Comprehensive Analysis of the Impact of Monetary Policy on January 15, 2026

Based on the latest search results, I will systematically analyze the monetary policy-related events and market impacts on January 15, 2026.

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On January 15, 2026, the People’s Bank of China conducted a

via fixed quantity, interest rate bidding, and multiple price winning methods, with a term of 6 months (181 days). This is the central bank’s second outright reverse repo operation this month [1][2].

Item	Data
Operation Scale	900 billion yuan
Term	6 months (181 days)
Net Injection	300 billion yuan (600 billion yuan of 6-month reverse repos matured this month)
Operation Frequency	8th consecutive month of injecting liquidity via outright reverse repos
Increase Magnitude	100 billion yuan increase from last month

• Optimized Liquidity Environment
  : This operation will create a suitable liquidity environment for early-year government bond issuance, credit “strong start” and other activities [1]
• Policy Continuity
  : This reflects the intention of the 2026 monetary policy to maintain the “moderately loose” stance and keep liquidity reasonably ample [2]
• Multiple Factor Considerations
  : January is a peak month for bank credit extension and enterprise tax payments, combined with cash withdrawal demand before the Spring Festival, leading to increased market liquidity demand

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• Time
  : 3:00 PM, Thursday, January 15, 2026
• Issuing Organization
  : State Council Information Office
• Speakers
  :
  • 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
  : Results of Monetary and Financial Policies Supporting the High-Quality Development of the Real Economy [3][4]

• Introduce the results of monetary and financial policies supporting the real economy
• Answer reporters’ questions regarding the direction of monetary policy, foreign exchange policy, financial market development, etc.
• May cover the key focuses and direction of 2026 monetary policy regulation

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• Unlock Date
  : January 15, 2026
• Unlock Quantity
  : Approximately 52.872 million shares
• Proportion of Total Share Capital
  : 37.64%
• Share Type
  : Restricted Shares [5]

• A large proportion of restricted share unlocking may exert short-term pressure on the stock price
• Investors need to pay attention to the share reduction willingness of unlocking shareholders
• Combined with liquidity injection policies, it can partially offset the selling pressure brought by share unlocking

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• Share Repurchase Progress
  : As of December 31, 2025, a total of 9.3199 million shares have been repurchased, accounting for 0.05% of total share capital, with a repurchase amount of 247.0756 million yuan
• Stock Option Exercise Results
  : 12,000 stock options for 2025 have been exercised, with a cumulative exercise of 811,750 shares, accounting for 86.20% of the total granted options
• Dividend Implementation
  : 2025 annual equity distribution: 0.33 yuan (including tax) per 10 shares, with the equity distribution record date being January 15, 2026 [6]

• Dividend Plan
  : Based on the total share capital of 120 million shares, distribute a cash dividend of 5 yuan (including tax) per 10 shares to all shareholders
• Record Date
  : January 15, 2026
• Ex-Date
  : January 16, 2026 [7]

• Jiamei Packaging
  : Involved in related progress such as share repurchase, private placement, and dividend registration
• China Merchants Bank
  : 2025 semi-annual cash dividend of 1.013 yuan (including tax) per share

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• The central bank’s 900 billion yuan outright reverse repo operation injects 300 billion yuan of medium-term liquidity into the market
• Cooperating with tools such as MLF (Medium-term Lending Facility), continue to maintain reasonably ample market liquidity
• Helps meet the funding demand brought by government bond issuance and credit “strong start”

• Positive Factors
  : Liquidity injection provides capital support for the stock market
• Potential Pressure
  : Restricted share unlocking (such as the 37.64% share unlocking of Huitong Technology) may bring selling pressure
• Dividend Effect
  : The dividend record dates of multiple companies (Foxconn Industrial Internet, Huayan Precision Machinery, etc.) may trigger a rights-chasing rally

• The Ministry of Finance held a national video conference on advancing the package of policies for coordinated fiscal and financial measures to expand domestic demand
• The policy of personal income tax refund for home replacement has been extended to the end of 2027, continuing to support the real estate market
• The pricing logic of the bond market may return to a combination of fundamental changes and the necessity of strengthening “loose monetary policy”

• Monetary policy maintains a supportive stance
• Coordinated fiscal and financial policies to expand domestic demand continue to advance
• It is expected that long-term liquidity will be provided in 2026 via reserve requirement ratio cuts and government bond transactions

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Focus Areas	Strategy Recommendations
Liquidity-Sensitive Sectors	Focus on financial and cyclical sectors that benefit from loose liquidity
Dividend Yield Targets	Focus on high-quality enterprises about to distribute dividends (Foxconn Industrial Internet, Huayan Precision Machinery, etc.)
Restricted Share Unlocking Risk	Avoid individual stocks with a high unlocking proportion and strong share reduction willingness from shareholders
Policy Dividend Sectors	Focus on industries benefiting from real economy support policies (technology, manufacturing, etc.)

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[1] Shanghai Securities News - PBOC Conducts 900 Billion Yuan Outright Reverse Repo Operation to Create a Suitable Liquidity Environment for Government Bond Issuance (https://paper.cnstock.com/html/2026-01/15/content_2170385.htm)

[2] People’s Daily Online - PBOC Conducts 900 Billion Yuan Outright Reverse Repo Operation on January 15 (http://finance.people.com.cn/n1/2026/0115/c1004-40645941.html)

[3] CLS Bond Market Morning Briefing, January 15 - State Council Information Office Holds Press Conference Today to Introduce Results of Monetary and Financial Policies Supporting High-Quality Development of the Real Economy (https://www.cls.cn/detail/2258234)

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

[5] National Business Daily - Huitong Technology: Approximately 52.872 Million Restricted Shares to Be Unlocked on January 15 (https://www.nbd.com.cn/articles/2026-01-12/4216570.html)

[6] Stockstar - Weekly Stock Review: Foxconn Industrial Internet (601138) Repurchase Progress, Exercise Results and Dividend Implementation (https://stock.stockstar.com/RB2026011100000043.shtml)

[7] Jin10 Finance - Huayan Precision Machinery: Distributes Cash Dividend of 5 Yuan per 10 Shares (https://xnews.jin10.com/details/206333)