孖展动态 孖展倍数814.9x 孖展资金3586.1亿 捷利预测倍数1059.37x
排名 券商 孖展资金
1 富途证券富途 2129.0亿
2 辉立证券辉立 733.0亿
3 老虎国际老虎 340.7亿
4 华泰国际华泰 109.9亿
5 招银国际招银 70.0亿
6 信诚证券信诚 50.0亿
7 华盛证券华盛 45.5亿
8 盈立证券盈立 23.0亿
9 长桥证券长桥 22.0亿
孖展倍数
时间倍数
2026-04-08T06:00:00+08:000
2026-04-08T10:08:35+08:000.045447315199854565
2026-04-08T10:08:44+08:000.6581680187242939
2026-04-08T10:08:49+08:002.5124184788783603
2026-04-08T10:52:02+08:002.698752471197764
2026-04-08T11:14:02+08:002.7444951939464177
2026-04-08T11:14:21+08:003.264412479832754
2026-04-08T11:14:34+08:0010.38146204012998
2026-04-08T11:14:42+08:0010.613243347649238
2026-04-08T12:09:27+08:0010.633194719021974
2026-04-08T12:09:40+08:0011.625945872247597
2026-04-08T12:09:49+08:0015.943440816233782
2026-04-08T13:38:13+08:0015.94984888767696
2026-04-08T13:38:28+08:0016.476015179403277
2026-04-08T13:38:34+08:0021.104824232508463
2026-04-08T13:44:23+08:0021.436589633467403
2026-04-08T14:11:00+08:0021.442838639307382
2026-04-08T14:11:06+08:0022.638148476378756
2026-04-08T14:11:12+08:0025.110482423250847
2026-04-08T14:11:39+08:0026.57295430272457
2026-04-08T15:03:43+08:0026.580384938759742
2026-04-08T15:04:14+08:0027.35226214011407
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2026-04-08T16:05:14+08:0035.50935078510237
2026-04-08T17:09:14+08:0035.51128229599836
2026-04-08T17:09:24+08:0036.14111391369555
2026-04-08T17:09:30+08:0037.772672529370325
2026-04-08T17:40:48+08:0053.679232849319426
2026-04-08T17:50:50+08:0054.133706001317975
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2026-04-08T18:04:53+08:0055.219942281909695
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2026-04-08T18:05:47+08:0060.01870157020474
2026-04-08T20:40:46+08:0060.57188629081737
2026-04-08T20:40:51+08:0061.01524757424955
2026-04-08T20:41:08+08:0063.48758152112164
2026-04-08T20:41:13+08:0065.12141250255641
2026-04-08T20:41:33+08:0065.1272070352444
2026-04-09T08:41:35+08:0066.66977980775786
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2026-04-09T08:43:54+08:0075.70384257050014
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2026-04-09T09:37:14+08:0084.58670211557252
2026-04-09T09:37:40+08:0084.97573113368328
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2026-04-09T09:38:05+08:0087.13220623991637
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2026-04-09T10:12:24+08:0089.84827413820528
2026-04-09T10:12:47+08:0090.34521780625809
2026-04-09T10:12:58+08:0093.63560342672757
2026-04-09T11:01:18+08:0093.79148771786306
2026-04-09T11:07:40+08:0094.17738087122503
2026-04-09T11:08:21+08:0098.85390960529007
2026-04-09T12:14:00+08:0098.89283523075875
2026-04-09T12:14:57+08:0099.26520780784875
2026-04-09T12:15:16+08:00104.60299497807166
2026-04-09T13:44:37+08:00104.65494125934511
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2026-04-09T13:45:52+08:00107.43199945463222
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2026-04-09T14:10:43+08:00114.06792101256619
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2026-04-09T22:41:03+08:00167.9361692458018
2026-04-10T08:38:06+08:00167.98868361851524
2026-04-10T08:38:14+08:00168.20917126820734
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2026-04-10T09:10:18+08:00177.42800009089464
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2026-04-10T10:08:26+08:00183.3705092371668
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2026-04-10T11:12:41+08:00189.95941554752653
2026-04-10T11:36:51+08:00190.1866521235258
2026-04-10T12:09:44+08:00191.3500124980117
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2026-04-10T12:10:33+08:00191.74288181425683
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2026-04-10T16:59:16+08:00221.02429158997433
2026-04-10T17:19:17+08:00224.7259754130025
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2026-04-10T17:46:23+08:00271.6303088145068
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2026-04-10T18:06:55+08:00274.0298588860863
2026-04-10T18:07:26+08:00276.4453836889586
2026-04-10T22:43:00+08:00276.7476537823528
2026-04-10T22:43:04+08:00277.4115708864499
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2026-04-10T22:43:13+08:00279.07298838821094
2026-04-10T22:44:01+08:00281.2976344672438
2026-04-10T22:44:05+08:00284.67436998659304
2026-04-10T22:44:09+08:00287.6170836457836
2026-04-10T22:44:13+08:00290.14395437089553
2026-04-11T10:23:32+08:00303.0009998409344
2026-04-11T10:23:35+08:00305.1733815074874
2026-04-11T10:23:39+08:00306.9185584111619
2026-04-11T10:26:24+08:00308.71065966778013
2026-04-11T10:26:28+08:00310.29758901992864
2026-04-11T10:26:31+08:00310.51964460199514
2026-04-11T10:26:34+08:00310.880155429818
2026-04-11T10:29:26+08:00310.880155429818
2026-04-11T11:27:34+08:00313.2888631354103
2026-04-11T11:29:00+08:00313.4769241257073
2026-04-11T12:34:57+08:00315.8356397845797
2026-04-11T12:36:09+08:00316.26670756925034
2026-04-11T13:05:43+08:00318.6935942009226
2026-04-11T13:06:33+08:00319.6545549571659
2026-04-11T15:08:22+08:00320.6475787942827
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2026-04-11T15:10:40+08:00324.11277751266846
2026-04-11T18:06:20+08:00325.7170677392233
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2026-04-11T18:06:46+08:00329.64598813825074
2026-04-11T18:13:07+08:00330.24464289772084
2026-04-11T18:13:18+08:00330.58702024677893
2026-04-11T18:13:33+08:00330.76924125707274
2026-04-11T22:53:10+08:00333.78012588906313
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2026-04-12T20:09:14+08:00411.8677937600836
2026-04-12T20:09:30+08:00418.8121435226214
2026-04-12T22:11:15+08:00422.1450223828027
2026-04-12T22:12:04+08:00429.84834230917807
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2026-04-13T08:43:54+08:00442.10991433181084
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2026-04-13T09:17:50+08:00595.8518644761061
2026-04-13T09:18:50+08:00609.6080623537165
2026-04-13T10:04:07+08:00615.0658077124094
2026-04-13T10:05:24+08:00700.806712568455
2026-04-13T11:14:23+08:00702.1780853046106
2026-04-13T11:45:45+08:00784.6649623923466
2026-04-13T17:32:04+08:00800.5715227122957
2026-04-13T17:33:19+08:00814.9
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
25,938
→
人均手数
32.0
→
认购倍数
61x
61x = 25,938 × 32.0 ÷ 13,574 孖展加权 100% → 1059.4x
1x2272.0x
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
0.48
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
0.58
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 1102.05x 和当前分配手法 (甲组 α=0.482, 乙组 α=0.582) 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

标志思格新能中签预测矩阵

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 思格新能(06656)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