2025年世界水日（3月22日）的主題是“冰川保存”

2025年世界水日的主題（3月22日）是“冰川保存”，重點是冰川在全球水系統中的關鍵作用

The theme for World Water Day in 2025 (on March 22) is “Glacier Preservation,” focusing on the critical role glaciers play in global water systems and the urgent need to address their rapid decline due to climate change.

2025年世界水日（3月22日）的主題是“冰川保存”，重點是冰川在全球供水系統中的關鍵作用，以及由於氣候變化而迫切需要解決其快速下降的需求。

Glaciers are critical to life—their meltwater is essential for drinking water, agriculture, industry, clean energy production, and healthy ecosystems. But rapidly melting glaciers are causing uncertainty to water flows, with profound impacts on people and the planet. For example, flooding and rising sea levels can contaminate land and water resources and cause damage to water and sanitation infrastructure. According to the 2023 State of Global Water Resources Report by the World Meteorological Organization, glaciers lost 600 gigatons of water in 2023, the largest measurement in 50 years.

冰川對生命至關重要 - 他們的融水對於飲用水，農業，工業，清潔能源生產和健康生態系統至關重要。但是快速熔化的冰川導致水流不確定性，對人和地球產生了深遠的影響。例如，洪水和海平面上升會污染土地和水資源，並損害水和衛生基礎設施。根據世界氣象組織的2023年全球水資源報告報告，冰川在2023年失去了600吉頓的水，這是50年來最大的測量。

Against this backdrop, the supply/demand dynamics of water create opportunities for thematic investments in utilities, infrastructure, and technology that increase the supply and reliability of safe freshwater. These investment opportunities can come in the form of open-end and exchange-traded funds focused on companies involved in water-related activities and a range of publicly traded water-related stocks.

在這種背景下，水的供應/需求動態為在公用事業，基礎設施和技術中的主題投資創造了機會，從而增加了安全淡水的供應和可靠性。這些投資機會可以以開放式和交易所交易的形式出現，這些資金的重點是參與與水有關的活動以及一系列公開交易的與水相關的股票。

How to Invest in Water in the US and Europe

如何在美國和歐洲投資水

As of February 2025, we identified 73 open-end funds and ETFs focused on the water theme, including 13 in the US and 60 in Europe, representing a total of $41 billion in assets under management. This universe has grown by almost 70% in the past five years.

截至2025年2月，我們確定了73個開放式基金和ETF，其中重點是水主題，其中包括美國的13個和歐洲的60個，總計410億美元的管理資產。在過去的五年中，這個宇宙增長了近70％。

Assets peaked at $50 billion in 2021 before declining to today’s level due to outflows and mixed performance.

資產在2021年達到500億美元的峰值，在由於流出和混合性能而降至今天的水平。

Exhibit 1 Annual Assets in U.S. and European Water Funds

展品在美國和歐洲水基金中1年資產

US water funds have registered net withdrawals in each of the past three years, totaling $820 million. Meanwhile, European water funds have bled an aggregated $5.6 billion over the past two years, contrasting with the subscriptions of nearly $7 billion in 2021.

在過去的三年中，美國水基金每年都有淨提款，總計8.2億美元。同時，歐洲水基金在過去兩年中流血了56億美元，與2021年近70億美元的訂閱形成鮮明對比。

Exhibit 2 Annual Flows of U.S. and European Water Funds

展覽2年度的2年流量和歐洲水基金

The recent outflows on both sides of the Atlantic can be partly explained by the underperformance of the strategies against a backdrop of subdued industrial activity and high interest rates. After outperforming the Morningstar Global Markets Small-Mid Cap Index by 4 and 12 percentage points in 2021 and 2022, respectively, US water funds paced the index in 2023 and lagged by 3.5% in 2024. European water funds trailed the benchmark by an annual average of 5.4% over the past two years.

