Wheat (Triticum aestivum L.) is a globally important staple crop; however, its growth and yield are severely limited by drought stress. This study evaluated the effects of a combined microbial inoculant, Streptomyces pactum Act12 and Streptomyces rochei D74, on wheat photosynthesis, physiological traits, and yield under drought conditions. Key physiological and yield parameters were measured during the jointing, heading, and grain-filling stages. Drought stress significantly reduced chlorophyll content, maximum photochemical efficiency of photosystem II (PSII) (Fv/Fm), and antioxidant enzyme activities, while increasing malondialdehyde (MDA) levels, leading to a notable yield decline. In contrast, inoculation with Streptomyces strains alleviated these adverse effects, with the combined inoculant (Act12+D74) group demonstrating the most significant improvement. Chlorophyll content increased by up to 32.60%, Fv/Fm improved by 43.07%, and antioxidant enzyme activities were enhanced, with superoxide dismutase (SOD) activity increasing by 19.32% and peroxidase (POD) activity by 75.44%. Meanwhile, MDA levels were reduced by 61.61%. The proline content in the combined inoculant group increased by 90.44% at the jointing stage and the soluble protein content increased by 60.17% at the heading stage. Furthermore, it improved the yield by 26.19% by increasing both effective spikes and grains per spike. For the first time, this study revealed the synergistic effects of Act12 and D74 in enhancing photosynthesis, strengthening antioxidant defenses, and optimizing osmotic regulation under drought conditions. These findings provide a theoretical basis for developing environmentally friendly drought management strategies and highlight the potential applications of this inoculant in sustainable agriculture.
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