孖展動態 孖展倍數7395.43x 孖展資金4636.0億 捷利預測倍數9540.11x
排名 券商 孖展資金
1 富途证券富途 2869.9億
2 辉立证券辉立 809.0億
3 老虎国际老虎 459.5億
4 华泰国际华泰 169.6億
5 华盛证券华盛 75.2億
6 致富证券致富 60.0億
7 招银国际招银 46.0億
8 复星国际复星 45.7億
9 盈立证券盈立 36.7億
孖展倍數
時間倍數
2026-05-14T06:00:00+08:000
2026-05-14T10:03:03+08:000.014037326527356835
2026-05-14T10:04:02+08:000.052161429255064604
2026-05-14T10:05:42+08:000.08406444408996651
2026-05-14T11:00:53+08:000.117722124740788
2026-05-14T11:01:20+08:000.2134311692454937
2026-05-14T11:01:43+08:000.26415696283298773
2026-05-14T11:03:12+08:001.8993459881958845
2026-05-14T11:05:45+08:003.350933163183921
2026-05-14T11:46:09+08:003.361301643005264
2026-05-14T11:46:23+08:003.5048652097623227
2026-05-14T12:02:43+08:003.592438985484128
2026-05-14T12:08:31+08:003.6294464826926145
2026-05-14T12:10:12+08:003.845908438347424
2026-05-14T12:10:28+08:003.9894720051044823
2026-05-14T13:42:36+08:004.153293986281704
2026-05-14T13:42:44+08:004.162386345509651
2026-05-14T13:43:52+08:004.536768224597225
2026-05-14T13:44:16+08:004.568671239432127
2026-05-14T13:44:52+08:004.572021055989791
2026-05-14T13:45:09+08:004.604402616047216
2026-05-14T14:07:56+08:004.6173233370553515
2026-05-14T14:09:03+08:004.6583187111182
2026-05-14T14:09:37+08:004.662466103046738
2026-05-14T14:10:07+08:004.710320625299091
2026-05-14T14:11:01+08:005.186313606635827
2026-05-14T14:43:30+08:005.2121550486520976
2026-05-14T15:20:12+08:005.400701866326368
2026-05-14T15:20:48+08:005.719732014675387
2026-05-14T15:21:18+08:005.732333705535173
2026-05-14T15:57:42+08:005.766150901260169
2026-05-14T16:02:16+08:005.998404849258255
2026-05-14T16:02:36+08:006.020258414420162
2026-05-14T16:03:59+08:006.55287924708885
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2026-05-14T16:17:00+08:006.855957888020418
2026-05-14T16:33:45+08:006.966661349497527
2026-05-14T17:01:52+08:007.2601690859786245
2026-05-14T17:02:12+08:007.286808103365768
2026-05-14T17:05:21+08:008.160472164619556
2026-05-14T17:06:24+08:0011.366725155527197
2026-05-14T17:36:47+08:0011.214547774764716
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2026-05-14T18:05:29+08:0017.553836337533898
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2026-05-14T20:43:40+08:0018.155527197320147
2026-05-14T20:44:02+08:0018.180571063965544
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2026-05-14T20:45:34+08:0018.41952464507896
2026-05-14T20:45:55+08:0018.73855479342798
2026-05-14T20:46:09+08:0018.821821662147073
2026-05-14T20:46:22+08:0021.055032700590207
2026-05-14T22:14:05+08:0021.061094273408838
2026-05-14T22:14:14+08:0021.127452544265434
2026-05-14T22:14:52+08:0021.733609826128568
2026-05-14T22:15:02+08:0021.842080076567235
2026-05-14T22:15:41+08:0022.28872228425586
2026-05-15T08:41:22+08:0021.86696442813846
2026-05-15T08:41:30+08:0022.82485244855639
2026-05-15T08:42:23+08:0022.82485244855639
2026-05-15T08:42:44+08:0025.313287605678738
2026-05-15T09:02:24+08:0025.410113255702665
2026-05-15T09:03:02+08:0025.85181049609188
2026-05-15T09:04:44+08:0025.907640772052957
2026-05-15T09:05:50+08:0025.54075610145159
2026-05-15T09:37:19+08:0026.159355559100334
2026-05-15T10:20:49+08:0026.46977189344393
2026-05-15T10:21:10+08:0026.62785133195087
2026-05-15T10:22:07+08:0026.669006221087894
2026-05-15T10:22:23+08:0028.407720529590048
2026-05-15T10:37:00+08:0028.531344712075292
2026-05-15T11:05:14+08:0028.941457967777954
2026-05-15T11:05:33+08:0029.06859148189504
2026-05-15T11:05:54+08:0029.152974956133356
2026-05-15T11:06:12+08:0031.673313128090605
2026-05-15T11:51:25+08:0031.937310575849416
2026-05-15T12:02:06+08:0032.06013718296379
2026-05-15T12:03:39+08:0032.202743659275804
2026-05-15T12:08:04+08:0036.812729302919124
2026-05-15T13:41:33+08:0037.0175466581592
2026-05-15T13:41:35+08:0037.03286010527995
2026-05-15T13:41:38+08:0037.472802679853245
2026-05-15T13:41:46+08:0040.04099537406285
2026-05-15T13:41:49+08:0040.09427340883713
2026-05-15T14:01:05+08:0040.69500717817834
