孖展动态 孖展倍数824.09x 孖展资金2724.8亿 捷利预测倍数1054.83x
排名 券商 孖展资金
1 富途证券富途 1555.6亿
2 辉立证券辉立 610.0亿
3 老虎国际老虎 284.7亿
4 华泰国际华泰 98.1亿
5 招银国际招银 50.0亿
6 华盛证券华盛 34.0亿
7 信诚证券信诚 30.0亿
8 熊猫证券熊猫 18.4亿
9 盈立证券盈立 16.5亿
孖展倍数
时间倍数
2026-03-12T06:00:00+08:000
2026-03-12T10:21:14+08:000.030243459851807045
2026-03-12T10:21:25+08:000.048903674580371995
2026-03-12T10:21:28+08:000.7335853621654317
2026-03-12T10:21:31+08:001.97054287010434
2026-03-12T11:07:17+08:001.9987600181460758
2026-03-12T11:07:23+08:003.2075003780432483
2026-03-12T11:07:28+08:006.298381974897929
2026-03-12T11:27:23+08:006.437713594435204
2026-03-12T11:50:46+08:006.4982005141388175
2026-03-12T12:03:27+08:006.510388628459096
2026-03-12T12:03:35+08:007.007833056101618
2026-03-12T12:09:15+08:009.645062755179193
2026-03-12T13:48:57+08:009.73488583093906
2026-03-12T13:49:01+08:009.75883865114169
2026-03-12T13:49:20+08:0011.395009829124453
2026-03-12T13:49:28+08:0012.702132163919552
2026-03-12T13:49:34+08:0012.71029789807954
2026-03-12T14:14:49+08:0012.717526084984122
2026-03-12T14:15:06+08:0012.755179192499622
2026-03-12T14:15:08+08:0014.137305307727203
2026-03-12T14:15:12+08:0014.310055950400725
2026-03-12T14:16:06+08:0014.461212762740058
2026-03-12T15:33:45+08:0015.095327385452896
2026-03-12T15:34:11+08:0016.62564645395433
2026-03-12T15:34:14+08:0016.80048389535763
2026-03-12T15:35:28+08:0017.1029184938757
2026-03-12T16:20:06+08:0017.163405413579312
2026-03-12T16:20:34+08:0018.028368365340995
2026-03-12T16:20:40+08:0018.484107061847876
2026-03-12T16:20:47+08:0018.53186148495388
2026-03-12T17:23:49+08:0018.53691214274913
2026-03-12T17:24:17+08:0018.81303493119613
2026-03-12T17:24:37+08:0019.741509148646607
2026-03-12T17:24:49+08:0024.671193104491152
2026-03-12T17:24:52+08:0025.7297141993044
2026-03-12T17:44:11+08:0025.85322848933918
2026-03-12T18:14:03+08:0025.85873279903221
2026-03-12T18:14:16+08:0026.38992892786935
2026-03-12T18:14:21+08:0027.2911840314532
2026-03-12T18:14:26+08:0027.306033570240434
2026-03-12T18:14:31+08:0027.396763949795858
2026-03-12T18:15:23+08:0028.833388779676394
2026-03-12T21:03:20+08:0029.05991229396643
2026-03-12T21:03:30+08:0029.278753969454105
2026-03-12T21:03:36+08:0030.84838953576289
2026-03-12T21:03:41+08:0030.87751398760018
2026-03-12T21:03:54+08:0031.20789354302132
2026-03-12T21:04:00+08:0032.29363375170119
2026-03-12T21:04:04+08:0032.31498563435657
2026-03-12T21:04:15+08:0032.566974141841825
2026-03-12T22:08:43+08:0033.02969907757448
2026-03-12T22:08:50+08:0033.615333434144866
2026-03-12T22:08:56+08:0033.65223045516407
2026-03-12T22:09:01+08:0034.819628005443825
2026-03-13T08:34:41+08:0039.98521094813247
2026-03-13T08:34:55+08:0040.21633146831998
2026-03-13T08:34:58+08:0040.6920006048692
2026-03-13T08:35:06+08:0040.6920006048692
2026-03-13T08:35:18+08:0040.744110086193864
2026-03-13T08:35:21+08:0040.793648873431124
2026-03-13T08:35:24+08:0040.85356116739755
2026-03-13T09:23:03+08:0041.00359897172237
2026-03-13T09:23:40+08:0041.020051413881745
2026-03-13T09:23:43+08:0041.59467715106608
2026-03-13T09:23:46+08:0041.611855436261905
2026-03-13T09:24:00+08:0041.82355965522456
2026-03-13T09:25:38+08:0042.94580371994556
2026-03-13T10:01:49+08:0042.948071979434445
2026-03-13T10:03:08+08:0043.42806593074248
2026-03-13T10:05:32+08:0045.1489187963103
2026-03-13T10:27:42+08:0045.178285195826405
