The announcement of the "Guangdong-Hong Kong-Macau Greater Bay Area" planning program quickly detonated the capital market.

As an investor, how to understand and understand this hot spot full of investment opportunities?

Eight key points

Key point one: the debut of nine cities in the Pearl River Delta, national strategic positioning

Guangdong-Hong Kong-Macau Greater Bay Area includes the Hong Kong Special Administrative region, Macao Special Administrative region and Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing (hereinafter referred to as the nine cities of the Pearl River Delta). With a total area of 56000 square kilometers and a total population of about 70 million at the end of 2017, it is one of the most open and economically dynamic regions in China. It has an important strategic position in the overall situation of national development.The total economic output of the Great Bay area in 2017 is about 10 trillion yuan.。

The goal of the outline of the Plan isIt is necessary to build the region into a dynamic world-class urban agglomeration, an international scientific and technological innovation center with global influence, an important support for the construction of "Belt and Road Initiative", a demonstration zone for in-depth cooperation between the mainland and Hong Kong and Macao, and a high-quality living circle suitable for living, industry and tourism.。

The person in charge of the office of Guangdong-Hong Kong-Macau Greater Bay Area's leading group for construction said that he will actively perform the duties of the office of Guangdong-Hong Kong-Macau Greater Bay Area's leading group for construction, comprehensively and accurately implement the principles of "one country, two systems", "Hong Kong people ruling Hong Kong", "Macao people ruling Macao" and a high degree of autonomy, act in strict accordance with the Constitution and basic laws, and work closely with Guangdong, Hong Kong and Macao and relevant departments in the spirit of hammering nails to do a good job in all tasks. We will promote the implementation of the beautiful visions in the planning blueprint, and welcome all sectors of the community to actively participate in the construction of the Greater Bay area, and jointly build Guangdong-Hong Kong-Macau Greater Bay Area into a world-class bay area and a high-quality living area suitable for living, industry and tourism, so as to enhance the people's livelihood and well-being of Guangdong, Hong Kong and Macao, and become a demonstration for solid promotion of high-quality development.

Key point 2: medium-and long-term goals for 2022 and 2035

The outline of the Plan defines Guangdong-Hong Kong-Macau Greater Bay Area's development goals.That is, by 2022, Guangdong-Hong Kong-Macau Greater Bay Area's comprehensive strength will be significantly enhanced, the cooperation between Guangdong, Hong Kong and Macao will be more in-depth and extensive, and the driving force for regional endogenous development will be further enhanced.The framework of international first-class bay area and world-class urban agglomeration with full development vitality, outstanding innovation ability, optimization of industrial structure, smooth flow of factors and beautiful ecological environment has been basically formed.

By 2035,The Greater Bay area has formed an economic system and development model mainly supported by innovation, with a substantial jump in economic strength, scientific and technological strength, and further enhanced international competitiveness and influence.The high-level interconnection of the market in the Greater Bay area has been basically achieved, various resource elements have flowed efficiently and conveniently, the coordination of regional development has been significantly enhanced, the ability to lead the surrounding areas has been further enhanced, and the people have become more well-off; the level of social civilization has reached a new level, the soft power of culture has been significantly enhanced, the influence of Chinese culture has become more extensive and in-depth, and multiculturalism has been further exchanged and integrated. The level of resource conservation and intensive utilization has been significantly improved, the ecological environment has been effectively protected, and the international first-class bay area suitable for living, industry and tourism has been completed in an all-round way.

The third key point: clear urban positioning and the construction of four central cities.

Optimize and upgrade central cities in accordance with the outline of the Plan.Four central cities of Hong Kong, Macao, Guangzhou and Shenzhen as the core engines of regional developmentWe will continue to give full play to our comparative advantages to be better and stronger, and enhance the radiation-driven role in the development of the surrounding areas.

Hong Kong. Consolidate and enhance the status of international finance, shipping, trade center and international aviation hub, strengthen the status of global offshore RMB business hub, international asset management center and risk management center, promote the development of finance, trade, logistics and professional services to a high-end and high value-added direction, vigorously develop innovation and technology, foster emerging industries, and build an international legal and dispute resolution service center in the Asia-Pacific region. To build a more competitive international metropolis.