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2026-05-15T14:03:54+08:0041.20689105120434
2026-05-15T14:04:58+08:0042.46658159196044
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2026-05-15T15:03:20+08:0044.90891689264635
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2026-05-15T16:07:09+08:0047.030467379167334
2026-05-15T16:07:40+08:0047.026000957090446
2026-05-15T16:07:43+08:0047.294464826926145
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2026-05-15T16:07:55+08:0050.86185994576488
2026-05-15T17:08:47+08:0050.86154091561652
2026-05-15T17:08:57+08:0050.85994576487478
2026-05-15T17:08:59+08:0051.28154410591801
2026-05-15T17:09:07+08:0055.82772371989153
2026-05-15T17:33:38+08:0063.00590205774446
2026-05-15T18:02:09+08:0063.01132557026639
2026-05-15T18:08:09+08:0063.20162705375658
2026-05-15T18:08:17+08:0065.2115169883554
2026-05-15T18:29:48+08:0067.01052799489551
2026-05-15T21:32:44+08:0067.04083585898867
2026-05-15T21:32:48+08:0067.96171638219812
2026-05-15T21:32:58+08:0069.11022491625458
2026-05-15T21:33:02+08:0069.19588451108629
2026-05-15T21:33:07+08:0069.54426543308342
2026-05-15T21:33:16+08:0069.9111501036848
2026-05-15T21:33:21+08:0069.93092997288244
2026-05-15T21:33:26+08:0070.50821502631999
2026-05-15T21:33:35+08:0071.24198436752273
2026-05-15T22:12:25+08:0072.0181847184559
2026-05-15T22:12:34+08:0074.31520178656884
2026-05-16T09:17:08+08:0074.49050885308662
2026-05-16T09:17:12+08:0075.02424629127452
2026-05-16T09:17:17+08:0075.12553836337534
2026-05-16T09:18:06+08:0075.12553836337534
2026-05-16T09:18:53+08:0076.30483330674748
2026-05-16T09:19:31+08:0080.51603126495453
2026-05-16T09:19:43+08:0080.99457648747807
2026-05-16T09:19:57+08:0081.07401499441697
2026-05-16T11:00:44+08:0081.15807943850695
2026-05-16T11:00:47+08:0081.15855798372947
2026-05-16T11:00:56+08:0081.25139575689903
2026-05-16T11:01:01+08:0081.29079598022012
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2026-05-16T11:14:28+08:0082.18487797096826
2026-05-16T11:14:39+08:0082.79103525283139
2026-05-16T11:53:57+08:0082.79167331312809
2026-05-16T12:07:10+08:0082.81528154410591
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2026-05-16T13:53:49+08:0083.27978944010209
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2026-05-16T18:18:11+08:0087.32046578401659
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2026-05-16T18:18:53+08:0087.54857234008614
2026-05-16T18:18:58+08:0087.81942893603446
2026-05-16T18:21:01+08:0087.81847184558941
2026-05-16T22:23:52+08:0087.8329877173393
2026-05-16T22:24:22+08:0087.83569947360026
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2026-05-16T22:24:34+08:0087.84223959164142
2026-05-16T22:26:18+08:0088.46466741107035
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2026-05-16T22:26:28+08:0089.21359068431967
2026-05-16T22:26:32+08:0089.22013080236083
2026-05-16T22:27:03+08:0089.95390014356357
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2026-05-16T22:27:14+08:0090.11341521773808
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2026-05-17T09:30:27+08:0090.27739671398948
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2026-05-17T10:09:30+08:0095.03573137661509
2026-05-17T12:41:46+08:0095.11213909714468
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2026-05-17T13:29:15+08:0096.59483171159674
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2026-05-17T16:15:51+08:0097.91577604083587
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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
21,318
→
人均手數
79.6
→
認購倍數
102x
102x = 21,318 × 79.6 ÷ 16,562 孖展加權 100% → 9540.1x
1x15952.0x
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
0.47
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
0.57
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 9015.11x 和當前分配手法 (甲組 α=0.470, 乙組 α=0.570) 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

標誌丹諾醫藥中籤預測矩陣

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 丹諾醫藥(06872)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