孖展動態 孖展倍數4583.284482076442x 孖展資金5791.9億
排名 券商 孖展資金
1 富途证券富途 3674.0億
2 辉立证券辉立 995.0億
3 老虎国际老虎 549.1億
4 华泰国际华泰 200.4億
5 华盛证券华盛 102.2億
6 招银国际招银 100.0億
7 信诚证券信诚 70.0億
8 盈立证券盈立 67.7億
9 致富证券致富 53.5億
孖展倍數
時間倍數
2026-04-20T06:00:00+08:000
2026-04-20T10:00:24+08:000.10152726121706102
2026-04-20T10:03:24+08:001.976576719158028
2026-04-20T10:05:31+08:007.048983144733718
2026-04-20T10:32:50+08:007.286381261375326
2026-04-20T11:16:07+08:007.444646672469732
2026-04-20T11:16:33+08:007.543562554403735
2026-04-20T11:17:00+08:0010.700482709503838
2026-04-20T11:17:27+08:0041.07161509852022
2026-04-20T11:49:23+08:0041.86294215399224
2026-04-20T12:11:50+08:0042.325710216032284
2026-04-20T12:12:00+08:0045.11529635198227
2026-04-20T12:12:30+08:0049.006647147265966
2026-04-20T12:13:14+08:0073.78309725409511
2026-04-20T13:45:43+08:0073.82274273957427
2026-04-20T13:46:29+08:0074.10398037508902
2026-04-20T13:46:43+08:0077.36234865870064
2026-04-20T13:47:13+08:0093.20471630925061
2026-04-20T13:47:22+08:0096.37002453113872
2026-04-20T14:01:13+08:0096.42375563820526
2026-04-20T14:01:28+08:0097.0070428107937
2026-04-20T14:02:09+08:00101.07541346838649
2026-04-20T14:04:17+08:00104.64453588668196
2026-04-20T14:05:32+08:00122.9716704914141
2026-04-20T14:08:06+08:00123.0508031969613
2026-04-20T15:19:44+08:00126.19870222362903
2026-04-20T15:20:28+08:00130.17963124159215
2026-04-20T15:21:08+08:00130.78729128748913
2026-04-20T15:21:20+08:00152.95236211126058
2026-04-20T15:21:54+08:00156.90899738862072
2026-04-20T16:51:23+08:00157.41236052860648
2026-04-20T16:51:45+08:00161.59705626335364
2026-04-20T16:52:00+08:00162.67104534304028
2026-04-20T16:52:47+08:00185.23969296510248
2026-04-20T17:18:40+08:00185.31194112526708
2026-04-20T17:19:13+08:00194.3463638521801
2026-04-20T17:19:42+08:00195.18160955923082
2026-04-20T17:20:22+08:00246.6811743293503
2026-04-20T17:31:29+08:00294.16079765767194
2026-04-20T18:06:45+08:00297.32610587956003
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2026-04-20T22:08:28+08:00401.83010208119015
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2026-04-20T22:08:58+08:00423.2078816174725
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2026-04-21T10:13:20+08:00592.5751365039171
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2026-04-21T21:25:09+08:001412.6977921975151
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2026-04-23T11:32:30+08:004552.280288043048
2026-04-23T16:57:49+08:004583.284482076442
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
-0.2%
→
參與人數
20,576
→
人均手數
136.4
→
認購倍數
61x
61x = 20,576 × 136.4 ÷ 45,985 孖展加權 100% → 4583.3x
1x7913.0x
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
0.51
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
0.61
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 5784.7x 和當前分配手法 (甲組 α=0.512, 乙組 α=0.612) 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

標誌曦智科技中籤預測矩陣

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

18C特專科技

《主板規則》第18C章,爲特專科技公司設立。機制A及機制B不適用。初訂分配份額爲5%,回補門檻:10倍至不足50倍→10%,50倍或以上→20%。根據第18C.08條,發售股份總數中至少50%須由配售部分的獨立定價投資者認購。

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 曦智科技(01879)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