Comprehensive Analysis of the Impact of Financial and Business Policies on January 15, 2026

Now, based on the searched information, I will provide you with a policy impact analysis report on multiple events in the financial market on January 15, 2026.

The People’s Bank of China (PBOC) conducted a

on January 15, 2026, via a fixed-quantity, interest rate bidding, multi-price winning method, with a term of 6 months (181 days) [1][2][3]. This marks the 8th consecutive month that the PBOC has injected medium-term liquidity into the market via outright reverse repos.

:

• This month’s maturing amount is 600 billion yuan, and the scale of increased rollover is
  300 billion yuan
• 100 billion yuan increase compared to last month’s increment
• On January 8, an 1.1 trillion yuan 3-month outright reverse repo operation was conducted, achieving equivalent hedging

Wang Qing, Chief Macro Analyst at Orient Jincheng, pointed out that there are two main reasons behind the PBOC’s operation this time [1][2]:

1. Government Bond Issuance Demand
   : To meet the funding needs of major projects in key areas, the 2026 new local government debt quota has been issued in advance, and a certain scale of government bonds will be issued in January
2. “Good Start” Effect of Credit
   : After the 500 billion yuan new policy-based financial instrument was fully deployed in October 2025, it continued to drive the large-scale issuance of supporting loans in January this year

• Liquidity Aspect
  : The PBOC injects medium-term liquidity into the banking system via outright reverse repos, guiding the liquidity to remain in a stable and ample state
• Policy Signal Aspect
  : Releases a signal that quantitative policy tools will continue to be strengthened, indicating that the monetary policy maintains a supportive stance
• Outlook
  : In January, the PBOC will comprehensively use outright reverse repos and MLF (Medium-term Lending Facility) policy tools to continuously inject medium-term liquidity into the market, which is a concrete manifestation of the monetary policy’s continuation of the “moderately loose” tone in 2026

It is worth noting that driven by factors such as the effective implementation of steady growth policies and relatively strong external demand, the official manufacturing PMI index rebounded sharply to the expansionary range in December 2025. In the short term, the demand for intensifying counter-cyclical adjustment policies may decrease, and the market’s expectation of a reserve requirement ratio (RRR) cut by the PBOC may be correspondingly delayed [2].

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The State Council Information Office held a press conference at

, inviting Zou Lan, Spokesperson and Deputy Governor of the People’s Bank of China, and Li Bin, Spokesperson and Deputy Administrator of the State Administration of Foreign Exchange, to introduce the results of monetary and financial policies supporting the high-quality development of the real economy, and answered reporters’ questions [1].

Based on the current economic and financial situation, the press conference is expected to focus on the following topics:

• 2026 monetary policy regulation framework and operation direction
• Specific measures to support the real economy
• Foreign exchange policies and cross-border capital flow management
• Progress in interest rate liberalization reform
• Prevention and resolution of financial risks

---

Statistics from Wind show that this week (January 12 to January 16) a total of

will have their restricted shares unlocked, with a total of unlocked. Based on the closing price on January 9, the [4][5].

:

• January 12 is the peak of unlocks, with the total unlocked market value of 9 companies reaching 17.761 billion yuan, accounting for 36.58% of this week’s unlock scale
• Top three in unlocked market value: Tianxin Pharmaceutical (7.841 billion yuan), Sepax Technologies (4.702 billion yuan), Shangtai Technology (2.023 billion yuan)
• Top three in unlocked share volume: Shangtai Technology (725 million shares), Rongfa Nuclear Power (562 million shares), Tianxin Pharmaceutical (291 million shares)

:

• Initial original shareholder restricted shares: 5 companies
• Equity incentive general shares: 5 companies
• Initial original shareholder restricted shares, initial strategic placement shares: 4 companies
• Private placement institutional placement shares: 4 companies
• Equity incentive restricted shares: 2 companies

According to institutional analysis, the Hong Kong stock market will face two peak periods of restricted share unlocks for mid-to-large cap companies (market capitalization above HK$30 billion) in 2026:

[6]. Historical data shows that unlock does not equal selling, and better-than-expected performance of high-quality enterprises may attract continuous buying from index funds, southbound capital, and foreign capital.

---

In 2025, the A-share market showed positive momentum in repurchases and buybacks:

• 1,494 listed companies
  implemented repurchases, with a total repurchase amount of
  142.736 billion yuan
• 534 company-times
  of listed company shareholders issued share buyback announcements, with the upper limit of the planned buyback amount reaching
  83.922 billion yuan
• Repurchase and buyback reloans continued to be effective, with 789 disclosed cases, and the total upper limit of loan amount reaching
  160.620 billion yuan
• The total annual scale of repurchases and buybacks reached 226.658 billion yuan
  [7]

Leading enterprises in various industries have fully played their role as “ballast stones”:

Enterprise	Repurchase Amount	Characteristics
Midea Group	11.545 billion yuan	The only enterprise with annual repurchase exceeding 10 billion yuan, ranking second in the single repurchase amount in A-share history
Multiple Enterprises	Over 1 billion yuan	15 enterprises have repurchase amounts exceeding 1 billion yuan

On January 13, 2026, Fulai New Materials’ private placement application was approved for registration by the China Securities Regulatory Commission (CSRC), and the approval is valid for 12 months from the date of approval [8]. Huazhijie also issued an announcement, planning to repurchase the company’s shares with 30 million yuan to 50 million yuan.

