Huayuan Securities estimates outstanding wealth-management product (WMP)
balances were 35.4 tln yuan at end-July 2026, up 1.75 tln yuan month-on-month
and a record high. July increases in 2021–25 averaged 1.8 tln yuan, so this
month’s rise aligned with seasonal norms. Huayuan said a stock-market correction
pushed secondary bond fund returns lower and caused NAV drawdowns in some WMPs,
likely damping net inflows. Average monthly annualized yields on WMP
fixed-income and pure fixed-income products fell MoM to 0.56% and 1.51%,
respectively.
