孖展動態 孖展倍數2595.49x 孖展資金1521.7億 捷利預測倍數3114.59x
排名 券商 孖展資金
1 富途证券富途 1014.8億
2 辉立证券辉立 210.0億
3 老虎国际老虎 172.3億
4 华泰国际华泰 79.5億
5 华盛证券华盛 25.5億
6 卓锐证券 11.6億
7 长桥证券长桥 2.9億
8 信诚证券信诚 2.0億
9 盈立证券盈立 1.9億
11 TradeGo MarketsTradeGo 5847萬
12 盈宝证券盈宝 2421萬
13 FunderstoneFunderstone 2361萬
14 艾德证券艾德 1134萬
孖展倍數
時間倍數
2025-12-15T06:00:00+08:000
2025-12-15T10:16:36+08:000.006993006993006993
2025-12-15T10:17:27+08:000.08152822786969129
2025-12-15T10:17:46+08:000.7166979362101313
2025-12-15T10:19:12+08:000.8360907385297629
2025-12-15T11:15:54+08:000.9566774688725909
2025-12-15T11:16:49+08:001.073341292853488
2025-12-15T11:17:36+08:001.7675251577690603
2025-12-15T11:19:01+08:002.176871908579226
2025-12-15T12:05:27+08:002.2556711581101827
2025-12-15T12:06:24+08:002.286372164420945
2025-12-15T12:07:16+08:002.837796349991472
2025-12-15T12:08:22+08:003.4859287054409007
2025-12-15T12:08:45+08:003.741770424697254
2025-12-15T13:45:13+08:004.241002899539485
2025-12-15T13:46:26+08:004.246119733924612
2025-12-15T13:47:56+08:006.429302404912161
2025-12-15T13:50:56+08:006.4796179430325775
2025-12-15T13:51:50+08:006.530786286883848
2025-12-15T14:01:58+08:006.537949855023026
2025-12-15T14:03:04+08:007.192392972880778
2025-12-15T14:07:49+08:007.24953095684803
2025-12-15T14:08:49+08:007.931775541531639
2025-12-15T14:09:46+08:008.122462902950708
2025-12-15T15:10:07+08:008.198021490704418
2025-12-15T15:11:22+08:008.328500767525158
2025-12-15T15:12:02+08:008.361930752174654
2025-12-15T15:13:07+08:008.856558076070272
2025-12-15T16:08:13+08:008.88077775882654
2025-12-15T16:08:58+08:009.060719768036842
2025-12-15T16:09:35+08:009.116663823980897
2025-12-15T16:10:40+08:0010.634658024901928
2025-12-15T17:11:35+08:0010.649837966911138
2025-12-15T17:12:27+08:0011.405764966740577
2025-12-15T17:13:40+08:0011.599692989936893
2025-12-15T17:14:49+08:0012.674228210813578
2025-12-15T17:34:00+08:0014.550400818693502
2025-12-15T18:06:36+08:0014.624594917277845
2025-12-15T18:07:13+08:0014.795156063448747
2025-12-15T18:08:21+08:0015.198874296435273
2025-12-15T18:08:31+08:0015.248678151117176
2025-12-15T18:10:01+08:0016.16970834044005
2025-12-15T18:11:05+08:0016.62391267269316
2025-12-15T20:12:39+08:0016.625106600716357
2025-12-15T20:15:09+08:0017.00187617260788
2025-12-15T20:15:46+08:0016.915742793791573
2025-12-15T20:17:08+08:0017.23980897151629
2025-12-15T20:17:44+08:0017.2227528568992
2025-12-15T22:13:47+08:0017.626982773324237
2025-12-15T22:14:05+08:0017.606003752345217
2025-12-15T22:14:58+08:0018.895275456251067
2025-12-15T22:16:13+08:0020.03803513559611
2025-12-15T22:16:52+08:0021.35135596111206
2025-12-16T08:55:37+08:0021.660924441412245
2025-12-16T08:56:26+08:0021.660924441412245
2025-12-16T08:57:37+08:0022.125191881289442
2025-12-16T08:58:47+08:0025.195292512365683
2025-12-16T09:00:38+08:0025.270851100119394
2025-12-16T09:03:30+08:0025.51066007163568
2025-12-16T09:03:41+08:0025.533685826368753
2025-12-16T09:05:55+08:0025.874808118710558
2025-12-16T09:54:41+08:0026.04536926488146
