孖展動態 孖展倍數27.41x 孖展資金155.5億 捷利預測倍數39.75x
排名 券商 孖展資金
1 辉立证券辉立 59.0億
2 富途证券富途 52.4億
3 老虎国际老虎 17.1億
4 盈立证券盈立 5.9億
5 复星国际复星 5.6億
7 华泰国际华泰 4.5億
8 信诚证券信诚 2.0億
9 东证国际东证 1.8億
10 致富证券致富 1.7億
11 华盛证券华盛 1.5億
12 长桥证券长桥 1.5億
13 熊猫证券熊猫 1.4億
14 艾德证券艾德 3903萬
15 兴证国际兴证 2787萬
16 TradeGo MarketsTradeGo 2051萬
17 盈宝证券盈宝 924萬
孖展倍數
時間倍數
2026-09-14T06:00:00+08:000
2026-09-14T10:07:02+08:000.009894877945534076
2026-09-14T10:07:08+08:000.15015168618597433
2026-09-14T10:07:15+08:000.15320304783406236
2026-09-14T10:07:21+08:000.34369267673204457
2026-09-14T11:00:59+08:000.357150416255115
2026-09-14T11:01:38+08:000.3635706222661211
2026-09-14T11:06:09+08:000.37910963736418796
2026-09-14T11:06:12+08:000.4079300126993086
2026-09-14T11:06:15+08:000.4374735431070975
2026-09-14T11:06:17+08:000.45777479892761397
2026-09-14T11:06:20+08:001.094504021447721
2026-09-14T12:13:06+08:001.2837942712007901
2026-09-14T12:13:29+08:001.2839000987724
2026-09-14T12:13:47+08:001.3350500917172288
2026-09-14T12:14:11+08:001.360572174403838
2026-09-14T12:14:28+08:001.378315930577113
2026-09-14T12:14:53+08:001.3906624805982786
2026-09-14T12:15:17+08:001.8739417242839
2026-09-14T12:15:42+08:001.896482997036828
2026-09-14T13:42:46+08:001.907171581769437
2026-09-14T13:43:00+08:001.9146147876393396
2026-09-14T13:43:03+08:001.9308064060956682
2026-09-14T13:43:06+08:001.9567341611401157
2026-09-14T13:43:09+08:001.9782877098913503
2026-09-14T13:43:12+08:001.9794694511076618
2026-09-14T13:43:14+08:002.1681952871454775
2026-09-14T13:51:24+08:002.2563849301538026
2026-09-14T14:12:24+08:002.2900380979257795
2026-09-14T14:12:28+08:002.3088048539579513
2026-09-14T14:12:30+08:002.3374841258642585
2026-09-14T14:12:32+08:002.363941018766756
2026-09-14T14:12:35+08:002.3927613941018766
2026-09-14T14:12:38+08:002.403273599548469
2026-09-14T14:12:41+08:002.980033864822915
2026-09-14T14:14:47+08:003.0673768872583604
2026-09-14T15:15:38+08:003.1217193452800904
2026-09-14T15:15:41+08:003.1221779314237335
2026-09-14T15:15:43+08:003.12214265556653
2026-09-14T15:15:46+08:003.1516861859743193
2026-09-14T15:15:49+08:003.1526209961902074
2026-09-14T15:15:51+08:003.1686362353605193
2026-09-14T15:15:54+08:003.3979293071821646
2026-09-14T16:02:49+08:003.4400486806829407
2026-09-14T16:03:31+08:003.455499506137999
2026-09-14T16:03:50+08:003.46049103993227
2026-09-14T16:03:59+08:003.4525716099901227
2026-09-14T16:04:18+08:003.4542119373500775
2026-09-14T16:04:25+08:003.4747072103852124
2026-09-14T16:06:01+08:003.57
2026-09-14T17:01:36+08:003.548222096796952
2026-09-14T17:01:50+08:003.549333286298857
2026-09-14T17:02:13+08:004.307764216170453
2026-09-14T17:25:06+08:004.3291061097784675
2026-09-14T17:25:22+08:004.3318576266403275
2026-09-14T17:25:38+08:004.353728658106392
2026-09-14T17:25:50+08:004.360078312402991
2026-09-14T17:26:09+08:004.46
2026-09-14T18:05:32+08:004.445675179906872
2026-09-14T18:05:39+08:004.47849936503457
2026-09-14T18:06:45+08:004.478957951178214
2026-09-14T18:06:57+08:004.483314519542825
2026-09-14T18:07:14+08:004.493667983632002
2026-09-14T18:07:28+08:004.494267673204459
2026-09-14T18:07:32+08:004.512769860307605
2026-09-14T18:07:48+08:004.555100888951602
2026-09-14T18:08:37+08:004.61302384647947
2026-09-14T19:56:05+08:004.620643431635389
2026-09-14T19:56:19+08:004.623059827853817
