研报掘金丨华鑫证券：首予恺英网络“买入”评级，游戏研发与IP双驱动AI赋能

Core Viewpoint - The report from Huaxin Securities highlights that mobile gaming is the core revenue source for Kaiying Network, which has established a business system comprising "R&D, publishing, investment + IP, user platform" [1] Group 1: Business Operations - The company focuses on long-cycle games such as "Original Legend," "Blood and Fire," "Angel Battle," and "Eternal Alliance," which are continuously operated with precision [1] - Kaiying Network leverages self-developed products like "New Dragon Slayer" and "Sword Art Online: Black Swordsman: Ace" to link IP with digital assets, activating cultural tourism consumption through a "digital assets + real economy" model [1] Group 2: Technological Advancements - The integration of the Dream Model and AI game engine "SOON" enables full-process automation from art asset generation to code deployment, significantly shortening development cycles [1] - This showcases the company's leading position and technical strength in AI game development [1] Group 3: Future Strategy - The company aims to build a framework of "IP empowerment, global layout, AI-driven, ecological synergy" while continuing to deepen the "high-quality content, marketing, global distribution" triad model [1] - The report initiates coverage with a "buy" investment rating [1]