Abstract This paper aims to study the linkage effect and community structure of CITIC industry indices network before, during and after the financial crisis through PMFG and InfoMap algorithm. This paper shows that, small world network character exists in all three periods; the linkage effect has been enhanced during the crisis; community structure has a tendency to merge during the crisis, i.e., more compact; in the community core nodes have local influence advantage, and some marginal nodes show local strong linkage effect.
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