11月13日，记者走进眉县横渠镇的石头河万亩猕猴桃节水灌溉示范园，只见一根根黑色的胶皮管沿 猕猴桃树根部铺设，如同为每棵树安装了"吸管"。需要灌溉时，果农只需打开阀门，水雾便从管上的小 孔均匀喷出。 11月14日，在眉县汤峪镇郝口坡村，工人忙着对支渠的阀门井进行检修维护。 不远处的猕猴桃园里，果农张恩智在给自家的猕猴桃树翻地上肥。 "我家今年种了6亩猕猴桃，上半年多亏了省石头河水库灌溉中心的用水保障，猕猴桃产量稳定，卖 了10万多元。"张恩智说。 张恩智的猕猴桃园属于砂土地，土层薄，以前用传统方式灌溉，土壤保墒效果不好。 得益于省石头河水库灌区开展的现代化灌溉设施改造项目，张恩智的果园新建了喷灌系统。 "喷灌水量大、水压足，水分能精准输送到作物根系，可随时对猕猴桃树进行补墒，不仅保障了果 子生长需要，还方便省事。"张恩智说。 他给记者算了一笔账，喷灌亩均水费30元，而使用机井灌溉等方式，一亩地水费需要近60元。 近年来，省石头河水库灌区大规模推广滴灌、微喷灌系统，农户可根据墒情"按需供水"，极大提高 了灌溉效率和精准度。 为提高用水透明度，灌区明确用水定额和标准，落实灌溉水权分配到户，目前已覆盖2.1万户，覆 ...

Core Viewpoint - The article emphasizes the critical role of water resources and irrigation infrastructure in ensuring agricultural productivity and food security in Henan Province, which faces severe water scarcity challenges while being a major grain-producing area in China [7][11]. Water Resource Challenges - Henan Province has an average annual water resource total that accounts for only 1.43% of the national total, with a per capita water resource of 389 cubic meters, which is less than one-fifth of the national average, categorizing it as an extremely water-scarce region [7]. - Despite these challenges, Henan maintains over 110 million acres of arable land and produces 10% of the nation's grain and 25% of its wheat, achieving a stable grain output of over 1.3 trillion jin for eight consecutive years [7]. Irrigation Infrastructure - The province has a comprehensive irrigation system, including 2,540 reservoirs, 16,700 kilometers of levees, 14 flood retention areas, 299 large and medium-sized irrigation districts, 1.15 million wells, and 240,000 kilometers of ditches, forming a robust safety net for flood and drought management [7]. - In response to drought conditions, Henan has utilized water storage projects and cross-basin water diversion projects to ensure timely irrigation, effectively alleviating water pressure during dry years [8]. Flood Management - The water management system in Henan includes a multi-layered defense strategy involving reservoirs, river channels, and drainage ditches to mitigate flood risks [9]. - Recent investments in flood control infrastructure, such as the 12.7 billion yuan spent on comprehensive waterway connectivity projects, have improved the region's ability to manage heavy rainfall and prevent crop damage [13]. Agricultural Development - The province's agricultural sector has increasingly integrated modern irrigation techniques, including smart irrigation systems that enhance water efficiency and reduce costs [17]. - By 2030, Henan aims to establish 94.59 million acres of high-standard farmland, with 54.24 million acres dedicated to efficient water-saving irrigation [17]. Digital Innovations - The implementation of digital twin technology in irrigation management has improved water distribution accuracy and efficiency, with some projects achieving a 90% precision rate in water allocation [18]. - The ongoing development of a provincial-level digital twin platform aims to enhance the management of water resources and improve the resilience of agricultural systems against water-related challenges [18].