Macau. We will build a world tourism and leisure center and a service platform for business cooperation between China and Portuguese-speaking countries, promote moderately diversified economic development, and build an exchange and cooperation base with Chinese culture as the mainstream and multiculturalism.

Guangzhou. We will give full play to the leading role of national central cities and comprehensive portal cities, comprehensively enhance the functions of international trade centers and comprehensive transportation hubs, cultivate and enhance the functions of science, technology, education and culture centers, and strive to build an international metropolis.

Shenzhen. We should give full play to our leading role as a special economic zone, a national economic center city and a national innovative city, speed up the construction of a modern and international city, and strive to become an innovative and creative capital with world influence.

We will support Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen, Zhaoqing and other cities to give full play to their advantages, deepen reform and innovation, enhance their comprehensive strength, and form important node cities with distinctive features, complementary functions and competitiveness. Enhance the coordination of development, strengthen interaction and cooperation with central cities, promote the development of surrounding towns with characteristics, and jointly improve the development quality of urban agglomeration. Develop towns with special characteristics. Give full play to the advantages of a large number and large volume of characteristic cities and towns in the nine cities in the Pearl River Delta, and cultivate a number of charming towns with unique advantages.

In terms of urban transport, the outline of the Plan points out that it is necessary to enhance the international competitiveness of ports in the Pearl River Delta, build a group of world-class airports, and promote the construction of railway projects from Ganzhou to Shenzhen, Guangzhou to Shanwei, Shenzhen to Maoming and Cenxi to Luoding.Strive to achieve one-hour access between major cities in the Great Bay area. We will promote the operation of inter-city passenger transport in the Greater Bay area, and promote "one-ticket" and "one-card" services. We will build a modern freight logistics system and speed up the development of hot metal, public rail, air rail, river-sea intermodal transport and "one-order" intermodal transport services.

Key point 4: develop manufacturing industry and strengthen emerging industries

The outline of the Plan makes it clear that it is necessary to speed up the construction of a manufacturing power.Promote the deep integration of the Internet, big data, artificial intelligence and the real economy, and vigorously promote the transformation, upgrading and optimized development of the manufacturing industry.We will strengthen industrial division of labor and cooperation, promote in-depth cooperation between the upper and lower reaches of the industrial chain, and build an advanced manufacturing base with international competitiveness. Take Zhuhai and Foshan as the leaders to build the advanced equipment manufacturing industry belt on the west bank of the Pearl River, and take Shenzhen and Dongguan as the core to build world-class advanced manufacturing industrial clusters such as electronic information with global influence and competitiveness on the east bank of the Pearl River. Give full play to the advantages of Hong Kong, Macao, Guangzhou and Shenzhen in innovative R & D capabilities, dense operation headquarters and complete industrial chains in Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing to strengthen industrial docking in the Greater Bay area and improve the level of collaborative development. We will support cities such as Dongguan to promote the transformation and upgrading of traditional industries, and support Foshan to carry out a pilot comprehensive reform of the transformation and upgrading of the manufacturing industry. We will support Hong Kong in exploring "re-industrialization" in its advantageous areas.

Speed up the restructuring of the manufacturing industry. Promote the intelligent development of the manufacturing industry, focus on robots and their key components, high-speed and high-precision machining equipment and intelligent complete sets of equipment, vigorously develop intelligent manufacturing equipment and products, and cultivate a number of intelligent manufacturing backbone enterprises with system integration capability, intelligent equipment development capability and R & D capacity of key components. We will support the strengthening and refinement of advantageous industries such as equipment manufacturing, automotive, petrochemical, household appliances and electronic information, and promote the extension of the manufacturing industry from processing and production to R & D, design, brand, marketing, remanufacturing and other links. We will speed up the green transformation and upgrading of the manufacturing industry, focus on promoting the green transformation of the traditional manufacturing industry, developing green products, and building a green supply chain. We will vigorously develop the remanufacturing industry.

