Core Viewpoint - The article highlights the significant irrigation efforts across China to combat drought conditions and ensure summer grain production, with a focus on the role of large and medium-sized irrigation districts in providing water support [1] Irrigation Efforts - Over 5,320 large and medium-sized irrigation districts have irrigated nearly 300 million acres this year, contributing to a total irrigation supply of 46.3 billion cubic meters [1] - The cumulative irrigated area reached nearly 400 million acres, with large irrigation districts playing a crucial role in drought resistance [1] Drought Conditions - Severe drought has affected major winter wheat-producing regions, including Henan, Shaanxi, and Shanxi, where 386 irrigation districts have irrigated 27.13 million acres with over 3 billion cubic meters of water [1] - The Yellow River and Yangtze River reservoirs have released a total of 6.6 billion cubic meters and 38 billion cubic meters of water downstream, respectively, to support irrigation and urban water needs [1] Water Management Strategy - The Ministry of Water Resources emphasizes a dual approach to flood and drought management, with proactive measures in place to monitor drought developments and prepare for flood control [1] - The focus is on strengthening water source scheduling and management to effectively support agricultural production during the critical "Three Summer" period [1]

倪文进说，一年之计在于春。春播粮食面积占全年一半以上，确保春播及越冬作物时令灌溉需求，是全 年粮食和重要农产品稳产保供的基础支撑。水利部春节后立即启动旱情研判，针对山西、湖北等8省区 启动干旱防御Ⅳ级应急响应，并派出10个工作组奔赴一线。 "眼下，已进入了夏收、夏种、夏管的'三夏'农忙模式，全国冬小麦由南向北进入成熟期。西南麦区麦 收接近尾声，长江中下游麦区、华北和黄淮海麦区已开镰。"倪文进表示，水利部将抓实抓细农业生产 水利保障各项措施落实，坚持旱涝同防同治，提早安排部署。一方面，密切关注旱情发展动态，强化抗 旱水源统一调度和管理，另一方面，超前做好防汛排涝准备。全力服务好"三夏"生产。 一是科学调度保障水源。针对局地旱情，今年黄河中上游水库累计向下游补水66亿立方米，长江上游水 库群累计向下游补水380亿立方米，全力保障灌区和下游沿线城乡用水。陕西针对关中地区旱情，通过 加大引黄引渭水量，在供需极不均衡的情况下，尽量采取短频少灌方式，为缓解旱情争取时间，保障关 中平原冬小麦3—4次用水。山西通过加大黄河、汾河引水量满足下游灌区用水、部分地区开启机井补充 灌溉。 中国经济网北京5月23日讯(记者杨秀峰)"当 ...

Core Viewpoint - The establishment of the National Water Resources Measurement Station marks a significant advancement in the field of water resource measurement in China, filling a critical gap and enhancing the legal and technical framework for water resource management [1] Group 1: Establishment and Capabilities - The National Water Resources Measurement Station has received a legal measurement certification from the State Administration for Market Regulation, officially recognizing its status as a measurement verification institution [1] - The station is built upon the China Institute of Water Resources and Hydropower Research and includes three top measurement standards in the water industry: static mass flow standard device, ultrasonic flow meter verification device, and online verification device for open channel flow meters [1] Group 2: Measurement Services Offered - The station will conduct verification and calibration for five types of measuring instruments: electromagnetic flow meters, ultrasonic flow meters, differential pressure flow meters, multi-channel ultrasonic flow meters, and open channel flow meters (including weirs and flumes) [1] Group 3: Impact on Water Resource Management - The establishment of the station is a landmark breakthrough in the construction of the water measurement system and capabilities, promoting the legalization, standardization, and high-quality development of water resource measurement work [1] - As a legal measurement verification institution, the station will focus on high-quality development and safety needs in water resources, accelerate the construction of measurement standard devices, enhance the supply of technical specifications, and deepen research on key measurement technologies [1] - The station aims to support the comprehensive implementation of water resource fee reform and tax policies, strengthen water resource conservation and utilization, and establish a rigid constraint system and water-saving policy framework [1]

