孖展動態 孖展倍數1510.4574853888805x 孖展資金5039.6億
排名 券商 孖展資金
1 富途证券富途 3038.3億
2 辉立证券辉立 1086.0億
3 老虎国际老虎 486.3億
4 华泰国际华泰 172.2億
5 招银国际招银 98.8億
6 华盛证券华盛 69.5億
7 信诚证券信诚 40.0億
8 致富证券致富 24.7億
9 盈立证券盈立 23.9億
孖展倍數
時間倍數
2026-01-20T06:00:00+08:000
2026-01-20T10:06:11+08:000.1498576352465158
2026-01-20T10:06:14+08:000.18723212947699686
2026-01-20T10:06:21+08:001.6402817323542636
2026-01-20T10:06:28+08:003.9930466057245617
2026-01-20T10:23:16+08:004.292761876217593
2026-01-20T11:02:15+08:004.311374194515211
2026-01-20T11:03:55+08:005.391428143263899
2026-01-20T11:06:17+08:0014.31694889854638
2026-01-20T11:51:34+08:0014.35995803986213
2026-01-20T12:00:40+08:0014.959388580848195
2026-01-20T12:01:04+08:0014.975663120035966
2026-01-20T12:01:09+08:0014.998141765322943
2026-01-20T12:07:47+08:0016.490004495729057
2026-01-20T12:07:53+08:0025.03488685748539
2026-01-20T13:40:23+08:0025.05712573055597
2026-01-20T13:40:29+08:0025.067375992806834
2026-01-20T13:40:34+08:0025.102112992656977
2026-01-20T13:40:51+08:0025.113801888206204
2026-01-20T13:40:56+08:0026.18528398021879
2026-01-20T13:41:08+08:0031.40032968679754
2026-01-20T13:51:25+08:0031.700044957290572
2026-01-20T14:00:24+08:0031.708047355012738
2026-01-20T14:00:29+08:0031.723093061591488
2026-01-20T14:01:06+08:0033.612318297617264
2026-01-20T14:03:52+08:0035.31949647834557
2026-01-20T14:05:18+08:0041.056046755582194
2026-01-20T14:35:53+08:0041.10882661471602
2026-01-20T15:01:10+08:0041.120215794994756
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2026-01-20T15:10:40+08:0041.69165292971677
2026-01-20T15:10:50+08:0047.37725161096958
2026-01-20T15:11:09+08:0047.67696688146261
2026-01-20T15:37:33+08:0047.67702682451671
2026-01-20T16:09:33+08:0048.12659973025626
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2026-01-20T20:37:29+08:00133.48296118687247
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2026-01-23T09:05:40+08:001278.558609321145
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2026-01-23T09:36:03+08:001294.4921025026224
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2026-01-23T11:16:55+08:001504.8228383036117
2026-01-23T14:47:06+08:001510.4574853888805
捷利預測倍數
時間倍數
券商孖展資金走勢
時間券商孖展資金
預測模型 一手期望中籤手數— 期望中籤1手所需手數—
倍數推導
近期首日表現
+4.6%
→
參與人數
21,145
→
人均手數
36.6
→
認購倍數
55x
55x = 21,145 × 36.6 ÷ 14,102 孖展加權 100% → 1510.5x
1x2997.0x
分配手法係數 α
分配手法係數
反映發行人對不同申購規模的分配偏好。
α → 0  人均分配 — 每人獲配相同股數,與申購手數無關。
α → 1  按申購量比例分配 — 申購手數越多,獲配越多。
歷史 α 區間(P10–P90):甲組 0.3 – 0.9,乙組 0.4 – 1.0
0.53
分配手法係數 α
分配手法係數
反映發行人對不同申購規模的分配偏好。
α → 0  人均分配 — 每人獲配相同股數,與申購手數無關。
α → 1  按申購量比例分配 — 申購手數越多,獲配越多。
歷史 α 區間(P10–P90):甲組 0.3 – 0.9,乙組 0.4 – 1.0
0.63
此模型不適用分配手法調節

