孖展動態 孖展倍數302.99x 孖展資金5300.3億 捷利預測倍數406.01x
排名 券商 孖展資金
1 富途证券富途 3197.3億
2 辉立证券辉立 1100.0億
3 老虎国际老虎 477.9億
4 华泰国际华泰 177.8億
5 招银国际招银 113.0億
6 华盛证券华盛 68.0億
7 信诚证券信诚 50.0億
8 熊猫证券熊猫 29.7億
9 盈立证券盈立 23.2億
孖展倍數
時間倍數
2026-04-13T06:00:00+08:000
2026-04-13T10:02:48+08:000.0024695451349389186
2026-04-13T10:03:59+08:000.0072714384528757055
2026-04-13T10:05:31+08:000.02842263521045441
2026-04-13T11:09:23+08:000.029623108539938603
2026-04-13T11:09:51+08:000.040347336949997425
2026-04-13T11:10:25+08:000.8446644677044092
2026-04-13T11:13:31+08:000.8763626801424562
2026-04-13T11:14:42+08:000.8820792198066666
2026-04-13T12:02:47+08:000.8900880918762255
2026-04-13T12:08:44+08:000.8901852730505171
2026-04-13T12:09:28+08:000.8942840319897559
2026-04-13T12:10:34+08:001.1378086216851215
2026-04-13T12:10:52+08:001.143525161349332
2026-04-13T13:47:04+08:001.1590227003790066
2026-04-13T13:47:48+08:001.314512579245531
2026-04-13T13:48:29+08:001.3189771967232795
2026-04-13T14:08:17+08:001.3267802733649268
2026-04-13T14:08:37+08:001.3269574860945172
2026-04-13T14:08:52+08:001.3477313912342581
2026-04-13T14:09:17+08:001.49636142250373
2026-04-13T14:11:13+08:001.524881238888476
2026-04-13T15:11:21+08:001.5290600293830139
2026-04-13T15:11:43+08:001.6862648701488014
2026-04-13T15:12:00+08:001.6862705866884657
2026-04-13T15:12:20+08:001.7060097981489843
2026-04-13T15:12:56+08:001.7117263378131948
2026-04-13T16:05:22+08:002.462307995724028
2026-04-13T16:05:34+08:002.520090778649868
2026-04-13T16:06:04+08:002.520422337950392
2026-04-13T16:06:39+08:002.52890568281208
2026-04-13T17:11:13+08:002.529385872143874
2026-04-13T17:11:35+08:002.5876945767188206
2026-04-13T17:12:00+08:002.589152294333194
2026-04-13T17:12:15+08:002.6006196728996005
2026-04-13T17:28:47+08:003.080809004693279
2026-04-13T18:13:04+08:003.0827469116394464
2026-04-13T18:13:33+08:003.091556099261995
2026-04-13T18:14:06+08:003.091704729293264
2026-04-13T18:14:27+08:003.2414780684955784
2026-04-13T18:17:29+08:003.2526539035391098
2026-04-13T20:32:40+08:003.25526064562599
2026-04-13T20:36:31+08:003.255895181528717
2026-04-13T20:37:11+08:003.280196191641276
2026-04-13T20:37:39+08:003.347651359678959
2026-04-13T20:37:53+08:003.4551223053661158
2026-04-13T22:09:22+08:003.5141741600974097
2026-04-13T22:09:50+08:003.5142942074303583
2026-04-13T22:10:10+08:003.583464337367305
2026-04-13T22:10:25+08:003.684075435457409
2026-04-14T08:35:13+08:003.697720815635879
2026-04-14T08:35:21+08:003.722810708222099
2026-04-14T08:35:51+08:003.723410944886841
2026-04-14T08:35:59+08:003.7235938741560957
2026-04-14T08:36:20+08:003.7235938741560957
2026-04-14T08:37:52+08:004.23408086617009
2026-04-14T09:02:02+08:004.299849655006831
2026-04-14T09:03:38+08:004.304502918293498
2026-04-14T09:04:07+08:004.304485768674506
2026-04-14T09:05:20+08:004.364812411750919
2026-04-14T09:07:14+08:004.483716436766496
2026-04-14T09:26:16+08:004.512299135087549
2026-04-14T10:07:11+08:004.518650210654487
2026-04-14T10:07:54+08:005.1972034687962685
2026-04-14T10:08:01+08:005.197563610795114
2026-04-14T10:08:30+08:005.220246840182701
2026-04-14T11:05:05+08:005.229490484819729