Core Insights - The Ministry of Water Resources held a conference on agricultural water-saving efficiency in Dezhou, highlighting Shandong's significant progress in irrigation practices [1] Summary by Sections Agricultural Water-Saving Initiatives - Shandong has established a water-saving irrigation area of 63.24 million acres, accounting for nearly 70% of the total irrigation area [1] - The province has invested a total of 14.6 billion yuan since the start of the 14th Five-Year Plan, implementing modernization projects in 74 large and medium-sized irrigation districts [1] Technological Advancements - The construction of a digital twin irrigation district has led to the establishment of a water resources data center and a provincial irrigation management system, integrating over 2.2 million data points related to water conditions, usage statistics, and water extraction permits [1] - Irrigation efficiency has improved by over 10% across the province [1] Policy and Market Developments - Shandong is actively exploring agricultural water pricing policies and practices such as water rights trading, with Dezhou completing 4,864 transactions involving 982 million cubic meters of water and a transaction value of 2.23 million yuan [1] - The province utilizes approximately 1% of the national water resources to irrigate about 5% of the national arable land, contributing to around 8% of the country's grain production, thereby playing a vital role in ensuring national food security [1]

Core Viewpoint - The ancient irrigation system along the Yongding River in Beijing, consisting of five ancient canals, has been modernized and continues to play a crucial role in agricultural development and water management in the region, recently recognized as a World Irrigation Heritage site [13]. Group 1: Historical Context - The Yongding River has a history of flooding, prompting local residents to construct five ancient canals to manage water flow and irrigation [1]. - The irrigation system includes the ancient canals of Fujia Tai, Dingjia Tan, Gongyi Gully, Sanjiadian, and Chenglong, which have been preserved and modernized over time [13][27]. Group 2: Agricultural Impact - Fujia Tai village has seen a significant increase in apple production, with larger fruit sizes and higher yields attributed to the irrigation provided by the ancient canal [14][16]. - The village now has over 500 acres of orchards benefiting from the ancient irrigation system, with farmers earning substantial incomes from high-value crops [16]. Group 3: Modern Developments - The ancient canals have undergone modernization, including the construction of concrete structures and regular maintenance to ensure their functionality [16][19]. - The Chenglong canal is being upgraded to enhance water supply to five rivers in the region, aiming to improve water resource management [23]. Group 4: Cultural Significance - The irrigation heritage is intertwined with local culture, as seen in the continuation of the Yongding River Culture Festival, which promotes water culture and local traditions [27]. - The ancient canals and associated structures are recognized as important cultural and historical assets, contributing to the region's identity and agricultural practices [26].

Financial Data and Key Metrics Changes - Net sales increased by 2.5% year-over-year to $1.05 billion, with operating margin improving by 120 basis points and diluted earnings per share rising by 21% to $4.98 [4][14][15] - Gross profit margin increased to 30.4%, up 80 basis points from the previous year [14] - Operating income rose to $141 million, with operating margins at 13.5%, reflecting improved infrastructure results [14][15] Business Line Data and Key Metrics Changes - Infrastructure sales grew by 6.6% to $808.3 million, driven by a 12.3% increase in utility sales due to pricing and higher volumes [15] - Agriculture sales decreased by 9% year-over-year to $241.3 million, primarily due to lower irrigation equipment volumes and economic pressures in Brazil [16][17] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by data center expansion, manufacturing onshoring, and broader electrification, with transmission CapEx expected to grow at a 9% CAGR through 2029 [8][15] - The Asia-Pacific market for lighting and transportation remains pressured, with operational challenges impacting results [9][15] Company Strategy and Development Direction - The company is focused on simplifying its business, directing resources to high-return initiatives, and enhancing performance in attractive markets [5][6] - Valmont aims to lead the North American utility market through capacity expansion and operational improvements, with significant investments in brownfield utility expansions [5][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business, despite near-term macro pressures, and highlighted the importance of disciplined execution and innovation [12][20] - The company raised its full-year adjusted diluted earnings per share expectations to a range of $18.70-$19.50, indicating positive momentum [22] Other Important Information - The company is investing in technology and aftermarket parts, with aftermarket sales growing by 15% year-over-year [20] - A new Chief Accounting Officer has joined the team, bringing extensive experience in large-scale manufacturing [22] Q&A Session Summary Question: Infrastructure margins and improvement initiatives - Management highlighted that margin improvements stem from pricing and cost actions, with utility expansions contributing significantly to operating margins [25][26] Question: Capacity additions in utility - Management confirmed that capacity additions are tracking above expectations, with plans to exceed the benchmark of $100 million in additional revenue for every $100 million of capacity [29][30] Question: Utility segment pricing trends - Management indicated that pricing remains strong due to tariff mitigation plans and a healthy bid market, with expectations for continued strength in pricing [63][64] Question: Agriculture margins and bad debt expense - Management acknowledged challenges in agriculture margins due to lower sales and bad debt expense, but expects improvements in future quarters as issues are resolved [66][67]