2025-12-16T10:05:19+08:0026.78441071123998
2025-12-16T10:06:44+08:0028.32901245096367
2025-12-16T10:06:50+08:0028.33259423503326
2025-12-16T10:07:32+08:0030.873955312979703
2025-12-16T11:07:44+08:0031.07180624253795
2025-12-16T11:08:12+08:0031.221900051168344
2025-12-16T11:10:20+08:0031.23196315879243
2025-12-16T11:11:05+08:0032.25533003581784
2025-12-16T12:06:01+08:0032.431519699812384
2025-12-16T12:06:51+08:0032.448575814429475
2025-12-16T12:07:39+08:0032.592529421797714
2025-12-16T12:08:37+08:0034.315196998123824
2025-12-16T13:45:28+08:0034.37267610438342
2025-12-16T13:45:57+08:0034.713798396725224
2025-12-16T13:46:46+08:0034.753198021490704
2025-12-16T13:47:14+08:0035.11529933481153
2025-12-16T13:48:02+08:0035.89988060719768
2025-12-16T14:01:12+08:0035.9208596281767
2025-12-16T14:02:04+08:0037.94252089374041
2025-12-16T14:08:30+08:0038.00170561146171
2025-12-16T14:09:01+08:0039.929046563192905
2025-12-16T14:09:42+08:0039.93484564216271
2025-12-16T15:09:15+08:0040.133037694013304
2025-12-16T15:09:49+08:0040.148047074876345
2025-12-16T15:10:21+08:0040.00307010063108
2025-12-16T15:11:06+08:0041.74279379157428
2025-12-16T15:48:15+08:0043.448405253283305
2025-12-16T16:02:34+08:0043.47859457615555
2025-12-16T16:03:26+08:0043.56711581101825
2025-12-16T16:04:05+08:0043.709022684632444
2025-12-16T16:07:27+08:0045.090567968616746
2025-12-16T17:01:21+08:0045.27562681221218
2025-12-16T17:03:57+08:0045.34044004775712
2025-12-16T17:04:24+08:0045.608221047245436
2025-12-16T17:05:48+08:0048.79771448064131
2025-12-16T17:30:53+08:0054.76735459662289
2025-12-16T18:11:44+08:0054.887429643527206
2025-12-16T18:12:27+08:0054.90192734095173
2025-12-16T18:12:32+08:0054.98601398601399
2025-12-16T18:13:25+08:0056.98157939621354
2025-12-16T18:14:12+08:0057.84240150093809
2025-12-16T19:10:22+08:0058.35408493945079
2025-12-16T19:10:37+08:0058.38325089544602
2025-12-16T19:11:12+08:0058.411905168002725
2025-12-16T19:11:17+08:0058.43356643356643
2025-12-16T19:12:07+08:0058.791744840525325
2025-12-16T20:22:16+08:0058.85672863721644
2025-12-16T20:22:21+08:0058.97902097902098
2025-12-16T20:23:02+08:0059.40542384444824
2025-12-16T21:31:25+08:0059.45846836090738
2025-12-16T21:31:29+08:0059.54426061743135
2025-12-16T21:32:16+08:0062.529080675422136
2025-12-16T22:17:16+08:0062.59918130649838
2025-12-16T22:17:21+08:0062.872931946102675
2025-12-16T22:17:59+08:0064.18625277161863
2025-12-17T08:38:55+08:0075.01688555347091
2025-12-17T08:39:22+08:0075.01654443117857
2025-12-17T08:39:25+08:0075.13593723349821
2025-12-17T08:40:58+08:0075.27358007845812
2025-12-17T08:41:02+08:0075.95770083574962
2025-12-17T08:41:38+08:0075.95770083574962
2025-12-17T09:08:16+08:0076.1664676786628
2025-12-17T09:08:48+08:0076.51014838819717
2025-12-17T09:09:42+08:0076.56899198362613
2025-12-17T09:10:19+08:0079.98021490704417
2025-12-17T09:16:32+08:0081.22087668429131
2025-12-17T09:25:36+08:0081.45966228893059
2025-12-17T10:00:46+08:0081.66945249872079
