The rules of the late call auction have an important impact on the closing price and transaction of securities transactions. First, the closing price is determined by call auction. If it cannot be generated, the weighted average price before the last minute of trading will be used. Three minutes before the market closes from 14:57 to 15:00, bidding is active and prices fluctuate greatly, which may affect the stock price trend.

In terms of transaction principles, the rule of "time priority, price priority" is followed. That is, when the price is the same, the order placed first will be executed first; at the same time, the higher price is better than the lower price. The early trading auction allows the cancellation of orders, but in the later joint bidding, once the transaction order is issued, the order cannot be canceled, which increases the certainty of the strategy.

The reporting principle emphasizes that investors need to carefully consider orders before the start of bidding in early trading, and lock in transactions later. The purpose of the late call auction is to determine the closing price and transaction price on the premise that it is not higher than the buying price, not lower than the buying price and ensures the maximum trading volume. Bidding at this stage is particularly critical because the transaction price at the last minute may affect the closing price throughout the day.

In actual operation, investors need to pay close attention to the late trading time, analyze the price trend based on the daily K-line, pay attention to changes in the last half hour, as well as the day's capital situation and the performance of favorable stocks. Because whether it is early trading or late trading, the maximum trading volume principle is the key factor in determining the closing price.