision accelerating ↓, downside risk ↓. Quiet tape plus fading estimate momentum. CHINA ENERGY ENGINEERING CORP (601868.SS) $601868.SS is the odd one, 12mo momentum ↑ is its second biggest weight and the model still shorts it. Shanghai International Airport (600009.SS) $600009.SS has EPS revision accelerating ↑ at +0.0331, the biggest weight in the book, shorted anyway on downside risk and vol. Not sure people

CHANGAN AUTOMOBILE (000625.SZ) $000625.SZ, univ 0%, sec 2%, has the purest vol print here: downside risk ↓, 60d vol ↓, 20d vol ↓, zero fundamental driver. China Yangtze Power (600900.SS) $600900.SS is