孖展動態 孖展倍數4068.44x 孖展資金3193.3億 捷利預測倍數5207.61x
排名 券商 孖展資金
1 富途证券富途 2071.0億
2 辉立证券辉立 512.0億
3 老虎国际老虎 327.8億
4 华泰国际华泰 110.3億
5 华盛证券华盛 44.0億
6 招银国际招银 40.0億
7 盈立证券盈立 23.0億
8 熊猫证券熊猫 15.4億
9 信诚证券信诚 15.0億
孖展倍數
時間倍數
2026-02-05T06:00:00+08:000
2026-02-05T10:06:17+08:000.022295833864186522
2026-02-05T10:07:04+08:000.11708497897821378
2026-02-05T10:07:32+08:000.6904064212001528
2026-02-05T11:13:45+08:000.7025098738692828
2026-02-05T11:14:33+08:001.5179003694738182
2026-02-05T11:14:54+08:001.5821123710026754
2026-02-05T12:06:14+08:001.9069945215951076
2026-02-05T12:07:06+08:002.245636386800866
2026-02-05T12:07:35+08:002.6915530640845966
2026-02-05T13:46:42+08:002.6991973499808894
2026-02-05T13:47:22+08:002.7060772072875525
2026-02-05T13:47:47+08:002.833481972225761
2026-02-05T14:05:35+08:002.858962925213403
2026-02-05T14:06:00+08:002.8305516626321823
2026-02-05T14:06:50+08:003.442094534335584
2026-02-05T14:08:02+08:003.545164989170595
2026-02-05T15:17:19+08:003.619059752834756
2026-02-05T15:17:28+08:003.6651802777423876
2026-02-05T15:18:25+08:003.8690279016435216
2026-02-05T15:19:34+08:003.9964326665817302
2026-02-05T16:03:38+08:004.071474073130335
2026-02-05T16:04:07+08:004.134157217479934
2026-02-05T16:05:42+08:006.28729774493566
2026-02-05T17:01:34+08:006.440183462861511
2026-02-05T17:02:21+08:006.484010702000255
2026-02-05T17:06:55+08:0010.841253662886992
2026-02-05T17:07:06+08:0011.793349471270226
2026-02-05T18:11:10+08:0011.81934004331762
2026-02-05T18:11:14+08:0013.603006752452542
2026-02-05T18:11:46+08:0014.038603643776277
2026-02-05T18:12:19+08:0015.41457510510893
2026-02-05T18:13:53+08:0015.959103070454836
2026-02-05T20:42:45+08:0015.967129570645943
2026-02-05T20:43:08+08:0016.55497515607084
2026-02-05T20:43:35+08:0017.255701363230983
2026-02-05T20:44:09+08:0017.484010702000255
2026-02-05T20:44:41+08:0018.796279780863806
2026-02-05T21:44:58+08:0018.915912855140782
2026-02-05T21:45:28+08:0021.209198624028538
2026-02-06T09:00:32+08:0021.263600458657155
2026-02-06T09:00:50+08:0021.334055293667983
2026-02-06T09:00:59+08:0022.38259650910944
2026-02-06T09:02:44+08:0022.38259650910944
2026-02-06T09:03:06+08:0022.98917059498025
2026-02-06T09:03:33+08:0023.333163460313415
2026-02-06T09:04:06+08:0027.537520703274303
2026-02-06T09:06:13+08:0028.163969932475474
2026-02-06T09:07:18+08:0028.294559816537138
2026-02-06T09:07:45+08:0029.35201936552427
2026-02-06T10:04:30+08:0030.027264619696776
2026-02-06T10:04:51+08:0030.046757548732323
2026-02-06T10:05:09+08:0030.2404127914384
2026-02-06T10:05:42+08:0031.590903299783413
2026-02-06T11:13:17+08:0032.942667855777806
2026-02-06T11:14:03+08:0033.479678939992354
2026-02-06T11:14:23+08:0035.110459931201426
2026-02-06T12:03:46+08:0035.19824181424385
2026-02-06T12:04:14+08:0035.941266403363485
2026-02-06T12:08:31+08:0039.80163078099121
2026-02-06T13:42:49+08:0039.86597018728501
2026-02-06T13:43:08+08:0040.510128678812585
2026-02-06T13:43:41+08:0043.8736144731813
2026-02-06T14:11:19+08:0044.01847369091604
2026-02-06T14:12:12+08:0044.528092750668876
2026-02-06T14:12:18+08:0045.61561982418142
2026-02-06T14:12:38+08:0048.96636514205631
2026-02-06T14:13:25+08:0049.930691807873615
2026-02-06T15:03:30+08:0050.04828640591158
2026-02-06T15:04:00+08:0050.30487960249713
2026-02-06T15:05:30+08:0053.00586061918716
2026-02-06T16:07:21+08:0053.037202191361956
2026-02-06T16:07:41+08:0053.74404382723914
2026-02-06T16:08:10+08:0058.61090584787871
2026-02-06T17:17:29+08:0058.99362976175309
2026-02-06T17:18:52+08:0065.98611288062173
2026-02-06T17:19:08+08:0089.91272773601733
2026-02-06T17:27:46+08:0092.07860873996688
2026-02-06T17:47:44+08:00101.76137087527073
2026-02-06T18:09:54+08:00101.77614982800357