Financial Data and Key Metrics Changes - The company reported net sales of $1.05 billion, reflecting a 2.5% year-over-year increase [14] - Operating margin improved by 120 basis points to 13.5%, with diluted earnings per share increasing by 21% to $4.98 [14][15] - Gross profit margin rose to 30.4%, an increase of 80 basis points from the previous year [14] Business Line Data and Key Metrics Changes - Infrastructure sales reached $808.3 million, up 6.6% year-over-year, with utility sales increasing by 12.3% driven by pricing and higher volumes [15] - Agriculture sales decreased by 9% year-over-year to $241.3 million, primarily due to lower irrigation equipment volumes in North America and economic pressures in Brazil [16][17] - Telecommunications sales grew by 37%, supported by a quick turnover strategy and alignment with carrier programs [15] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by data center expansion, manufacturing onshoring, and broader electrification, with transmission CapEx expected to grow at a 9% CAGR through 2029 [8] - The Asia-Pacific market for lighting and transportation remains pressured, with operational challenges impacting performance [9] - In agriculture, grower sentiment in North America is soft, with the USDA expecting a 2.5% decline in crop receipts for 2025 [9][10] Company Strategy and Development Direction - The company is focused on simplifying its business, directing resources to high-return initiatives, and enhancing performance in attractive markets [5] - Valmont aims to lead the North American utility market through capacity expansion and operational improvements [5][19] - The company is investing in aftermarket parts and technology to build a more resilient agriculture business [7][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business despite near-term macro pressures [12] - The company is raising its full-year adjusted diluted earnings per share expectations to a range of $18.70 to $19.50 [22] - Management highlighted the importance of maintaining flexibility in capacity to respond to customer needs while ensuring operational efficiency [30] Other Important Information - The company recorded $11 million in bad debt expense due to tighter credit conditions in Brazil, impacting agriculture margins [17][67] - The company plans to consolidate solar revenues into another product line for reporting purposes starting in 2026 [15] - The company has a strong backlog in utility projects, with demand expected to remain robust across various product lines [57] Q&A Session Summary Question: Can you discuss the infrastructure margins and the most impactful margin improvement initiatives? - Management noted that pricing and cost actions have contributed to improved margins, with utility expansions expected to drive significant operating margin contributions [25][26] Question: What is the outlook for utility segment pricing trends? - Management indicated that pricing remains strong due to tariff mitigation plans and a tight demand-supply balance in the bid market [64][66] Question: Are current demand drivers in utility across different product lines? - Management confirmed strong demand across all product lines, driven by electrification, AI, and grid connectivity, with a healthy backlog extending into 2026 [57][58] Question: What is the expectation for agriculture margins moving forward? - Management expects agriculture margins to improve in Q1, with efforts to resolve current bad debt issues and a focus on maintaining double-digit operating margins [67][68]

