孖展動態 孖展倍數238.04x 孖展資金2176.9億 捷利預測倍數276.13x
排名 券商 孖展資金
1 富途证券富途 1145.3億
2 辉立证券辉立 475.0億
3 老虎国际老虎 251.7億
4 华泰国际华泰 127.2億
5 招银国际招银 57.0億
6 华盛证券华盛 54.1億
7 耀才证券耀才 20.0億
9 信诚证券信诚 15.0億
10 长桥证券长桥 12.9億
11 盈立证券盈立 6.8億
12 卓锐证券 5.5億
13 TradeGo MarketsTradeGo 5.1億
14 艾德证券艾德 6521萬
15 FunderstoneFunderstone 4497萬
16 盈宝证券盈宝 2886萬
孖展倍數
時間倍數
2025-09-17T06:00:00+08:000
2025-09-17T10:11:32+08:000.05084745762711865
2025-09-17T10:11:48+08:000.05714598141060689
2025-09-17T10:11:57+08:000.09869874248223073
2025-09-17T10:55:34+08:000.1511864406779661
2025-09-17T11:10:46+08:001.0634117003827228
2025-09-17T11:10:59+08:001.2722033898305085
2025-09-17T11:11:12+08:002.6018917441224714
2025-09-17T12:03:29+08:003.1565008201202844
2025-09-17T12:03:47+08:003.271656642974303
2025-09-17T12:06:43+08:003.457550574084199
2025-09-17T13:44:17+08:003.7145215965008203
2025-09-17T13:44:33+08:003.759223619464188
2025-09-17T13:44:41+08:003.810125751776927
2025-09-17T13:45:06+08:003.8538655002733733
2025-09-17T14:15:02+08:003.9663422635319847
2025-09-17T14:15:23+08:003.988747949699289
2025-09-17T14:15:34+08:004.2008857299070534
2025-09-17T14:16:09+08:004.275418261344997
2025-09-17T15:29:00+08:004.306757791142701
2025-09-17T15:29:09+08:004.334598141060689
2025-09-17T15:29:23+08:004.58172772006561
2025-09-17T16:40:01+08:004.6632367413887374
2025-09-17T16:40:23+08:004.675440131219245
2025-09-17T16:40:33+08:005.076752323674139
2025-09-17T17:10:47+08:005.219617277200656
2025-09-17T17:11:04+08:005.219595407326408
2025-09-17T17:11:10+08:005.462351011481684
2025-09-17T17:29:07+08:005.571700382722799
2025-09-17T17:30:32+08:007.9773865500273375
2025-09-17T18:12:13+08:008.046396938217605
2025-09-17T18:12:30+08:008.678436303991251
2025-09-17T18:13:09+08:008.787785675232367
2025-09-17T18:15:39+08:009.006484417714598
2025-09-17T18:16:18+08:009.115833788955714
2025-09-17T18:18:10+08:009.57210497539639
2025-09-17T22:16:33+08:009.590442864953527
2025-09-17T22:16:52+08:009.95348277747403
2025-09-17T22:17:25+08:0010.004341170038272
2025-09-17T22:17:29+08:0010.004352104975396
2025-09-17T22:17:49+08:0010.378326954620011
2025-09-17T22:18:07+08:0010.04922908693275
2025-09-17T22:18:17+08:0010.049086932750138
2025-09-17T22:18:27+08:0010.359639147074905
2025-09-17T22:18:48+08:0010.420885729907052
2025-09-17T22:19:00+08:0010.421006014215418
2025-09-17T22:19:11+08:0010.550038272279934
2025-09-18T08:32:02+08:0011.646812465828322
2025-09-18T08:32:18+08:0011.690738108255877
2025-09-18T08:32:24+08:0011.898895571350465
2025-09-18T08:33:26+08:0011.898928376161837
2025-09-18T08:33:29+08:0011.898862766539093
2025-09-18T08:33:32+08:0011.898917441224713
2025-09-18T08:33:41+08:0011.898917441224713
2025-09-18T09:02:02+08:0012.074182613449972
2025-09-18T09:07:38+08:0012.105401858939311
2025-09-18T09:07:55+08:0012.214751230180427
2025-09-18T09:08:00+08:0012.214554401312192
2025-09-18T09:08:10+08:0012.409196282121378
2025-09-18T09:29:50+08:0012.627895024603609
2025-09-18T10:08:24+08:0012.705959540732641
2025-09-18T10:08:32+08:0012.760841990158557
2025-09-18T10:08:42+08:0013.20151995626025
2025-09-18T11:03:36+08:0013.297145981410607
2025-09-18T11:05:16+08:0012.803980317113176
2025-09-18T12:05:59+08:0012.848627665390923
2025-09-18T12:06:02+08:0013.154805904866047
2025-09-18T13:43:11+08:0013.172706396938217
2025-09-18T13:43:25+08:0013.172695462001094
2025-09-18T13:43:32+08:0013.630869327501367
2025-09-18T14:03:28+08:0013.655626025150355
2025-09-18T14:04:14+08:0014.256336796063422
2025-09-18T14:05:29+08:0014.562515035538546
2025-09-18T14:28:47+08:0015.656008747949699
2025-09-18T15:06:37+08:0015.828376161837069
2025-09-18T15:06:40+08:0016.031765992345544
2025-09-18T16:05:35+08:0016.066987424822308
