孖展动态 孖展倍数31.25x 孖展资金51.2亿 捷利预测倍数40.62x
排名 券商 孖展资金
1 富途证券富途 20.8亿
2 辉立证券辉立 18.0亿
3 老虎国际老虎 5.5亿
4 华泰国际华泰 1.7亿
5 招银国际招银 1.5亿
6 TradeGo MarketsTradeGo 1.1亿
7 信诚证券信诚 7000万
8 华盛证券华盛 6620万
9 盈立证券盈立 6599万
孖展倍数
时间倍数
2026-03-20T06:00:00+08:000
2026-03-20T10:10:01+08:000.0010982306284319707
2026-03-20T10:10:07+08:000.0038438071995118973
2026-03-20T10:10:13+08:000.27230018303843806
2026-03-20T10:49:27+08:000.2727272727272727
2026-03-20T11:10:22+08:000.2840756558877364
2026-03-20T11:11:06+08:000.3441122635753508
2026-03-20T11:11:39+08:000.39292251372788284
2026-03-20T11:12:14+08:000.4002440512507627
2026-03-20T12:06:46+08:000.4071995118974985
2026-03-20T12:07:35+08:000.4582672361195851
2026-03-20T12:10:07+08:000.4643685173886516
2026-03-20T13:40:19+08:000.47480170835875535
2026-03-20T13:40:54+08:000.5810860280658938
2026-03-20T13:41:27+08:000.6420988407565589
2026-03-20T14:16:28+08:000.6518608907870653
2026-03-20T14:16:59+08:000.6605247101891397
2026-03-20T14:17:20+08:001.2584502745576571
2026-03-20T14:19:03+08:001.2649786455155583
2026-03-20T15:16:13+08:001.2712629652226968
2026-03-20T15:16:55+08:001.2732763880414888
2026-03-20T15:20:28+08:001.3342892007321538
2026-03-20T15:24:33+08:001.3403904820012202
2026-03-20T16:26:16+08:001.3432580841976816
2026-03-20T16:27:08+08:001.3591824283099452
2026-03-20T16:27:43+08:001.3652837095790116
2026-03-20T16:28:45+08:001.3896888346552776
2026-03-20T17:06:14+08:001.390726052471019
2026-03-20T17:09:09+08:001.4055521659548504
2026-03-20T17:09:17+08:001.436058572300183
2026-03-20T18:02:00+08:001.4665649786455155
2026-03-20T18:03:33+08:003.479987797437462
2026-03-20T18:03:46+08:003.5037827943868214
2026-03-20T18:05:57+08:003.6194020744356314
2026-03-20T18:06:49+08:003.710921293471629
2026-03-20T18:09:07+08:003.7479560707748627
2026-03-20T20:28:10+08:003.748993288590604
2026-03-20T20:31:34+08:003.780658938377059
2026-03-20T20:32:02+08:003.8416717510677243
2026-03-20T20:32:27+08:003.8965832824893227
2026-03-20T22:23:47+08:003.9225137278828552
2026-03-20T22:24:16+08:003.9469188529591213
2026-03-21T10:25:22+08:003.9669310555216595
2026-03-21T10:26:07+08:003.96882245271507
2026-03-21T10:29:31+08:004.017022574740696
2026-03-21T10:30:31+08:004.017022574740696
2026-03-21T10:31:34+08:004.254972544234289
2026-03-21T10:31:57+08:004.267175106772422
2026-03-21T12:22:05+08:004.2712629652226966
2026-03-21T12:23:37+08:004.273459426479561
2026-03-21T12:25:05+08:004.269310555216595
2026-03-21T12:25:32+08:004.281513117754728
2026-03-21T12:25:45+08:004.336424649176327
2026-03-21T15:25:12+08:004.3339841366687
2026-03-21T15:27:39+08:004.843807199511898
2026-03-21T15:32:57+08:005.002440512507627
2026-03-21T15:33:28+08:005.045149481391092
2026-03-21T18:10:42+08:005.050396583282489
2026-03-21T18:13:44+08:005.079072605247102
2026-03-21T18:14:16+08:005.097376449054301
2026-03-21T18:14:41+08:005.103477730323368
2026-03-21T20:11:26+08:005.103843807199512
2026-03-21T20:13:53+08:005.141488712629652
2026-03-21T20:14:23+08:005.1658938377059185
