The Case for Investing in H2O《巴伦财经周刊》：投资水By Myra P. Saefong, Barron's, Oct.14翻译：凤梨是只胖柯基校阅：Cici图源：网络，版权归原作者所有，侵删
AT ABOUT A PENNY A GALLON IN MANY PLACES, WATER MIGHT BE DIFFICULT TO think of as a good investment, but stocks and exchange-traded funds related to it have rallied nicely this year.在许多地方，每加仑水的价格大约是一便士（大约人民币1毛钱），这可能很难被认为是一项不错的投资，但与之相关的股票和交易所交易基金(ETF)今年已大幅上涨。
As of Thursday, the S&P Global Water Index, which includes 50 water-linked companies worldwide, had climbed nearly 19% in 2019. And through Friday, many of its components had turned in positive numbers. For example, utility American Water Works (ticker: AWK) was up 36%; water-technology provider Xylem (XYL), 16%; and conglomerate Danaher (DHR), over 34%. The Invesco Water Resources ETF (PHO) had gained 28% in the same stretch.截至周四，标普全球水资源指数(S&P Global Water Index)在2019年攀升了近19%，该指数包括全球50家与水相关的公司。截至上周五，该指数中的许多支股票都实现了正增长。例如，公用事业公司美国水厂(股票代码:AWK)上涨了36%;水技术供应商赛莱默(XYL)上涨了16%;和企业集团丹纳赫集团 (DHR)上涨超过34%。同期，ETF水资源投资集团 (PHO)上涨了28%。
Water is an “essential part of our daily lives,” observes Christopher Muir, an equity analyst at CFRA Research, pointing out that it’s used in everything from drinking, ice-making, cooking, and cleaning to cooling, firefighting, and electric-power generation. Even so, water is quite cheap—at least in the U.S. The average 2018 residential rate for American Water Works across its various municipalities was $9.62 per 1,000 gallons, while the average commercial rate was $7.46, according to Muir.CFRA Research的股票分析师克里斯托弗·穆尔（Christopher Muir）认为，水是“我们日常生活中必不可少的一部分”。他指出，从饮用、制冰、烹饪、清洁到冷却、消防和发电，水的用途无处不在。尽管如此，水还是相当便宜的——至少在美国是这样。根据穆尔的数据，2018年美国各个城市自来水厂的平均家庭用水费用是每1000加仑9.62美元，而平均商业水价是每1000加仑7.46美元。
However, Deane Dray, a multi-industry analyst at RBC Capital Markets, points out that in certain markets, including some in the U.S., governments “and municipalities are heavily subsidizing the water for consumers.” In other countries, water is “more fairly priced,” adds Dray. For instance, in Switzerland, water prices are about four times those in the U.S.—not because it costs that much more to produce clean water, but because it isn’t heavily subsidized.
不过，加拿大皇家银行资本市场(RBC Capital Markets)的多行业分析师迪恩?德雷(Deane Dray)指出，在某些市场，包括美国的一些市场美国政府和市政当局正在为消费者大量补贴。德雷补充说，在其他国家，水“定价更公平”。例如，瑞士的水价是美国的四倍-不是因为生产清洁水的成本高得多，而是因为没有得到大量补贴。
Dray says that, even in countries like China, “where consumer and commercial spending is decelerating, you are still seeing healthy investment in water quality and safety.” Improved water quality and availability are among the top mandates in Beijing’s five-year plan for economic growth. “As such, water companies have largely outperformed their industrial peers, and investors are taking notice,” says Dray.
德雷说，即使在中国这样的国家，“尽管消费者支出和商业支出正在减速，但在中国，你仍然可以看到在水质和安全方面的良性投资。改善水质和水资源的实用性是中国十三五规划的首要任务之一。“就这一点而言，中国水务公司的表现在很大程度上超过了业内同行，投资者正在注意到这一点，”德雷表示。
He points to Xylem as the “premier water-sector pure play, with a first mover advantage in investing in disruptive digital solutions for water utilities.” He cites Aqua Venture Holdings (WAAS), which builds desalination and wastewater-treatment plants, as another leader.
他指出，水技术供应商赛莱默（Xylem）是“水务行业首屈一指的纯水务企业，在投资水务行业颠覆性数字解决方案方面具有先发优势”。他同时也提到，另一家领导公司Aqua Venture Holdings (WAAS)，该公司主要建造海水淡化和污水处理厂。
Muir, however, has a Sell rating on American Water Works, based on its valuation. It recently traded at 31.8 times CFRA Research’s 2020 earnings-per share estimate. That level is too high for the company’s earnings growth rate and 1.6% dividend yield, he says.然而，穆尔根据美国自来水厂的估值，对其给出了“卖出”评级。该股最近的股价是CFRA Research预计的2020年每股收益的31.8倍。他说，这个水平对于公司的收益增长率和1.6%的股息收益率来说太高了。
In the developed world, we “take access to clean water for granted, but as [the contamination problem in Flint, Mich.] highlights, investments and stringent standards are needed to ensure this,” says Hubert Aarts, co-head of listed equities at Impax Asset Management. “Infrastructure needs to be updated and maintained, and standards need to rise.”
在发达国家，我们“认为获得清洁水是理所当然的，但在密歇根州弗林特的污染问题上，要一直保持重点关注、投资和严格的标准。”Impax资产管理公司(Impax Asset Management)上市股票业务联席主管休伯特?阿特(Hubert Aarts)表示:“水资源的基础设施需要更新和维护，标准也需要提高。”
London-based Impax invests in three water-related areas: utilities, infrastructure, and treatment and efficiency, he says. Infrastructure includes companies that produce pumps, pipes, valves, and consultants, while treatment and efficiency includes companies making water meters and helping the industry use water more efficiently and manage waste. “There are a lot of ways to invest in water,” Aarts adds. “Water investment opportunities keep growing, and innovation is strong.” However, for compliance reasons, he declined to discuss any individual stocks. 他说，总部位于伦敦的Impax投资了三个与水相关的领域:公用事业、基础设施、处理和效率。基础设施包括生产水泵、管道、阀门和顾问的公司，而处理和效率包括制造水表的公司，帮助工业更有效地用水和管理废物。阿特补充道:“投资水资源有很多方式。水资源投资机会持续增长，创新能力很强。”然而，出于合规原因，他拒绝谈论任何个股。
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