2026-04-14T11:05:46+08:005.325528351178464
2026-04-14T11:05:52+08:005.326008540510259
2026-04-14T11:06:38+08:005.33472626349818
2026-04-14T12:10:12+08:005.33707576130017
2026-04-14T12:10:21+08:005.352207441791335
2026-04-14T12:10:24+08:005.352361788362269
2026-04-14T12:10:27+08:005.641047041404897
2026-04-14T13:45:54+08:005.650719426516741
2026-04-14T13:46:18+08:005.652017081020516
2026-04-14T13:46:38+08:005.652457254574661
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2026-04-14T13:48:47+08:005.965151974206973
2026-04-14T14:05:49+08:006.0365687042319545
2026-04-14T14:06:13+08:006.108322710097124
2026-04-14T14:06:16+08:006.108374158954102
2026-04-14T14:06:19+08:006.36390348194431
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2026-04-14T15:05:06+08:006.523314907020483
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2026-04-14T15:05:33+08:006.7272353099221975
2026-04-14T15:36:24+08:007.013062293132721
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2026-04-14T16:26:30+08:007.051711817802448
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2026-04-14T17:10:40+08:0013.670584401849872
2026-04-14T17:27:43+08:0014.699561541407755
2026-04-14T18:09:19+08:0014.70089921168918
2026-04-14T18:09:32+08:0014.954765021637103
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2026-04-14T18:10:02+08:0016.338361982724617
2026-04-14T18:11:04+08:0016.935042959795577
2026-04-14T20:28:20+08:0016.943972194751073
2026-04-14T20:28:35+08:0016.94585865284026
2026-04-14T20:28:40+08:0017.018195745751182
2026-04-14T20:28:44+08:0017.730476587911806
2026-04-14T20:28:56+08:0017.823221727423956
2026-04-14T20:29:02+08:0017.82329604243959
2026-04-14T20:29:08+08:0019.03120087348726
2026-04-14T22:31:47+08:0019.181002795387897
2026-04-14T22:31:51+08:0019.181865992877192
2026-04-14T22:31:57+08:0019.819831819403078
2026-04-14T22:32:02+08:0019.98601734398134
2026-04-14T22:32:06+08:0019.98719495115217
2026-04-14T22:32:12+08:0020.567995381035953
2026-04-15T08:44:12+08:0020.56832122379681
2026-04-15T08:44:15+08:0020.56985325642682
2026-04-15T08:44:26+08:0020.63225500340134
2026-04-15T08:44:29+08:0020.96706129845482
2026-04-15T08:44:38+08:0024.451863877757514
2026-04-15T08:44:45+08:0024.451863877757514
2026-04-15T09:07:17+08:0024.478308590244154
2026-04-15T09:07:41+08:0024.559460587317286
2026-04-15T09:07:44+08:0024.56148995889808
2026-04-15T09:07:47+08:0025.342369277029228
2026-04-15T09:08:11+08:0025.77149847654218
2026-04-15T09:34:15+08:0026.057325459752704
2026-04-15T10:08:55+08:0026.7541487786613
2026-04-15T10:09:21+08:0029.13222927897285
2026-04-15T10:09:57+08:0029.351664370523235
2026-04-15T10:10:05+08:0031.071199501517743
2026-04-15T10:10:18+08:0031.136688179910937
2026-04-15T11:14:44+08:0031.16347016823776
2026-04-15T11:15:41+08:0031.440642310396672
2026-04-15T11:16:16+08:0031.51030406274474
2026-04-15T11:16:33+08:0032.96116182952135
2026-04-15T12:08:50+08:0032.965111958429326
2026-04-15T12:09:19+08:0033.07925982244428
2026-04-15T12:09:28+08:0033.11283305989219
2026-04-15T12:10:14+08:0033.221447313512186
2026-04-15T12:10:25+08:0034.74890671178922
