After the price input in call auction is completed, the number of transactions that can be reached at a certain price is the largest (the bidding price shall not be lower than this price, and the bidding price shall not be higher than this price to be considered as valid and included in the number of transactions), then this price is the final transaction price (i.e. opening price/closing price) obtained by call auction.
The "price first, time first" in call auction mode is embodied in that the computer host arranges all the trading declarations from high to low, and the declarations under the same price are sorted in the order accepted by the computer host in principle. In call auction, the prices of all input computers are equal, so it is not necessary to trade according to the principle of time priority and price priority, but to determine the stock price according to the principle of maximum transaction.
The "price first, time first" in the continuous bidding mode (explained below) is reflected in the matching transaction. The principle of price priority is that high-priced buying declaration takes precedence over low-priced buying declaration, and low-priced selling declaration takes precedence over high-priced selling declaration. The principle of time priority is: if the buying and selling direction and price are the same, the first applicant has priority over the last applicant. Among the two priorities, price takes precedence over time, and the time sequence is determined according to the time when the trading host accepts the declaration.
Production principle
The opening price of the futures market is generated by call auction, and the principle of call auction is different from the principle of closing the price in normal trading, so in some cases, it is impossible to close the position if the declared buying price is higher than the opening price or the declared selling price is lower than the opening price.
The opening price is call auction, and its principle is that the consignment price of a stock in the consignment note sent by buyers and sellers to Shenzhen and Shanghai between 9: 00 and 9: 25 is the same, but it is worth noting that this "consistent share price" refers to the "consistent share price" that can match the largest amount in a single transaction, and the consistent consignment price of buyers and sellers is not necessarily the highest price. The "call auction" generated between 9: 00 and 9: 25 does not implement the principle of "time priority" implemented by "continuous bidding" when the entrusted prices are consistent after 9: 30.
References:
Baidu encyclopedia entry opening price