连续竞价：股市交易的核心机制

中文版

连续竞价，又称为动态竞价或即时竞价，是股票市场中一种核心的交易机制。在此机制下，买家和卖家可以实时提交自己的买卖指令，并且这些指令会按照价格优先、时间优先的原则进行撮合成交。

在连续竞价阶段，交易系统会对所有有效的买卖指令进行排序，优先处理价格更为合理的指令。如果有多个指令在价格上相同，那么系统会按照指令到达的时间顺序进行撮合。这样的机制确保了市场的公平性和效率性，使得每个投资者都有机会按照自己的意愿进行交易。

连续竞价的特点在于其高度的灵活性和实时性。市场的供求关系可以随时通过价格变动反映出来，投资者可以根据市场情况及时调整自己的交易策略。同时，连续竞价也有助于提高市场的透明度，因为所有的交易信息都会实时公开，供投资者参考。

然而，连续竞价也存在一定的风险。由于交易是实时进行的，投资者需要具备快速判断市场走势的能力，否则可能会因为反应不及时而遭受损失。此外，连续竞价也要求投资者具备足够的资金和风险管理能力，以应对可能出现的大幅度价格波动。

英文版

Continuous Auction: The Core Mechanism of Stock Market Trading

Continuous auction, also known as dynamic auction or immediate auction, is a central trading mechanism in the stock market. Under this mechanism, buyers and sellers can submit their buy and sell orders in real time, and these orders will be matched and executed according to the principles of price priority and time priority.

During the continuous auction phase, the trading system sorts all valid buy and sell orders, prioritizing those with more reasonable prices. If multiple orders have the same price, the system will match them in the order of their arrival time. This mechanism ensures fairness and efficiency in the market, giving every investor an opportunity to trade according to their preferences.

The key feature of continuous auction lies in its high degree of flexibility and real-time nature. Market supply and demand can be reflected through price movements at any time, allowing investors to adjust their trading strategies based on market conditions. At the same time, continuous auction contributes to improved market transparency as all trading information is公开 in real time for investors' reference.

However, there are also certain risks associated with continuous auction. Since trading occurs in real time, investors need to possess the ability to quickly judge market trends, otherwise they may suffer losses due to untimely reactions. Additionally, continuous auction requires investors to have sufficient funds and risk management capabilities to cope with possible large price fluctuations.