在大西洋兩邊的最新流出可以部分地通過在柔和的工業活動和高利率的背景下的策略表現不佳來解釋。在分別在2021年和2022年分別超過了晨星全球市場小額帽指數的4和12個百分點之後，美國水基金在2023年的指數下降，2024年落後3.5％。歐洲水基金在過去兩年中以每年的平均值為5.4％。

Though municipal and broader water and wastewater infrastructure spending remained healthy last year in the US and Europe, broader industrial activity was subdued, resulting in slower-than-anticipated capital and operating expenditures in the water sector. Meanwhile, higher interest rates continued to hold back residential and nonresidential construction activities, affecting water spending in multiple markets around the world. Moreover, low agricultural commodity prices pressured profitability in key growing regions such as the US and Brazil, limiting investment in irrigation equipment and technology.

儘管去年在美國和歐洲，市政，更廣泛的水和廢水基礎設施支出仍然健康，但更廣泛的工業活動被縮減了，導致了比較期待的資本和水部門的運營支出。同時，較高的利率繼續阻止住宅和非住宅建設活動，影響了世界各個市場的水支出。此外，低農業商品價格在美國和巴西等關鍵增長地區的盈利能力施加壓力，從而限制了對灌溉設備和技術的投資。

Exhibit 3 Annual Performance of U.S. and European Water Funds

展覽3美國和歐洲水基金的年度表現

US Water Investment Funds Focus on Mid-Cap Growth Companies

美國水投資基金專注於中股增長公司

The exhibit below lists the 13 water funds available to US investors. Investors interested in water funds can choose US-focused or global portfolios. Nine are passively managed ETFs, concentrated (with an average number of 43 holdings), and focused on midsize growth companies. Fees average 0.7% on an asset-weighted basis, roughly in line with the average (0.6%) thematic peers in the US.

下面的展覽列出了美國投資者可用的13個水資源。對水基金感興趣的投資者可以選擇以美國為中心或全球投資組合。 9個是被動管理的ETF，集中精力（平均43個持股），並集中在中型增長公司上。資產加權的平均費用為0.7％，大致與美國平均（0.6％）的主題同行一致。

For investors seeking impact, one benchmark is U.N. Sustainable Development Goal 6 (Clean Water and Sanitization). Based on revenues of investee companies, US water funds are all over the map, with revenues contributing to the theme ranging from 7% to 65%, averaging 38%.

對於尋求影響的投資者來說，一個基準是聯合國可持續發展目標6（清潔水和消毒）。根據投資公司的收入，美國水基金遍布整個地圖，收入促成了該主題的7％至65％，平均為38％。

At 65%, Global X Clean Water ETF AQWA boasts the highest percentage of revenue contribution to the theme. The fund invests in companies advancing the provision of clean water through industrial water treatment, storage and distribution infrastructure, and purification and efficiency strategies. In comparison, NYLI Clean Oceans ETF OCEN focuses on companies that help to achieve a cleaner ocean through reduced pollution and increased resource efficiency. The low revenue percentage (7%) associated with SDG 6 can be partly explained by the multiple SDGs the strategy targets, including Life Below Water (SDG 14) and Responsible Consumption and Production (SDG 12).

全球X清潔水ETF AQWA的收入貢獻最高，為65％。該基金投資於通過工業水處理，存儲和分銷基礎設施以及淨化和效率策略來推進清潔水的公司。相比之下，Nyli Clean Oceans ETF Ocen專注於通過降低污染和提高資源效率來幫助實現更清潔海洋的公司。與可持續發展目標6相關的低收入百分比（7％）可以部分地由多個可持續發展目標解釋，包括水下的壽命（SDG 14）和負責任的消費和生產（SDG 12）。

US funds appear to be biased toward US companies, with revenue exposure to the US averaging above 50% compared with 12% to Europe.

美國的資金似乎對美國公司有偏見，美國平均收入估計超過50％，而歐洲的收入為12％。

Exhibit 4 U.S. domiciled Water Funds

展覽4美國居住水基金

Invesco offers three US-dom

Invesco提供三個美國 -