In terms of strategic emerging industries, the outline of the Plan clearly relies on the advantages of scientific research resources and the foundation of high-tech industries in central cities such as Hong Kong, Macao, Guangzhou and Shenzhen. give full play to the role of national new areas, national independent innovation demonstration zones, national high-tech zones and other high-end elements agglomeration platformJointly create a number of strategic emerging industrial clusters with perfect industrial chain, strong radiation driving force and international competitiveness, so as to enhance the new momentum of economic development.. We will promote the development and growth of a new generation of information technology, biotechnology, high-end equipment manufacturing and new materials into new pillar industries, and cultivate a number of major industrial projects in key areas such as new display, new-generation communication technology, 5G and mobile Internet, proteins and other biomedical equipment, gene testing, modern traditional Chinese medicine, intelligent robots, 3D printing, Beidou satellite applications and other key areas. We will implement a number of major projects in strategic emerging industries around key areas and key links such as information consumption, new health technologies, marine engineering equipment, high-tech service industries, and high-performance integrated circuits. We will foster and strengthen industries such as new energy, energy conservation and environmental protection, and new energy vehicles, and form an industrial agglomeration zone with energy conservation and environmental protection technology research and development and the headquarters base as the core. Give full play to the leading role of leading enterprises, actively develop the digital economy and the sharing economy, and promote economic transformation and upgrading and social development. We will promote cooperation in digital creative industries such as animation games, online culture, digital cultural equipment, and digital art displays, and promote the application of digital creativity in convention and exhibition, e-commerce, medical and health care, educational services, tourism and leisure.

Key point 5: develop the capital market with the Shenzhen Stock Exchange as the core and speed up financial opening and innovation

The outline of the Plan points outConsolidate and enhance Hong Kong's status as an international financial center and create an investment and financing platform to serve the construction of "Belt and Road Initiative".。Support Guangzhou to improve the modern financial service systemTo build a regional private equity trading market, build a regional trading center for property rights and commodities, and raise the level of internationalization.Support Shenzhen to develop the capital market with the Shenzhen Stock Exchange as the core in accordance with the regulations, and accelerate the opening up and innovation of finance.. We will support Macao to build a financial service platform for China-Portuguese-speaking countries, establish an export credit insurance system, build a RMB clearing center for Portuguese-speaking countries, give full play to the advantage of the headquarters of Sino-Portuguese funds in Macao, and undertake financial cooperation services between China and Portuguese-speaking countries. To study and explore the construction of a demonstration zone for cross-border financial cooperation between Macao and Zhuhai.

meanwhile,We will support Hong Kong in building a green financial center in the Greater Bay area and an internationally recognized green bond certification institution. Support Guangzhou to build a pilot zone for green financial reform and innovation, and study the establishment of an innovative futures exchange with carbon emissions as the first variety.. We will support Macao in developing leasing and other characteristic financial businesses, explore misplaced development with neighboring regions, and study the establishment of a RMB-denominated securities market, a green financial platform and a Sino-Portuguese financial service platform in Macao. We will support Shenzhen in building an insurance innovation and development pilot zone, promote the connectivity of Shenzhen-Hong Kong financial markets and financial cooperation with Shenzhen-Macao characteristics, carry out pilot projects in science and technology finance, and strengthen the construction of financial science and technology carriers. We will support Zhuhai and other cities to give full play to their respective advantages and develop characteristic financial services. On the premise of complying with laws, regulations and regulatory requirements, we will support insurance institutions in Guangdong, Hong Kong and Macao to cooperate in the development of innovative cross-border motor vehicle insurance and cross-border medical insurance products, and provide cross-border insurance customers with facilitation underwriting, survey, claims settlement and other services.

Key point 6: promote cross-border transactions of funds and insurance products in the Greater Bay area

The outline of the Plan is clearPromote financial market interconnection in an orderly manner. We will gradually expand the scale and scope of cross-border use of RMB in the Greater Bay area. Banking institutions in the Greater Bay area can carry out cross-border RMB lending, RMB forward foreign exchange trading business, RMB-related derivatives business and cross-agency sales of wealth management products in accordance with relevant regulations.

