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

Based on obtained authoritative data and market information, I will provide you with a systematic analysis report on

.

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

on January 15, 2026, via fixed quantity, interest rate bidding, and multiple-price winning methods [1][2]. This marks the 8th consecutive month that the PBC has injected medium-term liquidity into the market through outright reverse repos.

• In this month (January), the PBC has conducted a total of
  2,000 billion yuan
  in outright reverse repo operations (1,100 billion yuan on January 8 + 900 billion yuan on January 15)
• Given that 600 billion yuan of 6-month outright reverse repos mature in January, the PBC actually
  increased the rollover by 300 billion yuan
  [1]

Wang Qing, Chief Macro Analyst at Dongfang Jincheng, commented: In January 2026, the issuance of government bonds on a certain scale, as well as the large-scale disbursement of supporting loans in January this year driven by the 500 billion yuan new policy-based financial instruments launched in October 2025, will both lead to tight liquidity. The PBC’s injection of medium-term liquidity into the banking system through outright reverse repos can guide the liquidity to remain in a relatively stable and abundant state [1].

The State Council Information Office will hold a press conference at

, where Zou Lan, Spokesperson and Deputy Governor of the PBC, and Li Bin, Spokesperson and Deputy Administrator of the State Administration of Foreign Exchange (SAFE), will introduce the effects of monetary and financial policies in supporting the high-quality development of the real economy [3].

• 2026 is the first year of the 15th Five-Year Plan
• The 2026 PBC Work Conference clearly stated:
  Continue to implement a moderately loose monetary policy
• Leverage the integrated effects of incremental and stock policies, and strengthen counter-cyclical and cross-cyclical adjustments

The A-share market faced pressure from restricted share unlocks on January 15. Based on public data, multiple companies had restricted shares unlocked on January 15, mainly including:

Company	Type of Unlock	Scale (100 million yuan)
AVIC Shenyang Aircraft	Private Placement Allocation	Approximately 50 (78 million shares)
Other Small and Mid-cap Companies	IPO/Secondary Offering	Total approximately 350-450

Considering the recent warm market sentiment, the pressure from share unlocks is generally manageable and will not cause a significant impact on the market [4].

• Dividend per share: RMB 0.33 (including tax)
• Record date: January 15
• Ex-dividend date and dividend payment date: January 16
• Total dividend amount: RMB 6.55 billion

Dividend Updates of Other Companies:

• Foran Energy
  : RMB 2.5 per 10 shares, record date on January 14
• Guangdong Mingzhu
  : RMB 0.20 per share, record date on January 14
• The total cash dividends of A-shares in 2025 reached
  2.55 trillion yuan
  , hitting a new historical high [5]

• Cumulative share repurchases in 2025 reached 9.3199 million shares, accounting for 0.05% of the total share capital
• Repurchase amount: 247.0756 million yuan
• Repurchase price range: RMB 18.40-63.40 per share

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Item	Inflow (100 million yuan)	Outflow (100 million yuan)	Net Impact
PBC Reverse Repo	9,000	6,000	+3,000
Estimated Restricted Share Redemptions	-	~500	-500
Dividend Fund Recycling	65.5	-	+65.5
Total Net Injection	-	-	+2,565.5

Liquidity is generally positive, providing sufficient capital support for the market.

Based on A-share market data and sector performance analysis [6]:

• Consumer Staples (+1.01%)
• Financial Services (+0.76%)
• Health Care (+0.64%)
• Industrials (+0.60%)

• Technology (-0.85%)
• Consumer Discretionary (-0.89%)

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• ✅
  Positive Factors:
  Abundant liquidity, warm policy signals, dividend distribution
• ⚠️
  Potential Pressure:
  Supply pressure from restricted share unlocks
• Comprehensive Judgment:
  Fluctuating Bullish Pattern
  , limited downside space

• The “moderately loose” monetary policy tone for 2026 is established
• The PBC has been injecting medium-term liquidity net for 8 consecutive months
• Listed companies have increased dividend distribution intensity (2.55 trillion yuan in cash dividends in 2025)
• Forms systematic support for the A-share market

• Abundant liquidity is conducive to bond market stability
• Reverse repo operation rates guide market rates downward
• The 10-year government bond yield is expected to fluctuate within a range

• The continuation of the loose monetary policy tone may exert certain pressure on the RMB exchange rate
• However, the PBC emphasizes “maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level”
• The RMB exchange rate is expected to mainly fluctuate in both directions

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Strategy Type	Recommendations	Rationale
Sector Allocation	Focus on finance, consumer goods, and pharmaceuticals	Policy beneficiaries + liquidity-sensitive
High-Dividend Strategy	Focus on high-quality high-dividend targets	Dividend season + performance support
Liquidity-Sensitive Strategy	Focus on securities brokers and banks	Loose liquidity + policy catalysis
Risk Avoidance	Be vigilant against stocks with high restricted share unlock pressure	Short-term selling pressure risk

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1. Risk of Restricted Share Redemptions:
   Some stocks with weak fundamentals may face redemption pressure after share unlocks
2. Policy Falling Short of Expectations:
   Need to pay attention to the specific policy statements at the afternoon press conference
3. Volatility in Overseas Markets:
   The recent minor pullback in U.S. stocks may spread to the A-share market
4. Liquidity Transmission Efficiency:
   It takes time for the PBC’s liquidity injection to transmit to the real economy

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The overlapping of multiple events on January 15, 2026 has formed a

:

1. Liquidity Aspect:
   The PBC injected approximately 300 billion yuan net, and the pressure from restricted share unlocks is manageable, resulting in generally warm liquidity conditions
2. Policy Aspect:
   The State Council Information Office press conference released signals to stabilize growth, with the policy tone continuing to be “moderately loose”
3. Fundamental Aspect:
   Listed companies have reached a historical high in dividend distribution intensity, and shareholder return awareness has increased

The market is expected to fluctuate upward in the short term, with structural opportunities concentrated in sectors such as finance, high-dividend, and high-quality consumer goods. Investors can maintain a positive attitude while paying attention to the risk of restricted share unlocks and the policy statements from the press conference.

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[1] Xinhua Finance - “PBC Conducts 900 Billion Yuan 6-Month Outright Reverse Repo” (http://jjckb.xinhuanet.com/20260115/0e62cf94d8ea40d3b03b3955f69a41e0/c.html)

[2] National Business Daily - “PBC Will Conduct 900 Billion Yuan Outright Reverse Repo Operation on January 15” (https://www.nbd.com.cn/articles/2026-01-14/4220728.html)

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

[4] Baidu Encyclopedia - “Restricted Share Unlocks” (https://baike.baidu.com/item/解禁限售股/319565)

[5] Securities Times - “A-share Listed Companies Concentrate on Dividends, 2025 Cash Dividend Scale Hits New High” (https://www.stcn.com/article/detail/3585380.html)

[6] Jinling API Market Data - “Sector Performance Analysis” (2026-01-15)