孖展動態 孖展倍數682.46x 孖展資金329.4億 捷利預測倍數887.2x
排名 券商 孖展資金
1 富途证券富途 229.5億
2 老虎国际老虎 41.1億
3 华泰国际华泰 17.1億
4 辉立证券辉立 10.0億
5 致富证券致富 8.2億
6 华盛证券华盛 6.3億
7 熊猫证券熊猫 4.6億
8 复星国际复星 4.0億
9 盈立证券盈立 3.7億
孖展倍數
時間倍數
2026-06-22T06:00:00+08:000
2026-06-22T10:16:07+08:000.00145017609281127
2026-06-22T10:16:13+08:000.003107520198881293
2026-06-22T11:14:47+08:000.015744769007665218
2026-06-22T11:17:46+08:000.019888129272840272
2026-06-22T11:19:38+08:000.022166977418686555
2026-06-22T11:23:17+08:000.04288377874456184
2026-06-22T12:09:53+08:000.043090946757820596
2026-06-22T12:12:22+08:000.044748290863890615
2026-06-22T12:16:54+08:000.10689869484151647
2026-06-22T12:21:54+08:000.10772736689455148
2026-06-22T13:39:30+08:000.11808576755748912
2026-06-22T14:16:26+08:000.11953594365030039
2026-06-22T14:16:29+08:000.12036461570333541
2026-06-22T14:22:01+08:000.13569504868448312
2026-06-22T14:24:59+08:000.1564118500103584
2026-06-22T14:27:42+08:000.15744769007665216
2026-06-22T14:29:46+08:000.15806919411642842
2026-06-22T14:29:49+08:000.15910503418272218
2026-06-22T14:40:53+08:000.163455562461156
2026-06-22T15:12:57+08:000.164284234514191
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2026-06-22T15:15:50+08:000.21814791796146674
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2026-06-22T16:08:44+08:000.23700020716801326
2026-06-22T16:12:36+08:000.23824321524756578
2026-06-22T16:16:07+08:000.7354464470685727
2026-06-22T17:03:59+08:000.7437331675989227
2026-06-22T17:07:53+08:000.8498031903874042
2026-06-22T17:10:03+08:001.284856018230785
2026-06-22T17:11:31+08:001.2854775222705614
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2026-06-22T18:11:46+08:003.781852082038533
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2026-06-22T18:13:55+08:003.8058835715765484
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2026-06-22T20:22:48+08:003.8075409156826185
2026-06-22T20:27:17+08:003.8087839237621712
2026-06-22T20:28:11+08:003.851046198466957
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2026-06-22T20:35:17+08:003.440853532214626
2026-06-22T21:22:53+08:003.3994199295628755
2026-06-22T22:08:04+08:003.4045991298943443
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2026-06-23T08:37:34+08:003.5995442303708307
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2026-06-25T08:41:17+08:00215.05655686761963
2026-06-25T08:41:50+08:00239.03024652993577
2026-06-25T08:43:25+08:00240.4052206339341
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2026-06-25T08:44:41+08:00409.77584420965405
2026-06-25T08:49:49+08:00409.77584420965405
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2026-06-25T09:04:51+08:00426.0002071680133
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2026-06-25T09:06:37+08:00429.13196602444583
2026-06-25T09:07:00+08:00478.8730060078724
2026-06-25T09:07:47+08:00491.7408328154133
2026-06-25T09:08:02+08:00495.9152682825772
2026-06-25T09:10:34+08:00524.0890822457013
2026-06-25T10:07:40+08:00526.5750984048063
2026-06-25T10:08:06+08:00544.2829915061114
2026-06-25T10:09:16+08:00668.8116842759478
2026-06-25T11:06:10+08:00682.46
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
35,952
→
人均手數
91.7
→
認購倍數
185x
185x = 35,952 × 91.7 ÷ 17,824 機械人 孖展加權 100% → 887.2x
1x22228.0x
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 1790.4x 和當前分配手法 (甲組 α=0.538, 乙組 α=0.638) 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

標誌真健康醫療-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 真健康醫療-B(02697)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