1. T+1 delivery, T+1 delivery: both parties to the transaction complete the receipt and payment of securities and money related to the transaction on the next day, that is, the buyer receives the securities and the seller receives the money. China's Shanghai and Shenzhen stock exchanges all implement T+1 settlement for A shares.

2. Price limit: In order to curb excessive speculation and prevent excessive ups and downs in the market, the stock exchange stipulates the fluctuation range of the securities trading price of the day on the basis of the closing price of the previous trading day in daily trading. Today, the Shanghai and Shenzhen stock exchanges impose a 1% price limit. (the price of ST shares and S shares with incomplete share reform is limited to 5%)

3. The opening hours of China's shares are from Monday to Friday, from 9: 3-11: 3 in the morning and from 13: -15: in the afternoon. It is the same everywhere in China, subject to Beijing time. Every morning from 9: 15 to 9: 25 is call auction time. The so-called call auction is when there is no transaction price on that day. You can input the stock price according to the closing price of the previous day and the forecast of the stock market on that day.

During this period, all the prices entered into the computer mainframe are equal. At the end of trading, the stock price is determined according to the principle of maximum trading volume. This price is called call auction price, and this process is called call auction.

see call auction's entry for call auction rules. The matching principle is that the buyer's price is high, the seller's price is low, and the same price is the first to participate in the bidding. However, the whole transaction process is not distributed matching, but the centralized matching is completed at the end of the bidding. Call auction time is 9: 15-9: 25, you can hold the bill, but you can't hold the bill after 9: 25. You can't trade freely until 9: 3.

Extended information:

Trading principles of Shanghai Stock Exchange:

1. Principle of price priority:

The principle of price priority means that the higher buying declaration is preferred to the lower buying declaration, and the lower selling declaration is preferred to the higher selling declaration; Declare at the same price, and those who declare first will be given priority. In addition to the above-mentioned priority principle, market trading is preferred to limit trading when computer terminals declare bidding and board bidding.

2. The principle of priority of closing time:

This principle refers to bidding by oral singing, which is arranged in the order that the intermediary broker hears it; When the computer terminal declares the bid, it is arranged in the order of time accepted by the computer host; When bidding on the board, arrange them in the order seen by the intermediary broker. When it is impossible to distinguish the priority, the intermediary broker will organize the lottery to decide.

3. Decision principle of closing a deal:

This principle means that when bidding orally, the highest bid price is the same as the lowest bid price, that is, closing a deal. When applying for bidding at the computer terminal, in addition to the provisions in the preceding paragraph, if the declared price of the buyer (seller) is higher (lower) than that of the seller (buyer), the average intermediate price of the declared prices of both parties shall be adopted; If the buyer and the seller only declare the market price but not the unlimited price, the latest transaction price of the day or the price indicating the price at that time shall be adopted.

Baidu encyclopedia-China stock market

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Baidu encyclopedia-stock trading principle.