2026-09-14T19:56:29+08:004.667507407930013
2026-09-14T19:56:43+08:004.678654578806265
2026-09-14T19:56:52+08:004.675797234372795
2026-09-14T19:57:01+08:004.726947227317623
2026-09-14T20:12:38+08:004.727000141103429
2026-09-14T20:12:48+08:004.83273952307041
2026-09-14T20:13:23+08:004.846514745308311
2026-09-14T20:13:33+08:004.851788485960209
2026-09-14T20:13:40+08:004.913521236066036
2026-09-14T21:21:45+08:004.917436856215606
2026-09-14T21:21:56+08:004.920752786792719
2026-09-14T21:22:14+08:004.921087907436151
2026-09-14T21:22:24+08:004.932146888669394
2026-09-14T21:22:30+08:004.988588260194723
2026-09-14T22:07:19+08:005.053619302949062
2026-09-14T22:07:38+08:005.061873853534641
2026-09-14T22:07:49+08:005.062191336249471
2026-09-14T22:08:08+08:005.092175814872301
2026-09-15T08:38:51+08:005.232079864540708
2026-09-15T08:39:00+08:005.543230563002681
2026-09-15T08:39:29+08:005.54587625229293
2026-09-15T08:39:35+08:005.561185974319176
2026-09-15T08:40:00+08:006.12912727529279
2026-09-15T08:40:17+08:006.12912727529279
2026-09-15T09:04:58+08:006.159376322844645
2026-09-15T09:05:17+08:006.18505714688867
2026-09-15T09:05:32+08:006.2057111612812195
2026-09-15T09:05:43+08:006.208356850571469
2026-09-15T09:06:00+08:006.205093833780161
2026-09-15T09:06:15+08:006.282700719627487
2026-09-15T09:06:51+08:006.44
2026-09-15T10:22:23+08:006.389286722167348
2026-09-15T10:22:38+08:006.4048080993368135
2026-09-15T10:22:44+08:006.423486665725977
2026-09-15T10:22:52+08:006.466805418371666
2026-09-15T10:22:58+08:006.514427825596162
2026-09-15T10:23:02+08:006.78
2026-09-15T11:08:23+08:006.681705940454353
2026-09-15T11:08:28+08:006.689678284182306
2026-09-15T11:08:30+08:006.6935409905460705
2026-09-15T11:08:33+08:006.703700437420629
2026-09-15T11:08:36+08:006.724989417242839
2026-09-15T11:08:39+08:006.7320269507549035
2026-09-15T11:08:42+08:007.09
2026-09-15T12:07:49+08:007.1096726400451535
2026-09-15T12:08:00+08:007.115210949626076
2026-09-15T12:08:56+08:007.1290743615069845
2026-09-15T12:09:00+08:007.146430083251023
2026-09-15T12:09:05+08:007.163397770565825
2026-09-15T12:09:09+08:007.1634330464230285
2026-09-15T12:09:12+08:007.18029490616622
2026-09-15T12:09:16+08:007.32
2026-09-15T13:43:02+08:007.230368985466347
2026-09-15T13:43:05+08:007.234637364187949
2026-09-15T13:43:09+08:007.2381120361224776
2026-09-15T13:43:13+08:007.241181035699167
2026-09-15T13:43:15+08:007.241710173557218
2026-09-15T13:43:18+08:007.240651897841118
2026-09-15T13:43:21+08:007.45
2026-09-15T14:16:27+08:007.352053054889234
2026-09-15T14:16:30+08:007.370572879920982
2026-09-15T14:16:32+08:007.379215464935798
2026-09-15T14:16:35+08:007.385653308875406
2026-09-15T14:16:38+08:007.385300550303373
2026-09-15T14:16:40+08:007.41874206293213
2026-09-15T14:16:43+08:007.662145477635106
2026-09-15T14:17:42+08:007.84
2026-09-15T15:02:24+08:007.748712431212079
2026-09-15T15:02:40+08:007.749382672498942
2026-09-15T15:11:30+08:007.750758430929872
2026-09-15T15:11:46+08:007.752398758289827
2026-09-15T15:12:04+08:007.757795964441936
2026-09-15T15:12:15+08:007.76335191195146
2026-09-15T15:12:28+08:007.999700155213771
2026-09-15T15:14:02+08:008.37
2026-09-15T16:48:06+08:008.283617891914773
2026-09-15T16:48:36+08:008.287762805136165
2026-09-15T16:48:40+08:008.308469733314519
2026-09-15T16:48:43+08:008.311485819105405
