# Network Structure and Synergy Characteristics in the Guangdong-Hong Kong-Macao Greater Bay Area
## 4 Results Analysis
### Synergistic Development Characteristics of Logistics and Capital Flows
#### 4.4.1 Spatial Fluidity of Logistics and Capital Flows
and 12.5%, while those between Shenzhen and Guangzhou registered 9%, 8.9%, and 9.5%, respectively. These stable increases illustrate Shenzhen's bridging function, acting as an intermediary in capital transmission from Hong Kong to Guangzhou. These robust linkages signify not only the concentrated flow of logistics and capital but also a high degree of complementarity and interaction frequency among the economic core cities, reinforcing the polycentric dynamics of the Greater Bay Area. The sub-strong linkage network functions as an industrial synergy support layer within the Greater Bay Area. In the logistics network, the Guangzhou \(\rightarrow\) Shenzhen and Guangzhou \(\rightarrow\) Hong Kong corridors form the second-tier backbone, facilitating coordinated transport and industrial integration. The Guangzhou \(\rightarrow\) Shenzhen connection maintains a stable interaction intensity of 6.7%, while Guangzhou \(\rightarrow\) Hong Kong exhibits a slightly lower but consistent strength of 6.1%. At the periphery of this tier, the Hong Kong \(\rightarrow\) Dongguan link registers approximately 2.2%, indicating marginal interconnection. In the capital flow network, Guangzhou \(\rightarrow\) Shenzhen and Zhuhai \(\rightarrow\) Guangzhou linkages--showing weights of 6.7%, 6.8%, 6.7% and 3.5%, 3.3%, 3.5%, respectively--constitute the region's economic interaction layer. Meanwhile, Dongguan \(\rightarrow\) Guangzhou connections (2.8%, 2.4%, 2.2%) form the basis of industrial chain collaboration. Although Guangzhou's presence within the strong linkage network has experienced a modest decline, its sustained engagement across both logistics and capital networks underscores its enduring role as a pivotal regional hub. The weak linkage network serves as an edge-extension and mutual-support layer within the Greater Bay Area. In the logistics network, the Dongguan \(\rightarrow\) Hong Kong connection, though relatively loose, constitutes a sub-marginal pathway with interaction strengths of 2.1%, 1.8%, and 1.7% across the three time nodes. Despite its low density,  
Figure 4: Spatial pattern of logistics network. this linkage remains a critical component of regional logistics, highlighting Dongguan's role within the industrial supply chain. Other city pairs in this tier represent the external perimeter of the logistics network, characterized by sparse connections, low interaction intensity, and minimal share. These cities are primarily integrated into the overall system via indirect associations with sub-strong core cities. In the capital flow network, Macau \(\rightarrow\) Hong Kong interactions maintain a low yet stable intensity of 2%, 1.8%, and 1.4%, indicative of a unique capital exchange mechanism between the two SARs. The Huizhou \(\rightarrow\) Shenzhen capital link remains consistently around 1%, while linkages involving cities like Zhongshan and Zhaoqing--though weak individually--collectively form a \"subregional mutual-aid layer.\" This layer reflects collaborative inter-city relationships maintained through low-frequency financial exchanges among peripheral urban nodes. The three core cities--Hong Kong, Guangzhou, and Shenzhen--form the foundational backbone of the regional network through strong intercity linkages that catalyze economic activity both within and beyond the Greater Bay Area. Their substantial and frequent logistics and capital flows serve as key drivers of the region's rapid economic development. The sub-strong linkage network concentrates around these core cities and their adjacent urban areas, functioning as intermediary corridors that connect central hubs with peripheral cities. This configuration strengthens the hierarchical structure of the network and enhances its redundancy and resilience. Despite lower intensity and sparse connectivity, weak linkage networks remain integral to overall regional cohesion. These marginal ties contribute to resource distribution, foster cross-city collaboration, and support the synergistic evolution of the urban agglomeration.