孖展动态 孖展倍数112.51x 孖展资金517.7亿 捷利预测倍数150.76x
排名 券商 孖展资金
1 富途证券富途 330.0亿
2 老虎国际老虎 58.0亿
3 辉立证券辉立 54.0亿
4 华泰国际华泰 30.0亿
5 致富证券致富 11.7亿
6 华盛证券华盛 8.1亿
7 复星国际复星 7.5亿
8 盈立证券盈立 5.9亿
9 熊猫证券熊猫 4.9亿
孖展倍数
时间倍数
2026-06-17T06:00:00+08:000
2026-06-17T10:12:12+08:000.0005216257335361878
2026-06-17T10:12:18+08:000.00269506628993697
2026-06-17T10:12:24+08:000.017909150184742446
2026-06-17T11:16:00+08:000.02016952836339926
2026-06-17T11:18:15+08:000.026255161921321452
2026-06-17T11:19:10+08:000.0397304933710063
2026-06-17T11:20:02+08:000.2701151923494892
2026-06-17T12:15:00+08:000.2705498804607694
2026-06-17T12:16:39+08:000.28317757009345795
2026-06-17T12:19:02+08:000.28402521191045427
2026-06-17T12:20:00+08:000.2847207128885025
2026-06-17T12:20:48+08:000.28906759400130405
2026-06-17T13:43:29+08:000.28939361008476416
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2026-06-17T13:46:03+08:000.2912845033688329
2026-06-17T13:48:09+08:000.2963920886763747
2026-06-17T13:50:38+08:000.3072592914583786
2026-06-17T14:08:06+08:000.30786785481417084
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2026-06-17T15:07:35+08:000.3532058248206911
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2026-06-17T15:09:58+08:000.35546620299934795
2026-06-17T15:11:32+08:000.8683981743099326
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2026-06-17T20:32:09+08:002.0958269941317105
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2026-06-18T09:14:40+08:002.1591393175396654
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2026-06-18T11:19:20+08:002.141751793088459
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2026-06-18T12:16:54+08:002.1736144316452943
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2026-06-18T15:11:00+08:002.330493371006303
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2026-06-18T17:55:58+08:003.313953488372093
2026-06-18T18:09:35+08:003.3285155400999784
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2026-06-18T18:10:11+08:003.354966311671376
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2026-06-18T18:18:12+08:004.1715713975222775
2026-06-18T20:30:18+08:004.172984133883938
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2026-06-18T20:35:03+08:004.237904803303629
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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
15,760
→
人均手数
32.2
→
认购倍数
9x
9x = 15,760 × 32.2 ÷ 54,002 A+H二次上市 · 参与×0.44 H股折价 40.4% 孖展加权 100% → 150.8x
1x2173.0x
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
0.54
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
0.64
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 251.73x 和当前分配手法 (甲组 α=0.541, 乙组 α=0.641) 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

标志圣邦股份中签预测矩阵

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 圣邦股份(03661)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