孖展動態 孖展倍數728.7142768964878x 孖展資金1180.6億
排名 券商 孖展資金
1 富途证券富途 823.4億
2 辉立证券辉立 346.0億
3 老虎国际老虎 131.0億
4 华泰国际华泰 39.8億
5 华盛证券华盛 20.8億
6 盈立证券盈立 10.7億
7 致富证券致富 7.7億
8 长桥证券长桥 6.1億
9 信诚证券信诚 3.0億
孖展倍數
時間倍數
2026-01-14T06:00:00+08:000
2026-01-14T10:03:58+08:000.057403863959014874
2026-01-14T10:04:01+08:001.1673970742546755
2026-01-14T10:07:06+08:001.4883649157459415
2026-01-14T10:52:06+08:001.5809517930991914
2026-01-14T11:01:53+08:001.617863094870687
2026-01-14T11:08:50+08:002.781680143201037
2026-01-14T11:09:00+08:003.668785877414974
2026-01-14T11:09:03+08:009.625208320474044
2026-01-14T12:00:41+08:009.87210666008271
2026-01-14T12:00:46+08:009.897413739892599
2026-01-14T12:06:01+08:0011.070798098882785
2026-01-14T12:06:06+08:0011.418184062712179
2026-01-14T12:06:09+08:0015.961113511511636
2026-01-14T13:40:18+08:0015.977717424850319
2026-01-14T13:40:29+08:0017.20683908400716
2026-01-14T13:40:33+08:0020.69427813097957
2026-01-14T14:10:23+08:0020.707857539658047
2026-01-14T14:10:26+08:0021.853959632121473
2026-01-14T14:10:29+08:0023.619282760323436
2026-01-14T14:11:46+08:0024.216344670082094
2026-01-14T15:34:04+08:0024.23418307511882
2026-01-14T15:34:20+08:0024.69403123263996
2026-01-14T15:34:23+08:0026.934633664588606
2026-01-14T16:36:40+08:0026.944571322757856
2026-01-14T16:36:43+08:0027.62730695636072
2026-01-14T16:36:46+08:0027.626442812172087
2026-01-14T16:36:50+08:0029.317696438491453
2026-01-14T17:02:04+08:0029.32788099500031
2026-01-14T17:04:18+08:0029.898956854515152
2026-01-14T17:09:31+08:0033.07777297697673
2026-01-14T17:23:00+08:0039.86747731621505
2026-01-14T18:05:55+08:0039.87371149929017
2026-01-14T18:06:01+08:0040.3275723720758
2026-01-14T18:06:07+08:0042.24720696253318
2026-01-14T18:06:53+08:0043.785815690389484
2026-01-14T19:57:43+08:0043.7948892043701
2026-01-14T19:57:48+08:0045.07209431516573
2026-01-14T19:57:53+08:0045.16461946793408
2026-01-14T19:57:58+08:0046.905252762175174
2026-01-14T20:19:45+08:0046.95691623973829
2026-01-14T20:19:50+08:0047.09715449663601
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2026-01-15T08:35:01+08:0063.77143386210728
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2026-01-15T09:08:52+08:0064.13357200172828
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2026-01-15T09:21:12+08:0068.00796247145237
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2026-01-15T12:03:18+08:0077.24850317881612
2026-01-15T12:07:11+08:0079.01382630701808
2026-01-15T13:44:05+08:0079.12579470403061
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2026-01-15T20:41:05+08:00110.10986976112585
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2026-01-15T20:42:01+08:00113.97364360224678
2026-01-15T22:09:59+08:00114.86111968397013
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2026-01-15T22:10:19+08:00117.65094747237825
2026-01-15T22:10:24+08:00117.78501327078575
2026-01-15T22:10:28+08:00119.34047281032035
2026-01-16T08:32:13+08:00119.58805012036294
2026-01-16T08:32:32+08:00120.20208629096969
2026-01-16T08:32:35+08:00120.66076168137769
2026-01-16T08:32:44+08:00128.49361150546264
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2026-01-16T09:01:25+08:00129.5128695759521
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2026-01-16T10:23:23+08:00137.43750385778657
2026-01-16T11:25:46+08:00137.71168446392198
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2026-01-16T14:06:11+08:00158.29485834207765
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2026-01-16T15:10:09+08:00159.43812110363558
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2026-01-16T19:58:06+08:00246.8974137398926
2026-01-16T19:58:10+08:00248.40034565767544
2026-01-16T19:58:16+08:00253.8753163384976
2026-01-16T19:58:48+08:00255.02172705388557
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2026-01-16T19:59:47+08:00262.1517190296895
2026-01-16T20:07:57+08:00263.0229615455836
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2026-01-16T22:00:33+08:00268.6273686809456
2026-01-16T22:00:41+08:00272.18887722980065
2026-01-16T22:05:03+08:00272.44842910931425
2026-01-16T23:58:45+08:00275.56552064687367
2026-01-17T13:12:04+08:00276.735633602864
2026-01-17T13:12:14+08:00276.735633602864
2026-01-17T13:12:19+08:00280.1139435837294
2026-01-17T13:12:25+08:00297.06351459786435
2026-01-17T13:12:36+08:00297.8672921424603
2026-01-17T13:12:43+08:00300.43503487439045
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2026-01-18T10:08:28+08:00347.7088451330165
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2026-01-19T10:05:17+08:00727.4546632923893
2026-01-19T11:54:57+08:00728.7142768964878
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
-0.2%
→
參與人數
12,296
→
人均手數
57.3
→
認購倍數
13x
13x = 12,296 × 57.3 ÷ 52,260 A+H二次上市 · 參與×0.45 H股折價 40.2% 孖展加權 100% → 728.7x
1x6172.0x
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
0.61
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
0.71
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 1149.76x 和當前分配手法 (甲組 α=0.615, 乙組 α=0.715) 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

標誌龙旗科技中籤預測矩陣

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。

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本頁展示 龙旗科技(09611)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