孖展动态 孖展倍数7395.43x 孖展资金4636.0亿 捷利预测倍数9540.11x
排名 券商 孖展资金
1 富途证券富途 2869.9亿
2 辉立证券辉立 809.0亿
3 老虎国际老虎 459.5亿
4 华泰国际华泰 169.6亿
5 华盛证券华盛 75.2亿
6 致富证券致富 60.0亿
7 招银国际招银 46.0亿
8 复星国际复星 45.7亿
9 盈立证券盈立 36.7亿
孖展倍数
时间倍数
2026-05-14T06:00:00+08:000
2026-05-14T10:03:03+08:000.014037326527356835
2026-05-14T10:04:02+08:000.052161429255064604
2026-05-14T10:05:42+08:000.08406444408996651
2026-05-14T11:00:53+08:000.117722124740788
2026-05-14T11:01:20+08:000.2134311692454937
2026-05-14T11:01:43+08:000.26415696283298773
2026-05-14T11:03:12+08:001.8993459881958845
2026-05-14T11:05:45+08:003.350933163183921
2026-05-14T11:46:09+08:003.361301643005264
2026-05-14T11:46:23+08:003.5048652097623227
2026-05-14T12:02:43+08:003.592438985484128
2026-05-14T12:08:31+08:003.6294464826926145
2026-05-14T12:10:12+08:003.845908438347424
2026-05-14T12:10:28+08:003.9894720051044823
2026-05-14T13:42:36+08:004.153293986281704
2026-05-14T13:42:44+08:004.162386345509651
2026-05-14T13:43:52+08:004.536768224597225
2026-05-14T13:44:16+08:004.568671239432127
2026-05-14T13:44:52+08:004.572021055989791
2026-05-14T13:45:09+08:004.604402616047216
2026-05-14T14:07:56+08:004.6173233370553515
2026-05-14T14:09:03+08:004.6583187111182
2026-05-14T14:09:37+08:004.662466103046738
2026-05-14T14:10:07+08:004.710320625299091
2026-05-14T14:11:01+08:005.186313606635827
2026-05-14T14:43:30+08:005.2121550486520976
2026-05-14T15:20:12+08:005.400701866326368
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2026-05-14T15:57:42+08:005.766150901260169
2026-05-14T16:02:16+08:005.998404849258255
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2026-05-14T16:33:45+08:006.966661349497527
2026-05-14T17:01:52+08:007.2601690859786245
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2026-05-14T18:05:29+08:0017.553836337533898
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2026-05-14T20:43:40+08:0018.155527197320147
2026-05-14T20:44:02+08:0018.180571063965544
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2026-05-14T20:45:55+08:0018.73855479342798
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2026-05-14T20:46:22+08:0021.055032700590207
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2026-05-14T22:15:02+08:0021.842080076567235
2026-05-14T22:15:41+08:0022.28872228425586
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2026-05-15T09:37:19+08:0026.159355559100334
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2026-05-15T10:21:10+08:0026.62785133195087
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2026-05-15T10:37:00+08:0028.531344712075292
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2026-05-15T11:51:25+08:0031.937310575849416
2026-05-15T12:02:06+08:0032.06013718296379
2026-05-15T12:03:39+08:0032.202743659275804
2026-05-15T12:08:04+08:0036.812729302919124
2026-05-15T13:41:33+08:0037.0175466581592
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2026-05-15T14:01:05+08:0040.69500717817834
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2026-05-15T17:08:59+08:0051.28154410591801
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2026-05-15T17:33:38+08:0063.00590205774446
2026-05-15T18:02:09+08:0063.01132557026639
2026-05-15T18:08:09+08:0063.20162705375658
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2026-05-15T18:29:48+08:0067.01052799489551
2026-05-15T21:32:44+08:0067.04083585898867
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2026-05-15T21:32:58+08:0069.11022491625458
2026-05-15T21:33:02+08:0069.19588451108629
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2026-05-15T21:33:26+08:0070.50821502631999
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2026-05-15T22:12:25+08:0072.0181847184559
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2026-05-16T09:17:08+08:0074.49050885308662
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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
21,318
→
人均手数
79.6
→
认购倍数
102x
102x = 21,318 × 79.6 ÷ 16,562 孖展加权 100% → 9540.1x
1x15952.0x
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
0.47
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
0.57
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 9015.11x 和当前分配手法 (甲组 α=0.470, 乙组 α=0.570) 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

标志丹诺医药中签预测矩阵

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 丹诺医药(06872)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