Enterprises in the Greater Bay area may issue RMB bonds across borders in accordance with the regulations.. We will expand the space for cross-border investment by Hong Kong and mainland residents and institutions, and steadily expand the channels for residents of the two places to invest in each other's financial products. On the premise of compliance with the law, we will promote cross-border transactions of funds, insurance and other financial products in the Greater Bay area in an orderly manner, constantly enrich the categories and channels of investment products, and establish a mechanism for the exchange of funds and products.

The outline of the Plan also points outSupport Hong Kong institutional investors to raise RMB funds in the Greater Bay area to invest in Hong Kong's capital market and participate in domestic private equity funds and venture capital funds.. Support Hong Kong to develop more offshore renminbi, commodities and other risk management tools. Support insurance institutions in the mainland, Hong Kong and Macao to carry out cross-border RMB reinsurance business. We will continue to improve the Shanghai-Hong Kong Stock Connect, the Shenzhen-Hong Kong Stock Connect and the Bond Link. Support qualified Hong Kong and Macao banks and insurance institutions to set up business institutions in Qianhai, Shenzhen, Nansha, Guangzhou and Hengqin, Zhuhai. We will establish a coordination and communication mechanism for Guangdong-Hong Kong-Macau Greater Bay Area's financial supervision and strengthen cooperation in the supervision of cross-border financial institutions and the monitoring and analysis of capital flows. We will improve the mechanisms of Guangdong, Hong Kong and Macao for anti-money laundering, anti-terrorist financing, anti-tax evasion regulatory cooperation and information exchange. Establish and improve the system of early warning, prevention and resolution of systemic risks, and jointly maintain the security of the financial system.

Key point 7: introduce world-famous universities to create a competitive business environment

The outline of the Plan clearly supports the cooperation of universities in Guangdong, Hong Kong and Macao in running schools, encourages the joint construction of superior disciplines, laboratories and research centers, supports the construction of international education demonstration zones in the Greater Bay area, and introduces world-famous universities and characteristic colleges. We will promote the construction of world-class universities and first-class disciplines. Young people from Hong Kong and Macao are encouraged to study in mainland schools, and preferential policies such as transportation and tourist tickets are implemented for students studying in the mainland with permits for residents from Hong Kong and Macao to travel to and from the mainland. We will study and open up primary and secondary school teachers and preschool teachers from Hong Kong and Macao to Guangdong to obtain teacher qualifications and teach. We will strengthen the construction of schools, expand the supply of school degrees, further improve the policy for children of cross-regional employment to attend school, promote equal access to preschool education, compulsory education and senior high school education, and ensure that eligible migrant children smoothly participate in the college entrance examination in the places where they enter the country.

At the same time, we will create a globally competitive business environment, promote investment facilitation, promote trade liberalization, and facilitate the flow of people and goods.To further abolish or relax the restrictions on qualification requirements, shareholding ratio and industry access for Hong Kong and Macao investors, so as to reduce administrative interventionTo strengthen comprehensive market supervision and create a stable, fair, transparent and predictable first-class business environment.

Key point 8: open wider to the outside world and jointly build a platform for cooperation and development in the Greater Bay area.

The outline of the Plan points out that it will support Guangdong, Hong Kong and Macao to strengthen cooperation, jointly participate in the construction of "Belt and Road Initiative", and deepen infrastructure connectivity, economic and trade cooperation and people-to-people exchanges with relevant countries and regions. Fully participate in international economic cooperation, support Hong Kong and Macao to sign free trade agreements and participate in relevant international organizations in the name of "Hong Kong, China" or "Macao, China" or other appropriate forms in accordance with the law, support Hong Kong to play an active role in the operation of the AIIB, support Macao to join the AIIB if conditions are met, and support the Silk Road Fund and relevant financial institutions to set up branches in Hong Kong and Macao.

We will jointly build a platform for cooperation and development of Guangdong, Hong Kong and Macao, and speed up the development and construction of major platforms such as Qianhai in Shenzhen, Nansha in Guangzhou, and Hengqin in Zhuhai. We will support the construction of the Lok Ma Chau Hetao Port-Shenzhen Innovation and Technology Park and the adjacent Shenzhen Science and Technology Park, support Jiangmen's cooperation with Hong Kong and Macao to build the Greater Guanghai Economic Zone, and speed up the development of the coastal area of Jiangmen Yinhu Bay. We will promote in-depth cooperation between Macao and Zhongshan in the economic, social and cultural fields, and expand a new space for Macao's moderately diversified economic development. We will support the cooperation between Dongguan and Hong Kong in the development and construction of Dongguan Marina Bay area.

