According to the enterprise credit information publicity system, on June 10, The National Energy Group New Energy Co., Ltd. and Shenhua Nortel Victory Energy Co., LTD. (hereinafter referred to as "Nortel Victory") jointly established Guoneng Shenghua New Energy (Xilin Gol) Co., LTD., with a registered capital of 175 million yuan, the business scope includes solar power technology services; Wind power technology service; Energy storage technology services; Research and development of emerging energy technology, etc. Among them, Shenhua Nortel is a holding subsidiary of China Shenhua (601088.SH).

As the "eldest son" of the National energy Group, China Shenhua is crowned with multiple halo such as "100 billion market value" and "coal leading stock". It is also known as "China myth" by investors due to its dividend ratio of up to 100%.

For example, in 2021, benefiting from rising coal prices, China Shenhua achieved revenue of 335.216 billion yuan, up 43.71% year on year; The net profit of the mother was 50.269 billion yuan, up 28.37% year on year, and the cash dividend amount was 50.466 billion yuan, even exceeding the net profit of the whole year of 2021.

However, despite its excellent performance and abundant cash, China National Energy Group, the controlling shareholder of Shenhua, is under greater pressure of energy transformation under the "dual carbon" target.

For a long time, although the total installed scale of new energy ranks second only to China Power Investment Corporation, the proportion of clean energy in China National Energy Group is low. By the end of 2020, the clean installed capacity of The National Energy Group accounted for only 26.59%, ranking the last among the five major power generation groups. In particular, photovoltaic power generation accounted for only 0.65%.

To achieve the clean energy installation target of the 14th Five-Year Plan, the National Energy Group plans to install 120 million kw of new energy by 2025. According to the official website of State Energy Group, by 2021, the installed wind power capacity of State Energy Group has reached 50 million kw, ranking first in the world. Compared with the end of the 13th Five-Year Plan, pv increased by 4 times. But according to the calculation, in 2021, the national Energy Group will add a total of about 9 million kilowatts of solar installed capacity, compared with its target is still a gap.

Therefore, China Shenhua, a subsidiary of China National Energy Group, is taking on the "heavy responsibility" of energy transformation. Since 2022, Shenhua has been increasing its footprint in the field of new energy.

According to the annual report disclosure, China shenhua plans to invest 2022 new energy power generation business under the business capital spending plan for 5.022 billion yuan, mainly used for Inner Mongolia energy photovoltaic power generation project open-pit mine, combining the victory in the mining area, along the railway, port construction of distributed photovoltaic power generation project, Guangxi, Guangdong branch of the new energy project investment reserves.

At the same time, China Shenhua invested 4 billion yuan to participate in the establishment of Beijing National Energy New energy Industry investment fund, invested 2 billion yuan to participate in the establishment of Beijing National Energy Green and low-carbon development investment fund, has successively invested in a number of photovoltaic, wind power projects in Shanxi, Jiangsu, Anhui and other places.

Guotai Junan research report shows that the establishment of investment funds to promote the new energy business at the same time, China Shenhua has signed an agreement with The City of Huhu, participate in the development and construction of photovoltaic, wind power, geothermal energy and other new energy projects, Nortel Victory 150 thousand kilowatt open dump photovoltaic projects orderly.

In addition, China shenhua in interactive platform and in October last year, said the company is planning a year during the period of "difference" add new energy capacity not less than 600000 kw (mainly wind power and photovoltaic power generation), will take construction operations and equity m&a two-wheel driven strategy, base of centralized and distributed operation and overall train of thought, accelerate the development of new energy.

Guotai Junan pointed out in the research report that in the short term, the new and old energy will be output during the 14th five-year period, estimated 22~25 years will still have 330 million tons of coal consumption increase, coal and thermal power pillar status remains unchanged, in the medium and long term, the coal industry under the double carbon strategy will face double reduction in supply and demand, coal enterprises will face transformation. The development of new energy becomes the second growth curve, and the transformation of integrated coal and electricity enterprises has more advantages.

企业信用信息公示系统显示，6月10日，国家能源集团新能源有限公司与神华北电胜利能源有限公司（下称“北电胜利”）合资成立国能胜华新能源（锡林郭勒）有限公司，注册资本1.75亿元，经营范围包含太阳能发电技术服务；风力发电技术服务；储能技术服务；新兴能源技术研发等。其中，神华北电为中国神华（601088.SH）控股子公司。

作为国家能源集团的“长子”，中国神华头顶“千亿市值”、“煤炭龙头股”等多重光环，还因高达100%的分红比例被投资者成为“中国神话”。

如2021年，受益于煤炭价格上涨，中国神华实现营收3352.16亿元，同比增长43.71%；归母净利润502.69亿元，同比增长28.37%，当年现金分红金额高达504.66亿元，甚至超过了2021年全年的净利润。

然而，尽管自身业绩亮眼，现金充沛，但在“双碳”目标下，中国神华的控股股东国家能源集团却背负着较大的能源转型压力。

一直以来，虽然新能源装机总规模排位仅次于国电投，但国家能源集团清洁能源占比偏低。截至2020年末，国家能源集团清洁装机占比仅26.59%，在五大发电集团中排在最末，尤其是光伏发电，占比仅0.65%。

为完成“十四五”清洁能源装机目标，国家能源集团规划2025年前新上新能源装机12000万千瓦。据国家能源集团官网消息，2021年，国家能源集团的风电装机已达到5000万千瓦，为世界第一；光伏较“十三五”末增长了4倍。但据此计算，2021年国家能源集团新增风光装机合计约900多万千瓦，较其设定目标尚存差距。

也正因此，国家能源集团旗下的中国神华担负起能源转型的“重任”。2022年起，中国神华在新能源领域持续加码。

据年报披露，中国神华2022年计划投入发电业务下新能源业务的资本开支计划为50.22亿元，主要用于内蒙古锡林浩特市胜利能源露天排土场光伏发电项目，于矿区、铁路沿线、港口建设的分布式光伏发电项目，广西、广东等分公司的新能源项目投资储备。

与此同时，中国神华出资40亿元参与发起设立北京国能新能源产业投资基金，出资20亿元参与发起设立北京国能绿色低碳发展投资基金，已陆续在山西、江苏、安徽等地投资多个光伏、风电项目。

国泰君安研报显示，设立投资基金推进新能源业务的同时，中国神华已与呼市等签署协议，参与光伏、风电、地热能等新能源等专案开发建设，北电胜利15万千瓦露天排土场光伏专案有序推进。

此外，中国神华也曾与于去年10月在互动平台表示，公司规划“十四五”期间每年增加新能源装机容量不低于60万千瓦（主要是风电和光伏发电），将采取建设生产运营和股权投资并购双轮驱动策略，基地集中式和分布式运营并举的整体思路，加快发展新能源。

国泰君安在研报中指出，短期来看，十四五期间新老能源均将出力，测算22~25年全国仍将有3.3亿吨煤炭消费增量，煤炭及火电支柱地位依然不变，中长期来看，双碳战略下煤炭行业将面临供需双减，煤炭企业必将面临转型。发展新能源成为第二增长曲线，煤电一体化企业转型更有优势