2026-03-13T11:07:37+08:0045.86345077876909
2026-03-13T11:08:39+08:0046.15306215030999
2026-03-13T11:08:59+08:0048.06747315892938
2026-03-13T11:28:43+08:0048.10691063057614
2026-03-13T11:53:02+08:0048.560562528353245
2026-03-13T12:05:50+08:0048.58584606078936
2026-03-13T12:07:08+08:0048.60474822319674
2026-03-13T12:07:32+08:0049.77517011946166
2026-03-13T13:50:15+08:0049.74807197943445
2026-03-13T13:50:26+08:0049.76972629668834
2026-03-13T13:50:51+08:0049.733373657946466
2026-03-13T13:51:34+08:0049.866807802812644
2026-03-13T13:51:58+08:0050.4384091940118
2026-03-13T14:20:08+08:0050.463329804929685
2026-03-13T14:20:59+08:0050.65622259186451
2026-03-13T14:21:17+08:0052.5071223347951
2026-03-13T14:21:39+08:0052.52847421745047
2026-03-13T14:22:26+08:0052.822047482231966
2026-03-13T15:04:17+08:0052.97931347346137
2026-03-13T15:05:08+08:0053.215847572962346
2026-03-13T15:05:31+08:0055.06674731589294
2026-03-13T15:11:13+08:0055.10403750189022
2026-03-13T15:57:53+08:0057.82594888855285
2026-03-13T16:01:25+08:0057.887615303190685
2026-03-13T16:51:24+08:0058.12877665204899
2026-03-13T16:51:38+08:0058.4735520943596
2026-03-13T16:52:02+08:0058.49354302132164
2026-03-13T17:05:34+08:0058.52484500226826
2026-03-13T17:07:48+08:0058.67778617873885
2026-03-13T17:08:28+08:0059.712112505670646
2026-03-13T17:11:12+08:0059.72910933010736
2026-03-13T17:18:21+08:0068.86263420535309
2026-03-13T17:31:09+08:0069.16506880387116
2026-03-13T18:19:45+08:0069.16933313171027
2026-03-13T18:21:51+08:0069.41155300166339
2026-03-13T18:22:28+08:0070.11924996219568
2026-03-13T18:23:23+08:0070.18605776500831
2026-03-13T18:24:53+08:0070.59392106456978
2026-03-13T20:09:58+08:0070.69172841373053
2026-03-13T20:15:31+08:0070.81944654468471
2026-03-13T20:16:15+08:0070.86345077876909
2026-03-13T20:16:27+08:0070.90730379555421
2026-03-13T20:16:56+08:0071.17042189626493
2026-03-13T20:17:11+08:0071.53334341448662
2026-03-14T08:22:50+08:0073.91326175714502
2026-03-14T08:24:28+08:0074.07382428549826
2026-03-14T08:25:15+08:0074.07382428549826
2026-03-14T08:25:38+08:0074.57284137305308
2026-03-14T08:25:50+08:0074.92668985331922
2026-03-14T08:26:01+08:0078.30790866475125
2026-03-14T09:37:39+08:0078.39733857553304
2026-03-14T09:38:18+08:0078.4670799939513
2026-03-14T09:38:34+08:0078.82092847421745
2026-03-14T09:38:45+08:0078.83284439739906
2026-03-14T10:05:05+08:0078.83989112354453
2026-03-14T10:06:03+08:0078.9582035384848
2026-03-14T10:06:30+08:0079.75058218660214
2026-03-14T12:47:44+08:0079.86850143656434
2026-03-14T12:48:16+08:0079.87134432179042
2026-03-14T12:49:23+08:0080.28846212006654
2026-03-14T12:49:49+08:0080.86913654922122
2026-03-14T12:49:59+08:0081.30161802510207
2026-03-14T16:09:47+08:0081.30536821412369
2026-03-14T16:12:03+08:0081.36394979585664
2026-03-14T16:12:35+08:0081.89432935127779
2026-03-14T16:13:31+08:0083.12221382126116
2026-03-14T16:13:42+08:0083.55469529714199
2026-03-14T18:33:05+08:0083.5548162709814
2026-03-14T18:35:25+08:0083.621019204597
2026-03-14T18:36:02+08:0083.72584303644337
2026-03-14T18:37:07+08:0084.37002873128687
2026-03-14T18:37:19+08:0084.6150007560865
2026-03-14T20:07:01+08:0084.61608952064117
2026-03-14T20:08:03+08:0084.62918493875699
2026-03-14T20:08:35+08:0084.71156812339332
2026-03-14T20:09:05+08:0084.67225162558597
2026-03-14T20:09:14+08:0085.10775744745199
2026-03-14T22:05:36+08:0085.11265688794798
