孖展动态 孖展倍数449.8x 孖展资金1265.0亿 捷利预测倍数584.75x
排名 券商 孖展资金
1 富途证券富途 801.2亿
2 辉立证券辉立 247.0亿
3 老虎国际老虎 124.6亿
4 华泰国际华泰 50.6亿
5 华盛证券华盛 15.5亿
6 熊猫证券熊猫 9.2亿
7 盈立证券盈立 5.7亿
8 信诚证券信诚 3.0亿
9 致富证券致富 2.5亿
孖展倍数
时间倍数
2026-02-05T06:00:00+08:000
2026-02-05T10:06:13+08:000.001777840989901863
2026-02-05T10:07:07+08:000.005369079789503627
2026-02-05T10:07:18+08:000.008924761769307354
2026-02-05T10:07:37+08:000.01248044374911108
2026-02-05T11:13:41+08:000.02702318304650832
2026-02-05T11:14:29+08:000.11235955056179775
2026-02-05T11:14:51+08:000.1186175508462523
2026-02-05T12:06:17+08:000.1193642440620111
2026-02-05T12:07:02+08:000.13547148343052198
2026-02-05T12:07:20+08:000.13554259707011804
2026-02-05T12:07:32+08:000.21732328260560377
2026-02-05T13:46:21+08:000.21760773716398804
2026-02-05T13:46:39+08:000.21870999857772722
2026-02-05T13:47:26+08:000.22077229412601337
2026-02-05T13:47:43+08:000.23143934006542455
2026-02-05T14:05:28+08:000.23332385151472051
2026-02-05T14:05:51+08:000.23360830607310482
2026-02-05T14:06:05+08:000.2341416583700754
2026-02-05T14:06:42+08:000.6181553121888779
2026-02-05T14:07:40+08:000.6220310055468639
2026-02-05T15:17:12+08:000.6376760062580002
2026-02-05T15:17:32+08:000.6577300526240933
2026-02-05T15:17:46+08:000.681304224150192
2026-02-05T15:18:17+08:000.6919712700896032
2026-02-05T15:19:20+08:000.695526952069407
2026-02-05T16:03:33+08:000.6968069975821363
2026-02-05T16:03:59+08:000.6971625657801166
2026-02-05T16:04:11+08:000.716647703029441
2026-02-05T16:05:23+08:000.7806499786659081
2026-02-05T17:01:37+08:000.794872706585123
2026-02-05T17:02:16+08:000.8008818091309913
2026-02-05T17:02:45+08:000.8509458114066278
2026-02-05T17:06:48+08:001.1709571895889632
2026-02-05T17:07:14+08:001.234817237946238
2026-02-05T18:11:05+08:001.25760915943678
2026-02-05T18:11:19+08:001.8265182762053762
2026-02-05T18:11:40+08:001.8269094012231546
2026-02-05T18:12:00+08:001.844403356563789
2026-02-05T18:12:14+08:001.9119613141800598
2026-02-05T18:13:20+08:001.9432868724221306
2026-02-05T20:42:40+08:001.9440691224576874
2026-02-05T20:42:59+08:001.9602474754657944
2026-02-05T20:43:18+08:001.9635542597070117
2026-02-05T20:43:41+08:001.999111079505049
2026-02-05T20:44:00+08:001.9994666477030294
2026-02-05T20:44:23+08:001.9841416583700753
2026-02-05T20:44:36+08:001.9983643862892904
2026-02-05T21:44:48+08:001.9986132840278765
2026-02-05T21:45:11+08:002.000106670459394
2026-02-05T21:45:24+08:002.6081282890058315
2026-02-06T09:00:39+08:002.6175508462523114
2026-02-06T09:00:53+08:002.636253733466079
2026-02-06T09:01:02+08:002.690726781396672
2026-02-06T09:01:35+08:002.696273645285166
2026-02-06T09:02:47+08:002.696273645285166
2026-02-06T09:03:03+08:002.7885791494808703
2026-02-06T09:03:30+08:002.8276916512587116
2026-02-06T09:03:44+08:002.966363248471057
2026-02-06T09:05:21+08:003.0161072393685107
2026-02-06T09:07:23+08:003.018347319015787
2026-02-06T09:07:40+08:003.1534632342483286
2026-02-06T10:04:36+08:003.1641302801877402
2026-02-06T10:04:46+08:003.1704593941117905
2026-02-06T10:05:00+08:003.169037121319869
2026-02-06T10:05:13+08:003.186211065282321
2026-02-06T10:05:39+08:003.2715474327976106
2026-02-06T11:13:13+08:003.300348456834021
2026-02-06T11:13:28+08:003.302552979661499
2026-02-06T11:14:07+08:003.313148911961314
2026-02-06T11:14:18+08:003.416263689375622
2026-02-06T12:03:40+08:003.418966007680273