實際 vs 預測 對比

以實際認購倍數 1899.49x 和當前分配手法 (甲組 α=0.529, 乙組 α=0.629) 為基準,對比各檔位的實際與預測期望中籤手數

申購手數 認購金額(HKD) 實際期望中籤 預測期望中籤 偏差

標誌鸣鸣很忙中籤預測矩陣

行為申購檔位,列為不同認購倍數,數值為期望中籤手數,綠色背景表示期望中籤≥1手;非預設倍數由相鄰網格插值估計。

發售機制說明

機制B

《第18項應用指引》下的靈活發售機制。最低初訂分配份額爲發售股份的10%,不設回補機制。最高初訂分配份額爲發售股份的60%(因《第18項應用指引》規定發售股份總數至少40%須分配予配售部分投資者,基石投資者除外)。發行人可根據發售結構、市場狀況及散戶投資者利益,自行釐定公開認購部分的初訂分配份額。

分配手法係數 α

α 為發行人分配偏好係數,描述發行人對不同申購規模的分配傾向。α 取值範圍 [0, 1]。

  • α → 0:人均分配——無論申購多少手,每位中籤者獲配股數相同。對散戶(小單申購)更有利。
  • α → 1:比例分配——獲配股數與申購手數成正比。對大額申購更有利。
  • 歷史實際 α 區間(P10–P90):甲組 0.3–0.9,乙組 0.4–1.0。不同IPO的α值差異較大,反映發行人各自的分配策略。
中籤率定義

本頁面的「中籤率」定義與港交所配發結果公告完全一致:中籤率 = 該檔位獲配股份總數 ÷ 該檔位有效申請股份總數 × 100%。此為港交所官方口徑,與其他網站可能使用的不同定義(如「申購人數中籤比例」)有本質區別。

期望中籤手數

期望中籤手數 = 該檔位獲配總股數 ÷ 每手股數 ÷ 該檔位申購人數

例:某檔位獲配總股數 50,000 股,每手 100 股,申購人數 500 人 → 期望中籤手數 = 50,000 ÷ 100 ÷ 500 = 1.0 手。

關於本頁

本頁展示 鸣鸣很忙(01768)的中籤預測:基於相似 IPO 匹配的期望中籤率、甲乙組資金效率對比。
默認認購倍數按「近期首日表現 → 參與人數 → 人均手數 → 認購倍數」鏈條推導,公式為 認購倍數 = 參與人數 × 人均手數 ÷ 公開發售手數;其中參與人數與人均手數以近期 IPO 的中位數為基準,再按發行規模、A+H 身份、H 股折溢價、行業、併發 IPO、保薦人歷史表現與恒指近期走勢等特徵調節。
認購窗口前期默認倍數以模型推導為準;隨認購進度推進逐步結合孖展倍數加權;臨近截止(進度約九成後)默認倍數以孖展倍數預測為準。
中籤率預測基於歷史 592 隻 IPO 的 22087 條配發檔位數據做迴歸擬合與 KNN 相似匹配,估計各申購檔位的期望中籤手數,並結合分配手法係數 α(人均分配至比例分配)給出區間。你可以自訂認購倍數與分配手法係數 α,覆蓋 cibo 的默認預測,查看不同場景下的期望中籤手數。中籤率的計算方式與回撥規則見港股中籤率怎麼算。
數據來源:港交所披露易平台公開發售配發結果公告、招股說明書、FINI 平台公告;孖展數據(孖展倍數、捷利預測倍數及券商明細)來自捷利交易寶(TradeGo),倍數僅覆蓋已上報券商,捷利預測倍數為全市場外推值。
孖展倍數盤中實時更新;中籤率預測模型隨新股配發數據入庫不定期迭代。

Cibo — 港股IPO中籤率預測、中籤畫像與入通分析