孖展動態 孖展倍數235.64x 孖展資金1645.3億 捷利預測倍數315.76x
排名 券商 孖展資金
1 富途证券富途 767.2億
2 辉立证券辉立 528.0億
3 老虎国际老虎 144.2億
4 华泰国际华泰 77.4億
5 致富证券致富 38.1億
6 复星国际复星 27.6億
7 华盛证券华盛 23.0億
8 盈立证券盈立 16.4億
9 熊猫证券熊猫 14.4億
孖展倍數
時間倍數
2026-06-30T06:00:00+08:000
2026-06-30T10:29:12+08:005.7288533699979946e-05
2026-06-30T11:21:10+08:000.0009309386726246741
2026-06-30T11:21:16+08:000.0016470453438744235
2026-06-30T11:21:21+08:000.001990776546074303
2026-06-30T11:21:33+08:000.07073701698605024
2026-06-30T12:14:35+08:000.0711666809888001
2026-06-30T12:19:20+08:000.07547764314972358
2026-06-30T12:21:56+08:000.0765947695568732
2026-06-30T12:23:13+08:000.07872876743719745
2026-06-30T12:26:51+08:000.6186731975595084
2026-06-30T14:06:07+08:000.6194752370313081
2026-06-30T14:06:09+08:000.619847612500358
2026-06-30T14:06:49+08:000.6183581106241586
2026-06-30T14:06:52+08:000.6185729426255335
2026-06-30T14:14:02+08:000.6204634642376329
2026-06-30T14:14:04+08:000.6299590386984045
2026-06-30T14:18:03+08:000.6310618429721291
2026-06-30T14:18:06+08:000.631434218441179
2026-06-30T14:19:49+08:000.640027498496176
2026-06-30T14:19:52+08:000.65721405860617
2026-06-30T14:30:38+08:000.6757325771246885
2026-06-30T15:03:29+08:000.6760333419266134
2026-06-30T15:05:38+08:000.6811320214259116
2026-06-30T15:07:18+08:000.6813038870270115
2026-06-30T15:09:01+08:000.6825355905015611
2026-06-30T15:10:16+08:000.6868322305290596
2026-06-30T15:17:19+08:000.6868035862622096
2026-06-30T16:29:14+08:000.6879923233364842
2026-06-30T16:33:08+08:000.688450631606084
2026-06-30T16:34:52+08:000.6886081750737589
2026-06-30T16:37:37+08:000.7107788376156512
2026-06-30T16:39:36+08:000.7110652802841512
2026-06-30T16:41:44+08:000.7583283205866346
2026-06-30T17:07:04+08:000.760075620864484
2026-06-30T17:08:12+08:000.7601615536650339
2026-06-30T17:11:06+08:000.7594884133940591
2026-06-30T17:12:50+08:000.7603763856664089
2026-06-30T17:14:48+08:000.762782504081808
2026-06-30T17:17:52+08:000.7814012775343016
2026-06-30T18:06:41+08:000.774383432156054
2026-06-30T18:12:49+08:000.7794105009882272
2026-06-30T18:17:53+08:000.780026352725502
2026-06-30T18:19:21+08:000.7802411847268769
2026-06-30T18:21:22+08:000.7805419495288018
2026-06-30T18:24:33+08:000.7813439890006015
2026-06-30T18:25:56+08:000.791369482398098
2026-06-30T18:26:26+08:001.1494228180229726
2026-06-30T20:09:09+08:001.1495517172237977
2026-06-30T20:10:44+08:001.1491363753544728
2026-06-30T20:12:39+08:001.1503537566955975
2026-06-30T20:15:14+08:001.1506401993640973
2026-06-30T20:17:32+08:001.1508550313654722
2026-06-30T20:19:31+08:001.2081435650654522
2026-06-30T22:00:06+08:001.208888316003552
2026-06-30T22:04:40+08:001.2090745037380768
2026-06-30T22:06:58+08:001.2091604365386268
2026-06-30T22:08:57+08:001.2192288963363982
2026-06-30T22:10:03+08:001.2163644696513993
2026-07-01T08:43:03+08:001.2728366417461545
2026-07-01T08:43:07+08:001.3041448254131935
2026-07-01T08:53:17+08:001.3040875368794935
2026-07-01T08:53:20+08:001.3042307582137436
2026-07-01T08:58:18+08:001.911489215433531
2026-07-01T09:02:47+08:001.911489215433531
2026-07-01T09:05:28+08:001.9191802010827532
2026-07-01T09:08:06+08:001.9192661338833032
2026-07-01T09:10:37+08:001.9243361691157514
2026-07-01T09:12:24+08:001.9236916731116267
2026-07-01T09:13:55+08:001.9294205264816247
2026-07-01T09:17:48+08:001.9337314886425483
2026-07-01T09:24:28+08:001.9298645126177996
