孖展动态 孖展倍数4.66x 孖展资金64.7亿 捷利预测倍数7.83x
排名 券商 孖展资金
1 富途证券富途 31.0亿
2 辉立证券辉立 12.0亿
3 老虎国际老虎 7.4亿
4 盈立证券盈立 3.6亿
5 华泰国际华泰 3.5亿
7 复星国际复星 1.7亿
8 信诚证券信诚 1.5亿
9 长桥证券长桥 1.2亿
10 致富证券致富 1.1亿
11 兴证国际兴证 6025万
12 华盛证券华盛 4100万
13 熊猫证券熊猫 3624万
14 东证国际东证 2070万
15 艾德证券艾德 1058万
16 盈宝证券盈宝 114万
17 TradeGo MarketsTradeGo 68万
18 FunderstoneFunderstone 9万
孖展倍数
时间倍数
2026-08-24T06:00:00+08:000
2026-08-24T10:05:53+08:000.0036075816936874537
2026-08-24T10:06:01+08:000.011248439720917481
2026-08-24T10:06:07+08:000.053435500046898565
2026-08-24T10:06:14+08:000.0735513755708998
2026-08-24T10:06:20+08:000.07591794916195878
2026-08-24T10:06:26+08:000.12137347850242068
2026-08-24T11:06:57+08:000.12831446568107535
2026-08-24T11:07:03+08:000.13662633390333123
2026-08-24T11:07:27+08:000.24625352641110557
2026-08-24T11:07:29+08:000.26654256585640385
2026-08-24T11:07:32+08:000.28278389864138476
2026-08-24T11:07:34+08:000.77
2026-08-24T11:49:16+08:000.7728738717288253
2026-08-24T12:22:16+08:000.7756805702865142
2026-08-24T12:22:19+08:000.7854210408594703
2026-08-24T12:22:23+08:001.0808026147752117
2026-08-24T12:22:27+08:001.0932199109648837
2026-08-24T12:22:29+08:001.1226361320952114
2026-08-24T12:22:32+08:001.9
2026-08-24T13:47:52+08:001.9825320894391654
2026-08-24T13:47:58+08:001.9976839325526528
2026-08-24T13:48:05+08:002.0006277192147017
2026-08-24T13:48:08+08:002.008044907176923
2026-08-24T13:48:12+08:002.017366898273411
2026-08-24T13:48:15+08:002.0206642279414417
2026-08-24T13:48:18+08:002.1584738486403023
2026-08-24T14:11:35+08:002.169087353983131
2026-08-24T14:11:38+08:002.1755449252148313
2026-08-24T14:11:41+08:002.247415167716473
2026-08-24T14:11:44+08:002.2519029993434203
2026-08-24T14:11:47+08:002.249572501569298
2026-08-24T14:11:49+08:002.3722302791546714
2026-08-24T14:13:17+08:002.4034214304782933
2026-08-24T14:43:20+08:002.404395477535589
2026-08-24T15:11:18+08:002.4207233922812184
2026-08-24T15:11:21+08:002.42437426495523
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2026-08-24T15:11:32+08:002.5767080095528763
2026-08-24T15:12:10+08:002.58
2026-08-24T16:13:43+08:002.592617444822038
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2026-08-24T17:06:06+08:003.06
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2026-08-24T20:40:35+08:003.800904781488777
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2026-08-24T20:40:50+08:003.8270308881144612
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2026-08-24T20:41:36+08:003.871425788436979
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2026-08-24T22:25:17+08:003.926080651096344
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2026-08-25T14:07:45+08:004.33771293750947
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2026-08-25T14:08:03+08:004.184419576181303
2026-08-25T14:10:15+08:004.2082368305230275
2026-08-25T15:17:18+08:004.21600756149123
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2026-08-25T17:05:21+08:004.3
2026-08-25T17:16:12+08:004.67
2026-08-25T17:34:00+08:004.71
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2026-08-25T20:39:19+08:004.717764453776056
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2026-08-25T21:17:09+08:004.719755838870971
2026-08-25T21:17:28+08:004.711725362020823
2026-08-25T21:17:41+08:004.711797513654696
2026-08-25T21:18:01+08:004.529975396292849
2026-08-25T22:06:19+08:004.5306319761611
2026-08-25T22:06:30+08:004.52991767498575
2026-08-25T22:06:50+08:004.58
2026-08-26T08:49:26+08:004.560502752584832
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2026-08-26T08:50:29+08:004.58
2026-08-26T09:31:49+08:004.5626312257841075
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2026-08-26T09:32:42+08:004.553698853510538
2026-08-26T09:33:00+08:004.539095362814491
2026-08-26T09:33:11+08:004.5369308137982785
2026-08-26T09:34:47+08:004.55
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2026-08-26T10:08:49+08:004.551029243057209
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2026-08-26T11:13:12+08:004.559911109187068
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2026-08-26T12:13:17+08:004.585835191237906
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2026-08-27T08:43:05+08:004.580438249024149
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2026-08-27T09:07:39+08:004.838315403652316
2026-08-27T09:28:59+08:004.89
2026-08-27T10:29:24+08:004.83594161489787
2026-08-27T10:29:51+08:004.826359877919436
2026-08-27T10:30:02+08:004.897789995454447
2026-08-27T10:30:25+08:004.66
2026-08-27T11:10:31+08:004.66
捷利预测倍数
时间倍数
券商孖展资金走势
时间券商孖展资金
预测模型 一手期望中签手数— 期望中签1手所需手数—
倍数推导
近期首日表现
+4.6%
→
参与人数
22,561
→
人均手数
71.0
→
认购倍数
6x
6x = 22,561 × 71.0 ÷ 279,993 孖展加权 100% → 7.8x
1x735.0x
分配手法系数 α
分配手法系数
反映发行人对不同申购规模的分配偏好。
α → 0  人均分配 — 每人获配相同股数,与申购手数无关。
α → 1  按申购量比例分配 — 申购手数越多,获配越多。
历史 α 区间(P10–P90):甲组 0.3 – 0.9,乙组 0.4 – 1.0
0.61
分配手法系数 α
分配手法系数
反映发行人对不同申购规模的分配偏好。
α → 0  人均分配 — 每人获配相同股数,与申购手数无关。
α → 1  按申购量比例分配 — 申购手数越多,获配越多。
历史 α 区间(P10–P90):甲组 0.3 – 0.9,乙组 0.4 – 1.0
0.71
此模型不适用分配手法调节

