孖展动态 孖展倍数708.72x 孖展资金637.8亿 捷利预测倍数907.17x
排名 券商 孖展资金
1 富途证券富途 402.8亿
2 辉立证券辉立 126.0亿
3 老虎国际老虎 57.0亿
4 华泰国际华泰 16.3亿
5 招银国际招银 9.0亿
6 TradeGo MarketsTradeGo 7.7亿
7 华盛证券华盛 6.7亿
8 信诚证券信诚 5.0亿
9 熊猫证券熊猫 3.0亿
孖展倍数
时间倍数
2026-03-20T06:00:00+08:000
2026-03-20T10:09:26+08:000.00111123458162018
2026-03-20T10:49:34+08:000.002000222246916324
2026-03-20T11:11:01+08:000.029336592954772752
2026-03-20T11:11:41+08:000.2849205467274142
2026-03-20T11:12:17+08:000.29492165796199576
2026-03-20T11:39:10+08:000.2958106456272919
2026-03-20T12:07:41+08:000.3797088565396155
2026-03-20T12:10:10+08:000.5908434270474497
2026-03-20T13:39:57+08:000.6022891432381375
2026-03-20T13:40:48+08:000.8165351705745083
2026-03-20T13:41:30+08:000.9498833203689299
2026-03-20T14:16:55+08:000.9575508389821091
2026-03-20T14:17:29+08:001.2575841760195576
2026-03-20T14:19:38+08:001.7176352928103122
2026-03-20T15:17:00+08:001.759084342704745
2026-03-20T15:20:25+08:001.803533725969552
2026-03-20T15:21:23+08:001.8036448494277142
2026-03-20T15:22:38+08:001.9147683075897322
2026-03-20T16:27:13+08:001.9168796532948105
2026-03-20T16:27:41+08:002.050227803089232
2026-03-20T16:28:48+08:002.0568952105789533
2026-03-20T17:08:21+08:002.178797644182687
2026-03-20T17:08:27+08:002.3232581397933103
2026-03-20T18:02:06+08:002.4343815979553285
2026-03-20T18:02:48+08:004.101233470385599
2026-03-20T18:04:52+08:004.168018668740971
2026-03-20T18:06:57+08:004.77919768863207
2026-03-20T18:21:57+08:004.849983331481276
2026-03-20T20:30:23+08:004.896321813534837
2026-03-20T20:31:21+08:004.898766529614401
2026-03-20T20:32:07+08:004.9765529503278145
2026-03-20T20:32:32+08:005.2988109789976665
2026-03-20T22:22:37+08:005.302589176575175
2026-03-20T22:23:40+08:005.274697188576509
2026-03-20T22:24:22+08:005.308034226025114
2026-03-20T22:24:36+08:005.441382375819535
2026-03-21T10:25:13+08:005.655628403155906
2026-03-21T10:25:53+08:005.655628403155906
2026-03-21T10:27:01+08:005.669407711967996
2026-03-21T10:30:22+08:005.669407711967996
2026-03-21T10:31:40+08:006.913990443382598
2026-03-21T10:32:01+08:006.936215135015002
2026-03-21T10:32:29+08:006.944104900544505
2026-03-21T12:23:42+08:007.278030892321369
2026-03-21T12:24:13+08:007.277141904656073
2026-03-21T12:24:57+08:007.31992443604845
2026-03-21T12:25:49+08:007.264362706967441
2026-03-21T15:26:39+08:007.263584842760307
2026-03-21T15:27:48+08:007.775863984887209
2026-03-21T15:33:06+08:008.27591954661629
2026-03-21T15:33:33+08:009.087120791199021
2026-03-21T18:12:44+08:009.117679742193577
2026-03-21T18:13:35+08:009.168240915657295
2026-03-21T18:14:20+08:009.44604956106234
2026-03-21T18:14:46+08:009.56828536504056
2026-03-21T20:13:00+08:009.578175352816979
2026-03-21T20:13:44+08:009.704744971663517
2026-03-21T20:14:27+08:009.71585731747972
2026-03-21T22:10:45+08:009.782975886209579
2026-03-21T22:11:33+08:0010.003444827203023
2026-03-21T22:12:15+08:0010.514612734748304
2026-03-21T22:12:34+08:0010.4812756972997
2026-03-22T09:21:50+08:0010.4812756972997
2026-03-22T10:08:35+08:0010.55283920435604
2026-03-22T10:09:30+08:0010.6541837981998
2026-03-22T10:11:08+08:0011.487609734414935
2026-03-22T10:11:47+08:0011.64318257584176
2026-03-22T12:33:32+08:0011.543171463495945
2026-03-22T12:33:36+08:0012.187687520835649
2026-03-22T12:34:49+08:0012.18779864429381
2026-03-22T12:34:53+08:0012.201689076564064
2026-03-22T12:41:59+08:0012.258473163684855
2026-03-22T15:27:20+08:0012.414046005111679
