Wanyun Zhou

Xiang Li, Zikai Wei, Yiyan Qi et al.

Financial market movements are often driven by discrete financial events conveyed through news, whose impacts are heterogeneous, abrupt, and difficult to capture under purely numerical prediction objectives. These limitations have motivated growing interest in using textual information as the primary source of trading signals in learning-based systems. Two key challenges hinder existing approaches: (1) the absence of large-scale, event-centric datasets that jointly model news semantics and statistically grounded market reactions, and (2) the misalignment between language model reasoning and financially valid trading behavior under dynamic market conditions. To address these challenges, we propose Janus-Q, an end-to-end event-driven trading framework that elevates financial news events from auxiliary signals to primary decision units. Janus-Q unifies event-centric data construction and model optimization under a two-stage paradigm. Stage I focuses on event-centric data construction, building a large-scale financial news event dataset comprising 62,400 articles annotated with 10 fine-grained event types, associated stocks, sentiment labels, and event-driven cumulative abnormal return (CAR). Stage II performs decision-oriented fine-tuning, combining supervised learning with reinforcement learning guided by a Hierarchical Gated Reward Model (HGRM), which explicitly captures trade-offs among multiple trading objectives. Extensive experiments demonstrate that Janus-Q achieves more consistent, interpretable, and profitable trading decisions than market indices and LLM baselines, improving the Sharpe Ratio by up to 102.0% while increasing direction accuracy by over 17.5% compared to the strongest competing strategies.

Xiang Li, Penglei Sun, Wanyun Zhou et al.

Individual investors are significantly outnumbered and disadvantaged in financial markets, overwhelmed by abundant information and lacking professional analysis. Equity research reports stand out as crucial resources, offering valuable insights. By leveraging these reports, large language models (LLMs) can enhance investors' decision-making capabilities and strengthen financial analysis. However, two key challenges limit their effectiveness: (1) the rapid evolution of market events often outpaces the slow update cycles of existing knowledge bases, (2) the long-form and unstructured nature of financial reports further hinders timely and context-aware integration by LLMs. To address these challenges, we tackle both data and methodological aspects. First, we introduce the Event-Enhanced Automated Construction of Financial Knowledge Graph (FinKario), a dataset comprising over 305,360 entities, 9,625 relational triples, and 19 distinct relation types. FinKario automatically integrates real-time company fundamentals and market events through prompt-driven extraction guided by professional institutional templates, providing structured and accessible financial insights for LLMs. Additionally, we propose a Two-Stage, Graph-Based retrieval strategy (FinKario-RAG), optimizing the retrieval of evolving, large-scale financial knowledge to ensure efficient and precise data access. Extensive experiments show that FinKario with FinKario-RAG achieves superior stock trend prediction accuracy, outperforming financial LLMs by 18.81% and institutional strategies by 17.85% on average in backtesting.

Saizhuo Wang, Hao Kong, Jiadong Guo et al.

The field of artificial intelligence (AI) in quantitative investment has seen significant advancements, yet it lacks a standardized benchmark aligned with industry practices. This gap hinders research progress and limits the practical application of academic innovations. We present QuantBench, an industrial-grade benchmark platform designed to address this critical need. QuantBench offers three key strengths: (1) standardization that aligns with quantitative investment industry practices, (2) flexibility to integrate various AI algorithms, and (3) full-pipeline coverage of the entire quantitative investment process. Our empirical studies using QuantBench reveal some critical research directions, including the need for continual learning to address distribution shifts, improved methods for modeling relational financial data, and more robust approaches to mitigate overfitting in low signal-to-noise environments. By providing a common ground for evaluation and fostering collaboration between researchers and practitioners, QuantBench aims to accelerate progress in AI for quantitative investment, similar to the impact of benchmark platforms in computer vision and natural language processing.