Comprehensive Analysis of the Financial Market on January 15, 2026: PBoC Injects 900 Billion Yuan via Reverse Repos, Lock-Up Share Unlock Tops 160 Billion Yuan

Based on the latest search results, I have systematically organized the policy interpretation and analysis of multiple events in the financial market on January 15, 2026 for you.

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According to the PBoC’s announcement on January 14, the People’s Bank of China will conduct the following reverse repo operations on January 15, 2026 [1][2]:

Operation Type	Scale	Tenure	Interest Rate/Method
Outright Reverse Repo	900 billion yuan	6 months (181 days)	Fixed quantity, interest rate bidding, multiple price winning bids
7-Day Reverse Repo	240.8 billion yuan	7 days	Fixed interest rate, quantity bidding, interest rate of 1.4%

1. 8th Consecutive Month of Net Injection
   : After this operation, the PBoC has injected medium-term liquidity into the market via outright reverse repos for 8 consecutive months, with the increased scale 100 billion yuan higher than that of last month [1].

2. Clear Intent of Increased Roll-Over
   : 600 billion yuan of 6-month outright reverse repos will mature in January, and this 900 billion yuan operation means an incremental roll-over of 300 billion yuan in the month, marking the 5th consecutive month of incremental roll-over [1].

3. Dual Policy Objectives
   :
   • Meet the government bond issuance demand after the early issuance of the 2026 new local government debt quota
   • Sustain the effect of the 500 billion yuan new policy-based financial instrument launched in October 2025, and amplify the ‘good start’ effect of credit [1][2]

4. Guarantee of Abundant Liquidity
   : Wang Qing, Chief Macro Analyst at Orient Jincheng, pointed out that this move will help guide the funding market to remain stable and abundant, facilitate government bond issuance, and signal that the monetary policy will maintain a supportive stance [1][2].

• Stable Funding Conditions
  : Helps offset the impact of fiscal net withdrawal brought by the January ‘large tax period’ (parallel monthly and quarterly tax declaration)
• Policy Expectations
  : Market institutions generally expect the PBoC to roll over the maturing 200 billion yuan MLF in January with equal or slightly increased scale [2]
• Delayed Reserve Requirement Ratio (RRR) Cut Expectations
  : Given the continuous liquidity injection, the demand for intensified counter-cyclical adjustment policies has declined in the short term, and the market’s expectation of an RRR cut by the PBoC may be postponed accordingly [1]

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: 3 PM, Thursday, January 15, 2026
: State Council Information Office
:

• Zou Lan, Spokesperson and Deputy Governor of the People’s Bank of China
• Li Bin, Spokesperson and Deputy Administrator of the State Administration of Foreign Exchange
  
  Theme
  : Effects of Monetary and Financial Policies Supporting High-Quality Development of the Real Economy [3]

According to the arrangements of the

held from January 5 to 6, 2026 [2]:

1. Monetary Policy Tone
   : Continue to implement a
   moderately accommodative monetary policy
2. Regulation Methods
   : Leverage the integrated effects of incremental and stock policies, and increase counter-cyclical and inter-cyclical adjustment efforts
3. Key Work
   : Study the PBoC’s 15th Five-Year Plan for Reform and Development, and arrange work for 2026

The press conference is expected to release policy signals in the following aspects:

Focus Area	Possible Topics
Credit Policy	Specific measures to support the real economy, financing for micro, small and medium-sized enterprises
Exchange Rate Policy	Foreign exchange management reform, cross-border capital flows
Interest Rate Policy	Room for future RRR cuts and interest rate cuts, advancement of interest rate marketization
Structural Tools	Targeted support for scientific and technological innovation, green finance, inclusive finance, etc.

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According to statistics from Wind data, during the period of January 5–11, 2026 [4][5]:

Indicator	Data
Number of Unlocking Companies	37
Total Unlocked Market Value	Approximately 162.473 billion yuan
Total Unlocked Share Quantity	Over 4.3 billion shares

Ranking	Company	Unlock Date	Unlocked Market Value	Type of Unlocked Shares	Proportion of Total Share Capital
1	Baili Tianheng	January 6	96.319 billion yuan	Restricted shares of original IPO shareholders	72.2%
2	Guolian Minsheng	January 5	18.008 billion yuan	Private placement institutional placement shares, etc.	-
3	Jianshe Industry	January 5	16.895 billion yuan	Restricted shares of original IPO shareholders	60.98%

: Despite having the largest unlock scale, Zhu Yi, the company’s controlling shareholder and actual controller, issued a commitment letter on December 26, 2025, promising from the date when the lock-up period expires on January 6 [4], which effectively eases market concerns about selling pressure.

: 1.107 billion restricted shares will be unlocked on January 8 (accounting for 36.81% of total share capital), and the company’s stock price plunged by the daily limit on that day [5], indicating that some stocks still face significant unlock pressure.