2026-09-15T16:48:46+08:008.311591646677014
2026-09-15T16:48:48+08:008.317412163115563
2026-09-15T16:48:51+08:008.335050091717228
2026-09-15T16:50:52+08:008.47
2026-09-15T17:15:04+08:008.326495696345422
2026-09-15T17:15:08+08:008.328100747848172
2026-09-15T17:15:11+08:008.377786792719062
2026-09-15T17:15:14+08:008.377998447862282
2026-09-15T17:15:21+08:008.382231550726683
2026-09-15T17:15:24+08:008.38612953294765
2026-09-15T17:15:27+08:008.398476082968816
2026-09-15T17:17:27+08:009.05
2026-09-15T18:02:20+08:008.970209538591789
2026-09-15T18:04:48+08:008.969997883448567
2026-09-15T18:04:54+08:008.970527021306617
2026-09-15T18:05:06+08:008.969398193876112
2026-09-15T18:05:17+08:008.982115140397912
2026-09-15T18:06:09+08:008.995079017920135
2026-09-15T18:06:14+08:008.995625793706788
2026-09-15T18:06:28+08:009.18
2026-09-15T19:56:01+08:009.033388598842953
2026-09-15T19:56:10+08:009.034305771130239
2026-09-15T19:56:19+08:009.07055171440666
2026-09-15T19:56:41+08:009.06737688725836
2026-09-15T19:56:50+08:009.06959926626217
2026-09-15T19:57:04+08:009.249506137999154
2026-09-15T20:21:37+08:009.24661351770848
2026-09-15T20:21:47+08:009.249541413856356
2026-09-15T20:22:05+08:009.249594327642162
2026-09-15T20:22:16+08:009.254409482150416
2026-09-15T20:22:39+08:009.43
2026-09-15T21:36:44+08:009.304836320022577
2026-09-15T21:36:54+08:009.30857556088613
2026-09-15T21:37:13+08:009.30899887117257
2026-09-15T21:37:18+08:009.315860025398617
2026-09-15T21:37:30+08:009.31409623253845
2026-09-15T22:04:47+08:009.33527938478905
2026-09-15T22:05:06+08:009.33718428107803
2026-09-15T22:05:19+08:009.34057076336955
2026-09-15T22:05:30+08:009.59
2026-09-16T08:37:30+08:009.453453506420207
2026-09-16T08:38:27+08:009.422534217581488
2026-09-16T08:38:40+08:009.433099336813884
2026-09-16T08:38:43+08:009.435886129532948
2026-09-16T08:38:46+08:009.424209820798646
2026-09-16T08:38:50+08:009.538856356709468
2026-09-16T09:07:02+08:009.63856356709468
2026-09-16T09:07:54+08:009.655813461267108
2026-09-16T09:07:57+08:0010.16230421899252
2026-09-16T09:08:00+08:0010.185427543389304
2026-09-16T09:08:03+08:0010.185392267532102
2026-09-16T09:08:06+08:0010.208321574714265
2026-09-16T09:10:07+08:0010.148211514039792
2026-09-16T10:13:39+08:0010.184598560745027
2026-09-16T10:13:45+08:0010.188743473966417
2026-09-16T10:13:52+08:0010.349760124171018
2026-09-16T10:14:09+08:0010.369338224918865
2026-09-16T10:14:12+08:0010.367609707915902
2026-09-16T10:14:15+08:0010.371631155637083
2026-09-16T10:14:18+08:0010.906060392267532
2026-09-16T11:09:37+08:0010.912974460279385
2026-09-16T11:09:41+08:0010.92140539015098
2026-09-16T11:09:44+08:0011.05912233667278
2026-09-16T11:09:47+08:0011.077624523775928
2026-09-16T11:09:50+08:0011.098402003668689
2026-09-16T11:09:53+08:0011.354151968392832
2026-09-16T12:00:40+08:0011.496313672922252
2026-09-16T12:00:55+08:0011.52795611683364
2026-09-16T12:17:30+08:0011.544747424862424
2026-09-16T12:17:33+08:0011.574749541413857
2026-09-16T12:17:36+08:0011.584027091858331
2026-09-16T12:17:39+08:0011.58644348807676
2026-09-16T12:17:42+08:0011.59713207280937
2026-09-16T12:17:45+08:0012.47
2026-09-16T13:39:43+08:0012.151933116974742
2026-09-16T13:39:46+08:0012.157171581769436
2026-09-16T13:39:52+08:0012.181494285311134
