Water yield, one of the most valuable and important ecological indicators, reflects the renewable capacity of regional water resources. The Taihang Mountains are a natural ecological barrier and an important source of water production for the North China Plain. Two large-scale projects involving returning farmland to forest and grassland have significantly changed the distribution of land use in the Taihang Mountains, and also affect the water production characteristics of the Taihang Mountains. Taking the Hutuo River Basin, a typical river in the Taihang Mountainous region, as the study area, the InVEST model is utilized to calculate the spatial and temporal changes in water yield capacity in the Hutuo River basin, and four scenarios were set to judge the impact of different ecological projects on the water yield of the mountainous watershed of the Hutuo River. The results showed that the water yield in the five study periods was 218.58–376.44 mm. The interannual variations in both precipitation and water yield of the study area in the last decade were large. The water yield is mainly concentrated in the northeast region of the upper reaches of the basin, and the smallest is the northwest and central regions of the upper reaches. The water yield in each year in the study area is mainly less than 400 mm, accounting for more than 60% of the study area, and the water yield has shown a large regional expansion in the past 10 years. Grassland has the largest water yield capacity of all land use types, and climate change has basically no effect on the water yield capacity of different land use types. The ecological project of returning farmland to forestland has a negative impact on the water yield capacity, whereas the water yield capacity increases after returning farmland to grassland. The water conservancy project of river training has a negative impact on the water yield capacity of the Hutuo River mountainous basin. The research results provide theoretical data for judging the relationship between vegetation restoration and water yield in mountainous watersheds, a scientific basis for evaluating the implementation effect of major projects, and strong data support for water resource management in the North China Plain.
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