2026-07-01T10:18:25+08:001.9303801094210993
2026-07-01T10:22:24+08:001.9350204806507978
2026-07-01T10:24:51+08:001.9362521841253473
2026-07-01T10:26:34+08:001.9605998109478389
2026-07-01T10:28:06+08:001.9606427773481139
2026-07-01T11:09:14+08:001.9611870184182636
2026-07-01T11:10:44+08:001.9612299848185386
2026-07-01T11:11:43+08:001.9613588840193634
2026-07-01T11:13:26+08:001.9647245853742374
2026-07-01T11:15:53+08:001.9651542493769871
2026-07-01T11:20:16+08:001.9723153160894846
2026-07-01T12:14:02+08:001.9723726046231846
2026-07-01T12:16:36+08:001.9730314227607344
2026-07-01T12:18:17+08:001.9730600670275844
2026-07-01T12:19:34+08:001.974177193434734
2026-07-01T12:21:02+08:001.98563490017473
2026-07-01T14:11:20+08:001.9870384692503795
2026-07-01T14:11:23+08:001.9868952479161295
2026-07-01T14:14:36+08:001.9963765002434763
2026-07-01T14:14:39+08:002.0068889461774226
2026-07-01T14:18:35+08:002.0126177995474204
2026-07-01T14:18:38+08:002.0255077196299163
2026-07-01T14:20:51+08:002.025264243361691
2026-07-01T14:23:09+08:002.029517916988915
2026-07-01T14:23:11+08:002.0293603735212398
2026-07-01T14:25:40+08:002.031193606599639
2026-07-01T14:25:42+08:002.034616596488213
2026-07-01T14:31:22+08:002.0391567127839365
2026-07-01T15:09:54+08:002.0378104322419865
2026-07-01T15:13:11+08:002.0383403511787117
2026-07-01T15:14:08+08:002.0383117069118617
2026-07-01T15:15:30+08:002.034143966085188
2026-07-01T15:18:06+08:002.034616596488213
2026-07-01T15:20:22+08:002.058964223310704
2026-07-01T16:14:47+08:002.0593509209131793
2026-07-01T16:18:17+08:002.054696227550056
2026-07-01T16:18:57+08:002.0549540259517056
2026-07-01T16:20:39+08:002.0550972472859557
2026-07-01T16:22:04+08:002.0450717538884593
2026-07-01T16:24:00+08:002.045472773624359
2026-07-01T17:03:43+08:002.0487811864455328
2026-07-01T17:06:22+08:002.0451720088224343
2026-07-01T17:08:33+08:002.0452865858898344
2026-07-01T17:12:28+08:002.045358196556959
2026-07-01T18:02:49+08:002.045372518690384
2026-07-01T18:04:49+08:002.046360745896709
2026-07-01T18:06:43+08:002.046575577898084
2026-07-01T18:08:53+08:002.0487811864455328
2026-07-01T18:10:08+08:001.5589642233107044
2026-07-01T18:19:14+08:001.5621294147976283
2026-07-01T20:55:15+08:001.5636045945404027
2026-07-01T20:56:25+08:001.5638910372089025
2026-07-01T20:58:42+08:001.5694337028443757
2026-07-01T21:00:17+08:001.5698060783134256
2026-07-01T21:01:11+08:001.5726705049984246
2026-07-01T21:02:10+08:001.5755349316834235
2026-07-01T21:04:36+08:001.5761937498209733
2026-07-01T22:06:20+08:001.5762796826215233
2026-07-01T22:07:41+08:001.577353842628398
2026-07-01T22:10:28+08:001.5727994041992495
2026-07-01T22:15:03+08:001.0829824410644209
2026-07-02T08:44:26+08:001.0849732176104954
2026-07-02T08:44:29+08:001.0806336111827217
2026-07-02T08:47:30+08:001.0815931941221963
2026-07-02T08:47:33+08:001.0815215834550715
2026-07-02T08:52:04+08:001.14310675718255
2026-07-02T08:58:51+08:001.14310675718255
2026-07-02T09:13:18+08:001.1445389705250495
2026-07-02T09:19:15+08:001.166036492795967
2026-07-02T09:21:08+08:001.1707771189596403
2026-07-02T09:27:07+08:001.1858296811893099
2026-07-02T09:29:54+08:001.1844834006473604
2026-07-02T09:33:09+08:001.2646873478273324
2026-07-02T09:51:50+08:001.2681962705164562
2026-07-02T10:14:37+08:001.268826444387156
2026-07-02T10:16:06+08:001.2646300592936324
2026-07-02T10:17:12+08:001.2857552060955