What on earth is Guangdong-Hong Kong-Macau Greater Bay Area?

Guangdong-Hong Kong-Macau Greater Bay Area includes "2 to 9" regions: two special administrative regions of Hong Kong and Macao and nine cities in the Pearl River Delta (Shenzhen, Dongguan, Huizhou, Guangzhou, Foshan, Zhaoqing, Zhuhai, Zhongshan and Jiangmen). In essence, it is an upgraded version of the integrated development of cities in the Pearl River Delta, including Hong Kong and Macao, rising to a national strategy.Guangdong-Hong Kong-Macau Greater Bay Area is positioned as a world-class urban agglomeration。

At the same time, Guangdong-Hong Kong-Macau Greater Bay Area is not a simple concept of space, economy and industry, butAt the same time, it covers all-round comprehensive development strategic planning, including infrastructure, institutional mechanisms, cultural concepts, ecological environment and so on.

In the future, Guangdong-Hong Kong-Macau Greater Bay Area will aim to build a world-class trade and financial center, a world-class scientific and technological innovation center, a global advanced intelligence center, and an important portal hub of "Belt and Road Initiative". It will not only become a new growth pole to drive China's economic development, but also a new portal for opening up to the outside world after the 40th anniversary of China's reform and opening up, playing an important leading role in the "Belt and Road Initiative" initiative.

What is the biggest advantage?

Citic Construction Investment Huang Wentao reported that each city in the Great Bay area has its own division of labor and emphasis in terms of functional positioning. In terms of the total amount,Guangdong-Hong Kong-Macau Greater Bay Area has entered the first square of the global economy and has the conditions of scale to become a world-class bay area.It is fully capable of being on the same list as the three major bay areas in the world, namely, the New York Bay area, the San Francisco Bay area and the Tokyo Bay area.

Compared with the three major bay areas in the world, namely, the New York Bay area, the San Francisco Bay area and the Tokyo Bay area, Guangdong-Hong Kong-Macau Greater Bay AreaIt has advantages in terms of population, total import and export volume, occupied area, port container throughput and so on.. It is on a par with the three major bay areas in the world in terms of total GDP, population density, international ports, international airports, airport passenger throughput, and top 100 universities in the world.

However, although Guangdong-Hong Kong-Macau Greater Bay Area can be compared with the world's three major bay areas in terms of total economic output, population size, and land area,However, the economic density is obviously on the low side, and there is still a big gap with the three major bay areas in the world.In addition, there is still a large gap between Guangdong-Hong Kong-Macau Greater Bay Area and the world-class bay area in terms of infrastructure construction, international influence, service function, innovation capability, and environmental quality.

Song Jin, an analyst at Dongxing Securities Strategy and Commerce and Retail Industry, said that since the second Industrial Revolution, each round of Industrial Revolution is bound to give birth to a world-class bay area, and Guangdong-Hong Kong-Macau Greater Bay Area is expected to seize the opportunity of the fourth Industrial Revolution. therefore,The local intelligent manufacturing and high-end equipment enterprises in Guangdong, Hong Kong and Macao are the core observation points.

Through the analysis and comparison of history, the future development of Beijing-Tianjin-Hebei, Yangtze River Delta and Pearl River Delta should correspond to Tokyo Bay area, New York Bay area and San Francisco Bay area respectively.

Song Jin believes that in the three major economic zones in China, the Pearl River Delta has always been at the forefront of technology and innovation development, and gathered a number of the country's top innovative science and technology enterprises. Extremely high wealth agglomeration effect, the creation of rich areas, and the support of high value-added technology industries.The San Francisco Bay area will be a strong reference for the development of Guangdong-Hong Kong-Macau Greater Bay Area.

