Penghua's 5-year local-government bond ETF (ticker 159972) reached CNY10.033 billion in assets as of Nov 9, 2026, Wind data show. Penghua Fund's cash investment department said the bond market has recently stabilised but spillover from some credit-risk events has created signs of liquidity stress. Following recent rate adjustments, spreads on short-to-medium-maturity local-government bonds and other rate products have improved and now offer investment value, the team said.