The opening price of the stock is competitive, that is, starting at 9:25 five minutes before the official opening, the highest buying price is the opening price. So the opening price of the stock is different from the closing price of the previous day. There are high and low. The opening price refers to the transaction price generated by call auction within five minutes before the opening of a futures contract. If there is no transaction price in call auction, the opening price is the first transaction price after call auction. The benchmark price of the new listing contract shall be determined by the exchange. The closing price refers to the transaction price generated by call auction within five minutes before the closing of the futures contract. If there is no transaction price in call auction, the closing price shall be the last transaction price before call auction. The settlement price of the day refers to the weighted average price of the transaction price of a futures contract on the day according to the trading volume. If there is no transaction price on that day, the settlement price of the previous trading day shall be the settlement price of that day. The opening price is call auction, and its principle is that the price of a stock is the same in the consignment note sent by buyers and sellers to Shenzhen and Shanghai between 9: 00 and 9: 25, but it is worth noting that (1) this "consistent price" refers to the "consistent price" that can match the maximum amount in a single transaction, not necessarily between buyers and sellers at 9: 00 and 9: 25. Here are some examples: during 9: 00-9: 25, the consignment price of the buyer 1 was 5.04 yuan, the consignment quantity was 100 lots, and the consignment time was 9: 02; The consignment price of buyer 2 is 4.99 yuan, the consignment quantity is 500 lots and the consignment time is 9:10; The consignment price of buyer 3 is 4.99 yuan, the consignment quantity is 800 lots and the consignment time is 9: 24; The consignment price of the seller 1 is 4.96 yuan, the consignment quantity is 500 lots, and the consignment time is 9: 05; The consignment price of Seller 2 is 4.99 yuan, the consignment quantity is 200 lots, and the consignment time is 9:13; The consignment price of seller 3 is 4.99 yuan, the consignment quantity is 900 lots, and the consignment time is 9: 22; Under the above circumstances, the opening price at 9: 25, that is, call auction, must be 4.99 yuan, and the transaction is 1 100 lots. Among the 65,438+065,438+000 lots, only 300 lots were sold out of the 500 lots entrusted by Buyer 2, but 800 lots entrusted by Buyer 2 were sold out, and sellers 2 and 3 entrusted them respectively. The so-called call auction refers to the process that the computer mainframe of the stock exchange centrally matches all valid commissions accepted from 9: 15 to 9: 25 every trading day at 9: 25 am. The principle of determining the transaction price in call auction is as follows: First, choose the price within the effective price range, so that all effective commissions can produce the maximum transaction. If there are more than two such values, the transaction price shall be selected according to the following rules: all valid commissions of the buyer higher than the selected price and all valid commissions of the seller lower than the selected price can be completed; At least one of the buyers or sellers with the same price as selected has completed the transaction. If there are still multiple values that meet the above conditions, the middle price is the transaction price, and the Shenzhen Stock Exchange takes the value closest to the previous day's closing price as the transaction price. Secondly, centralized matching processing is carried out. The effective entrustment of all buyers is arranged in the order from high to low, and the same price limit is arranged according to the time of entering the computer trading host. The effective entrustment of all sellers is arranged in the order of the entrustment price limit from low to high, and those with the same price limit are also arranged according to the time of entering the computer trading host. The top buyer's entrustment corresponds to the seller's entrustment one by one in order. That is, at the same price, the transaction is completed in order of price priority and time priority until the trading conditions are not met, that is, the price limit entrusted by all buyers is lower than that entrusted by the seller. All transactions are conducted at the same transaction price. If the entrusted auction fails to close, it will automatically enter the continuous auction. The opening price was generated by everyone's bidding before the opening of the next day, so it may be higher than yesterday's closing price, lower than yesterday's closing price, or the same as the closing price. Theoretically, there is no connection between the two. The opening price was generated in call auction. If it is connected, the bidding range of the next day is +/- 10% of the closing price of the previous day.