Comprehensive Analysis of Multiple Financial Market Events on January 15, 2026

According to the PBOC announcement, on January 15, 2026, the People’s Bank of China (PBOC) will conduct a

via a fixed-quantity, interest rate bidding, multi-price bidding method, with a tenor of 6 months (181 days) [1][2].

Indicator	Value
Operation Scale	900 billion yuan
Tenor	6 months (181 days)
Maturity Amount	600 billion yuan
Net Injection	300 billion yuan
Increase Magnitude	100 billion yuan more than the previous month

This marks the

that the PBOC has increased the scale of its 6-month outright reverse repo renewal, accumulating mid-term liquidity injections into the market [1][2].

Wang Qing, Chief Macro Analyst at Orient Jincheng, pointed out that the main reasons for this operation include [1][2]:

1. Government Bond Issuance Demand
   : The 2026 new local government debt quota has been issued in advance, with a certain scale of government bonds to be issued in January
2. Credit "Start-of-Year Boom" Effect
   : The 500 billion yuan new policy-based financial tools were fully disbursed in October 2025, driving large-scale supporting loan disbursement in January
3. Liquidity Hedging
   : Address potential liquidity tightening trends and guide the maintenance of stable and ample market liquidity

Industry experts generally believe that this operation sends the following policy signals [2]:

• Quantitative Policy Tools Continue to Be Stepped Up
  : Indicates that the monetary policy maintains a supportive stance
• "Moderate Easing" Tone Sustained
  : The 2026 monetary policy will keep market liquidity ample
• RRR Cut Expectations Delayed
  : Due to the gradual effectiveness of steady growth policies and strong external demand resilience, the short-term demand for intensifying counter-cyclical adjustment policies has decreased

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Item	Content
Time	3:00 PM, Thursday, January 15, 2026
Organizer	State Council Information Office (SCIO)
Participants	Zou Lan, Deputy Governor of the PBOC; Li Bin, Deputy Administrator of the State Administration of Foreign Exchange (SAFE)
Theme	Effects of Monetary and Financial Policies in Supporting High-Quality Development of the Real Economy

According to the press conference preview, discussions are expected to focus on the following topics [3]:

• Specific effects of monetary policy in supporting the real economy
• Exchange rate policy and foreign exchange management
• Financial risk prevention and control
• 2026 monetary policy orientation
• Support for scientific and technological innovation and green finance

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On January 15, a total of

will unlock restricted shares, with a total unlock volume of . Based on the latest closing prices, the total market value of unlocked shares is [3].

Company	Unlock Share Volume	Unlock Market Value
Corex Bluechip (Zhongke Lanxun)	76.2838 million shares	10.97 billion yuan
Huitong Technology	52.872 million shares	1.529 billion yuan
Scantech (Sikan Keji)	-	1.344 billion yuan
Hanma Technology	140 million shares	-

: Corex Bluechip accounts for the highest proportion of total unlock market value; attention should be paid to share price pressure after the unlock [3].

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Category	Quantity	Highlights
Buyback Plan Approved by Shareholders’ Meeting	1 company	Yuheng Pharmaceutical, planning to repurchase up to 2.7 million yuan
Buyback Implementation Progress	1 company	Kaifa Electric, repurchased 4.2068 million yuan
Buyback Plan Completed	9 companies	-

On January 15, a total of

released announcements related to private placements [3]:

Company	Fundraising Amount	Progress
ST Songfa	Up to 7 billion yuan	Plan Disclosed
Lante Optics	1.055 billion yuan	Plan Disclosed
4 Companies	-	Plan Disclosed
1 Company	-	Plan Approved by Exchange

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Based on the statistics of listed companies’ equity distribution plans,

have their record date today, with dividend distributions as follows [3]:

Stock Code	Company Name	Dividend per 10 Shares (Yuan)
600036	China Merchants Bank	10.13
300858	Huyan Precision Machinery	5.00
601138	Foxconn Industrial Internet	3.30

• Record Date
  : January 15
• Ex-Date/Ex-Dividend Date
  : Subsequent trading days
• Payment Date
  : Determined according to each company’s announcement

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• The PBOC’s 300 billion yuan net injection is the largest single mid-term liquidity injection since the start of the year
• Facilitates the smooth issuance of government bonds
• Supports financial institutions to expand credit disbursement

• The 15.476 billion yuan restricted stock unlock may bring short-term supply pressure
• Attention should be paid to the share reduction willingness of unlocked shareholders

Strategy Direction	Recommendation
Liquidity Beneficiary Sectors	Banking, securities brokers, real estate and other capital-sensitive industries
Focus on Private Placement Opportunities	Companies with private placement plans such as ST Songfa and Lante Optics
Dividend Strategy	High-dividend targets such as China Merchants Bank and Foxconn Industrial Internet
Risk Avoidance	Pay attention to individual stocks with high restricted stock unlock pressure

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1. Press Conference Details
   : Remarks by Deputy Governor Zou Lan at the 3:00 PM press conference
2. January MLF Operation
   : The PBOC is expected to comprehensively use outright reverse repo and MLF tools
3. December Economic Data
   : Pay attention to the sustainability of the manufacturing PMI and policy effects
4. Overseas Markets
   : Impact of changes in the Federal Reserve’s interest rate cut expectations on the RMB exchange rate

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[1] CLS - "State Council Information Office to Hold Press Conference on the Effects of Monetary and Financial Policies in Supporting High-Quality Development of the Real Economy on January 15" (https://www.cls.cn/detail/2258234)

[2] China Fund News - "People’s Bank of China to Conduct 900 Billion Yuan Outright Reverse Repo Operation" (https://www.chnfund.com/article/ARbb4d1439-e47f-44cc-9617-3a1ece695dc1)

[3] The Economic Observer - "Today’s Focus | State Council Information Office to Hold Press Conference on the Effects of Monetary and Financial Policies in Supporting High-Quality Development of the Real Economy" (http://www.eeo.com.cn/2026/0115/779382.shtml)