2026-03-21T20:14:41+08:005.171995118974984
2026-03-21T22:09:24+08:005.170103721781574
2026-03-21T22:11:44+08:005.176327028676022
2026-03-21T22:12:10+08:005.237339841366687
2026-03-21T22:12:29+08:005.37156802928615
2026-03-22T09:21:45+08:005.37156802928615
2026-03-22T10:07:36+08:005.374862721171446
2026-03-22T10:09:36+08:005.49627821842587
2026-03-22T10:10:56+08:005.514582062233069
2026-03-22T10:11:41+08:005.526784624771202
2026-03-22T12:32:36+08:005.545088468578402
2026-03-22T12:32:39+08:005.697620500305064
2026-03-22T12:35:39+08:005.773520439292251
2026-03-22T12:41:12+08:005.778645515558267
2026-03-22T12:41:30+08:005.779011592434411
2026-03-22T15:26:16+08:005.833923123856009
2026-03-22T15:26:20+08:005.840024405125076
2026-03-22T15:26:24+08:005.852226967663209
2026-03-22T15:32:11+08:005.8546064673581455
2026-03-22T15:32:15+08:005.859548505186089
2026-03-22T15:32:19+08:005.863087248322148
2026-03-22T15:42:40+08:005.863514338010982
2026-03-22T15:42:45+08:005.8640024405125075
2026-03-22T15:42:49+08:005.865222696766321
2026-03-22T19:11:55+08:005.944539353264186
2026-03-22T19:12:00+08:006.457046979865772
2026-03-22T19:12:04+08:006.560768761439903
2026-03-22T19:12:08+08:006.585173886516168
2026-03-22T19:13:41+08:006.632214765100671
2026-03-22T19:13:45+08:006.656497864551556
2026-03-22T19:25:29+08:006.656680902989628
2026-03-22T19:25:33+08:006.657169005491153
2026-03-22T19:25:37+08:006.657413056741916
2026-03-22T19:25:41+08:006.658267236119585
2026-03-22T22:11:18+08:006.731482611348383
2026-03-22T22:11:46+08:006.694874923733984
2026-03-22T22:13:33+08:006.770225747406956
2026-03-22T22:13:53+08:006.770347773032337
2026-03-22T22:14:15+08:006.774679682733374
2026-03-23T08:39:56+08:006.775350823672971
2026-03-23T08:40:12+08:006.681818181818182
2026-03-23T08:41:25+08:006.657413056741916
2026-03-23T08:42:11+08:006.657413056741916
2026-03-23T09:15:11+08:006.662233068944478
2026-03-23T09:15:43+08:006.155826723611958
2026-03-23T09:16:23+08:006.1564368517388655
2026-03-23T09:16:27+08:006.175777913361806
2026-03-23T09:17:40+08:006.179926784624771
2026-03-23T09:18:23+08:006.202684563758389
2026-03-23T09:19:26+08:006.3247101891397195
2026-03-23T09:20:46+08:006.985356924954241
2026-03-23T10:04:54+08:006.986882245271507
2026-03-23T10:05:00+08:006.983709579011593
2026-03-23T10:05:44+08:007.0164124466137885
2026-03-23T10:06:40+08:007.052532031726662
2026-03-23T10:07:39+08:007.113544844417327
2026-03-23T10:43:46+08:007.114521049420378
2026-03-23T10:44:08+08:007.114582062233069
2026-03-23T11:07:08+08:007.115436241610738
2026-03-23T11:07:21+08:007.124649176327028
2026-03-23T11:08:41+08:007.129286150091519
2026-03-23T11:09:53+08:007.1392922513727886
2026-03-23T11:11:24+08:007.20640634533252
2026-03-23T11:56:48+08:007.208602806589384
2026-03-23T11:56:59+08:007.2098840756558875
2026-03-23T12:13:35+08:007.2319097010372175
2026-03-23T12:14:12+08:007.247528981086028
2026-03-23T12:15:35+08:007.290237949969494
2026-03-23T12:17:39+08:007.290298962782185
2026-03-23T13:41:11+08:007.290604026845638