2026-02-06T12:04:08+08:003.422699473759067
2026-02-06T12:04:20+08:003.4374911107950505
2026-02-06T12:08:25+08:003.5157161143507323
2026-02-06T13:42:45+08:003.543201536054615
2026-02-06T13:42:57+08:003.5444104679277486
2026-02-06T13:43:12+08:003.589034276774285
2026-02-06T13:43:38+08:003.6423695064713413
2026-02-06T14:11:14+08:003.670743848670175
2026-02-06T14:11:28+08:003.671881666903712
2026-02-06T14:12:23+08:003.7639382733608304
2026-02-06T14:12:33+08:003.8777200967145498
2026-02-06T14:13:06+08:003.905454416157019
2026-02-06T15:03:25+08:003.9086545299388424
2026-02-06T15:04:04+08:003.939802304081923
2026-02-06T15:04:17+08:003.9415090314322287
2026-02-06T15:05:26+08:004.030401080927322
2026-02-06T16:07:17+08:004.042099274640876
2026-02-06T16:07:33+08:004.042597070118049
2026-02-06T16:07:45+08:004.3531503342341065
2026-02-06T16:08:06+08:004.395818517991751
2026-02-06T17:17:24+08:004.424583985208363
2026-02-06T17:18:20+08:004.425828473901294
2026-02-06T17:18:57+08:004.6768951784952355
2026-02-06T17:19:04+08:005.76848954629498
2026-02-06T17:27:52+08:005.839603185891054
2026-02-06T17:48:02+08:006.40851230265965
2026-02-06T18:09:49+08:006.413916939268952
2026-02-06T18:09:59+08:006.415872564357844
2026-02-06T18:10:15+08:006.521725216896601
2026-02-06T18:10:35+08:006.763511591523254
2026-02-06T18:12:23+08:006.914165837007538
2026-02-06T20:16:20+08:006.917259280329968
2026-02-06T20:16:34+08:006.920246053193003
2026-02-06T20:16:44+08:006.939411179064145
2026-02-06T20:16:53+08:007.035414592518845
2026-02-06T20:17:22+08:007.036801308490968
2026-02-06T20:17:51+08:007.234354999288864
2026-02-06T20:18:00+08:007.330358412743564
2026-02-06T21:31:41+08:007.336900867586403
2026-02-06T21:31:51+08:007.3727065851230265
2026-02-06T21:32:00+08:007.568269094012232
2026-02-07T09:46:46+08:008.261129284596786
2026-02-07T09:46:54+08:008.282890058313184
2026-02-07T09:48:11+08:008.282890058313184
2026-02-07T09:48:25+08:008.380102403641018
2026-02-07T09:48:48+08:008.399800881809131
2026-02-07T09:49:02+08:008.549139524960887
2026-02-07T09:49:08+08:0010.341203242781965
2026-02-07T09:49:15+08:0010.422983928317452
2026-02-07T10:01:23+08:0010.423766178353008
2026-02-07T10:01:39+08:0010.424192860190585
2026-02-07T10:17:22+08:0010.449473759066988
2026-02-07T10:17:39+08:0010.492141942824635
2026-02-07T11:11:21+08:0010.492853079220595
2026-02-07T11:11:33+08:0010.49349310197696
2026-02-07T11:11:41+08:0010.61975536907979
2026-02-07T11:11:54+08:0010.758426966292134
2026-02-07T13:59:11+08:0010.759209216327692
2026-02-07T13:59:20+08:0010.761911534632343
2026-02-07T13:59:38+08:0010.800881809130992
2026-02-07T13:59:48+08:0010.939553406343336
2026-02-07T13:59:56+08:0010.940833451856067
2026-02-07T14:00:05+08:0010.964265396102972
2026-02-07T14:00:22+08:0011.051521831887356
2026-02-07T14:00:31+08:0011.346643436211066
2026-02-07T14:00:40+08:0011.34710567486844
2026-02-07T14:43:30+08:0011.35706158441189
2026-02-07T14:43:41+08:0011.393791779263262
2026-02-07T14:44:06+08:0011.54313042241502
2026-02-07T15:02:36+08:0011.543948229270374
2026-02-07T15:02:49+08:0011.562117764187171
2026-02-07T15:54:06+08:0011.597496799886217
2026-02-07T15:54:14+08:0011.643720665623666
2026-02-07T16:02:14+08:0011.645000711136396
2026-02-07T16:25:23+08:0011.745022045228275
2026-02-07T16:25:36+08:0012.353043663774711