2026-02-06T18:10:11+08:00106.55892470378392
2026-02-06T18:10:40+08:00128.96942285641484
2026-02-06T18:13:03+08:00132.20945343355842
2026-02-06T20:16:25+08:00132.29264874506308
2026-02-06T20:16:39+08:00134.44107529621607
2026-02-06T20:16:58+08:00147.85679704420946
2026-02-06T20:17:41+08:00149.82672951968402
2026-02-06T20:18:05+08:00158.09529876417378
2026-02-06T21:31:46+08:00159.92521340298129
2026-02-06T21:32:05+08:00168.57599694228566
2026-02-07T09:46:42+08:00180.80787361447318
2026-02-07T09:46:49+08:00181.53573703656517
2026-02-07T09:48:06+08:00181.53573703656517
2026-02-07T09:48:29+08:00181.7185628742515
2026-02-07T09:49:05+08:00188.6111606574086
2026-02-07T09:49:12+08:00231.7886354949675
2026-02-07T09:49:19+08:00237.15237609886609
2026-02-07T10:01:27+08:00237.18257102815645
2026-02-07T10:17:16+08:00238.45445279653458
2026-02-07T10:17:42+08:00242.50592432156964
2026-02-07T11:11:25+08:00242.513441202701
2026-02-07T11:11:37+08:00243.62925213402983
2026-02-07T11:11:58+08:00249.4771308446936
2026-02-07T13:59:16+08:00249.414447700344
2026-02-07T13:59:29+08:00251.83016944833736
2026-02-07T13:59:52+08:00257.99656007134666
2026-02-07T14:00:01+08:00258.0072620716015
2026-02-07T14:00:18+08:00261.2358262199006
2026-02-07T14:00:35+08:00265.98802395209583
2026-02-07T14:00:47+08:00265.99974519047015
2026-02-07T14:43:34+08:00267.05784176328194
2026-02-07T14:44:10+08:00271.6316728245636
2026-02-07T15:02:40+08:00271.64071856287427
2026-02-07T15:54:01+08:00271.8776914256593
2026-02-07T15:54:19+08:00276.3750796279781
2026-02-07T16:02:20+08:00276.3868008663524
2026-02-07T16:25:18+08:00277.5909032997834
2026-02-07T16:25:40+08:00279.6548604917824
2026-02-07T18:32:20+08:00279.6595744680851
2026-02-07T18:32:28+08:00280.942285641483
2026-02-07T18:32:50+08:00283.6305261816792
2026-02-07T18:32:58+08:00283.6334564912728
2026-02-07T18:33:16+08:00284.24601860109567
2026-02-07T18:33:34+08:00289.4441330105746
2026-02-07T19:29:49+08:00289.44935660593706
2026-02-07T19:30:00+08:00290.17594598037965
2026-02-07T19:30:20+08:00292.4564912727736
2026-02-07T20:22:21+08:00293.1002675500064
2026-02-07T20:22:35+08:00297.4447700343993
2026-02-07T21:37:23+08:00298.70200025480955
2026-02-07T21:37:40+08:00300.6385526818703
2026-02-08T11:03:10+08:00306.7135940884189
2026-02-08T11:03:16+08:00307.02458911963305
2026-02-08T11:03:23+08:00309.1570900751688
2026-02-08T11:06:36+08:00340.49866224996816
2026-02-08T11:06:40+08:00346.0789909542617
2026-02-08T11:07:16+08:00346.1228181934004
2026-02-08T11:07:21+08:00346.1270225506434
2026-02-08T11:07:25+08:00346.13619569371895
2026-02-08T15:23:14+08:00346.5445279653459
2026-02-08T15:23:22+08:00347.4358517008536
2026-02-08T15:23:31+08:00348.5214677028921
2026-02-08T15:23:39+08:00349.4745827493948
2026-02-08T15:24:14+08:00349.4888520830679
2026-02-08T15:24:23+08:00349.4901261307173
2026-02-08T15:24:31+08:00349.4954771308447
2026-02-08T15:24:41+08:00349.50095553573703
2026-02-08T15:26:03+08:00355.31061281691933
2026-02-08T15:26:11+08:00359.75703911326286
2026-02-08T15:26:19+08:00364.5984201809148
2026-02-08T15:26:27+08:00367.1210345266913
2026-02-08T19:55:57+08:00371.3890941521213
2026-02-08T19:56:06+08:00376.90572047394573
2026-02-08T19:56:16+08:00384.5372658937444
2026-02-08T19:56:28+08:00391.0476493820869
2026-02-08T19:57:10+08:00391.04981526309086
2026-02-08T19:57:19+08:00391.0607720728755
2026-02-08T19:57:29+08:00391.0684163587718
2026-02-08T19:57:41+08:00391.07886354949676
2026-02-08T20:01:33+08:00393.26716779207544
2026-02-08T20:01:41+08:00394.8608739966875
2026-02-08T20:01:52+08:00395.79041916167665
2026-02-08T20:02:03+08:00396.53382596509107
2026-02-08T20:04:52+08:00398.11759459803795
2026-02-08T20:06:10+08:00403.0991209071219
