中文：

破发是指股票、基金等证券的发行价格低于其首次公开发行价格的情况。简单来说，就是投资者购买该证券的价格高于市场价格，导致投资者亏损。

在股市中，新股发行时通常有一个定价，这个价格通常由承销商和发行公司协商确定。一旦新股上市后，市场会对这些股票进行交易，如果市场价格低于发行价格，就出现了破发的情况。

破发的原因有很多种，其中包括市场行情不好、公司业绩不佳、行业竞争加剧等等。此外，新股发行价过高也可能导致破发。

对于投资者来说，破发是一种风险。当市场价格低于发行价格时，投资者可能会面临亏损。因此，投资者在购买证券时需要对市场行情和公司情况进行深入了解，避免盲目跟风导致损失。

英文：

"Breaking the issue" refers to the situation where the issue price of stocks, funds and other securities is lower than their initial public offering price. In other words, investors purchasing the securities at a price higher than the market price resulting in losses for investors.

In the stock market, when a new stock is issued, there is usually a pricing that is typically negotiated between the underwriter and the issuing company. Once the new stock is listed, the market trades these stocks, and if the market price is lower than the issue price, a breaking of the issue occurs.

There are many reasons for breaking the issue, including poor market conditions, poor company performance, intensified industry competition, etc. In addition, a too high issue price for new stocks may also lead to breaking the issue.

For investors, breaking the issue is a risk. When the market price is lower than the issue price, investors may face losses. Therefore, investors need to have a deep understanding of market conditions and company situations when purchasing securities to avoid blindly following the trend and suffering losses.