2025年世界水日（3月22日）的主题是“冰川保存”

2025年世界水日的主题（3月22日）是“冰川保存”，重点是冰川在全球水系统中的关键作用

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）的主题是“冰川保存”，重点是冰川在全球供水系统中的关键作用，以及由于气候变化而迫切需要解决其快速下降的需求。

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.

冰川对生命至关重要 - 他们的融水对于饮用水，农业，工业，清洁能源生产和健康生态系统至关重要。但是快速熔化的冰川导致水流不确定性，对人和地球产生了深远的影响。例如，洪水和海平面上升会污染土地和水资源，并损害水和卫生基础设施。根据世界气象组织的2023年全球水资源报告报告，冰川在2023年失去了600吉顿的水，这是50年来最大的测量。

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.

在这种背景下，水的供应/需求动态为在公用事业，基础设施和技术中的主题投资创造了机会，从而增加了安全淡水的供应和可靠性。这些投资机会可以以开放式和交易所交易的形式出现，这些资金的重点是参与与水有关的活动以及一系列公开交易的与水相关的股票。

How to Invest in Water in the US and Europe

如何在美国和欧洲投资水

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，我们确定了73个开放式基金和ETF，其中重点是水主题，其中包括美国的13个和欧洲的60个，总计410亿美元的管理资产。在过去的五年中，这个宇宙增长了近70％。

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

资产在2021年达到500亿美元的峰值，在由于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

展品在美国和欧洲水基金中1年资产

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.

在过去的三年中，美国水基金每年都有净提款，总计8.2亿美元。同时，欧洲水基金在过去两年中流血了56亿美元，与2021年近70亿美元的订阅形成鲜明对比。

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

展览2年度的2年流量和欧洲水基金

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.

在大西洋两边的最新流出可以部分地通过在柔和的工业活动和高利率的背景下的策略表现不佳来解释。在分别在2021年和2022年分别超过了晨星全球市场小额帽指数的4和12个百分点之后，美国水基金在2023年的指数下降，2024年落后3.5％。欧洲水基金在过去两年中以每年的平均值为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.

尽管去年在美国和欧洲，市政，更广泛的水和废水基础设施支出仍然健康，但更广泛的工业活动被缩减了，导致了比较期待的资本和水部门的运营支出。同时，较高的利率继续阻止住宅和非住宅建设活动，影响了世界各个市场的水支出。此外，低农业商品价格在美国和巴西等关键增长地区的盈利能力施加压力，从而限制了对灌溉设备和技术的投资。

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

展览3美国和欧洲水基金的年度表现

US Water Investment Funds Focus on Mid-Cap Growth Companies

美国水投资基金专注于中股增长公司

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.

下面的展览列出了美国投资者可用的13个水资源。对水基金感兴趣的投资者可以选择以美国为中心或全球投资组合。 9个是被动管理的ETF，集中精力（平均43个持股），并集中在中型增长公司上。资产加权的平均费用为0.7％，大致与美国平均（0.6％）的主题同行一致。

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%.

对于寻求影响的投资者来说，一个基准是联合国可持续发展目标6（清洁水和消毒）。根据投资公司的收入，美国水基金遍布整个地图，收入促成了该主题的7％至65％，平均为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清洁水ETF AQWA的收入贡献最高，为65％。该基金投资于通过工业水处理，存储和分销基础设施以及净化和效率策略来推进清洁水的公司。相比之下，Nyli Clean Oceans ETF Ocen专注于通过降低污染和提高资源效率来帮助实现更清洁海洋的公司。与可持续发展目标6相关的低收入百分比（7％）可以部分地由多个可持续发展目标解释，包括水下的寿命（SDG 14）和负责任的消费和生产（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.

美国的资金似乎对美国公司有偏见，美国平均收入估计超过50％，而欧洲的收入为12％。

Exhibit 4 U.S. domiciled Water Funds

展览4美国居住水基金

Invesco offers three US-dom

Invesco提供三个美国 -