2026-02-07T18:32:15+08:0012.353648129711278
2026-02-07T18:32:33+08:0012.42952638316029
2026-02-07T18:32:45+08:0012.66775707580714
2026-02-07T18:32:54+08:0012.668183757644716
2026-02-07T18:33:07+08:0012.668219314464514
2026-02-07T18:33:20+08:0012.696095861186176
2026-02-07T18:33:29+08:0012.83476745839852
2026-02-07T19:29:45+08:0012.835087469776703
2026-02-07T19:30:05+08:0012.87718674441758
2026-02-07T19:30:15+08:0012.94474470203385
2026-02-07T20:22:05+08:0012.94510027023183
2026-02-07T20:22:26+08:0012.970061157730052
2026-02-07T20:22:30+08:0013.105177072962594
2026-02-07T21:37:14+08:0013.106065993457545
2026-02-07T21:37:27+08:0013.163490257431375
2026-02-07T21:37:36+08:0013.426610723936852
2026-02-08T11:03:59+08:0013.723652396529655
2026-02-08T11:04:03+08:0013.705553975252453
2026-02-08T11:05:58+08:0014.63714265396103
2026-02-08T11:06:02+08:0014.854039254729058
2026-02-08T11:07:57+08:0014.857737163988054
2026-02-08T11:08:01+08:0014.859301664059167
2026-02-08T11:08:06+08:0014.862039539183616
2026-02-08T11:08:53+08:0014.867515289432513
2026-02-08T11:09:08+08:0014.88113355141516
2026-02-08T15:23:18+08:0014.902396529654387
2026-02-08T15:23:26+08:0014.903747688806714
2026-02-08T15:23:35+08:0014.957651827620538
2026-02-08T15:23:46+08:0014.982932726496943
2026-02-08T15:24:10+08:0014.984319442469065
2026-02-08T15:24:19+08:0014.984888351585834
2026-02-08T15:24:27+08:0014.985563931161996
2026-02-08T15:24:36+08:0014.986026169819372
2026-02-08T15:25:59+08:0015.462487555113071
2026-02-08T15:26:07+08:0015.526489830749538
2026-02-08T15:26:15+08:0015.743386431517566
2026-02-08T15:26:23+08:0015.892725074669322
2026-02-08T15:26:56+08:0015.892902858768311
2026-02-08T15:27:08+08:0015.899516427250747
2026-02-08T15:27:12+08:0015.900049779547718
2026-02-08T15:27:20+08:0015.900689802304083
2026-02-08T19:54:46+08:0015.90072535912388
2026-02-08T19:54:56+08:0015.90563220025601
2026-02-08T19:55:06+08:0015.914948087043095
2026-02-08T19:55:17+08:0015.927428530792206
2026-02-08T19:55:52+08:0016.06610012800455
2026-02-08T19:56:01+08:0016.204771725216897
2026-02-08T19:56:11+08:0016.33277627648983
2026-02-08T19:56:23+08:0016.89457402929882
2026-02-08T19:57:05+08:0016.895000711136397
2026-02-08T19:57:14+08:0016.896778552126296
2026-02-08T19:57:25+08:0016.897205233963874
2026-02-08T19:57:34+08:0016.89837860901721
2026-02-08T20:01:37+08:0016.965296543877116
2026-02-08T20:01:45+08:0016.990292988195137
2026-02-08T20:01:59+08:0017.016107239368512
2026-02-08T20:02:08+08:0017.026703171668327
2026-02-08T20:03:24+08:0017.02791210354146
2026-02-08T20:05:00+08:0017.05941544588252
2026-02-08T20:06:01+08:0017.158974541317026
2026-02-08T22:37:54+08:0017.198087043094866
2026-02-08T22:38:02+08:0017.71721661214621
2026-02-08T22:38:27+08:0017.719883373631063
2026-02-08T22:38:58+08:0017.99381311335514
2026-02-08T22:39:07+08:0018.041957047361684
2026-02-09T08:45:19+08:0018.106777129853505
2026-02-09T08:45:24+08:0018.330180628644573
2026-02-09T08:45:44+08:0018.330180628644573
2026-02-09T08:46:40+08:0021.86452851656948
2026-02-09T09:00:53+08:0021.872848812402218
2026-02-09T09:01:10+08:0021.90342767742853
2026-02-09T09:01:44+08:0023.404778836580856
2026-02-09T09:03:26+08:0023.521760773716398
2026-02-09T09:13:48+08:0023.955553975252453
2026-02-09T09:14:18+08:0024.158227848101266
2026-02-09T10:07:07+08:0025.16939268951785
2026-02-09T10:07:18+08:0025.180201962736454
