孖展動態 孖展倍數151.29x 孖展資金60.7億 捷利預測倍數175.5x
排名 券商 孖展資金
1 富途证券富途 39.9億
2 辉立证券辉立 9.0億
3 老虎国际老虎 6.2億
4 华泰国际华泰 4.2億
5 卓锐证券 4164萬
6 信诚证券信诚 3000萬
7 华盛证券华盛 2450萬
8 盈立证券盈立 1910萬
9 长桥证券长桥 1482萬
11 TradeGo MarketsTradeGo 944萬
12 盈宝证券盈宝 237萬
13 艾德证券艾德 71萬
孖展倍數
時間倍數
2025-12-15T06:00:00+08:000
2025-12-15T10:17:30+08:000.0014947683109118087
2025-12-15T10:17:37+08:000.03587443946188341
2025-12-15T10:19:09+08:000.08570004982561036
2025-12-15T11:15:57+08:000.08769307424015944
2025-12-15T11:16:39+08:000.09566517189835576
2025-12-15T11:17:30+08:000.11733931240657698
2025-12-15T11:18:59+08:000.16716492277030393
2025-12-15T12:05:29+08:000.1684105630293971
2025-12-15T12:06:11+08:000.19257598405580467
2025-12-15T12:07:10+08:000.26980568011958145
2025-12-15T12:08:15+08:000.4192825112107623
2025-12-15T12:08:42+08:000.4441953163926258
2025-12-15T13:45:00+08:000.46811160936721474
2025-12-15T13:46:20+08:000.47110114598903835
2025-12-15T13:47:52+08:000.9942700548081714
2025-12-15T13:50:59+08:000.9980069755854509
2025-12-15T13:51:53+08:001.0104633781763828
2025-12-15T14:02:02+08:001.0112107623318385
2025-12-15T14:05:05+08:001.0194319880418534
2025-12-15T14:07:44+08:001.0373692077727952
2025-12-15T14:08:46+08:001.2117588440458396
2025-12-15T14:09:33+08:001.2122571001494769
2025-12-15T15:10:10+08:001.2149975087194818
2025-12-15T15:11:55+08:001.2214748380667664
2025-12-15T15:13:04+08:001.3211260587942202
2025-12-15T15:33:02+08:001.3460388639760836
2025-12-15T16:08:16+08:001.3480318883906328
2025-12-15T16:09:30+08:001.4225211758844045
2025-12-15T16:10:37+08:001.6467364225211758
2025-12-15T17:11:37+08:001.647982062780269
2025-12-15T17:12:21+08:001.7473841554559044
2025-12-15T17:13:28+08:001.747633283507723
2025-12-15T17:14:46+08:002.37045341305431
2025-12-15T17:33:56+08:003.366965620328849
2025-12-15T18:06:41+08:003.3687095166915793
2025-12-15T18:07:09+08:003.393622321873443
2025-12-15T18:07:54+08:004.018933731938216
2025-12-15T18:09:56+08:004.666666666666667
2025-12-15T18:14:06+08:004.787742899850524
2025-12-15T20:12:57+08:004.7924763328350775
2025-12-15T20:14:36+08:004.806925759840558
2025-12-15T20:15:28+08:004.808669656203288
2025-12-15T20:15:37+08:005.344544095665172
2025-12-15T20:17:04+08:005.4691081215744894
2025-12-15T20:17:40+08:004.348031888390633
2025-12-15T22:13:37+08:004.351519681116094
2025-12-15T22:14:49+08:004.402341803687095
2025-12-15T22:16:09+08:004.452167414050822
2025-12-15T22:16:47+08:005.473592426507225
2025-12-16T08:55:19+08:005.497010463378176
2025-12-16T08:56:20+08:005.497010463378176
2025-12-16T08:57:31+08:005.639511709018436
2025-12-16T08:58:44+08:006.087942202291978
2025-12-16T09:00:42+08:006.118335824613852
2025-12-16T09:03:09+08:006.145739910313901
2025-12-16T09:05:52+08:006.220478325859491
2025-12-16T09:54:37+08:006.270303936223219
2025-12-16T10:05:24+08:006.407075236671649
2025-12-16T10:06:15+08:006.41429995017439
2025-12-16T10:06:25+08:006.4374688589935225
2025-12-16T10:07:28+08:006.661684105630294
2025-12-16T11:08:05+08:006.679621325361236
2025-12-16T11:10:24+08:006.684603886397609
2025-12-16T11:11:02+08:006.659691081215745
2025-12-16T12:05:52+08:006.662182361733931
2025-12-16T12:06:55+08:006.687842551071251
2025-12-16T12:07:33+08:006.682859990034878
2025-12-16T12:08:34+08:006.857249626307922
2025-12-16T13:45:25+08:006.874439461883408
2025-12-16T13:46:34+08:006.879422022919781
2025-12-16T13:47:09+08:006.9225211758844045
2025-12-16T13:47:59+08:007.071998006975585
2025-12-16T14:01:15+08:007.101395117090185
2025-12-16T14:03:27+08:007.568759342301943
2025-12-16T14:08:36+08:007.570752366716492
2025-12-16T14:08:57+08:007.720229197807673
2025-12-16T15:09:52+08:007.721225710014948
2025-12-16T15:10:15+08:007.723218734429497
2025-12-16T15:11:04+08:007.74813153961136
2025-12-16T15:48:28+08:007.972346786248131
2025-12-16T16:02:37+08:007.969855505729945
2025-12-16T16:03:21+08:007.970353761833582
2025-12-16T16:03:58+08:007.972346786248131
2025-12-16T16:07:24+08:007.9225211758844045
2025-12-16T17:01:27+08:007.97633283507723
