随着我国城市轨道交通运营规模持续增长，轨道交通可持续发展的重要性日益凸显。香港铁路有限 公司(简称“港铁”)作为世界上少有的持续盈利的地铁公司，其经营模式对我国内地轨道公司具有重要的借 鉴意义。通过对港铁各项业务的利润进行分析，发现随着港铁进入运营时代，“轨道+物业”已不再是其可持 续发展的关键因素，取而代之的是客运及车站商务等运营类业务，而这类业务盈利的根源就是对轨道交通巨 大客流的“流量变现”。这说明，土地资源只能解决轨道交通可持续的“建设”，客流才能解决轨道交通可持 续的“发展”。

With the continuous growth of the urban rail transit operation in China, the importance of sustainable development of rail transit has become increasingly important. As one of the few metro companies in the world to sustain profits, the operation mode of Mass Transit Railway (MTR) is significant to metro companies in Chinese mainland. Analyzing the profits of various businesses shows that as MTR enters the operation era, “rail-property” is no longer the key factor in its sustainable development. Instead, it is the business operations, such as transport operations and station commercial business. The profit of these businesses is from the large amount of passenger flow within the MTR, which is known as “monetizing the flow. “This shows that land resources can only support the construction of rail transit, whereas passenger flow can support its development.

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