This report measured the degree of commodity market integration and factor market integration and internal structure of the Guangdong-Hong Kong-Macao Greater Bay Area from 2009 to 2018. In addition，this report further explore the impact of the four factors on the level of industrial co-ordination and development，the level of opening to the outside world，service gaps and traffic gaps. The study found that the overall gravitational value between Hong Kong and Macao and the Pearl River Delta is mostly relatively low，and the degree of connection between Hong Kong and Macao and the Pearl River Delta regional market needs to be improved. After the Guangdong，Hong Kong and Macao Great Eras strategy was formally put forward in 2016，the level of commodity market integration has improved significantly，while the downward trend of the level of factor market integration has slowed down. Compared with the Yangtze River Delta city group，Guangdong-Hong Kong-Macao Greater Bay Area are more integrated than the Yangtze River Delta city group. From the perspective of influence mechanism，industrial co-ordination and development is the main force of regional market synergies，and opening to the outside world has also made an important contribution. The service（medical care，education）level has a certain influence on the coordinated development of the market，but the effect is much less than industrial co-development and opening up to the outside world. Transportation has not yet contributed to the integration of regional market.