Core Viewpoint - The article explains the trading rules during the special time period from 9:25 AM to 9:30 AM, emphasizing that orders placed during this time will not be executed immediately but will be temporarily held by the brokerage system until the continuous trading session begins at 9:30 AM [3][4][6]. Group 1: Trading Time Periods - The time from 9:25 AM to 9:30 AM is a transitional period where orders can be submitted but will not be executed immediately [3][4]. - The period from 9:15 AM to 9:25 AM is the actual auction phase where the opening price is determined based on collected orders [5]. - The 9:25 AM to 9:30 AM period serves two main purposes: allowing brokerage systems to receive new orders and organizing unexecuted orders from the auction phase [6][7]. Group 2: Conditions for Order Execution - The execution of orders placed between 9:25 AM and 9:30 AM depends on two main conditions: price matching and order sequence [8]. - For an order to be executed, the buy price must be equal to or greater than the sell price during the continuous trading session that starts at 9:30 AM [9]. - The order sequence is determined by the time the orders are placed; earlier orders will have priority in execution [11]. Group 3: Best Practices for New Investors - Investors should observe the opening price and trading volume after 9:25 AM to gauge market sentiment before placing orders [12]. - It is advisable to submit orders around 9:28 AM to secure a better position in the queue while allowing time to confirm order details [12]. - Understanding the nuances of this 5-minute period can enhance trading efficiency and foster a better awareness of market rules [12].

Group 1 - The core concept of stock bidding is to determine the transaction price through the submission of orders by buyers and sellers, which are matched by the exchange system according to specific rules [2][8] - The A-share bidding mechanism consists of two types: collective bidding and continuous bidding, with the former determining the opening and closing prices and the latter being the price formation method during normal trading [2][4] Group 2 - The opening collective bidding phase occurs from 9:15 to 9:25, divided into two stages: 9:15-9:20 where orders can be withdrawn, and 9:20-9:25 where orders cannot be withdrawn [4][5][14] - The core rule for determining the opening price is based on maximizing transaction volume, where the price that allows for the highest volume of transactions is selected [8][14] Group 3 - The transaction order follows the principles of price priority and time priority, meaning higher-priced buy orders and lower-priced sell orders are executed first, and among orders with the same price, the earlier submitted orders are executed first [9][14] - Continuous bidding allows for real-time pricing and immediate transactions, with stock prices fluctuating with each transaction [10] Group 4 - Key signals for new investors include observing the relationship between the opening price and the previous closing price to gauge market sentiment, monitoring transaction volume during the bidding phase to assess capital interest, and being cautious of price fluctuations during the initial bidding phase to avoid being misled by market manipulation [10][11][12]

Core Viewpoint - The article emphasizes the importance of understanding the "centralized bidding" trading method in the stock market, comparing it to a bustling market where buyers and sellers interact to determine prices, particularly during the critical opening period of trading [1][3][5]. Summary by Sections Centralized Bidding Mechanism - Centralized bidding can be likened to a large market where buyers submit their highest acceptable prices and sellers their lowest, with the exchange acting as a facilitator to match these orders based on price and time priority [3][5]. - The process is characterized by fairness and transparency, as participants remain anonymous and unaware of each other's orders [3]. Price and Time Priority - Price priority means that buyers willing to pay higher prices are more likely to complete their purchases, while sellers offering lower prices can sell their goods more easily [3]. - Time priority ensures that if two buyers offer the same price, the one whose order arrives first is executed first, making the opening minutes of trading particularly dynamic and revealing of market sentiment [3][5]. Market Dynamics During Opening - The article illustrates the dynamics of centralized bidding by comparing it to a popular food stall, where high demand leads to competitive pricing, and the final transaction price often reflects a compromise between buyers and sellers [5][7]. - It highlights that the opening price established during centralized bidding may not reflect the market's direction once continuous trading begins, as external factors can lead to significant price adjustments [7]. Importance of Centralized Bidding - Understanding centralized bidding is crucial for investors, as it serves as an early indicator of market trends and can help avoid potential losses during the opening phase of trading [7].