孖展动态 孖展倍数1240.14x 孖展资金781.3亿 捷利预测倍数1599.78x
排名 券商 孖展资金
1 富途证券富途 407.6亿
2 辉立证券辉立 215.0亿
3 老虎国际老虎 75.5亿
4 华泰国际华泰 31.1亿
5 华盛证券华盛 12.8亿
6 致富证券致富 9.7亿
7 熊猫证券熊猫 6.9亿
8 复星国际复星 6.6亿
9 盈立证券盈立 5.8亿
孖展倍数
时间倍数
2026-05-18T06:00:00+08:000
2026-05-18T10:10:03+08:000.008412698412698413
2026-05-18T10:10:16+08:000.05492063492063492
2026-05-18T10:10:23+08:000.27714285714285714
2026-05-18T10:51:06+08:000.2804761904761905
2026-05-18T11:11:05+08:000.8104761904761905
2026-05-18T11:11:27+08:002.1755555555555555
2026-05-18T11:53:20+08:002.1826984126984126
2026-05-18T12:08:14+08:002.2244444444444444
2026-05-18T12:09:31+08:002.263968253968254
2026-05-18T12:10:16+08:002.5814285714285714
2026-05-18T12:10:41+08:002.5828571428571427
2026-05-18T13:44:38+08:002.595079365079365
2026-05-18T13:45:50+08:002.6974603174603176
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2026-05-18T13:48:06+08:003.7434920634920634
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2026-05-18T15:42:10+08:004.765714285714286
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2026-05-19T08:38:38+08:0020.005396825396826
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2026-05-19T09:15:26+08:0028.434603174603176
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2026-05-19T10:04:13+08:0029.855873015873016
2026-05-19T10:04:36+08:0029.873174603174604
2026-05-19T10:05:33+08:0032.77793650793651
2026-05-19T10:30:53+08:0032.98984126984127
2026-05-19T11:05:03+08:0033.21650793650794
2026-05-19T11:05:26+08:0033.212698412698415
2026-05-19T11:06:19+08:0033.68
2026-05-19T11:06:49+08:0033.68714285714286
2026-05-19T11:07:07+08:0035.92523809523809
2026-05-19T11:36:58+08:0036.00952380952381
2026-05-19T11:50:39+08:0036.24761904761905
2026-05-19T12:08:13+08:0036.46952380952381
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2026-05-19T12:09:36+08:0036.76111111111111
2026-05-19T12:10:20+08:0036.8
2026-05-19T12:10:35+08:0039.94285714285714
2026-05-19T13:43:51+08:0039.89793650793651
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2026-05-19T14:16:56+08:0043.26111111111111
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2026-05-19T15:04:15+08:0045.276666666666664
2026-05-19T15:04:34+08:0045.28523809523809
2026-05-19T15:05:17+08:0045.67936507936508
2026-05-19T15:05:49+08:0048.44126984126984
2026-05-19T15:31:48+08:0048.514920634920635
2026-05-19T16:01:48+08:0048.75126984126984
2026-05-19T16:02:04+08:0048.82396825396825
2026-05-19T17:14:19+08:0050.443015873015874
2026-05-19T17:14:28+08:0052.712857142857146
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2026-05-19T17:18:21+08:0053.18333333333333
2026-05-19T17:18:42+08:0053.18857142857143
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2026-05-19T17:39:41+08:0053.35079365079365
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2026-05-19T18:00:34+08:0072.17746031746032
2026-05-19T18:01:18+08:0072.16063492063492
2026-05-19T18:02:26+08:0073.06952380952382
2026-05-19T18:03:07+08:0073.25380952380952
2026-05-19T18:03:45+08:0073.25412698412698
2026-05-19T18:27:02+08:0073.90492063492063
2026-05-19T20:21:58+08:0073.87476190476191
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2026-05-19T21:52:31+08:0075.48666666666666
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2026-05-20T08:11:17+08:0081.45285714285714
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2026-05-20T11:05:34+08:0087.16095238095238
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2026-05-20T11:06:46+08:0087.53238095238095
2026-05-20T11:07:02+08:0087.69111111111111
2026-05-20T12:11:38+08:0087.8979365079365
2026-05-20T12:11:52+08:0087.86428571428571
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2026-05-20T12:13:03+08:0088.12825396825397
2026-05-20T12:13:33+08:0088.13396825396825
2026-05-20T12:13:45+08:0090.16571428571429
2026-05-20T12:39:25+08:0090.35047619047619
2026-05-20T13:40:23+08:0090.44285714285714
2026-05-20T13:41:04+08:0090.46222222222222
2026-05-20T13:41:33+08:0091.87539682539682
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2026-05-20T18:02:54+08:00259.87111111111113
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2026-05-21T09:01:43+08:00696.2533333333333
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2026-05-21T11:48:29+08:001223.891111111111
2026-05-21T17:31:03+08:001240.14
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
0.0%
→
参与人数
16,848
→
人均手数
413.3
→
认购倍数
363x
363x = 16,848 × 413.3 ÷ 19,208 孖展加权 100% → 1599.8x
1x15872.0x
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
0.67
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
0.69
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 1971.99x 和当前分配手法 (甲组 α=0.670, 乙组 α=0.694) 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

标志华曦达中签预测矩阵

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 华曦达(00901)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