2026-07-02T10:19:08+08:001.28578385036235
2026-07-02T10:21:51+08:001.2858124946292
2026-07-02T10:25:37+08:001.2328206009567184
2026-07-02T11:10:09+08:001.2331643321589183
2026-07-02T11:10:49+08:001.2334221305605684
2026-07-02T11:13:54+08:001.2340809486981181
2026-07-02T11:15:13+08:001.2326487353556186
2026-07-02T11:16:55+08:001.2326630574890436
2026-07-02T11:19:21+08:001.2335939961616682
2026-07-02T12:11:51+08:001.2334507748274184
2026-07-02T12:16:47+08:001.2477299418521384
2026-07-02T12:19:14+08:001.248274182922288
2026-07-02T12:20:25+08:001.2712755292028302
2026-07-02T12:21:52+08:001.2927587293403224
2026-07-02T12:24:03+08:001.2922860989372977
2026-07-02T14:07:42+08:001.2924722866718226
2026-07-02T14:07:45+08:001.2917418578671478
2026-07-02T14:12:45+08:001.2910114290624732
2026-07-02T14:12:47+08:001.2928876285411475
2026-07-02T14:15:40+08:001.2918707570679728
2026-07-02T14:15:43+08:001.291555670132623
2026-07-02T14:19:47+08:001.2898226919881985
2026-07-02T14:19:49+08:001.2904242215920483
2026-07-02T14:20:19+08:001.2876170834407494
2026-07-02T14:20:22+08:001.3062358568932428
2026-07-02T14:20:25+08:001.308112056371917
2026-07-02T14:20:27+08:001.2966543496319212
2026-07-02T14:36:55+08:001.308112056371917
2026-07-02T15:01:25+08:001.3083268883732921
2026-07-02T15:03:19+08:001.3069949299647676
2026-07-02T15:06:28+08:001.3070522184984674
2026-07-02T15:10:16+08:001.3068087422302426
2026-07-02T15:11:47+08:001.308169344905617
2026-07-02T15:13:19+08:001.3396780384406062
2026-07-02T16:05:10+08:001.3544298358683509
2026-07-02T16:07:23+08:001.3539715275987512
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2026-07-02T16:10:40+08:001.3532983873277764
2026-07-02T16:11:53+08:001.360459454040274
2026-07-02T16:14:12+08:001.362579129787173
2026-07-02T17:04:20+08:001.3682077282231961
2026-07-02T17:06:28+08:001.3679928962218213
2026-07-02T17:08:35+08:001.3625648076537482
2026-07-02T17:10:29+08:001.362722351121423
2026-07-02T17:11:36+08:001.3639683767293975
2026-07-02T17:14:32+08:001.3682650167568962
2026-07-02T18:10:43+08:001.382988169917791
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2026-07-02T18:19:15+08:001.391466872905388
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2026-07-02T18:21:49+08:001.3916100942396379
2026-07-02T18:22:14+08:001.394274011056687
2026-07-02T18:24:21+08:001.41432499785168
2026-07-02T18:26:55+08:001.6291569992266048
2026-07-02T20:42:09+08:001.6291856434934548
2026-07-02T20:44:59+08:001.6277391080175303
2026-07-02T20:46:32+08:001.6278680072183553
2026-07-02T20:50:09+08:001.6271375784136806
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2026-07-02T21:50:22+08:001.6151642748703847
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2026-07-03T08:38:44+08:001.6789264128784624
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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
17,566
→
人均手數
48.5
→
認購倍數
4x
4x = 17,566 × 48.5 ÷ 216,167 A+H二次上市 · 參與×0.44 H股折價 45.1% 孖展加權 100% → 315.8x
1x1432.0x
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
0.56
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
0.66
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 344.26x 和當前分配手法 (甲組 α=0.561, 乙組 α=0.661) 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

標誌晶合集成中籤預測矩陣

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 晶合集成(02249)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