2025-09-18T16:05:38+08:0016.360043739748498
2025-09-18T17:01:45+08:0016.79744122471296
2025-09-18T17:06:07+08:0016.906298523783487
2025-09-18T17:06:19+08:0017.032750136686715
2025-09-18T17:06:22+08:0017.56746856205577
2025-09-18T17:30:08+08:0017.676817933296885
2025-09-18T17:30:32+08:0018.44226353198469
2025-09-18T17:31:17+08:0018.98901038819027
2025-09-18T18:07:15+08:0019.14087479496993
2025-09-18T18:07:30+08:0019.318228540185896
2025-09-18T18:07:37+08:0019.51287042099508
2025-09-18T18:10:54+08:0020.272017495899398
2025-09-18T20:16:43+08:0020.28117003827228
2025-09-18T20:16:49+08:0020.383367960634228
2025-09-18T20:16:55+08:0021.016500820120285
2025-09-18T20:17:07+08:0021.031842536905412
2025-09-18T20:17:12+08:0021.062372881355934
2025-09-18T20:17:18+08:0021.215462001093492
2025-09-18T22:05:07+08:0021.29922361946419
2025-09-18T22:05:12+08:0021.2707927829415
2025-09-18T22:05:18+08:0021.339136139967195
2025-09-18T22:05:36+08:0021.42997266265719
2025-09-18T22:05:41+08:0021.46055768179333
2025-09-18T22:05:47+08:0021.69893931109896
2025-09-19T07:51:41+08:0021.737769272826682
2025-09-19T07:51:45+08:0021.788518316019683
2025-09-19T07:51:53+08:0021.80343357025697
2025-09-19T07:51:57+08:0021.80343357025697
2025-09-19T07:52:01+08:0021.802985237834882
2025-09-19T07:52:05+08:0021.80372881355932
2025-09-19T07:52:08+08:0021.80306178239475
2025-09-19T07:52:12+08:0021.803499179879715
2025-09-19T07:52:17+08:0021.803739748496447
2025-09-19T09:00:34+08:0022.07678512848551
2025-09-19T09:00:40+08:0022.905653362493165
2025-09-19T09:10:15+08:0022.81337342810279
2025-09-19T09:10:23+08:0023.202657189721158
2025-09-19T09:10:27+08:0023.205937670858393
2025-09-19T09:11:30+08:0023.35728813559322
2025-09-19T10:13:02+08:0023.86904319300164
2025-09-19T10:13:42+08:0023.887774740295242
2025-09-19T10:13:49+08:0024.06606889010388
2025-09-19T10:14:04+08:0024.284767632586114
2025-09-19T11:04:30+08:0024.372170585019138
2025-09-19T11:04:51+08:0024.470913067249864
2025-09-19T11:08:22+08:0024.99688354291963
2025-09-19T12:08:37+08:0025.050552214324767
2025-09-19T12:08:55+08:0025.132881355932202
2025-09-19T12:09:10+08:0026.586134499726626
2025-09-19T13:49:50+08:0026.63289229086933
2025-09-19T13:50:40+08:0027.201509021323126
2025-09-19T13:50:59+08:0027.225183160196828
2025-09-19T13:51:12+08:0027.63633679606342
2025-09-19T14:06:44+08:0027.746320393657737
2025-09-19T14:07:03+08:0027.785117550574085
2025-09-19T14:07:22+08:0028.431372334609076
2025-09-19T14:09:38+08:0028.697244395844724
2025-09-19T15:14:43+08:0028.818316019682886
2025-09-19T15:15:00+08:0029.669054127938765
2025-09-19T15:15:19+08:0029.747348277747403
2025-09-19T16:10:04+08:0029.878851831601967
2025-09-19T16:11:02+08:0031.300393657736468
2025-09-19T16:12:04+08:0032.34358665937671
2025-09-19T17:11:14+08:0032.644570803717876
2025-09-19T17:12:13+08:0033.48546746856206
2025-09-19T17:43:03+08:0044.857802077638055
2025-09-19T18:04:45+08:0047.38918534718425
2025-09-19T18:05:35+08:0056.74839803171132
2025-09-19T18:09:09+08:0058.16993985784582
2025-09-19T18:09:33+08:0058.93538545653362
2025-09-19T18:15:54+08:0061.61934390377255
2025-09-19T20:14:50+08:0063.951919081465284
2025-09-19T20:15:15+08:0070.60692181519956
2025-09-19T20:15:33+08:0072.57521049753964
2025-09-19T20:16:22+08:0074.15290322580645
2025-09-19T20:16:38+08:0077.60724986331329
2025-09-19T22:12:22+08:0078.35563696008748
2025-09-19T22:12:40+08:0081.10686714051394
2025-09-19T22:13:13+08:0082.26400218698743
2025-09-19T22:13:29+08:0084.7713832695462
2025-09-20T08:20:46+08:0085.21477310005467
2025-09-20T08:21:57+08:0085.21477310005467
2025-09-20T08:22:16+08:0086.28995079278295
2025-09-20T08:22:28+08:0094.99634773100054