2026-04-15T13:41:41+08:0034.755400700847765
2026-04-15T13:41:55+08:0034.781376657081935
2026-04-15T13:42:08+08:0035.64743241620982
2026-04-15T13:42:55+08:0035.591113067438016
2026-04-15T14:06:29+08:0035.72128439213176
2026-04-15T14:06:45+08:0035.6919356774957
2026-04-15T14:07:08+08:0035.70359741841069
2026-04-15T14:07:45+08:0037.61635159005551
2026-04-15T14:08:45+08:0038.18633061035494
2026-04-15T15:03:35+08:0038.23665902555865
2026-04-15T15:04:05+08:0038.246182780639224
2026-04-15T15:05:27+08:0039.17397716814058
2026-04-15T15:11:15+08:0039.28259142176058
2026-04-15T15:16:32+08:0040.56685207310311
2026-04-15T16:28:13+08:0040.58295556533719
2026-04-15T16:29:05+08:0043.50952661335041
2026-04-15T16:29:15+08:0043.51977636896834
2026-04-15T16:29:58+08:0054.24857801075853
2026-04-15T16:30:12+08:0054.87739737382168
2026-04-15T16:34:19+08:0057.44984022271638
2026-04-15T17:05:01+08:0057.553835512287705
2026-04-15T17:05:22+08:0060.45025753011187
2026-04-15T17:05:36+08:0081.61803225271679
2026-04-15T17:05:50+08:0081.63843458277836
2026-04-15T18:05:25+08:0083.18303216696869
2026-04-15T18:05:42+08:0083.71900349280574
2026-04-15T18:06:04+08:0094.59243358810045
2026-04-15T18:08:52+08:0097.62119921569075
2026-04-15T20:15:47+08:0097.87093768400112
2026-04-15T20:15:57+08:0098.02411236430363
2026-04-15T20:16:16+08:0099.38336829950094
2026-04-15T20:16:25+08:00101.2171484756847
2026-04-15T20:16:44+08:00109.53128376331239
2026-04-15T20:16:58+08:00129.539172588049
2026-04-15T20:17:03+08:00131.02547290074372
2026-04-15T20:17:08+08:00138.00936940850963
2026-04-15T22:20:30+08:00139.3888218783406
2026-04-15T22:20:34+08:00139.5168609337396
2026-04-15T22:20:45+08:00147.29021156913296
2026-04-15T22:21:02+08:00148.76024260994336
2026-04-15T22:21:07+08:00148.84444152265752
2026-04-15T22:21:19+08:00158.0120561821518
2026-04-16T08:35:55+08:00159.04257107087938
2026-04-16T08:36:01+08:00163.64546592656532
2026-04-16T08:36:18+08:00163.74810639623624
2026-04-16T08:36:24+08:00163.92727989893157
2026-04-16T08:36:35+08:00204.1437080906186
2026-04-16T08:37:36+08:00204.1437080906186
2026-04-16T09:03:41+08:00205.84981506994185
2026-04-16T09:03:52+08:00205.84978648724353
2026-04-16T09:05:39+08:00211.15257444363777
2026-04-16T09:06:34+08:00224.34520468070266
2026-04-16T09:39:43+08:00225.31701642361847
2026-04-16T10:22:24+08:00227.26271501334813
2026-04-16T10:22:43+08:00253.7914606330496
2026-04-16T11:10:09+08:00254.01601202759946
2026-04-16T11:10:28+08:00293.0028125375148
2026-04-16T18:09:07+08:00302.99
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
20,604
→
人均手數
22.0
→
認購倍數
5x
5x = 20,604 × 22.0 ÷ 83,348 A+H二次上市 · 參與×0.44 H股折價 41.6% 孖展加權 100% → 406.0x
1x571.0x
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
0.67
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
0.77
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 431.15x 和當前分配手法 (甲組 α=0.672, 乙組 α=0.772) 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

標誌胜宏科技中籤預測矩陣

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

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 胜宏科技(02476)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