Financial Data and Key Metrics Changes - The company reported net sales of $1.05 billion, reflecting a year-over-year increase of 2.5% [12] - Operating margin improved by 120 basis points to 13.5%, with diluted earnings per share increasing by 21% to $4.98 [4][14] - Gross profit margin rose to 30.4%, an increase of 80 basis points from the previous year [12] Business Line Data and Key Metrics Changes - Infrastructure sales reached $808.3 million, growing 6.6% year-over-year, with utility sales increasing by 12.3% driven by pricing and higher volumes [14] - Agriculture sales decreased by 9% year-over-year to $241.3 million, primarily due to lower irrigation equipment volumes in North America [15] - Telecommunications sales grew by 37%, supported by a quick turnover strategy and alignment with carrier programs [14] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by data center expansion, manufacturing onshoring, and broader electrification, with transmission CapEx expected to grow at a 9% CAGR through 2029 [7] - The Asia-Pacific market for lighting and transportation remains pressured, with operational factors impacting results [8] - In agriculture, North American grower sentiment is soft, with the USDA expecting a 2.5% decline in crop receipts for 2025 [8] Company Strategy and Development Direction - The company is focused on simplifying its business, directing resources to high-return initiatives, and enhancing performance [5] - Valmont aims to lead the North American utility market through a multi-pronged growth approach, including capacity expansion and operational improvements [5] - The company is investing in technology and aftermarket parts to build a more resilient agriculture business [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business, despite near-term macro pressures [11] - The company is raising its full-year adjusted diluted earnings per share expectations to a range of $18.70 to $19.50 [20] - Management highlighted the importance of disciplined resource allocation and continuous improvement in operations [19] Other Important Information - The company plans to consolidate solar revenues into another product line for reporting purposes starting in 2026, as solar revenues are expected to be approximately 2% of total revenues going forward [14] - The company ended the quarter with approximately $226 million in cash, and net debt leverage remains below one times [16] Q&A Session Summary Question: Infrastructure margins performance - Management noted that the margin benefits have come from a combination of pricing and cost actions, with utility expansions contributing significantly to operating margins [24][25] Question: Capacity additions in utility - Management confirmed that the business is on track to exceed the benchmark of $100 million additional revenue for every $100 million of capacity added, with ongoing investments planned [26][27] Question: Utility segment pricing contributions - Pricing and volume were identified as relatively equal contributors to the 12.3% growth in utility sales, with pricing actions taken earlier in the year playing a significant role [32] Question: Agriculture business backlog - Management indicated that while the backlog is lower, the market environment remains supportive, and the project pipeline is diverse and strong [41][42] Question: Agriculture margins and bad debt expense - Management expects challenges in agriculture margins to continue in the fourth quarter but anticipates improvements in Q1 as issues are resolved [62]

Core Viewpoint - Central Asian countries have signed a water and electricity exchange agreement to address extreme climate conditions, improve energy efficiency, and reduce risks associated with drought and power shortages, while also aiding in the long-term stability of regional infrastructure networks [1][3]. Group 1: Agreement Details - The agreement outlines responsibilities for the release of water from the Toktogul reservoir, with Kyrgyzstan receiving electricity from Kazakhstan and Uzbekistan in exchange for additional water supply [3][4]. - Kazakhstan will facilitate the transfer of Russian electricity to Kyrgyzstan through its grid, which is crucial for maintaining necessary water levels in the Toktogul reservoir for irrigation needs [3][4]. - Uzbekistan has committed to supplying up to 900 million kilowatt-hours of electricity to southern Kazakhstan by 2026 to mitigate expected power shortages due to system upgrades [3][4]. Group 2: Regional Context and Challenges - Central Asia is facing severe drought conditions affecting crop growth, with southern Kazakhstan experiencing particularly dry weather and Uzbekistan's wheat production decreasing by 10% year-on-year in Q3 [4]. - The region's energy infrastructure is fragmented and lacks modernization, which hampers the integration of the energy market and resource allocation efficiency [9]. - Kyrgyzstan's electricity demand is growing at a rate of 2 to 2.5 million kilowatt-hours daily, while its hydropower capacity is insufficient to meet the demand of 3,600 megawatts per hour [6][7]. Group 3: Future Implications - The implementation of the water and electricity exchange agreement is expected to strengthen the energy supply chain and agricultural production systems in Central Asia, positively impacting regional economic development and cross-border trade [10]. - The agreement is seen as a step towards greater regional cooperation and connectivity, paving the way for a unified and reliable electricity output platform [9][10].