2026-03-22T15:27:30+08:0012.436270696744083
2026-03-22T15:27:34+08:0012.42515835092788
2026-03-22T15:28:09+08:0012.425713968218691
2026-03-22T15:28:13+08:0012.427158573174797
2026-03-22T15:28:17+08:0012.43060340037782
2026-03-22T15:33:41+08:0012.43115901766863
2026-03-22T15:33:46+08:0012.519724413823758
2026-03-22T15:33:51+08:0012.52039115457273
2026-03-22T19:10:53+08:0013.031559062118014
2026-03-22T19:10:58+08:0013.042671407934215
2026-03-22T19:11:02+08:0013.731636848538727
2026-03-22T19:11:07+08:0014.442826980775642
2026-03-22T19:14:50+08:0014.443715968440937
2026-03-22T19:14:53+08:0014.405933992665851
2026-03-22T19:14:58+08:0014.406156239582176
2026-03-22T19:15:02+08:0015.198355372819202
2026-03-22T19:22:05+08:0015.229358817646405
2026-03-22T19:22:10+08:0015.195355039448827
2026-03-22T19:22:14+08:0015.199466607400822
2026-03-22T19:22:18+08:0015.285476164018224
2026-03-22T22:11:22+08:0015.641071230136681
2026-03-22T22:11:33+08:0016.10778975441716
2026-03-22T22:11:50+08:0017.463495943993777
2026-03-22T22:13:24+08:0017.48838759862207
2026-03-22T22:13:45+08:0017.39037670852317
2026-03-22T22:14:06+08:0017.43382598066452
2026-03-22T22:16:37+08:0017.43060340037782
2026-03-22T22:16:54+08:0017.365929547727525
2026-03-22T22:17:11+08:0017.365818424269364
2026-03-23T08:39:50+08:0017.415268363151462
2026-03-23T08:40:05+08:0017.500833425936214
2026-03-23T08:40:46+08:0017.503055895099454
2026-03-23T08:40:59+08:0017.524947216357372
2026-03-23T08:41:28+08:0018.43615957328592
2026-03-23T08:42:08+08:0018.43615957328592
2026-03-23T08:42:34+08:0018.43715968440938
2026-03-23T08:42:38+08:0018.4493832648072
2026-03-23T09:14:01+08:0018.45205022780309
2026-03-23T09:15:17+08:0018.43127014112679
2026-03-23T09:15:46+08:0018.90910101122347
2026-03-23T09:16:52+08:0018.923658184242694
2026-03-23T09:16:55+08:0019.061451272363595
2026-03-23T09:17:43+08:0019.06011779086565
2026-03-23T09:19:23+08:0019.54906100677853
2026-03-23T09:21:26+08:0020.511167907545282
2026-03-23T10:03:56+08:0020.603955995110567
2026-03-23T10:03:58+08:0020.71752416935215
2026-03-23T10:04:07+08:0021.181575730636737
2026-03-23T10:06:34+08:0021.336259584398267
2026-03-23T10:07:12+08:0021.339482164684966
2026-03-23T10:07:41+08:0022.528503167018556
2026-03-23T10:43:54+08:0022.727080786754083
2026-03-23T10:44:14+08:0023.39248805422825
2026-03-23T11:07:11+08:0023.84853872652517
2026-03-23T11:07:24+08:0023.853761529058783
2026-03-23T11:09:46+08:0024.2820313368152
2026-03-23T11:10:50+08:0024.292588065340592
2026-03-23T11:11:27+08:0024.83709301033448
2026-03-23T11:56:39+08:0024.940326702966995
2026-03-23T11:56:51+08:0024.898322035781753
2026-03-23T11:57:01+08:0024.83975997333037
2026-03-23T12:13:29+08:0024.948327591954662
2026-03-23T12:15:28+08:0026.492943660406713
2026-03-23T12:16:06+08:0026.497388598733192
2026-03-23T13:40:35+08:0026.951883542615846
2026-03-23T13:40:41+08:0026.95255028336482
2026-03-23T13:41:54+08:0028.012001333481496
2026-03-23T13:42:52+08:0028.01422380264474
2026-03-23T13:43:35+08:0029.481053450383374
2026-03-23T13:44:23+08:0029.81442382486943
2026-03-23T14:05:58+08:0029.819202133570396
2026-03-23T14:07:09+08:0029.987998666518504
2026-03-23T14:07:49+08:0029.996888543171462
2026-03-23T14:08:26+08:0031.341482386931883
2026-03-23T14:10:54+08:0031.53905989554395
2026-03-23T15:14:52+08:0031.586065118346482
2026-03-23T15:15:25+08:0031.589287698633182
2026-03-23T15:16:45+08:0032.83387043004778
