孖展动态 孖展倍数2693.8662807525325x 孖展资金930.7亿
排名 券商 孖展资金
1 富途证券富途 638.9亿
2 辉立证券辉立 133.0亿
3 老虎国际老虎 108.3亿
4 华泰国际华泰 30.9亿
5 华盛证券华盛 10.0亿
6 招银国际招银 6.8亿
7 盈立证券盈立 4.8亿
8 TradeGo MarketsTradeGo 3.1亿
9 致富证券致富 1.6亿
孖展倍数
时间倍数
2026-01-31T06:00:00+08:000
2026-02-02T10:12:52+08:000.05788712011577424
2026-02-02T10:14:43+08:000.061070911722141824
2026-02-02T10:15:45+08:000.08798842257597685
2026-02-02T11:12:27+08:000.23733719247467439
2026-02-02T11:13:47+08:000.24283646888567295
2026-02-02T11:14:20+08:000.2549927641099855
2026-02-02T11:16:01+08:000.9785817655571636
2026-02-02T12:25:22+08:000.9811866859623734
2026-02-02T12:26:20+08:000.984081041968162
2026-02-02T12:26:34+08:000.984370477568741
2026-02-02T12:30:42+08:001.0075253256150507
2026-02-02T12:31:54+08:001.2101302460202605
2026-02-02T12:32:33+08:001.2127351664254704
2026-02-02T13:43:47+08:001.2164978292329958
2026-02-02T13:44:48+08:001.2205499276410998
2026-02-02T14:09:00+08:001.2228654124457308
2026-02-02T14:09:47+08:001.2234442836468886
2026-02-02T14:10:09+08:001.2683068017366137
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2026-02-03T20:18:35+08:0020.024891461649784
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2026-02-04T09:04:10+08:0024.20202604920405
2026-02-04T09:06:16+08:0024.249493487698988
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2026-02-04T11:07:26+08:0032.317221418234446
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2026-02-04T11:07:58+08:0032.35195369030391
2026-02-04T11:50:57+08:0032.48104196816208
2026-02-04T12:00:24+08:0032.57163531114327
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2026-02-05T10:07:00+08:001973.4373371924746
2026-02-05T10:07:46+08:002331.816497829233
2026-02-05T10:08:00+08:002332.0717800289435
2026-02-05T11:54:13+08:002693.8662807525325
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
16,843
→
人均手数
64.9
→
认购倍数
194x
194x = 16,843 × 64.9 ÷ 5,641 孖展加权 100% → 2693.9x
1x28942.0x
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
0.52
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
0.62
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 3654.23x 和当前分配手法 (甲组 α=0.521, 乙组 α=0.621) 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

标志乐欣户外中签预测矩阵

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 乐欣户外(02720)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