孖展動態 孖展倍數595.49x 孖展資金536.0億 捷利預測倍數702.68x
排名 券商 孖展資金
1 富途证券富途 342.2億
2 辉立证券辉立 80.0億
3 老虎国际老虎 63.3億
4 华泰国际华泰 23.0億
5 华盛证券华盛 7.9億
6 长桥证券长桥 6.7億
7 盈立证券盈立 4.2億
8 信诚证券信诚 4.0億
9 卓锐证券 3.3億
11 盈宝证券盈宝 6261萬
12 艾德证券艾德 5815萬
13 TradeGo MarketsTradeGo 2288萬
孖展倍數
時間倍數
2025-12-12T06:00:00+08:000
2025-12-12T10:19:25+08:000.0009997778271495224
2025-12-12T10:19:31+08:000.42979337924905575
2025-12-12T10:19:38+08:001.5073317040657632
2025-12-12T11:12:27+08:001.807153965785381
2025-12-12T11:13:25+08:001.8649189069095757
2025-12-12T11:13:58+08:002.911130859808931
2025-12-12T11:15:31+08:006.932459453454788
2025-12-12T12:04:54+08:007.105754276827372
2025-12-12T12:05:28+08:007.323039324594535
2025-12-12T12:06:00+08:007.785492112863808
2025-12-12T12:06:51+08:009.062986003110419
2025-12-12T13:44:29+08:009.398355920906464
2025-12-12T13:45:07+08:0011.58675849811153
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2025-12-12T14:01:42+08:0011.83492557209509
2025-12-12T14:03:56+08:0012.26905132192846
2025-12-12T14:07:08+08:0012.47600533214841
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2025-12-12T16:12:12+08:0019.629860031104197
2025-12-12T16:12:58+08:0021.451677405021105
2025-12-12T16:13:32+08:0022.530993112641635
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2025-12-12T17:21:20+08:0023.274494556765163
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2025-12-12T17:34:58+08:0027.54021328593646
2025-12-12T18:00:50+08:0027.602532770495447
2025-12-12T18:10:48+08:0027.710175516551878
2025-12-12T18:11:09+08:0029.43779160186625
2025-12-12T18:12:19+08:0033.99233503665852
2025-12-12T18:14:28+08:0035.368918018218174
2025-12-12T20:20:52+08:0035.41090868695845
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2025-12-13T10:36:32+08:0052.81748500333259
2025-12-13T10:39:10+08:0052.9050211064208
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2025-12-13T10:41:07+08:0055.05187736058654
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2025-12-13T10:42:27+08:0065.05132192846034
2025-12-13T11:35:24+08:0065.0557653854699
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2025-12-13T14:48:47+08:0068.07353921350811
2025-12-13T15:59:18+08:0068.07420573205954
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2025-12-14T10:08:52+08:0073.78293712508332
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2025-12-14T10:12:07+08:0075.01699622306154
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2025-12-14T10:17:13+08:0076.27016218618085
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2025-12-14T12:45:37+08:0078.38769162408353
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2025-12-14T15:53:10+08:0079.5526549655632
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2025-12-14T21:03:37+08:0081.02854921128637
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2025-12-15T14:01:42+08:00110.39713397022884
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2025-12-15T15:11:05+08:00118.40579871139747
2025-12-15T15:12:05+08:00119.09564541213064
2025-12-15T15:12:55+08:00123.09475672072872
2025-12-15T15:32:51+08:00125.20539880026661
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2025-12-15T17:11:21+08:00127.24783381470785
2025-12-15T17:12:30+08:00129.19062430570983
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2025-12-16T11:07:32+08:00262.67240613197066
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2025-12-17T08:40:18+08:00511.2056209731171
2025-12-17T08:41:44+08:00511.2056209731171
2025-12-17T09:08:19+08:00513.0453232614974
2025-12-17T09:10:08+08:00549.8371473005999
2025-12-17T09:16:51+08:00556.9110197733837
2025-12-17T09:20:08+08:00579.1283048211509
2025-12-17T09:22:04+08:00581.6832926016441
2025-12-17T10:01:48+08:00589.4593423683626
2025-12-17T10:02:27+08:00593.0994223505887
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2025-12-17T10:21:54+08:00595.49
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
18,523
→
人均手數
59.1
→
認購倍數
124x
124x = 18,523 × 59.1 ÷ 8,825 孖展加權 100% → 702.7x
1x14831.0x
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
0.54
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
0.64
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 791.95x 和當前分配手法 (甲組 α=0.535, 乙組 α=0.635) 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

標誌华芢生物-B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 华芢生物-B(02396)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