Alignment of the San Francisco Bay areaIn terms of land resources, Guangdong-Hong Kong-Macau Greater Bay Area is expected to achieve redistribution, that is, the diffusion of industries in core areas such as Shenzhen and Hong Kong, the acceptance of emerging industries in Huizhou and Dongguan, and high-end real estate in Zhuhai, Macao and other places.. As the current policy rules have not yet been landed, the market's planning expectations for the Great Bay area are only projected on the concept of "land", that is, potential land price changes and possible factory change compensation. therefore, the current hot spot of investment is still limited to the relevant listed targets such as local manufacturing enterprises in the port. The spread of the theme of the Greater Bay area still needs to wait for the landing of its scientific and technological innovation enterprises in the future policy rules.

How does it affect house prices in various parts of the region?

Ping an Securities said that in terms of house prices, prices in Hong Kong, Macao, Shenzhen and Guangzhou showed a significant decreasing gradient; those in Zhuhai, Dongguan, Foshan and Zhongshan also decreased in turn; and those in Jiangmen and Zhaoqing were similar, both of which were lower than those in Huizhou.From the perspective of future urban development space, Guangdong-Hong Kong-Macau Greater Bay Area's Guangzhou, Zhongshan, Foshan, Jiangmen and Zhaoqing may have good real estate investment opportunities.。

Li Chao, chief macro analyst of Huatai, believes that implementing policies in the city is a major direction of the current real estate market regulation and control. From the national level, the long-term mechanism of real estate includes four aspects. One is to improve the regulation and control mechanism on the demand side because of the urban policy, the second is to refine the land supply according to the inventory removal cycle, and the third is to improve the diversified housing supply system and improve the security mechanism of common property rights and rental housing. the fourth is to speed up the study of real estate tax legislation.

The planned landing of the Bay area will further enhance the attractiveness of the Bay area for talent and expand housing demand, butFor local housing prices, the policy is still based on the city layout.. Under the central position of "housing speculation", the judgment of housing prices should take into account such factors as population inflow, national financial and credit policy and the adjustment of housing supply system. A certain factor, such as the expansion of housing demand, does not necessarily lead to the rise of housing prices. Under the action of many factors, the formation of housing prices is a dynamic process.

Citic Construction Investment Huang Wentao believes that building the Dawan area into a high-quality living circle suitable for living, industry and tourism is one of the five strategic positions of the central government for Guangdong-Hong Kong-Macau Greater Bay Area. With the development of large-scale infrastructure and the integration of urban resources, the boundaries of cities will slowly melt, and enterprises will carry out industrial division of labor in the Greater Bay area.

More job opportunities will be created in the major first-tier and later tier cities in the Guangdong, Hong Kong and Macao Bay area, and the population will also be transferred to the cities around the first-tier cities. In the short term, this will boost the growth of the real estate market in cities such as Dongguan, Zhongshan and Huizhou. In the long run, if we can give full play to the spatial and functional aggregation effect of the Guangdong, Hong Kong and Macao Bay area in the future, and realize the industrial advantages of different cities.As the Greater Bay area realizes the vision of the world's strongest Bay area economy, the real estate value of all cities in the Bay area will benefit greatly.. But this does not mean that the Dawan area will become a hot land for real estate enterprises and investors to "speculate on land" and "speculate on housing prices" in the future.

Under the background of implementing the policy of "living in a house without speculation"Similar to the previous measures to curb "property speculation" after the introduction of favorable policies of Xiongan and Hainan, the property market in the Greater Bay area will face more stringent regulation and control measures.. In fact, before Guangdong-Hong Kong-Macau Greater Bay Area's plan, the local government had already issued a series of policies and measures to crack down on speculation such as land hoarding and real estate speculation. In the future, Guangdong-Hong Kong-Macau Greater Bay Area will not simply develop the real estate business, the traditional development model will take the lead in the transformation here, docking industry, production city integration into the new mainstream of the real estate industry.

Which industries will benefit first?

Huatai believes that with the final landing of the Dawan plan of Guangdong, Hong Kong and Macao, the theme of Guangdong-Hong Kong-Macau Greater Bay Area is expected to continue to heat up. From the perspective of investment logic, the benefit logic of related companies such as capital construction, port logistics and finance is relatively clear, and it is suggested that we should pay attention to three main lines:

1) InfrastructureAccording to the above, on the one hand, infrastructure investment comes from Guangdong and the connectivity between Hong Kong and Macao, including the Hong Kong-Zhuhai-Macao Bridge, the landing of Guangzhou-Shenzhen-Hong Kong high-speed rail, and other infrastructure; on the other hand, it comes from infrastructure construction in Guangdong Province.

