孖展動態 孖展倍數2085.3928571428573x 孖展資金659.8億
排名 券商 孖展資金
1 富途证券富途 475.6億
2 老虎国际老虎 81.0億
3 辉立证券辉立 56.0億
4 华泰国际华泰 18.7億
5 华盛证券华盛 10.1億
6 招银国际招银 6.8億
7 盈立证券盈立 5.8億
8 致富证券致富 3.3億
9 长桥证券长桥 3.1億
孖展倍數
時間倍數
2026-01-29T06:00:00+08:000
2026-01-29T10:31:23+08:000.0003160556257901391
2026-01-29T10:31:30+08:000.13369152970922882
2026-01-29T10:31:35+08:000.2917193426042984
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2026-01-29T11:11:29+08:007.498419721871049
2026-01-29T12:09:30+08:007.513906447534766
2026-01-29T12:09:39+08:007.515170670037927
2026-01-29T12:10:06+08:007.578381795195955
2026-01-29T12:10:27+08:007.643173198482933
2026-01-29T12:10:45+08:008.495259165613147
2026-01-29T12:10:58+08:009.476611883691529
2026-01-29T12:11:18+08:0011.309734513274336
2026-01-29T12:36:13+08:0011.310366624525917
2026-01-29T13:41:33+08:0011.369469026548673
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2026-01-29T14:18:17+08:0016.68457648546144
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2026-01-29T14:35:43+08:0019.50031605562579
2026-01-29T15:11:01+08:0019.580278128950695
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2026-01-29T15:11:52+08:0019.81668773704172
2026-01-29T15:12:09+08:0020.02528445006321
2026-01-29T15:12:34+08:0023.944374209860936
2026-01-29T16:26:27+08:0023.95385587863464
2026-01-29T16:27:06+08:0023.895069532237674
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2026-01-29T16:30:35+08:0029.43046776232617
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2026-01-29T17:19:12+08:0032.25726927939317
2026-01-29T17:45:45+08:0035.7338811630847
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2026-01-30T10:13:47+08:0066.11978508217446
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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
18,855
→
人均手數
87.9
→
認購倍數
174x
174x = 18,855 × 87.9 ÷ 9,500 孖展加權 100% → 2085.4x
1x35146.0x
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
0.61
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 2730.73x 和當前分配手法 (甲組 α=0.514, 乙組 α=0.614) 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

標誌卓正医疗中籤預測矩陣

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 卓正医疗(02677)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