2026-03-14T22:06:01+08:0085.16630878572509
2026-03-14T22:06:18+08:0085.34776954483593
2026-03-14T22:06:27+08:0085.37553304097989
2026-03-14T22:06:37+08:0085.55254801149252
2026-03-14T22:06:53+08:0086.03341902313625
2026-03-15T10:26:24+08:0088.12324209889611
2026-03-15T10:26:38+08:0088.41357931347346
2026-03-15T10:26:53+08:0089.09103281415393
2026-03-15T10:27:26+08:0089.3806744291547
2026-03-15T10:27:31+08:0089.66314834417058
2026-03-15T10:27:35+08:0089.68964161500075
2026-03-15T10:27:39+08:0089.74392862543475
2026-03-15T10:30:48+08:0089.7346741267201
2026-03-15T10:30:53+08:0089.77017994858612
2026-03-15T10:31:26+08:0089.78956600635112
2026-03-15T10:31:29+08:0089.83139271132617
2026-03-15T10:31:33+08:0089.96107666717073
2026-03-15T10:31:36+08:0090.01729925903523
2026-03-15T10:31:40+08:0090.05909572055043
2026-03-15T12:52:43+08:0090.1064267352185
2026-03-15T12:52:55+08:0090.13630727355209
2026-03-15T12:54:23+08:0090.28864358082565
2026-03-15T12:54:36+08:0090.61367004385302
2026-03-15T12:55:09+08:0091.40907303795554
2026-03-15T12:55:18+08:0091.9171631634659
2026-03-15T12:56:30+08:0091.9272039921367
2026-03-15T12:56:40+08:0091.9288976258884
2026-03-15T15:27:43+08:0091.93149856343565
2026-03-15T15:27:48+08:0091.95596552245577
2026-03-15T15:27:53+08:0091.97631937093604
2026-03-15T15:31:17+08:0092.82616059277181
2026-03-15T15:31:21+08:0093.23142295478603
2026-03-15T15:31:25+08:0093.98448510509603
2026-03-15T15:33:16+08:0093.98518070467262
2026-03-15T15:33:20+08:0093.98687433842431
2026-03-15T15:33:24+08:0093.98793285951913
2026-03-15T15:33:50+08:0094.13382730984425
2026-03-15T15:33:55+08:0094.196733706336
2026-03-15T15:33:59+08:0094.33902918493875
2026-03-15T19:27:27+08:0094.35342507182821
2026-03-15T19:27:31+08:0094.37737789203085
2026-03-15T19:27:34+08:0094.45921669438984
2026-03-15T19:27:38+08:0094.54489641615001
2026-03-15T19:33:23+08:0094.66995312263722
2026-03-15T19:33:26+08:0094.78714652956299
2026-03-15T19:33:30+08:0094.98254952366551
2026-03-15T19:33:34+08:0095.05806744291547
2026-03-15T19:35:39+08:0095.05915620747014
2026-03-15T19:35:43+08:0095.05988205050657
2026-03-15T19:35:47+08:0095.06178738847724
2026-03-15T19:35:51+08:0095.0635717526085
2026-03-15T19:38:33+08:0095.88014516860729
2026-03-15T19:38:37+08:0096.80559504007259
2026-03-15T19:38:41+08:0098.15445334946318
2026-03-15T19:38:44+08:0099.70896718584606
2026-03-15T22:47:15+08:0099.76878874943293
2026-03-15T22:47:25+08:0099.8752457281113
2026-03-15T22:47:43+08:00100.01206714048087
2026-03-15T22:49:01+08:00100.96473612581279
2026-03-15T22:49:16+08:00102.09886587025555
2026-03-15T22:49:55+08:00103.74713443217904
2026-03-15T22:51:29+08:00103.82365038560411
2026-03-15T22:51:44+08:00104.45371238469681
2026-03-15T22:52:08+08:00104.6796310297898
2026-03-16T08:38:56+08:00105.11253591410858
2026-03-16T08:39:01+08:00106.37265991229397
2026-03-16T08:39:56+08:00115.55759866928777
2026-03-16T08:40:41+08:00115.69747467110237
2026-03-16T08:40:49+08:00116.23813700287313
2026-03-16T08:42:06+08:00116.23813700287313
2026-03-16T09:23:03+08:00116.26556782095872
2026-03-16T09:24:55+08:00119.28991380613942
2026-03-16T09:25:15+08:00119.48682897323454
2026-03-16T09:25:39+08:00122.9103886284591
2026-03-16T09:26:02+08:00123.87654619688492
2026-03-16T09:28:54+08:00127.08017541206713
2026-03-16T10:01:47+08:00127.10412823226977