2026-03-23T15:17:48+08:0032.83320368929881
2026-03-23T15:18:03+08:0032.836092899211025
2026-03-23T15:37:48+08:0032.86242915879542
2026-03-23T15:41:18+08:0033.86254028225358
2026-03-23T16:14:18+08:0033.878208689854425
2026-03-23T16:16:33+08:0033.97310812312479
2026-03-23T16:17:21+08:0035.08434270474497
2026-03-23T16:18:12+08:0035.087676408489834
2026-03-23T16:18:21+08:0035.07923102566952
2026-03-23T16:18:30+08:0035.07823091454606
2026-03-23T16:57:36+08:0035.07978664296033
2026-03-23T17:05:50+08:0035.23358150905656
2026-03-23T17:06:26+08:0035.251916879653294
2026-03-23T17:07:30+08:0035.433714857206354
2026-03-23T17:08:13+08:0039.71196799644405
2026-03-23T17:45:43+08:0039.73474830536726
2026-03-23T17:45:51+08:0039.73563729303256
2026-03-23T17:46:45+08:0039.84676075119458
2026-03-23T18:17:56+08:0039.84964996110679
2026-03-23T18:18:45+08:0051.51761306811868
2026-03-23T18:19:08+08:0051.55161684631626
2026-03-23T18:21:11+08:0051.65918435381709
2026-03-23T18:21:58+08:0052.77041893543727
2026-03-23T18:25:05+08:0053.05789532170241
2026-03-23T20:19:37+08:0053.068563173685966
2026-03-23T20:20:19+08:0053.16324036004001
2026-03-23T20:22:14+08:0054.08867651961329
2026-03-23T20:23:06+08:0055.277697521946884
2026-03-23T20:23:41+08:0056.11112345816202
2026-03-23T21:58:29+08:0056.11212356928548
2026-03-23T22:09:36+08:0056.157573063673745
2026-03-23T22:10:44+08:0056.296144016001776
2026-03-23T22:11:46+08:0056.70641182353595
2026-03-23T22:12:31+08:0058.8622069118791
2026-03-23T22:12:52+08:0060.340148905433935
2026-03-24T08:37:08+08:0060.67107456384043
2026-03-24T08:37:11+08:0062.140904544949436
2026-03-24T08:39:21+08:0062.25358373152572
2026-03-24T08:39:37+08:0062.74552728080898
2026-03-24T08:40:35+08:0078.04722746971886
2026-03-24T08:42:11+08:0078.07556395155017
2026-03-24T08:44:03+08:0078.07556395155017
2026-03-24T09:20:05+08:0078.97255250583399
2026-03-24T09:20:55+08:0079.06789643293699
2026-03-24T09:21:46+08:0082.1904656072897
2026-03-24T09:22:43+08:0082.19102122458051
2026-03-24T09:23:00+08:0082.19702189132126
2026-03-24T09:24:29+08:0082.53039226580731
2026-03-24T09:30:30+08:0083.67440826758529
2026-03-24T09:33:39+08:0083.6755195021669
2026-03-24T10:18:45+08:0084.83364818313146
2026-03-24T10:19:19+08:0084.8414268252028
2026-03-24T10:20:03+08:0092.57561951327925
2026-03-24T10:21:08+08:0092.57739748860985
2026-03-24T10:21:17+08:0092.68063118124236
2026-03-24T10:21:31+08:0092.67607511945772
2026-03-24T10:59:59+08:0092.7443049227692
2026-03-24T11:02:21+08:0093.14168240915657
2026-03-24T11:03:39+08:0093.20435603955995
2026-03-24T11:04:31+08:0093.26647405267252
2026-03-24T11:06:51+08:0099.28936548505389
2026-03-24T11:50:06+08:0099.29114346038449
2026-03-24T11:50:09+08:0099.31314590510057
2026-03-24T11:50:12+08:0099.41704633848205
2026-03-24T12:07:16+08:0099.4221580175575
2026-03-24T12:08:00+08:00100.56628514279365
2026-03-24T12:08:45+08:00100.65640626736304
2026-03-24T12:09:43+08:00109.33514834981665
2026-03-24T12:13:47+08:00110.44638293143683
2026-03-24T13:43:57+08:00111.18835426158462
2026-03-24T13:44:43+08:00111.20602289143238
2026-03-24T13:45:16+08:00116.9288809867763
2026-03-24T13:46:43+08:00116.93821535726192
2026-03-24T13:46:46+08:00116.90365596177352
2026-03-24T13:46:49+08:00117.00333370374486
2026-03-24T13:46:52+08:00117.02433603733748
2026-03-24T13:46:55+08:00117.08034226025114
2026-03-24T13:46:58+08:00117.24524947216358
