According to CoinMeta, the scale of China's first 5-year local bond, ETF Penghua (159972), has exceeded 10 billion yuan as of November 9, 2026, with the latest scale being 10.033 billion yuan. With the recent stabilization and recovery of the bond market, Penghua Fund's cash investment department pointed out that the impact of recent credit risk events continues to spread, and there are signs of liquidity shocks in the market. After the recent interest rate adjustments, the interest rate spreads for medium and short-term local bonds have continued to improve, and they now possess investment value.