China Merchants Securities receiving Shenzhen Securities Regulatory Bureau warning letter June 8, Shenzhen Securities Regulatory Bureau issued a decision on issuing a warning letter to China Merchants Securities Co., Ltd.: after investigation, there are the following problems in your company's securities research report business: first, the market impact assessment mechanism is not perfect and the market impact assessment of individual research reports is insufficient. Promotion audit management is not in place. Second, the effectiveness of internal control management is insufficient in the aspects of analyst research activity management, customer service, public speech and so on. Third, the production of individual research reports is not prudent, the content expression is not rigorous, the quoted information is not specified, the disclosure of data sources is improper, the signature of research reports is not standard and so on. After investigation, Zhang Xia, Chen Gang, Geng Ruitan and Tu Yuqing, as securities analysts of China Merchants Securities Co., Ltd., issued a research report entitled "interweaving attack and Defense, waiting for Dawn-views and recommendations on the allocation of A shares in February 2022". For the A-share market trend analysis of the prediction method, analysis logic and quoted views of the previous research report, etc., have not been fully explained in the research report.