孖展動態 孖展倍數1337.49x 孖展資金910.1億 捷利預測倍數1604.98x
排名 券商 孖展資金
1 富途证券富途 444.5億
2 辉立证券辉立 292.0億
3 老虎国际老虎 94.6億
4 华泰国际华泰 39.5億
5 华盛证券华盛 16.5億
6 卓锐证券 5.8億
8 信诚证券信诚 5.0億
9 长桥证券长桥 3.8億
10 盈立证券盈立 3.3億
11 TradeGo MarketsTradeGo 3.1億
12 盈宝证券盈宝 9000萬
13 FunderstoneFunderstone 6279萬
14 艾德证券艾德 4005萬
孖展倍數
時間倍數
2025-12-08T06:00:00+08:000
2025-12-08T10:19:37+08:000.008671369782480894
2025-12-08T10:20:04+08:000.2588183421516755
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2025-12-08T11:11:07+08:001.010435038212816
2025-12-08T11:11:10+08:002.127425044091711
2025-12-08T12:03:22+08:002.2009112286890065
2025-12-08T12:03:51+08:002.2088477366255144
2025-12-08T12:03:56+08:002.6328630217519104
2025-12-08T12:03:59+08:003.2494121105232217
2025-12-08T13:48:54+08:004.704438565549677
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2025-12-08T13:49:04+08:004.523221634332746
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2025-12-08T21:27:02+08:0034.428718400940625
2025-12-08T21:27:11+08:0036.133597883597886
2025-12-08T22:04:11+08:0037.24294532627866
2025-12-08T22:04:15+08:0037.380805408583186
2025-12-09T08:36:42+08:0037.32010582010582
2025-12-09T08:36:45+08:0039.41813639035861
2025-12-09T08:38:02+08:0038.96649029982363
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2025-12-09T21:50:31+08:00127.22134038800705
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2025-12-10T16:07:50+08:00262.4545855379189
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2025-12-10T20:04:57+08:00434.114785420341
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2025-12-10T21:34:24+08:00492.09950029394474
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2025-12-10T22:12:57+08:00530.3556731334509
2025-12-10T22:13:10+08:00570.4056437389771
2025-12-11T08:44:26+08:00790.9082892416226
2025-12-11T08:44:47+08:00799.9582598471487
2025-12-11T08:44:53+08:00830.2214873603763
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2025-12-11T09:21:57+08:00845.7751322751323
2025-12-11T09:22:07+08:00943.879188712522
2025-12-11T09:23:32+08:001199.611111111111
2025-12-11T09:23:41+08:001213.5
2025-12-11T09:26:14+08:001251.4579659024103
2025-12-11T10:00:16+08:001260.0121987066432
2025-12-11T10:08:46+08:001272.852733686067
2025-12-11T17:15:06+08:001337.49
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
-0.2%
→
參與人數
9,783
→
人均手數
147.7
→
認購倍數
43x
43x = 9,783 × 147.7 ÷ 33,853 孖展加權 100% → 1605.0x
1x14696.0x
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
0.36
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
0.40
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 1890.73x 和當前分配手法 (甲組 α=0.359, 乙組 α=0.400) 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

標誌果下科技中籤預測矩陣

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 果下科技(02655)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