Core Viewpoint - Dayu Water-saving focuses on the water conservancy and agriculture sectors, emphasizing its experience in groundwater resource exploration and water-saving technologies related to deep well construction [2] Group 1: Company Strategy - The company has accumulated practical experience in groundwater resource exploration and water-saving technologies for deep well construction [2] - Dayu Water-saving will continue to monitor policy trends and technological advancements in the context of the "deep economy" development trend [2] - The company plans to explore opportunities related to groundwater resource development and supporting deep water conservancy projects, with future strategic layouts to be disclosed to the market [2]

（文章来源：证券日报） 证券日报网讯大禹节水11月14日在互动平台回答投资者提问时表示，公司去年同期房产出售带来了较大 非经常性收益，造成了今年三季报净利润的同比下滑，但扣非净利润对于三同比扭亏为盈，显示了基本 面的稳中有进。公司收入和利润行业季节性波动较大。公司已采取多项措施改善盈利水平：一是优化项 目结算节奏，加快存量项目回款；二是严控成本费用，提升运营效率；三是聚焦高毛利业务，增强盈利 质量。后续公司将持续推进降本增效，以稳定的盈利增长回报投资者。 ...

（文章来源：证券日报） 证券日报网讯大禹节水11月14日在互动平台回答投资者提问时表示，大禹水利科学技术奖是水利行业重 要的技术奖项，旨在表彰水利领域具有创新性、实用性的技术成果与实践贡献。公司高度重视技术创新 与奖项申报工作，目前正积极评估2025年度奖项的申报资格与相关成果，将根据评估结果决定是否申 报。过往年度公司曾参与相关奖项申报并获得认可，其中防汛抗旱指挥平台曾获得特等奖。后续若有申 报进展或获奖情况，将及时向投资者通报。 ...

（文章来源：证券日报） 证券日报网讯大禹节水11月14日在互动平台回答投资者提问时表示，公司持续关注聊城位山灌区相关建 设机会，项目目前在申报阶段，公司将密切跟踪项目进展，积极对接相关合作机会，若未来达成合作或 取得实质性进展，将按照信息披露要求及时公告。 ...

格隆汇11月14日丨大禹节水(300021.SZ)在投资者互动平台表示,公司目前暂无明确的定增计划。 ...

Core Viewpoint - Dayu Water-saving (300021.SZ) is actively expanding its business in Fujian province, focusing on water conservancy projects, water-saving equipment supply, and land remediation, while participating in local agricultural water conservancy renovation and water resource optimization projects [1] Group 1 - The company has established a presence in Fujian, engaging in water conservancy construction and related services [1] - Future plans include leveraging local teams to further expand into the southeastern Fujian market, supported by local policies and industry demand [1] - The company aims to participate in projects such as the construction of smart water networks, water resource security for islands, and high-standard farmland development in Fujian [1] Group 2 - Dayu Water-saving is exploring collaboration opportunities with local enterprises and research institutions to enhance its regional influence [1] - Progress on related business activities will be disclosed in a timely manner as per regulations [1]

Group 1: Agricultural AI Development - The "Future Agricultural Intelligent Hub" was jointly launched by Yanzhou Bay National Laboratory and Huawei, aiming to enhance breeding efficiency through AI and establish a unified data platform for multi-modal seed industry data [1] - The global smart agriculture market is projected to reach $34.1 billion by 2026, with a compound annual growth rate (CAGR) of 18.5%, while China's "AI + agriculture" market is expected to reach 48.7 billion RMB by 2025, growing at 26.5% [1] - The integration of AI in agriculture is seen as a typical case of technology empowering traditional industries, driven by the need to overcome bottlenecks in traditional agricultural models [1] Group 2: Industry Innovations and Applications - XAG Technology has developed an agricultural drone capable of sowing rice seeds, completing the task for 6 acres in about 4 minutes, which is 50 times more efficient than traditional manual methods [2] - XAG's products are now available in 70 countries and regions, serving over one million farmers, showcasing the innovative practices driven by AI in agriculture [2] - Longping High-Tech focuses on core seed industry operations, leveraging technological innovation to become a comprehensive multinational seed group specializing in major crops [2][3] Group 3: Digital Agriculture Platforms - Dayu Water-saving Group has developed a digital agriculture platform that integrates precision irrigation, data management, IoT, remote sensing technology, and agricultural big data [3] - The company utilizes AI, digital twins, and big data to enhance water resource management, enabling real-time monitoring and optimization of water resource allocation [3]

