According to the Beijing Regulatory Bureau of the Securities Regulatory Commission, Capital Securities Co., Ltd. has the following problems: First, in carrying out private equity asset management business, there are situations where asset management products operate irregularly, risk assessments are not in place, and there is insufficient prudence to identify actual investors in the products. Second, the research report business management system is inadequate, management of the publication or forwarding of corporate research reports by third parties is inadequate, and there are cases where research reports have been reprinted without authorization by the media for a long time without timely protection of rights. Third, in a published research report, there was a situation where the information was not strictly quoted, the manuscript was not fully retained, and some conclusions were not strict enough. The Beijing Securities Regulatory Bureau decided to take administrative supervision measures for Capital Securities by issuing a warning letter.