2025-09-20T10:09:11+08:0095.28767632586113
2025-09-20T10:09:23+08:0096.2565117550574
2025-09-20T10:10:02+08:0096.53540732640788
2025-09-20T10:10:17+08:0098.26203389830509
2025-09-20T11:09:24+08:0098.4390049207217
2025-09-20T11:09:37+08:0098.96606889010388
2025-09-20T12:47:02+08:0099.34704209950793
2025-09-20T12:47:28+08:00100.65923455440131
2025-09-20T14:21:53+08:00100.82427556041553
2025-09-20T14:22:30+08:00101.67173318753417
2025-09-20T14:23:16+08:00101.92418808091854
2025-09-20T14:23:29+08:00103.24294149808638
2025-09-20T15:47:19+08:00103.55100054674686
2025-09-20T15:47:31+08:00104.41486057955167
2025-09-20T16:49:22+08:00104.53910333515583
2025-09-20T16:49:35+08:00105.22909786768726
2025-09-20T17:49:02+08:00105.6364680153089
2025-09-20T17:49:21+08:00106.3614543466375
2025-09-20T18:10:52+08:00106.50609075997814
2025-09-20T18:11:07+08:00109.76688901038818
2025-09-20T19:40:04+08:00109.94203389830508
2025-09-20T19:40:15+08:00110.7085729907053
2025-09-20T20:48:18+08:00110.93645708037178
2025-09-20T20:48:34+08:00111.35307818480044
2025-09-20T21:19:05+08:00111.57316566429743
2025-09-20T21:19:21+08:00112.73445598687807
2025-09-20T22:10:24+08:00112.94835429196281
2025-09-20T22:10:39+08:00113.67334062329141
2025-09-21T11:33:31+08:00113.7587315472936
2025-09-21T11:33:36+08:00114.29538545653362
2025-09-21T11:33:40+08:00114.61276107162384
2025-09-21T11:33:44+08:00114.77270639693822
2025-09-21T11:33:48+08:00114.96602515035539
2025-09-21T11:34:10+08:00119.34218698742482
2025-09-21T11:34:14+08:00120.05842536905413
2025-09-21T11:34:19+08:00122.03874248223073
2025-09-21T11:34:23+08:00123.30391470749043
2025-09-21T13:08:14+08:00123.41112083105521
2025-09-21T13:08:20+08:00124.28591580098414
2025-09-21T13:08:24+08:00124.40896664844178
2025-09-21T13:08:28+08:00125.54291962821213
2025-09-21T16:42:10+08:00127.37452159650083
2025-09-21T16:42:23+08:00128.47785675232367
2025-09-21T16:42:36+08:00129.9300164024057
2025-09-21T16:43:26+08:00130.09708037178785
2025-09-21T16:43:41+08:00130.42383816293056
2025-09-21T16:43:56+08:00130.607752870421
2025-09-21T19:09:29+08:00132.60993985784583
2025-09-21T19:09:45+08:00134.58588299617278
2025-09-21T19:10:01+08:00136.4984034991799
2025-09-21T19:12:08+08:00136.8098305084746
2025-09-21T19:12:24+08:00137.11062875888464
2025-09-21T19:12:37+08:00137.69663203936577
2025-09-21T22:22:48+08:00138.5724767632586
2025-09-21T22:23:02+08:00139.037003827228
2025-09-21T22:23:15+08:00139.53039912520504
2025-09-21T22:24:25+08:00142.096828868234
2025-09-21T22:24:41+08:00144.32755604155275
2025-09-21T22:24:56+08:00148.89179879715692
2025-09-22T08:32:48+08:00149.61105522143248
2025-09-22T08:33:02+08:00152.07185347184253
2025-09-22T08:33:26+08:00173.34139967195188
2025-09-22T09:22:40+08:00173.34139967195188
2025-09-22T09:23:07+08:00175.5283870967742
2025-09-22T09:23:29+08:00176.27280481137234
2025-09-22T09:23:44+08:00184.75284855112082
2025-09-22T09:24:36+08:00218.86985237834884
2025-09-22T09:50:55+08:00222.36903225806452
2025-09-22T09:52:39+08:00231.11646801530893
2025-09-22T10:07:51+08:00231.95284855112084
2025-09-22T11:11:10+08:00232.3902460360853
2025-09-22T11:11:18+08:00238.04
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
24,874
→
人均手數
86.9
→
認購倍數
7x
7x = 24,874 × 86.9 ÷ 297,397 孖展加權 100% → 276.1x
1x1093.0x
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
0.57
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
0.67
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 308.18x 和當前分配手法 (甲組 α=0.573, 乙組 α=0.673) 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

標誌奇瑞汽车中籤預測矩陣

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 奇瑞汽车(09973)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