2026-03-24T13:48:31+08:00117.36937437493054
2026-03-24T14:09:04+08:00118.03989332148016
2026-03-24T14:09:45+08:00118.30325591732415
2026-03-24T14:10:15+08:00126.44860540060007
2026-03-24T14:10:58+08:00126.47383042560284
2026-03-24T14:13:02+08:00128.36859651072342
2026-03-24T15:12:49+08:00128.45560617846428
2026-03-24T15:14:57+08:00137.2788087565285
2026-03-24T15:16:37+08:00138.37115235026113
2026-03-24T15:18:27+08:00138.47383042560284
2026-03-24T15:18:30+08:00138.59095455050561
2026-03-24T15:18:33+08:00138.79031003444828
2026-03-24T15:18:35+08:00138.8543171463496
2026-03-24T15:18:38+08:00138.85476164018223
2026-03-24T15:47:01+08:00138.86631847983108
2026-03-24T16:12:29+08:00140.73885987331926
2026-03-24T16:13:18+08:00140.7656406267363
2026-03-24T16:14:08+08:00151.3445938437604
2026-03-24T16:14:46+08:00151.3513723747083
2026-03-24T16:17:07+08:00155.79631070118901
2026-03-24T17:07:45+08:00157.74119346594065
2026-03-24T17:08:31+08:00157.78908767640849
2026-03-24T17:09:13+08:00173.8019779975553
2026-03-24T17:09:45+08:00175.1354594954995
2026-03-24T17:10:19+08:00175.13912656961884
2026-03-24T17:10:23+08:00175.1732414712746
2026-03-24T17:33:01+08:00201.8428714301589
2026-03-24T17:34:38+08:00202.29736637404156
2026-03-24T18:05:30+08:00202.3542615846205
2026-03-24T18:06:42+08:00204.62329147683076
2026-03-24T18:07:28+08:00204.6969663295922
2026-03-24T18:08:14+08:00217.90954550505612
2026-03-24T18:11:06+08:00220.70474497166353
2026-03-24T20:21:37+08:00223.15190576730748
2026-03-24T20:23:54+08:00223.33748194243805
2026-03-24T20:25:03+08:00226.5705078342038
2026-03-24T20:25:44+08:00234.68252028003113
2026-03-24T20:26:18+08:00243.1501277919769
2026-03-24T22:00:34+08:00253.98466496277365
2026-03-24T22:13:44+08:00254.21202355817314
2026-03-24T22:14:28+08:00254.34737193021448
2026-03-24T22:15:22+08:00259.63729303255917
2026-03-24T22:16:03+08:00275.13901544616067
2026-03-25T08:35:53+08:00275.2096899655517
2026-03-25T08:37:17+08:00280.73452605845097
2026-03-25T08:37:21+08:00296.43193688187574
2026-03-25T08:39:19+08:00296.64151572396935
2026-03-25T08:39:22+08:00297.486942993666
2026-03-25T08:40:58+08:00400.9206578508723
2026-03-25T08:41:41+08:00400.9206578508723
2026-03-25T08:48:31+08:00400.9661073452606
2026-03-25T09:15:41+08:00406.60017779753304
2026-03-25T09:17:53+08:00448.1047894210468
2026-03-25T09:18:20+08:00451.66074008223137
2026-03-25T09:18:58+08:00451.6669629958884
2026-03-25T09:19:07+08:00451.7239693299255
2026-03-25T09:22:12+08:00462.0338926547394
2026-03-25T09:35:51+08:00462.02244693854874
2026-03-25T10:01:04+08:00462.0565618402045
2026-03-25T10:02:09+08:00462.0646738526503
2026-03-25T10:04:35+08:00469.99777753083674
2026-03-25T10:05:45+08:00593.855983998222
2026-03-25T10:34:57+08:00593.899211023447
2026-03-25T10:35:05+08:00593.8983220357818
2026-03-25T11:11:45+08:00693.909434381598
2026-03-25T17:25:42+08:00708.72
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
17,891
→
人均手数
71.0
→
认购倍数
79x
79x = 17,891 × 71.0 ÷ 15,998 孖展加权 100% → 907.2x
1x12627.0x
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
0.55
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
0.65
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 1073.37x 和当前分配手法 (甲组 α=0.551, 乙组 α=0.651) 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

标志德适-B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 德适-B(02526)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