2026-02-09T10:07:36+08:0025.577193855781537
2026-02-09T10:07:42+08:0028.79508604750391
2026-02-09T10:09:44+08:0029.502666761484853
2026-02-09T11:00:41+08:0029.602261413739154
2026-02-09T11:01:25+08:0029.652574313753377
2026-02-09T11:04:09+08:0031.08409187882236
2026-02-09T11:12:56+08:0034.273538614706304
2026-02-09T11:51:17+08:0034.451322713696484
2026-02-09T12:01:59+08:0034.53822358128289
2026-02-09T12:02:08+08:0034.65161427961883
2026-02-09T12:04:32+08:0035.05468638884938
2026-02-09T12:06:32+08:0038.84859906129996
2026-02-09T13:44:11+08:0038.957509600341346
2026-02-09T13:44:27+08:0039.770231830465086
2026-02-09T13:44:37+08:0039.82090029867729
2026-02-09T13:44:55+08:0042.93923339496516
2026-02-09T14:05:22+08:0043.05781538899161
2026-02-09T14:05:57+08:0043.65321433650974
2026-02-09T14:06:04+08:0043.7119186459963
2026-02-09T14:07:34+08:0048.65787227990329
2026-02-09T14:08:45+08:0050.834483003840134
2026-02-09T14:13:58+08:0052.208718532214476
2026-02-09T14:16:23+08:0052.56428673019485
2026-02-09T15:00:52+08:0052.72987483999431
2026-02-09T15:04:32+08:0053.724363532925615
2026-02-09T15:05:36+08:0057.063148911961314
2026-02-09T16:09:49+08:0057.114564073389275
2026-02-09T16:10:51+08:0058.76226710283032
2026-02-09T16:10:55+08:0065.31894467358839
2026-02-09T17:06:50+08:0069.69854928175224
2026-02-09T17:06:56+08:0083.6937135542597
2026-02-09T17:07:11+08:0083.80852652538756
2026-02-09T17:16:46+08:0085.30191295690513
2026-02-09T18:19:11+08:0085.46838998719954
2026-02-09T18:19:27+08:00107.44250462238658
2026-02-09T18:19:53+08:00107.54220594510026
2026-02-09T18:20:16+08:00109.67284170103827
2026-02-09T18:20:21+08:00116.58508746977671
2026-02-09T18:23:26+08:00120.72585691935713
2026-02-09T20:05:23+08:00120.75234675010667
2026-02-09T20:05:48+08:00121.75846252311193
2026-02-09T20:05:54+08:00129.05827762764898
2026-02-09T20:06:27+08:00129.07541601479164
2026-02-09T20:06:45+08:00130.31065993457545
2026-02-09T20:06:51+08:00141.95196273645286
2026-02-09T21:23:52+08:00141.9768525103115
2026-02-09T21:24:16+08:00143.90634333665196
2026-02-09T21:24:21+08:00153.92981083771866
2026-02-10T08:49:36+08:00156.37917792632626
2026-02-10T08:49:43+08:00161.73709287441332
2026-02-10T08:49:49+08:00167.53776134262552
2026-02-10T08:50:11+08:00167.53776134262552
2026-02-10T08:50:25+08:00180.33821646991893
2026-02-10T08:51:40+08:00182.06065993457545
2026-02-10T08:51:55+08:00246.85229697055897
2026-02-10T09:23:37+08:00253.09468781112218
2026-02-10T09:23:42+08:00283.5526596501209
2026-02-10T09:24:14+08:00287.0905632200256
2026-02-10T09:32:07+08:00296.99313753377896
2026-02-10T10:04:44+08:00300.4705233963874
2026-02-10T10:07:29+08:00383.05123737732896
2026-02-10T10:31:34+08:00447.76464940975677
2026-02-10T10:34:36+08:00449.8
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
-0.2%
→
参与人数
14,849
→
人均手数
53.6
→
认购倍数
11x
11x = 14,849 × 53.6 ÷ 69,995 A+H二次上市 · 参与×0.44 H股折价 32.0% 孖展加权 100% → 584.8x
1x3555.0x
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
0.62
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
0.72
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 569.58x 和当前分配手法 (甲组 α=0.616, 乙组 α=0.716) 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

标志沃尔核材中签预测矩阵

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 沃尔核材(09981)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