2026-03-16T10:04:23+08:00129.11029789807955
2026-03-16T10:11:38+08:00139.86184787539693
2026-03-16T10:12:08+08:00140.1147739301376
2026-03-16T11:05:35+08:00141.14655980644184
2026-03-16T11:06:45+08:00143.01412369575078
2026-03-16T11:07:26+08:00151.77262966883413
2026-03-16T11:16:15+08:00152.12414940269167
2026-03-16T12:20:56+08:00153.6409194011795
2026-03-16T12:21:24+08:00154.9772871616513
2026-03-16T12:23:29+08:00155.73337365794646
2026-03-16T12:24:49+08:00163.10672916981702
2026-03-16T12:25:20+08:00163.14834417057313
2026-03-16T13:45:17+08:00163.19156207470135
2026-03-16T13:45:54+08:00164.14770905791622
2026-03-16T13:46:55+08:00168.8203236050204
2026-03-16T13:47:17+08:00168.87594132768788
2026-03-16T13:48:46+08:00169.7832451232421
2026-03-16T14:01:08+08:00169.7966732194163
2026-03-16T14:02:54+08:00173.5381823680629
2026-03-16T14:05:19+08:00176.02464841977923
2026-03-16T14:05:53+08:00184.62286405564797
2026-03-16T14:29:18+08:00184.6928776652049
2026-03-16T15:15:57+08:00184.86992287917738
2026-03-16T15:16:46+08:00186.8333282927567
2026-03-16T15:18:57+08:00186.90403750189023
2026-03-16T15:19:29+08:00195.26937849690003
2026-03-16T15:34:07+08:00201.31807046726146
2026-03-16T16:09:09+08:00203.85005292605473
2026-03-16T16:09:38+08:00215.9595342507183
2026-03-16T16:10:25+08:00216.04790564040528
2026-03-16T17:06:15+08:00218.21536367760473
2026-03-16T17:06:45+08:00232.98324512324209
2026-03-16T17:13:35+08:00233.08979283230002
2026-03-16T18:06:35+08:00314.74713443217905
2026-03-16T18:06:58+08:00315.65443822773324
2026-03-16T18:08:30+08:00318.34456373809167
2026-03-16T18:09:03+08:00327.5446242250113
2026-03-16T18:10:42+08:00331.3510358384999
2026-03-16T18:12:41+08:00331.47648570996523
2026-03-16T20:58:54+08:00331.707545743233
2026-03-16T20:59:31+08:00336.3606532587328
2026-03-16T21:00:07+08:00345.4488129442008
2026-03-16T21:00:27+08:00356.5330409798881
2026-03-16T21:48:21+08:00361.3680024194768
2026-03-16T21:49:16+08:00376.9615303190685
2026-03-16T21:49:49+08:00377.0939664297596
2026-03-16T22:04:58+08:00383.0564645395433
2026-03-16T22:05:30+08:00406.0354453349463
2026-03-17T08:49:03+08:00413.8414032965371
2026-03-17T08:49:08+08:00429.9151368516558
2026-03-17T08:50:15+08:00546.4794798124906
2026-03-17T08:51:27+08:00546.6623922576742
2026-03-17T08:51:30+08:00546.7812792983517
2026-03-17T08:51:33+08:00547.2351429003478
2026-03-17T08:53:41+08:00547.2351429003478
2026-03-17T09:05:18+08:00553.3458339634054
2026-03-17T09:06:32+08:00595.5384848026614
2026-03-17T09:07:26+08:00611.0294571298956
2026-03-17T09:28:43+08:00626.1511870557991
2026-03-17T09:30:21+08:00629.629184938757
2026-03-17T10:11:21+08:00633.0497504914562
2026-03-17T10:12:13+08:00728.0323605020415
2026-03-17T11:45:50+08:00815.7383940722818
2026-03-17T18:08:49+08:00824.09
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
15,634
→
人均手数
34.6
→
认购倍数
12x
12x = 15,634 × 34.6 ÷ 46,000 A+H二次上市 · 参与×0.44 H股折价 39.5% 孖展加权 100% → 1054.8x
1x3024.0x
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
0.50
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
0.60
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 1070.72x 和当前分配手法 (甲组 α=0.498, 乙组 α=0.598) 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

标志广合科技中签预测矩阵

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 广合科技(01989)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