2) Port logisticsThe construction of the Bay area is expected to promote trade exports. according to the National Bureau of Statistics, Guangdong Province achieved a total import and export value of 6.82 trillion yuan in goods in 2017, accounting for 24.5 percent of the country's total. If the annual import and export (including entrepot) trade volume of the Hong Kong Trade Center is taken into account, the Greater Bay area is expected to become the largest import and export trade base in China.

3) FinanceGuangdong-Hong Kong-Macau Greater Bay Area will give full play to the advantages of Hong Kong as an international financial center and build a Guangdong-Hong Kong-Macau Greater Bay Area financial core circle that leads the Pan-Pearl, radiates Southeast Asia and serves "Belt and Road Initiative", relying on Guangzhou, Shenzhen, Macao and Zhuhai.

Huang Wentao believes that in terms of industrial layout, the mainland can make up for the "industrial hollowing out" of Hong Kong and Macao, while Hong Kong and Macao can feed the mainland to protect manufacturing exports in the Pearl River Delta. On the other hand, the core cities of the Pearl River Delta and the cities on both wings can achieve coordinated development, the high-end manufacturing industry in Zhuhai can complement the professional market base in Zhongshan, and the advanced manufacturing and high-end services in Guangzhou can complement the industrial base in Foshan. If we can promote Guangdong-Hong Kong-Macau Greater Bay Area as a whole to provide one-stop services and reduce the obstacles to the flow of factors, it will effectively enhance the competitiveness of regional enterprises in the international market.In particular, the super combination of "Hong Kong + Shenzhen + Dongguan" is expected to create a new Silicon Valley in the world.In the future, Hong Kong's ideas will be developed in Shenzhen and eventually manufactured in Dongguan, which may become the norm.

Li Chao, chief macro analyst of Huatai, believes thatThe first beneficiaries should be 5G, artificial intelligence, industrial Internet, Internet of things and other related high-end manufacturing industries.. The bay area has a good industrial foundation and relatively complete types, and the Pearl River Delta urban agglomeration has a high degree of industrial coupling and coordination, reflecting the benign interactive development of manufacturing and producer services. The proportion of secondary industry in Guangdong Province was 43.2% in 2016, 4.5 percentage points higher than the national average. In the manufacturing industry, computers, communications and other electronic equipment occupy a leading position, and the number of business units and total profits account for about 1% of the country's total profits. The high-end manufacturing industry is an important direction of the country, and the Central Economic work Conference clearly pointed out that we should focus on promoting the high-quality development of the manufacturing industry in 2019. Therefore, relying on its own industrial base, the Bay area can be well integrated with the strategy of high-quality growth of the central policy.

Other main lines of investment also include four aspects. First, the infrastructure construction around Guangdong-Hong Kong-Macao Unicom and the regional development in Guangdong; second, the leading enterprises in Guangdong, under the circumstances of further opening up and construction encouraged by the state, they will be strong; third, it will build trade and port areas that will benefit first in the Bay area; finally, it will accelerate the flow of factor resources, especially the active use of land elements.

Nuggets Guangdong, Hong Kong and Macao concept stocks

Ping an Securities said that from the perspective of the direction of industrial development, Guangdong-Hong Kong-Macau Greater Bay Area's future development will mainly rely on the integration of innovation and finance, under the background of the normalization of global monetary policy and domestic structural deleveraging, the recent cases of long-term agreements exposed by manufacturing enterprises are increasing, and some companies with heavy assets and high liabilities may face greater investment risks.

Comprehensive judgmentFuture technology giants may be born in new economic fields such as artificial intelligence, big data, integrated circuits, cloud computing, new energy vehicles, new energy, biomedicine and so on.The development of the above industries in the Pearl River Delta will also significantly benefit from the integrated development of Guangdong-Hong Kong-Macau Greater Bay Area in the future.