证券研究报告 | 宏观点评 2025 年 5 月 22 日 [Table_Main] 宏观点评 证券分析师 张浩 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 研究助理 连桐杉 邮箱：liants＠tebon.com.cn 陈冠宇 邮箱：chengy＠tebon.com.cn 戴琨 邮箱：daikun＠tebon.com.cn 相关研究 生产不弱，需求较稳 ——2025 年 4 月经济数据点评 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 核心观点：2025 年 4 月宏观经济稳中向好，主要表现为制造立国推进下，工业 生产增长强劲，制造业投资继续高增，对冲房地产投资下滑的负向拖累；经济进入 "见龙在田"阶段，外部利空或逐步缓解，内部结构上地产的拖累也有望逐步减弱： 1-4 月，制造业投资维持强势表现达到 8.8%，基建投资达到 5.8%，有效对冲了 地产投资-10.3%带来的负向拖累。 以旧换新前置效果渐显，文旅出行支撑社零读数，1-4 月社零累计同比 4.7%。 关税疑云下生产不弱，或源于生产韧性和 T86 模式最后期限内抢 ...

Group 1 - The implementation of the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)" will drive the development of multiple industries, with companies encouraged to pay attention to local policy implementation to seize market opportunities [1][6] - The plan sets three phased goals for the construction of beautiful rivers and lakes, aiming for a completion rate of approximately 40% by 2027, significant results by 2030, and basic completion by 2035 [1][6] - The plan emphasizes the need for a comprehensive ecological environment governance system that connects upstream and downstream areas, focusing on improving water ecological environment quality [4][5] Group 2 - The concept of beautiful rivers and lakes includes stable water resources, effective ecological function maintenance, and significant improvement in water quality, enhancing public satisfaction with the ecological environment [2][4] - The plan outlines specific measures for pollution control, including the investigation and remediation of pollution sources along riverbanks, and the construction of urban sewage collection and treatment facilities [5][6] - Key industries expected to benefit from the plan include environmental technology and water treatment, ecological restoration and landscaping, new energy and green shipping, agricultural pollution control, water conservancy engineering, ecological tourism, environmental monitoring, and green finance [6]

Group 1 - Severe drought conditions are affecting multiple regions in China, necessitating urgent water management to ensure supply for urban residents and agricultural irrigation [1][9] - In Gansu Province, 39 counties are experiencing drought, with the water resources department conducting monthly analyses of precipitation and reservoir levels to predict future water availability [1] - Jiangsu Province has seen a 60% reduction in average rainfall compared to the same period in previous years, leading to extensive water diversion efforts, including the transfer of 13.1 billion cubic meters of water from the Yangtze River [1] Group 2 - In Shanxi Province, social service teams are utilizing drones to apply foliar fertilizers and drought-resistant agents to mitigate the impact of drought on wheat growth [2][3] - The use of smart irrigation systems is being promoted in Jiangsu, shifting from traditional flood irrigation to precision drip irrigation to optimize water usage [5] - The digital twin platform in Hubei Province is being used to monitor water levels and manage irrigation effectively, with 30.68 million cubic meters of water supplied to meet the irrigation needs of 650,000 acres of farmland [7] Group 3 - Emergency water supply measures are being implemented in various regions, including transporting water to rural areas and drilling new wells to address drinking water shortages [9] - In Gansu, over 22,000 cubic meters of water have been delivered to emergency supply points, prioritizing human consumption over agricultural needs [9] - Experts recommend proactive measures to prevent simultaneous drought and flooding during the summer harvest season, emphasizing the importance of disaster awareness and agricultural resilience [9]