2025-12-16T17:03:52+08:007.976831091180867
2025-12-16T17:04:18+08:008.116093672147484
2025-12-16T17:05:43+08:008.963129048330842
2025-12-16T17:30:50+08:0010.208769307424015
2025-12-16T18:11:54+08:0010.205032386646737
2025-12-16T18:12:14+08:0010.220229197807674
2025-12-16T18:13:19+08:0010.444444444444445
2025-12-16T18:16:56+08:0010.455156950672645
2025-12-16T19:10:43+08:0010.455406078724465
2025-12-16T19:10:50+08:0010.458146487294469
2025-12-16T19:11:01+08:0010.461883408071749
2025-12-16T19:12:01+08:0010.312406576980568
2025-12-16T21:31:00+08:0010.33931240657698
2025-12-16T21:31:10+08:0010.346537120079722
2025-12-16T21:32:11+08:0010.471101145989039
2025-12-16T22:17:01+08:0010.51270553064275
2025-12-17T08:37:47+08:0010.49451918285999
2025-12-17T08:37:51+08:0010.562780269058296
2025-12-17T08:37:57+08:0010.936472346786248
2025-12-17T08:38:03+08:0010.937468858993523
2025-12-17T08:38:07+08:0010.946188340807176
2025-12-17T08:38:10+08:0010.953413054309916
2025-12-17T08:38:18+08:0010.953413054309916
2025-12-17T09:08:10+08:0010.980817140009965
2025-12-17T09:08:50+08:0011.03637269556552
2025-12-17T09:09:40+08:0011.039362232187344
2025-12-17T09:10:16+08:0011.313403089187842
2025-12-17T09:18:09+08:0011.46910812157449
2025-12-17T10:00:49+08:0011.50373692077728
2025-12-17T10:03:26+08:0011.528898854010961
2025-12-17T10:03:59+08:0011.154210264075735
2025-12-17T10:05:20+08:0011.32859990034878
2025-12-17T11:02:36+08:0011.343547583457898
2025-12-17T11:03:49+08:0010.866965620328848
2025-12-17T11:04:00+08:0010.917040358744394
2025-12-17T11:05:41+08:0010.991778774289985
2025-12-17T12:03:01+08:0011.00722471350274
2025-12-17T12:03:18+08:0011.012207274539113
2025-12-17T12:03:37+08:0011.028649725959143
2025-12-17T12:08:03+08:0011.103388141504734
2025-12-17T13:48:10+08:0011.103637269556552
2025-12-17T13:48:45+08:0011.125560538116591
2025-12-17T13:49:08+08:0011.23368211260588
2025-12-17T14:00:56+08:0011.23916292974589
2025-12-17T14:01:49+08:0011.314897857498755
2025-12-17T14:03:57+08:0011.331340308918785
2025-12-17T14:04:13+08:0011.378176382660687
2025-12-17T14:05:24+08:0012.773293472845042
2025-12-17T15:05:08+08:0012.777030393622322
2025-12-17T15:05:30+08:0012.935724962630792
2025-12-17T15:05:49+08:0013.78276033881415
2025-12-17T15:06:54+08:0013.79571499750872
2025-12-17T15:37:17+08:0014.293971101145988
2025-12-17T16:04:46+08:0014.248380667663179
2025-12-17T16:06:37+08:0018.060039860488292
2025-12-17T17:08:41+08:0019.626307922272048
2025-12-17T17:09:11+08:0030.114598903836573
2025-12-17T17:33:06+08:0032.356751370204286
2025-12-17T18:06:01+08:0034.1751370204285
2025-12-17T18:06:31+08:0039.53139013452915
2025-12-17T18:08:23+08:0043.45092177379173
2025-12-17T20:22:48+08:0044.29347284504235
2025-12-17T20:23:20+08:0045.83806676631789
2025-12-17T20:24:23+08:0045.94369706028899
2025-12-17T20:24:43+08:0049.4813153961136
2025-12-17T22:16:17+08:0051.62929745889387
2025-12-17T22:16:55+08:0057.28450423517688
2025-12-17T22:18:02+08:0057.92476332835077
2025-12-17T22:18:24+08:0063.530144494270054
2025-12-18T08:18:23+08:0065.15047334329846
2025-12-18T08:19:12+08:0065.15047334329846
2025-12-18T08:19:34+08:0069.40184354758345
2025-12-18T08:19:43+08:00103.98081714000996
2025-12-18T09:09:20+08:00104.52067762830094
2025-12-18T09:09:28+08:00125.32286995515695
2025-12-18T09:09:49+08:00125.82112605879422
2025-12-18T10:23:21+08:00126.85849526656702
2025-12-18T10:23:26+08:00144.79571499750872
2025-12-18T10:23:51+08:00145.39013452914799
2025-12-18T14:10:48+08:00151.29
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
18,334
→
人均手數
115.3
→
認購倍數
279x
279x = 18,334 × 115.3 ÷ 7,574 孖展加權 100% → 175.5x
1x33007.0x
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
0.60
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 188.74x 和當前分配手法 (甲組 α=0.505, 乙組 α=0.605) 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

標誌诺比侃中籤預測矩陣

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 诺比侃(02635)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