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+# 06106 IPO Analyst Report
+
+## Summary
+
+- Ticker: `06106`
+- Company: Shanghai Seer Intelligent Technology Co., Ltd.
+- Stage: `T0_prospectus`
+- Report as of: `2026-06-15T15:00:00Z`
+- Model dataset as of: `2026-06-15T14:04:34Z`
+- Rule version: `ipo_score_v0`
+- Rule path: `rules/ipo_score_v0.yaml`
+- Decision: `strong_watch`
+- PM action: Strong watch at T0, still pending T1 demand confirmation.
+- T0 score: `11`
+- Score bucket: `t0_gte_8`
+- Calibrated D1 positive probability: 76.4% from 72 historical D1 labels
+
+## Facts
+
+| Field | Value |
+| --- | --- |
+| Board | Main Board |
+| Status | open_for_subscription |
+| Listing date | 2026-06-24 |
+| Application period | 2026-06-15 to 2026-06-18 |
+| Allotment result date | 2026-06-23 |
+| Listing method | n/a |
+| Industry | Industrial intelligent robots / robot controllers |
+| Sponsors | n/a |
+| Offer price | HK$101.60 |
+| Offer size | HK$1,066.5m |
+| Market cap | HK$11,226.5m |
+| Board lot | 50 |
+| Minimum subscription | HK$5,131.24 |
+| Initial public offer percentage | 5.0% |
+| Over-allotment shares | 1,574,550 |
+
+## Model Inference
+
+- D1 positive probability: 76.4%
+- D1 >= 10% probability: 47.2%
+- Historical average D1 return for bucket: 28.6%
+- Historical median D1 return for bucket: 9.6%
+
+## Score Breakdown
+
+| Component | Points | Reason |
+| --- | ---: | --- |
+| Offer size | 4 | `800m_to_2000m` |
+| Initial public offer percentage | 3 | `lte_5pct` |
+| Minimum subscription | 2 | `3500_to_10000` |
+| Offer price | 1 | `gte_100` |
+| Over-allotment option | 1 | `present` |
+
+## Bull Points
+
+- Offer size: +4 (`800m_to_2000m`).
+- Initial public offer percentage: +3 (`lte_5pct`).
+- Minimum subscription: +2 (`3500_to_10000`).
+- Offer price: +1 (`gte_100`).
+- Over-allotment option: +1 (`present`).
+
+## Risks And Gaps
+
+- No material negative scoring component.
+- No required report field is blank for this stage.
+- T2 grey-market signal is not used because the project has no approved reproducible source.
+- Post-listing D1/D5/D20/D60 outcomes are labels for model calibration only and are not shown as prediction inputs.
+
+## Triggers
+
+- Upgrade: stronger verified T1 demand, better allocation scarcity, or a new rule-backed positive catalyst.
+- Downgrade: weak public or international demand, oversized supply, low-quality missing fields, or adverse market window.
+
+## Exit Plan
+
+- If subscribed and allocated, reassess after allotment and before first trading session using only information available at that stage.
+- For T1 reports without approved T2 data, treat first-day liquidity and position sizing conservatively.
+- Record actual D1/D5/D20/D60 outcomes later as review labels, not as retroactive prediction inputs.
+
+## Source Paths
+
+- `data/raw/06106/prospectus_candidate_2026-06-15.pdf`