2026-09-16T13:39:54+08:0012.213789332580781
2026-09-16T13:39:57+08:0012.224354451813179
2026-09-16T13:40:01+08:0012.333709609143503
2026-09-16T13:40:03+08:0012.64
2026-09-16T14:15:37+08:0012.397188514180895
2026-09-16T14:15:40+08:0012.401739099760125
2026-09-16T14:15:43+08:0012.450084662057288
2026-09-16T14:15:47+08:0012.446486524622548
2026-09-16T14:16:14+08:0012.445692817835473
2026-09-16T14:16:16+08:0012.454423592493297
2026-09-16T14:16:19+08:0012.724283900098772
2026-09-16T14:17:11+08:0013.21
2026-09-16T15:10:36+08:0012.922410752081275
2026-09-16T15:10:40+08:0012.930929871595879
2026-09-16T15:10:44+08:0012.972696486524622
2026-09-16T15:10:47+08:0012.998148017496826
2026-09-16T15:10:50+08:0012.999841258642585
2026-09-16T15:10:53+08:0013.001411034288132
2026-09-16T15:10:55+08:0013.23
2026-09-16T16:25:11+08:0012.945622266121067
2026-09-16T16:25:13+08:0012.94756243826725
2026-09-16T16:25:16+08:0012.950507972343727
2026-09-16T16:25:19+08:0013.409288133201636
2026-09-16T16:25:22+08:0013.441336249470861
2026-09-16T16:25:24+08:0013.513651756737689
2026-09-16T16:25:30+08:0013.84
2026-09-16T17:04:43+08:0013.629356568364612
2026-09-16T17:04:46+08:0013.639833497954001
2026-09-16T17:04:48+08:0013.716505573585438
2026-09-16T17:04:51+08:0013.737529984478623
2026-09-16T17:05:23+08:0014.23
2026-09-16T17:48:41+08:0017.9
2026-09-16T18:23:54+08:0017.53772752927896
2026-09-16T18:23:59+08:0017.68147664738253
2026-09-16T18:24:10+08:0017.6885670946804
2026-09-16T18:24:20+08:0017.72096796952166
2026-09-16T18:24:29+08:0017.72710596867504
2026-09-16T18:24:55+08:0017.799421475941866
2026-09-16T18:25:52+08:0018.29
2026-09-16T20:38:38+08:0017.959979540002823
2026-09-16T20:38:48+08:0017.965323832369126
2026-09-16T20:38:58+08:0017.9650416255115
2026-09-16T20:39:03+08:0017.972167348666574
2026-09-16T20:39:16+08:0018.197932834767887
2026-09-16T20:39:21+08:0018.19616904190772
2026-09-16T20:39:31+08:0018.213172005079723
2026-09-16T20:39:36+08:0018.211902074220404
2026-09-16T20:39:53+08:0018.293036545788063
2026-09-16T21:39:16+08:0018.303107803019614
2026-09-16T21:39:25+08:0018.35690348525469
2026-09-16T21:39:35+08:0018.363517708480316
2026-09-16T21:39:54+08:0018.50814872301397
2026-09-16T22:07:00+08:0018.413926908423875
2026-09-16T22:07:10+08:0018.442782559616198
2026-09-16T22:07:31+08:0018.47629462395936
2026-09-17T08:32:36+08:0018.43556864681812
2026-09-17T08:32:39+08:0018.43556864681812
2026-09-17T08:32:49+08:0018.89311415267391
2026-09-17T08:32:56+08:0019.847326090023987
2026-09-17T09:10:35+08:0019.892020601100608
2026-09-17T09:10:38+08:0019.94331169747425
2026-09-17T09:10:41+08:0019.970791590235642
2026-09-17T09:10:47+08:0020.17891914773529
2026-09-17T09:12:25+08:0020.342846056159164
2026-09-17T10:18:01+08:0020.68031254409482
2026-09-17T10:18:12+08:0021.470491745449415
2026-09-17T10:18:24+08:0026.93824961196557
2026-09-17T11:14:14+08:0027.41
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
24,270
→
人均手數
84.4
→
認購倍數
12x
12x = 24,270 × 84.4 ÷ 172,015 孖展加權 100% → 39.8x
1x1763.0x
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 35.16x 和當前分配手法 (甲組 α=0.590, 乙組 α=0.690) 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

標誌納真科技中籤預測矩陣

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。

關於本頁

本頁展示 納真科技(09856)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