实际 vs 预测 对比

以实际认购倍数 5.63x 和当前分配手法 (甲组 α=0.615, 乙组 α=0.715) 为基准,对比各档位的实际与预测期望中签手数

申购手数 认购金额(HKD) 实际期望中签 预测期望中签 偏差

标志希音-W中签预测矩阵

行为申购档位,列为不同认购倍数,数值为期望中签手数,绿色背景表示期望中签≥1手;非预设倍数由相邻网格插值估计。

发售机制说明

机制B

《第18项应用指引》下的灵活发售机制。最低初订分配份额为发售股份的10%,不设回补机制。最高初订分配份额为发售股份的60%(因《第18项应用指引》规定发售股份总数至少40%须分配予配售部分投资者,基石投资者除外)。发行人可根据发售结构、市场状况及散户投资者利益,自行厘定公开认购部分的初订分配份额。

分配手法系数 α

α 为发行人分配偏好系数,描述发行人对不同申购规模的分配倾向。α 取值范围 [0, 1]。

  • α → 0:人均分配——无论申购多少手,每位中签者获配股数相同。对散户(小单申购)更有利。
  • α → 1:比例分配——获配股数与申购手数成正比。对大额申购更有利。
  • 历史实际 α 区间(P10–P90):甲组 0.3–0.9,乙组 0.4–1.0。不同IPO的α值差异较大,反映发行人各自的分配策略。
中签率定义

本页面的「中签率」定义与港交所配发结果公告完全一致:中签率 = 该档位获配股份总数 ÷ 该档位有效申请股份总数 × 100%。此为港交所官方口径,与其他网站可能使用的不同定义(如「申购人数中签比例」)有本质区别。

期望中签手数

期望中签手数 = 该档位获配总股数 ÷ 每手股数 ÷ 该档位申购人数

例:某档位获配总股数 50,000 股,每手 100 股,申购人数 500 人 → 期望中签手数 = 50,000 ÷ 100 ÷ 500 = 1.0 手。

关于本页

本页展示 希音-W(00625)的中签预测:基于相似 IPO 匹配的期望中签率、甲乙组资金效率对比。
默认认购倍数按「近期首日表现 → 参与人数 → 人均手数 → 认购倍数」链条推导,公式为 认购倍数 = 参与人数 × 人均手数 ÷ 公开发售手数;其中参与人数与人均手数以近期 IPO 的中位数为基准,再按发行规模、A+H 身份、H 股折溢价、行业、并发 IPO、保荐人历史表现与恒指近期走势等特征调节。
认购窗口前期默认倍数以模型推导为准;随认购进度推进逐步结合孖展倍数加权;临近截止(进度约九成后)默认倍数以孖展倍数预测为准。
中签率预测基于历史 592 只 IPO 的 22087 条配发档位数据做回归拟合与 KNN 相似匹配,估计各申购档位的期望中签手数,并结合分配手法系数 α(人均分配至比例分配)给出区间。你可以自定义认购倍数与分配手法系数 α,覆盖 cibo 的默认预测,查看不同场景下的期望中签手数。中签率的计算方式与回拨规则见港股中签率怎么算。
数据来源:港交所披露易平台公开发售配发结果公告、招股说明书、FINI 平台公告;孖展数据(孖展倍数、捷利预测倍数及券商明细)来自捷利交易宝(TradeGo),倍数仅覆盖已上报券商,捷利预测倍数为全市场外推值。
孖展倍数盘中实时更新;中签率预测模型随新股配发数据入库不定期迭代。

Cibo — 港股IPO中签率预测、中签画像与入通分析