2026-03-23T13:42:02+08:007.273093349603417
2026-03-23T14:06:36+08:007.278401464307505
2026-03-23T14:07:14+08:007.27614399023795
2026-03-23T14:08:28+08:007.7947528981086025
2026-03-23T14:10:05+08:007.773093349603417
2026-03-23T15:14:06+08:007.780292861500915
2026-03-23T15:14:47+08:007.82843197071385
2026-03-23T15:16:47+08:007.956558877364246
2026-03-23T15:18:01+08:007.9566809029896275
2026-03-23T15:37:46+08:007.959365466748017
2026-03-23T15:41:50+08:008.258328248932276
2026-03-23T16:16:27+08:008.265527760829775
2026-03-23T16:17:24+08:008.106894447834046
2026-03-23T16:18:09+08:008.10732153752288
2026-03-23T16:18:27+08:008.106711409395974
2026-03-23T16:19:34+08:008.107809640024405
2026-03-23T16:57:33+08:008.108907870652837
2026-03-23T17:04:05+08:008.098657718120805
2026-03-23T17:05:45+08:008.069310555216596
2026-03-23T17:07:33+08:008.069188529591214
2026-03-23T17:08:17+08:008.09359365466748
2026-03-23T17:45:41+08:008.136302623550947
2026-03-23T17:46:48+08:008.258328248932276
2026-03-23T17:48:05+08:008.868456375838926
2026-03-23T18:16:56+08:008.869615619280049
2026-03-23T18:17:50+08:008.870408785845028
2026-03-23T18:21:21+08:008.825930445393533
2026-03-23T18:21:52+08:008.8137278828554
2026-03-23T18:23:21+08:008.845027455765711
2026-03-23T20:18:14+08:008.84691885295912
2026-03-23T20:19:32+08:008.881879194630873
2026-03-23T20:22:23+08:008.88816351433801
2026-03-23T20:23:01+08:008.94307504575961
2026-03-23T20:23:36+08:008.997986577181209
2026-03-23T22:09:23+08:009.006833435021354
2026-03-23T22:11:55+08:009.008846857840146
2026-03-23T22:12:26+08:009.00274557657108
2026-03-24T08:37:18+08:009.199816961561927
2026-03-24T08:37:20+08:009.40268456375839
2026-03-24T08:40:32+08:0010.470408785845027
2026-03-24T08:43:30+08:0010.478157413056742
2026-03-24T08:43:58+08:0010.478157413056742
2026-03-24T08:48:48+08:0010.478218425869432
2026-03-24T09:19:26+08:0010.504942037827943
2026-03-24T09:20:10+08:0010.648505186089078
2026-03-24T09:21:49+08:0011.057291031116534
2026-03-24T09:22:40+08:0011.057535082367297
2026-03-24T09:22:51+08:0011.058389261744967
2026-03-24T09:29:36+08:0011.173520439292252
2026-03-24T10:18:38+08:0011.2431360585723
2026-03-24T10:20:06+08:0011.01738865161684
2026-03-24T10:21:15+08:0011.018486882245272
2026-03-24T10:21:27+08:0011.019646125686394
2026-03-24T10:22:26+08:0011.01928004881025
2026-03-24T11:00:13+08:0011.018913971934106
2026-03-24T11:00:48+08:0011.026662599145821
2026-03-24T11:02:19+08:0011.062599145820622
2026-03-24T11:03:45+08:0011.147040878584503
2026-03-24T11:06:49+08:0011.232458816351434
2026-03-24T11:49:36+08:0011.231421598535693
2026-03-24T11:49:39+08:0011.27242220866382
2026-03-24T11:49:42+08:0011.484685784014642
2026-03-24T12:07:10+08:0011.512202562538134
2026-03-24T12:08:06+08:0011.571323978035387
2026-03-24T12:09:26+08:0011.894691885295913
2026-03-24T12:11:27+08:0011.90170835875534
2026-03-24T13:44:03+08:0011.900488102501525
2026-03-24T13:45:14+08:0011.94319707138499
2026-03-24T13:47:31+08:0011.944844417327639