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[6]:

Item	Content
Repurchase Amount	300–600 million yuan
Maximum Repurchase Price	No more than 25.97 yuan per share
Repurchase Period	12 months
Repurpose of Repurchased Shares	Equity incentive or employee stock ownership plan
Source of Funds	Own funds or self-raised funds

Estimated number of repurchased shares: Approximately 11.55–23.11 million shares, accounting for 0.16%–0.31% of total share capital

[7]:

Item	Content
Repurchase Amount	300–600 million yuan
Maximum Repurchase Price	No more than 7.52 yuan per share
Repurpose of Repurchased Shares	Cancellation and reduction of registered capital
Source of Funds	Own funds
Repurchase Period	No more than 12 months from the date of approval by the shareholders’ meeting

Pursuant to the requirements of the

and the :

1. Information Disclosure Obligations
   : Disclose within the next trading day after the first repurchase; disclose within 3 trading days when repurchased shares increase by an additional 1%; disclose progress in the first 3 trading days of each month [6]
2. Repurchase Method
   : Concentrated competitive bidding trading
3. Risk Warning
   : Failure to fully implement the repurchase may be caused by insufficient funds, stock price exceeding the upper limit, or changes in major events

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As of the search time (morning of January 15, 2026), no public information about listed companies implementing dividend registration on January 15 has been retrieved.

According to past market patterns, January is usually the

, with key points to focus on:

• Performance Forecast Disclosure
  : Some companies may release annual performance forecasts and profit distribution proposals simultaneously
• Share Registration Arrangements
  : If there is a dividend or stock dividend, the share registration date is usually specified in the implementation announcement
• Key Announcement Nodes
  : It is recommended to follow subsequent announcements by listed companies on designated media such as CNINFO (China Securities Information Co., Ltd.)

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Factor	Impact Direction	Degree
PBoC Reverse Repos (Net Injection)	Positive	Strong
Lock-Up Share Unlock (Fund Diversion)	Negative	Medium
Listed Company Repurchases (Incremental Funds)	Positive	Medium

1. Fiscal and Financial Coordination
   : The package of fiscal and financial policies to coordinate and expand domestic demand, deployed at the State Council Executive Meeting on January 9, is being implemented, including [8]:
   • Loan interest subsidies for service industry market entities
   • Optimization of personal consumer loan interest subsidies
   • Loan interest subsidies for micro, small and medium-sized enterprises
   • Special guarantee plan for private investment

2. Continued Support for Real Estate
   : The Ministry of Finance and two other departments issued an announcement to extend the personal income tax preferential policy for residents who sell and purchase houses until December 31, 2027 [2]

Sector/Theme	Logic	Risk Warning
Financial Sector	Expected benefits from the policy press conference	Short-term excessive gains
Consumer Sector	Policy support + Spring Festival peak season	Need to focus on fundamentals
Share Repurchase Concept Stocks	Century Huatong, Nanshan Aluminum, etc.	Follow implementation progress
Stocks Under Pressure from Lock-Up Share Unlock	Avoid targets with large-scale unlocks	Pay attention to stock price fluctuations

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[1] China Fund News - “PBoC to Conduct 900 Billion Yuan Outright Reverse Repo Operation” (https://www.chnfund.com/article/ARbb4d1439-e47f-44cc-9617-3a1ece695dc1)

[2] National Business Daily - “900 Billion Yuan! PBoC Takes Action” (https://www.nbd.com.cn/articles/2026-01-14/4220123.html)

[3] Securities Times - “Preview: State Council Information Office to Hold Press Conference on Effects of Monetary and Financial Policies Supporting High-Quality Development of the Real Economy on January 15” (https://wap.eastmoney.com/a/202601143618889636.html)

[4] Beijing Business Today - “Market Value Exceeds 160 Billion Yuan: 37 Companies Have Lock-Up Shares Unlocked This Week” (https://finance.sina.com.cn/jjxw/2026-01-05/doc-inhfeknf2624196.shtml)

[5] Hong Kong Commercial Daily - “A Large Number of Lock-Up Shares Unlocked, Zhongli Group’s Stock Price Plunges by Daily Limit” (https://www.hkcd.com/hkcdweb/content/2026/01/08/content_8734596.html)

[6] Shanghai Securities News - “Zhejiang Century Huatong Group Co., Ltd. Repurchase Report on Repurchasing Company Shares via Concentrated Competitive Bidding Trading” (https://finance.sina.com.cn/roll/2026-01-07/doc-inhfmayc6765878.shtml)

[7] Shanghai Securities News - “Shandong Nanshan Aluminum Co., Ltd. Repurchase Report on Repurchasing Company Shares via Concentrated Competitive Bidding Trading” (https://paper.cnstock.com/html/2026-01-14/content_2169669.htm)

[8] Shanghai Finance - “Coordinate Efforts to Expand Domestic Demand! State Council Deploys Implementation of Fiscal and Financial Package Policies” (https://www.pudong.gov.cn/019008003/20260114/820390.html)