“集合竞价”及“连续竞价”是股票的两种报价方式。

股票市场交易时间总体分为两个阶段，分为集合竞价时间和连续竞价时间。

集合竞价分为早盘集合竞价和尾盘集合竞价，通常所指集合竞价是早盘集合竞价，就是在当天还没有开盘之前，你可根据前一天的收盘价和对当日股市的预测来输入股票价格，在集合竞价的时间里下单，按照价格优先和时间优先的原则计算出最大成交量的价格，这个价格就会是集合竞价的成交价格，而这个过程被称为集合竞价。早盘集合竞价的时间为每个交易日的9:15-9:25，尾盘集合竞价时间为每个交易日的14:57-15:00。

集合竞价的英文为call auction。

A call auction, or call market, is where market participants place orders to buy or sell at certain bid or offered (ask) prices, which are then batched together and matched at predetermined time intervals. Orders collected during a call auction are all executed at the price that forms the best overall match. Call auction rules may vary by exchange.

连续竞价

连续竞价，即指对申报的每一笔买卖委托，由电脑交易系统按照以下两种情况产生成交价：最高买进申报与最低卖出申报相同，则该价格即为成交价格； 买入申报高于卖出申报时，申报在先的价格即为成交价格。连续竞价时，成交价格的确定原则为:1、最高买入申报和最低卖出申报价格相同，以该价格成交; 2、买入申报价格高于即时揭示的最低卖出申报价格时，以即时揭示的最低卖出申报价格为成交价格; 3、卖出申报价格低于即时揭示的最高申报买入价格时，以即时揭示的最高申报买入价格为成交价。

虽然是连续竞价，但其对应英文呢一般不用continuous auction，而是用continuous trading表示。

In a continuous trading market, traders can trade at any time when the market is open. Buyers and sellers continuously place their orders and are matched on a continuous basis. Most markets that we see today, including the stock exchanges, derivatives exchanges, and the forex market, are continuous trading markets.

以下为相关双语示例，供参考：

集合竞价市场的价格反映了累积的市场信息，其市场效率要高于连续竞价市场。

In call auction market, the price reflects the accumulation of market information, its efficiency is higher than in continuous auction market.

集合竞价市场的价格反映了累积的市场信息，其市场效率要高于连续竞价市场。

In call auction market, the price reflects the accumulation of market information, its efficiency is higher than in continuous trading market.