Core Insights - Jiangyan District in Taizhou, Jiangsu Province, has successfully completed a comprehensive agricultural water price reform, becoming the first in the province to do so after a decade of efforts [1][2] - The reform has led to significant water savings and improved efficiency in agricultural water usage, with an annual average water saving of 64 cubic meters per mu and a water-saving rate of 12% [1] - The district has also seen a reduction in fertilizer usage, from 37,500 tons in 2015 to 25,600 tons in 2024, contributing to ecological benefits [1] Group 1: Agricultural Water Price Reform - The comprehensive agricultural water price reform in Jiangyan District began in 2016 and was recognized as a national pilot in 2023, being the only pilot county in Jiangsu Province [1] - The reform model emphasizes "goal orientation, reform promotion, digital empowerment, and integrated development," which has been acknowledged by the Ministry of Water Resources and is being promoted throughout the province [1] Group 2: Water Usage Efficiency - The effective utilization coefficient of irrigation water has improved from 0.609 in 2015 to 0.645 in 2024, indicating enhanced efficiency in water use for agriculture [1] - The integration of irrigation district construction with high-standard farmland development has improved farmland drainage conditions, ensuring stable and high yields [1] Group 3: Ecological Impact - The promotion of precise irrigation technology has increased water resource utilization efficiency and reduced the loss of fertilizers and pesticides due to excessive irrigation [1] - By the end of 2024, Jiangyan District is expected to have constructed 491 kilometers of rural ecological waterways, achieving a coverage rate of 67.9% [1] Group 4: Water Rights Trading - Jiangyan District has become a pilot for deepening agricultural water rights reform, completing 289 agricultural water rights transactions with a total water volume of 5.27 million cubic meters and a transaction value of 182,400 yuan [2] - The district has facilitated the first cross-industry agricultural water rights transaction in the province, with three non-agricultural water users purchasing 1.1 million cubic meters of water rights for 99,000 yuan [2]

Core Viewpoint - The article highlights the significant impact of the Oweinat water well project in Egypt, led by China National Petroleum Corporation (CNPC), in transforming desert land into arable farmland, thereby contributing to Egypt's economic development and improving the livelihoods of local communities [5][6][10]. Group 1: Project Overview - The Oweinat water well project aims to drill 3,000 wells over five years, covering an irrigation area of 3,000 square kilometers [6]. - As of mid-September 2023, 141 wells have been completed, with 125 wells finished in the first phase, providing irrigation for crops such as wheat, alfalfa, and corn [6][7]. - The project employs approximately 190 Chinese and Egyptian workers, operating 24 hours a day with nine drilling teams [6]. Group 2: Agricultural Impact - The irrigation provided by the water wells has led to significant agricultural productivity, with corn yielding two harvests per year and wheat producing 3 tons per feddan (approximately 4,200 square meters) [7]. - The project has also benefited sugar beet farms in Minya Province, where the water wells support irrigation for 30,000 feddans, resulting in increased yields [7]. Group 3: Community Benefits - The water well project has been described as a "timely rain" for local communities, addressing water scarcity issues and improving living conditions [8]. - Local farmers have expressed gratitude for the stable irrigation sources, which have led to flourishing crops and economic opportunities [8][10]. Group 4: Technical and Operational Challenges - The project faces challenges such as complex desert geology, extreme weather conditions, and logistical issues related to heavy drilling equipment [9]. - CNPC's drilling teams have achieved a remarkable efficiency of drilling one well approximately every seven days, earning recognition from the Egyptian government [9]. Group 5: International Cooperation - The project exemplifies successful international cooperation in addressing food security and ecological restoration challenges [10]. - CNPC aims to further expand cooperation with Egypt in agricultural development and other sectors as bilateral relations deepen [10].