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The difference between the first day issue price and the opening price.
The issue price is the price that listed companies issue to the public with the approval of the CSRC according to their operating performance and static P/E ratio.

The opening price is the fixed price on the first day of listing. Under normal circumstances, the opening price on the first day is greater than the issue price. However, if the stock market is extremely depressed and the stock loses everyone's interest, it is also possible that the price will be lower than the issue price after the opening.

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.

Here are some examples: from 9: 00 to 9: 25, the consignment price of the buyer 1 is 5.04 yuan, the consignment quantity is 100 lots, and the consignment time is 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, when the opening price at 9: 25, that is, call auction, must be 4.99 yuan, the transaction is 1400 lots. Of the 65,438+0,400 lots, all the consignments of the buyer 65,438+0.2.3 were sold, and all the 500 lots and 200 lots of the consignments of the sellers 65,438+0 and 2 were sold, while the consignments of the seller 3 were sold.

Generation method

The bidding auction method is:

1. According to the principle of price priority and time priority, the trading system sorts all valid buy orders from high to low according to the declared price, and all valid sell orders from low to high according to the declared price.

Second, the trading system will match the buy and sell orders in front of the queue in turn until the transaction cannot be completed.

3. If the last transaction is a complete transaction, that is, the number of buying transactions equals the number of selling transactions, the arithmetic average price of the declared buying price and the declared selling price of the last transaction is taken as the opening price; If the last transaction is a partial transaction, the declared price of some transaction orders will be used as the opening price. The price is rounded off by the minimum change price of the futures contract.

Four, if there is no deal, the first transaction price after call auction is the opening price.

The opening price of the futures market is generated at 9:00.