2026-03-24T13:47:33+08:0012.07791336180598
2026-03-24T13:47:36+08:0012.083648566198901
2026-03-24T13:47:39+08:0012.112629652226968
2026-03-24T13:47:41+08:0012.202867602196461
2026-03-24T13:47:44+08:0012.134045149481391
2026-03-24T13:47:47+08:0012.097132397803538
2026-03-24T13:49:14+08:0012.105064063453325
2026-03-24T14:08:26+08:0012.179072605247102
2026-03-24T14:08:59+08:0012.156985967053082
2026-03-24T14:10:12+08:0012.638987187309334
2026-03-24T14:11:01+08:0012.641427699816962
2026-03-24T14:12:09+08:0012.797986577181208
2026-03-24T15:14:03+08:0012.85234899328859
2026-03-24T15:14:59+08:0013.486882245271508
2026-03-24T15:16:32+08:0013.489444783404515
2026-03-24T15:18:49+08:0013.481025015253204
2026-03-24T15:18:52+08:0013.537278828553996
2026-03-24T15:18:54+08:0013.522147651006712
2026-03-24T15:18:57+08:0013.520134228187919
2026-03-24T15:46:56+08:0013.521781574130568
2026-03-24T16:12:23+08:0014.069554606467358
2026-03-24T16:14:05+08:0014.161073825503356
2026-03-24T16:14:40+08:0014.164856619890177
2026-03-24T16:17:21+08:0014.286882245271507
2026-03-24T16:35:11+08:0014.288834655277608
2026-03-24T17:07:39+08:0014.292983526540574
2026-03-24T17:09:16+08:0014.457718120805369
2026-03-24T17:10:16+08:0014.455704697986578
2026-03-24T17:20:50+08:0014.45863331299573
2026-03-24T17:33:16+08:0016.89914582062233
2026-03-24T18:06:54+08:0016.905613178767542
2026-03-24T18:08:08+08:0017.009334960341672
2026-03-24T18:09:39+08:0017.12202562538133
2026-03-24T20:21:43+08:0017.122452715070164
2026-03-24T20:25:12+08:0017.181818181818183
2026-03-24T20:25:39+08:0017.492983526540574
2026-03-24T20:26:13+08:0017.926174496644297
2026-03-24T22:00:29+08:0017.840756558877363
2026-03-24T22:13:34+08:0017.842892007321538
2026-03-24T22:15:31+08:0017.830628431970712
2026-03-24T22:15:59+08:0017.934350213544846
2026-03-25T08:35:30+08:0017.933312995729104
2026-03-25T08:38:32+08:0017.965039658328248
2026-03-25T08:38:44+08:0018.379072605247103
2026-03-25T08:41:00+08:0021.869005491153143
2026-03-25T08:41:36+08:0021.869005491153143
2026-03-25T09:15:36+08:0021.94301403294692
2026-03-25T09:17:56+08:0022.21757169005491
2026-03-25T09:18:55+08:0022.21824283099451
2026-03-25T09:19:01+08:0022.218669920683343
2026-03-25T09:21:18+08:0022.176510067114094
2026-03-25T09:35:39+08:0022.17687614399024
2026-03-25T09:36:02+08:0022.2744966442953
2026-03-25T10:04:30+08:0022.411531421598536
2026-03-25T10:05:48+08:0024.052776082977424
2026-03-25T10:34:52+08:0024.053020134228188
2026-03-25T10:35:02+08:0024.052593044539353
2026-03-25T11:11:37+08:0029.97083587553386
2026-03-25T17:25:24+08:0031.25
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
20,093
→
人均手数
79.3
→
认购倍数
37x
37x = 20,093 × 79.3 ÷ 42,985 孖展加权 100% → 40.6x
1x6101.0x
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 50.66x 和当前分配手法 (甲组 α=0.613, 乙组 α=0.713) 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

标志瀚天天成中签预测矩阵

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 瀚天天成(02726)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