It is worth noting that the execution pace of companies currently implementing repurchases shows obvious differences:

• Some industry leaders choose to pause and wait and see after reaching the lower limit of repurchases
• A number of companies are approaching the expiration of the repurchase period but have lagged progress, and issues such as stock price constraints and slow execution have attracted market attention
• About 11 companies have less than three months left until the repurchase expiration, but the actual repurchase amount still accounts for less than half of the lower limit of the planned repurchase amount

---

Chen Huaping, Vice Chairman of the CSRC, stated at the 30th China Capital Market Forum on January 11 that

[9][10][11].

Many companies’ dividend plans are being implemented this week, and

is an important equity registration date:

Company	Dividend Plan	Ex-Date/Ex-Dividend Date	Payment Date
Foxconn Industrial Internet	RMB 0.33 per share, totaling 6.550 billion yuan	January 16	January 16
Foran Energy Group	RMB 2.5 per 10 shares	January 15	-
Guangdong Mingzhu Co., Ltd.	RMB 0.20 per share	January 15	-
Hunan Forsun Pharmaceutical Co., Ltd.	RMB 0.15 per share, special dividend	January 16	-

The dividend behavior of listed companies shows the characteristics of

:

• Interim Dividend
  : Luzhou Laojiao distributed RMB 13.58 per 10 shares, totaling approximately 2 billion yuan
• Special Dividend
  : Xinyi Energy distributed RMB 0.50 per 10 shares (approximately 130 million yuan), Huadian New Energy distributed RMB 0.3 per 10 shares (1.251 billion yuan)
• High-Frequency Dividend
  : Hunan Forsun Pharmaceutical innovated the “three dividends” mechanism, distributing dividends three times a year

---

The PBOC’s 900 billion yuan reverse repo operation, combined with the positive signals from the press conference, is expected to keep market liquidity in an ample state,

.

There is a stark contrast between the restricted share unlock scale (48.556 billion yuan) and the industrial capital repurchase scale (226.658 billion yuan),

. Better-than-expected performance of high-quality enterprises is expected to attract incremental capital into the market.

The monetary policy continues the “moderately loose” tone, and policies to support the real economy with financial measures continue to be implemented,

.

1. The lagging execution progress of some companies’ repurchases may affect market expectations
2. Short-term supply pressure brought by restricted share unlocks needs attention
3. Need to be alert to the risk of individual stocks with worse-than-expected performance

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

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

[3] Beijing Daily Client - Increase by 300 Billion Yuan: PBOC to Conduct 900 Billion Yuan Outright Reverse Repo Operation Tomorrow (https://news.bjd.com.cn/2026/01/14/11524091.shtml)

[4] Investing.com - This Week’s Trading Strategy: Short-Term Market Momentum Expected to Continue (https://cn.investing.com/analysis/article-200496976)

[5] AASTOCKS - RMB 151 Million Worth of Restricted Shares Unlocked Today (http://www.aastocks.com/sc/stocks/analysis/china-hot-topic-content.aspx?id=GLH2253614L&source=GLH&catg=4)

[6] CLS - Hong Kong Stock Unlock Peak Arrives in 2026: Institutions Act as Liquidity Catalysts Instead of Market Drainers (https://finance.sina.com.cn/jjxw/2026-01-13/doc-inhhcszr7588783.shtml)

[7] Securities Times - A-Share Repurchase and Buyback Surge: Last Year’s Scale Exceeded 220 Billion Yuan (https://www.stcn.com/article/detail/3582142.html)

[8] Sina Finance - Listed Company Announcements on January 13, 2026 (https://cj.sina.cn/articles/view/3240851740/c12b791c00101i1iw)

[9] China Securities Journal·CS.com.cn - A-Share Listed Companies Distribute Dividends Densely: 2025 Cash Dividend Scale Hits New High (https://www.cs.com.cn/ssgs/gsxw/202601/t20260112_6532742.html)

[10] Sina Finance - A-Share Listed Companies Distribute Dividends Densely: 2025 Cash Dividend Scale Hits New High (https://finance.sina.com.cn/roll/2026-01-12/doc-inhfzcpa0052388.shtml)

[11] Securities Times Net - A-Share Listed Companies Distribute Dividends Densely: 2025 Cash Dividend Scale Hits New High (https://m.hexun.com/stock/2026-01-12/223115101.html)