2026-02-08T22:37:58+08:00417.6105236335839
2026-02-08T22:38:07+08:00432.1346668365397
2026-02-08T22:38:54+08:00434.87922028283856
2026-02-08T22:39:03+08:00440.3851446044082
2026-02-09T08:44:56+08:00442.12613071728885
2026-02-09T08:45:22+08:00449.9156580456109
2026-02-09T08:45:32+08:00449.9156580456109
2026-02-09T08:46:54+08:00517.5803287042935
2026-02-09T09:01:00+08:00517.6777933494712
2026-02-09T09:02:02+08:00536.218499171869
2026-02-09T09:03:18+08:00540.6951203975028
2026-02-09T09:14:00+08:00573.8458402344247
2026-02-09T09:14:13+08:00586.6500191107148
2026-02-09T10:07:10+08:00600.1251114791693
2026-02-09T10:07:30+08:00617.0272646196968
2026-02-09T10:07:46+08:00715.2308574340681
2026-02-09T10:09:56+08:00725.2958338641865
2026-02-09T11:00:43+08:00726.1723786469614
2026-02-09T11:04:03+08:00736.7370365651675
2026-02-09T11:13:01+08:00824.3405529366798
2026-02-09T11:51:12+08:00833.7685055421073
2026-02-09T12:02:03+08:00835.035163715123
2026-02-09T12:04:27+08:00848.2672951968403
2026-02-09T12:06:37+08:00915.6389348961651
2026-02-09T13:44:14+08:00916.5455472034654
2026-02-09T13:44:25+08:00927.6744808255829
2026-02-09T13:44:59+08:00982.0380940247165
2026-02-09T14:05:25+08:00982.90712192636
2026-02-09T14:05:39+08:00994.7137214931838
2026-02-09T14:08:18+08:001082.3936807236591
2026-02-09T14:09:02+08:001108.6363868008664
2026-02-09T14:14:24+08:001120.1932730284113
2026-02-09T14:15:54+08:001129.111606574086
2026-02-09T15:01:01+08:001130.5640208943814
2026-02-09T15:04:28+08:001144.5363740603898
2026-02-09T15:05:42+08:001232.3564785322972
2026-02-09T16:09:06+08:001232.7042935405784
2026-02-09T16:10:45+08:001254.1573448846987
2026-02-09T16:11:01+08:001359.8523378774366
2026-02-09T17:06:36+08:001359.9241941648618
2026-02-09T17:06:44+08:001391.5475856797045
2026-02-09T17:07:03+08:001532.7375461842273
2026-02-09T17:16:54+08:001548.0261179768124
2026-02-09T18:17:05+08:001549.3456491272773
2026-02-09T18:19:21+08:001833.4582749394826
2026-02-09T18:19:48+08:001833.5026117976813
2026-02-09T18:20:09+08:001852.626704038731
2026-02-09T18:20:28+08:001963.6217352528984
2026-02-09T18:25:04+08:002001.014396738438
2026-02-09T20:05:18+08:002001.049560453561
2026-02-09T20:05:43+08:002012.56707860874
2026-02-09T20:06:03+08:002090.9719709517135
2026-02-09T20:06:41+08:002100.7310485412154
2026-02-09T20:06:56+08:002164.764683399159
2026-02-09T21:24:11+08:002179.215059243216
2026-02-09T21:24:25+08:002260.5757421327557
2026-02-10T08:49:33+08:002273.0425531914893
2026-02-10T08:49:39+08:002293.5645305134412
2026-02-10T08:49:46+08:002364.3432284367436
2026-02-10T08:50:07+08:002364.3432284367436
2026-02-10T08:50:28+08:002446.5575232513697
2026-02-10T08:51:43+08:002453.3002930309594
2026-02-10T08:51:59+08:002972.755000637024
2026-02-10T09:23:11+08:002978.7909287807365
2026-02-10T09:23:32+08:002997.0586061918716
2026-02-10T09:23:46+08:003176.0240795005734
2026-02-10T09:24:27+08:003191.057841763282
2026-02-10T09:33:23+08:003243.9053382596508
2026-02-10T09:34:16+08:003294.8672442349343
2026-02-10T10:04:40+08:003309.6279780863806
2026-02-10T10:07:33+08:003667.3041151739076
2026-02-10T10:31:28+08:004024.0374570008917
2026-02-10T10:34:39+08:004068.44
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
20,832
→
人均手數
68.4
→
認購倍數
102x
102x = 20,832 × 68.4 ÷ 14,016 孖展加權 100% → 5207.6x
1x13183.0x
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
0.59
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
0.69
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 5065.06x 和當前分配手法 (甲組 α=0.588, 乙組 α=0.688) 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

標誌海致科技集团中籤預測矩陣

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 海致科技集团(02706)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