Group 1 - The agricultural sector index increased by 0.07% on November 11, with Dayu Irrigation leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] - Dayu Irrigation's closing price was 4.94, with a gain of 0.61%, while other companies like Runong Irrigation and Huilong Co. experienced minor fluctuations [1] Group 2 - The agricultural sector saw a net outflow of 18.71 million yuan from institutional investors and 16.17 million yuan from retail investors, while individual investors had a net inflow of 34.89 million yuan [1] - Dayu Irrigation experienced a net outflow of 4.08 million yuan from institutional investors, while retail investors contributed a net inflow of 11.60 million yuan [1] - Huilong Co. faced a significant net outflow of 14.64 million yuan from institutional investors, with retail investors contributing a net inflow of 23.29 million yuan [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Views - The swine sector continues to experience losses, with an increasing number of culled sows, indicating a need to focus on the expected recovery in this sector [2][13] - The dairy and beef sectors are undergoing significant capacity reduction, with a potential turning point for milk prices anticipated [3][15] - The pet sector is witnessing a trend towards premiumization and the rise of domestic brands, reshaping the competitive landscape [4][16] - The poultry sector is facing challenges with breeding stock shortages and improving consumer demand for yellow chickens [5][18] - The seed industry is poised for a turnaround, with an emphasis on biotechnology and the commercialization of genetically modified crops [7][23] - The feed sector shows signs of recovery, with leading companies like Haida Group achieving revenue and profit growth [24][26] Summary by Sections Swine Sector - The industry continues to face losses, with the average price of live pigs at 12.02 CNY/kg, down 4.07% from the previous week [13] - The average market value per head for leading companies is at historical low levels, with Muyuan at 3000-3500 CNY/head and Wens at 2000-3000 CNY/head [14] - Recommended stocks include leading breeders like Muyuan and Wens, with additional focus on flexible stocks such as Shennong Group and Dekang Agriculture [14] Beef Sector - The price of beef cattle is showing signs of stabilization, with the average price for fattened bulls at 25.62 CNY/kg [15] - The dairy cow population has decreased by 8%, indicating a significant capacity reduction [15] - Companies with mother cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [15] Pet Sector - The Double Eleven shopping festival highlighted the resilience and structural upgrades in the pet food market, with domestic brands gaining market share [4][16] - Key recommendations include pet food brands like Guibao Pet and Zhongchong Co., with a focus on companies with technological advantages and comprehensive product lines [17] Poultry Sector - The white chicken sector is under pressure due to breeding stock shortages, with a focus on the impact of avian influenza on imports [18][19] - Yellow chicken prices are expected to improve due to supply constraints and increasing consumer demand [20] - Recommended stocks include leading companies like Shennong Development and Yisheng Biological [19] Seed Sector - The seed industry is expected to benefit from increased focus on food security and the commercialization of genetically modified crops [7][23] - Key recommendations include leading seed companies like Longping High-Tech and Dabeinong [23] Feed Sector - Haida Group is highlighted as a key player in the feed sector, with significant market share growth and revenue increases [24][26] - The overall feed market is expected to recover as smaller companies exit the market, leading to improved conditions for remaining players [24]

Core Points - The company Dayu Water-saving announced on November 7 that it will hold the ninth (temporary) meeting of the seventh board of directors on November 7, 2025, to review and approve a proposal for a bank acquisition loan [1] - The company plans to apply for a merger loan of 248.64 million yuan from CITIC Bank Tianjin Branch, using the 70% equity of Huai'an Design Institute as collateral [1] - The loan is intended to partially pay for the acquisition of 70% equity in Huai'an Design Institute, with a loan term of 10 years [1] Financial Details - The loan amount requested is 248.64 million yuan [1] - The specific interest rate and repayment arrangements will be determined in the subsequent merger loan contract [1] - The final loan amount and terms are subject to approval by CITIC Bank Tianjin Branch [1]