2025-12-17T10:03:32+08:0081.9959065324919
2025-12-17T10:04:05+08:0083.00460515094662
2025-12-17T10:05:24+08:0089.23008698618455
2025-12-17T11:02:33+08:0089.45147535391438
2025-12-17T11:03:55+08:0090.24782534538632
2025-12-17T11:04:09+08:0090.3646597305134
2025-12-17T11:05:45+08:0096.74364659730513
2025-12-17T12:02:56+08:0096.89527545625107
2025-12-17T12:03:25+08:0097.22428790721473
2025-12-17T12:03:45+08:0097.6817329012451
2025-12-17T12:04:03+08:0097.98874296435272
2025-12-17T12:08:06+08:00103.19085792256524
2025-12-17T13:48:16+08:00103.4965034965035
2025-12-17T13:48:42+08:00103.69554835408493
2025-12-17T13:49:03+08:00107.87429643527204
2025-12-17T13:49:16+08:00108.05270339416681
2025-12-17T14:00:51+08:00108.20757291489
2025-12-17T14:01:29+08:00110.13661947808289
2025-12-17T14:04:05+08:00110.24185570527034
2025-12-17T14:04:18+08:00111.75797373358348
2025-12-17T14:05:27+08:00116.03905850247314
2025-12-17T15:05:17+08:00116.24134402183182
2025-12-17T15:05:36+08:00117.41002899539485
2025-12-17T15:05:52+08:00122.7144806413099
2025-12-17T15:06:49+08:00122.80931263858093
2025-12-17T15:37:05+08:00124.51492410028996
2025-12-17T16:04:52+08:00127.0093808630394
2025-12-17T16:06:39+08:00210.87429643527204
2025-12-17T17:08:52+08:00244.89902780146681
2025-12-17T17:09:15+08:00457.9469554835409
2025-12-17T17:28:22+08:00470.39791915401673
2025-12-17T17:33:12+08:00527.3653419750981
2025-12-17T18:06:11+08:00562.201603274774
2025-12-17T18:06:36+08:00662.1333788163056
2025-12-17T18:07:41+08:00707.3177554153164
2025-12-17T20:22:44+08:00712.4345898004434
2025-12-17T20:23:05+08:00732.8417192563534
2025-12-17T20:23:25+08:00821.6187958383081
2025-12-17T20:24:34+08:00840.3825686508613
2025-12-17T20:24:50+08:00930.9334811529933
2025-12-17T22:16:43+08:00946.5364148047075
2025-12-17T22:17:05+08:001035.5181647620673
2025-12-17T22:18:14+08:001056.5594405594406
2025-12-17T22:18:29+08:001180.7620672010917
2025-12-18T08:20:27+08:001207.9428620160327
2025-12-18T08:20:41+08:001207.9428620160327
2025-12-18T08:21:15+08:001285.2068906703053
2025-12-18T08:21:22+08:001948.2462902950708
2025-12-18T09:10:36+08:001965.8785604639263
2025-12-18T09:10:55+08:001989.7571209278526
2025-12-18T09:11:04+08:002186.738188640628
2025-12-18T10:23:19+08:002206.607879924953
2025-12-18T10:23:30+08:002496.561828415487
2025-12-18T10:23:57+08:002506.765478424015
2025-12-18T12:03:45+08:002510.176701347433
2025-12-18T14:10:30+08:002595.49
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
+4.6%
→
參與人數
22,324
→
人均手數
85.4
→
認購倍數
104x
104x = 22,324 × 85.4 ÷ 18,321 孖展加權 100% → 3114.6x
1x17056.0x
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
0.49
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
0.53
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 3074.09x 和當前分配手法 (甲組 α=0.491, 乙組 α=0.527) 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

標誌翰思艾泰-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 翰思艾泰-B(03378)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