# Network Structure and Synergy Characteristics in the Guangdong-Hong Kong-Macao Greater Bay Area
## 4 Results Analysis
### The City Nodes Variability in Logistics and Capital Flow Linkages
Cities that demonstrate high outgoing centrality in logistics also tend to exhibit high outgoing centrality in capital flows. During the logistics element process, Hong Kong, Shenzhen, and Guangzhou consistently exhibit high outgoing and incoming centrality throughout the study period. In contrast, cities like Macao, Dongguan, and Foshan recorded an incoming centrality of only 0.3 in 2016, indicating limited integration into the logistics backbone network during the early stages of the study. Jiangmen and Zhaoqing were even less integrated, with incoming centrality values close to 0 in 2016. The evolution of centrality within the capital flow network shows some synchronization with the logistics network, albeit with notable differences. Hong Kong, Shenzhen, and Guangzhou maintain high outgoing capital flow centrality. However, sub-cities such as Foshan and Dongguan still have lower centrality scores compared to the main cities, though they demonstrate a growth trend in outgoing centrality by 2019. Unlike the logistics network, the incoming centrality within the capital flow network appears relatively more balanced, suggesting a more equitable distribution of capital absorption among various cities. This indicates that while core cities dominate both networks, there is a gradual improvement in the performance of secondary cities in capital flow dynamics. For the overall development trend, the logistics network is characterized by core cities leading and secondary cities supporting. From 2016 to 2021, the centrality of Hong Kong, Shenzhen, and Guangzhou maintained a high level, especially the out-degree centrality, which is increasingly prominent in the distribution of logistics within the Greater Bay Area. The second is the increase in regional integration. With the progress of infrastructure development within the Greater Bay Area, cities such as Zhuhai, Foshan, Dongguan, and Zhongshan are gradually establishing themselves as important sub-logistics hubs. The  
Figure 2: City characterization under logistics and capital flows. centrality of Hong Kong and Shenzhen, especially the out-degree centrality, is always at a high level, demonstrating their unwavering output position in capital flows. Despite the dominance of the core cities, the incoming centrality of the secondary cities of Foshan, Dongguan, and Zhuhai is gradually increasing, and their ability to attract capital is growing. For the spatial dimension, the high centrality of logistics and capital flows in Hong Kong and Shenzhen, both recognized as international cities, indicates their strong regional control. The significant correlation between logistics centrality and capital centrality suggests that logistics may drive capital flows in this context. Domestic cities such as Jiangmen and Zhaoqing exhibit markedly weaker logistics network centrality, reflecting a status quo characterized by insufficient infrastructure and low economic activity. Regarding the temporal evolution, the centrality of major cities such as Shenzhen is gradually increasing, which is closely related to the optimization of economic structure, the improvement of transportation facilities, and the promotion of the Greater Bay Area integration policy. The centrality of some cities, such as Huizhou and Jiangmen, has not increased significantly, mainly due to the constraints of unbalanced industrial layout and the limited role of the economic hinterland.