必读要闻三：AI需求为行业复苏提供新支撑，国际机构已连续第四年上调该领域全球增长预期 马斯克周二表示，xAI已在田纳西州孟菲斯的Colossus计算设施部署了20万块GPU，并计划在孟菲斯郊 区新建配备100万块GPU的超算中心。马斯克预测，当前制约AI发展的芯片瓶颈将很快转变为"电力设 备"短缺，最早到2026年年中前后，AI企业或将面临"根本性的发电量不足"。 AI数据中心将成为全球电力需求加速增长的关键驱动力之一。国金证券指出，AI数据中心驱动用能需 求，激活核电"第二春"。政策方面，美英法等多国联合出台《三倍核能宣言》，将使2050年核能装机容 必读要闻一：苹果向开发者开放人工智能模型，以刺激新应用程序开发 苹果正准备允许第三方开发者使用其人工智能模型编写软件，旨在刺激新应用程序的创建，并使其设备 更具吸引力。据知情人士透露，苹果正在开发一套软件开发工具包及相关框架，让外部开发者能够基于 驱动苹果智能（Apple Intelligence）的大型语言模型构建人工智能功能。苹果预计将于6月9日在全球开 发者大会上公布这一计划，此举是其成为生成式人工智能领域领导者这一更广泛尝试的一部分。 人工智能技术，特 ...

镇江江河交汇，水天一色美景无限，但同时，汛期面临的长江堤防隐患也威胁着人民群众的生命财 产安全。2024年汛期，丹徒和扬中就曾出现这方面的险情。 为筑牢长江堤防"生命线"，江苏省实施长江堤防应急治理工程（2025年度），市委、市政府也把这 项工程纳入民生实事项目，上下齐心、合力攻坚，为安全度汛奠定坚实基础，坚决守护好人民群众的生 命财产安全。 丹徒：一期主体工程完成进度达95% 5月21日上午，市水利局规划建设处的工作人员来到丹徒区高桥镇富德圩处堤防应急治理工程现 场，开展工程建设中的安全度汛技术性检查。 面对2024年汛期暴露的堤防隐患，丹徒区迅速响应省发改委批复，启动总投资8838.84万元的应急 治理工程。工程分两期推进。一期聚焦防洪核心任务，优先实施12座穿堤建筑物改造和8.48公里防渗墙 建设，确保2025年5月30日前具备挡洪条件；二期则覆盖挡墙护坡、防汛道路等配套工程。 3月6日，随着高桥镇东五圩机泵涵拆除破堤施工的启动，长江堤防应急治理工程一期建设全面进入 攻坚阶段。参建单位以"与时间赛跑、与汛期竞速"的紧迫感，科学调度人力物力，仅用30天便高效完成 4座穿堤建筑物的拆除复堤任务。 "汛期到来 ...

记者从正在召开的国际大坝委员会第28届大会上了解到，我国已成功建成多座智能大坝，创新成果和实 践经验引发世界关注。目前，我国5.1万座小型水库完成监测设施改造，系统构建"天空地水工"一体化 感知体系。此外，我国已全面开展12个智能大坝建设试点，带动中国智能大坝建设整体推进。我国大坝 装机规模已居世界第一。(央视新闻) ...

Summary of Key Points Core Viewpoint - Guizhou's capital, Guiyang, is enhancing its tourism profile through cultural events and innovative strategies, aiming to transform internet traffic into sustained visitor engagement and population growth [1][2][3]. Group 1: Cultural Events and Tourism Development - Guiyang hosted the "5·19 China Tourism Day" countdown event, featuring a grand cultural parade that attracted 268,000 attendees and 217 million online viewers, showcasing Guizhou's cultural richness [1]. - The parade included 25 teams with over 3,600 participants, highlighting Guizhou's diverse ethnic and historical culture through traditional performances [2]. - Guiyang's tourism visibility has increased significantly, moving away from being a "small transparent" provincial capital to a more recognized destination, largely due to innovative cultural initiatives [2]. Group 2: Population Growth and Urban Development - Guiyang's resident population increased by 199,600 in 2024, surpassing cities like Shenzhen and Chengdu, reaching a total of 6.6025 million, with a ten-year average annual increase of nearly 200,000 [3]. - The city aims to grow its population to between 8 million and 10 million by 2035, positioning itself as a major urban center in Western China [3]. Group 3: Economic Impact of Cultural Tourism - The integration of cultural tourism has not only attracted visitors but also created job opportunities, laying the groundwork for further population attraction [3]. - Guiyang's recent cultural initiatives, such as the success of the "Nezha 2" film, have significantly boosted local entertainment venues, drawing over 300,000 visitors, with 40% coming from outside the province [2].