Feiyang Pan

Feiyang Pan, Tongzhe Zhang, Ling Luo et al.

Optimal execution is a sequential decision-making problem for cost-saving in algorithmic trading. Studies have found that reinforcement learning (RL) can help decide the order-splitting sizes. However, a problem remains unsolved: how to place limit orders at appropriate limit prices? The key challenge lies in the "continuous-discrete duality" of the action space. On the one hand, the continuous action space using percentage changes in prices is preferred for generalization. On the other hand, the trader eventually needs to choose limit prices discretely due to the existence of the tick size, which requires specialization for every single stock with different characteristics (e.g., the liquidity and the price range). So we need continuous control for generalization and discrete control for specialization. To this end, we propose a hybrid RL method to combine the advantages of both of them. We first use a continuous control agent to scope an action subset, then deploy a fine-grained agent to choose a specific limit price. Extensive experiments show that our method has higher sample efficiency and better training stability than existing RL algorithms and significantly outperforms previous learning-based methods for order execution.

Dapeng Li, Feiyang Pan, Jia He et al.

In high-dimensional time-series analysis, it is essential to have a set of key factors (namely, the style factors) that explain the change of the observed variable. For example, volatility modeling in finance relies on a set of risk factors, and climate change studies in climatology rely on a set of causal factors. The ideal low-dimensional style factors should balance significance (with high explanatory power) and stability (consistent, no significant fluctuations). However, previous supervised and unsupervised feature extraction methods can hardly address the tradeoff. In this paper, we propose Style Miner, a reinforcement learning method to generate style factors. We first formulate the problem as a Constrained Markov Decision Process with explanatory power as the return and stability as the constraint. Then, we design fine-grained immediate rewards and costs and use a Lagrangian heuristic to balance them adaptively. Experiments on real-world financial data sets show that Style Miner outperforms existing learning-based methods by a large margin and achieves a relatively 10% gain in R-squared explanatory power compared to the industry-renowned factors proposed by human experts.

Feiyang Pan, Shenghe Zheng, Chunyan Yin et al.

Visual-Inertial Odometry (VIO) is a critical component for robust ego-motion estimation, enabling foundational capabilities such as autonomous navigation in robotics and real-time 6-DoF tracking for augmented reality. Existing methods face a well-known trade-off: filter-based approaches are efficient but prone to drift, while optimization-based methods, though accurate, rely on computationally prohibitive Visual-Inertial Bundle Adjustment (VIBA) that is difficult to run on resource-constrained platforms. Rather than removing VIBA altogether, we aim to reduce how often and how heavily it must be invoked. To this end, we cast two key design choices in modern VIO, when to run the visual frontend and how strongly to trust its output, as sequential decision problems, and solve them with lightweight reinforcement learning (RL) agents. Our framework introduces a lightweight, dual-pronged RL policy that serves as our core contribution: (1) a Select Agent intelligently gates the entire VO pipeline based only on high-frequency IMU data; and (2) a composite Fusion Agent that first estimates a robust velocity state via a supervised network, before an RL policy adaptively fuses the full (p, v, q) state. Experiments on the EuRoC MAV and TUM-VI datasets show that, in our unified evaluation, the proposed method achieves a more favorable accuracy-efficiency-memory trade-off than prior GPU-based VO/VIO systems: it attains the best average ATE while running up to 1.77 times faster and using less GPU memory. Compared to classical optimization-based VIO systems, our approach maintains competitive trajectory accuracy while substantially reducing computational load.

Feiyang Pan, Shenghe Zheng, Chunyan Yin et al.

MEMS gyroscopes play a critical role in inertial navigation and motion control applications but typically suffer from a fundamental trade-off between measurement range and noise performance. Existing hardware-based solutions aimed at mitigating this issue introduce additional complexity, cost, and scalability challenges. Deep-learning methods primarily focus on noise reduction and typically require precisely aligned ground-truth signals, making them difficult to deploy in practical scenarios and leaving the fundamental trade-off unresolved. To address these challenges, we introduce Mixture of Experts for MEMS Gyroscopes (MoE-Gyro), a novel self-supervised framework specifically designed for simultaneous over-range signal reconstruction and noise suppression. MoE-Gyro employs two experts: an Over-Range Reconstruction Expert (ORE), featuring a Gaussian-Decay Attention mechanism for reconstructing saturated segments; and a Denoise Expert (DE), utilizing dual-branch complementary masking combined with FFT-guided augmentation for robust noise reduction. A lightweight gating module dynamically routes input segments to the appropriate expert. Furthermore, existing evaluation lack a comprehensive standard for assessing multi-dimensional signal enhancement. To bridge this gap, we introduce IMU Signal Enhancement Benchmark (ISEBench), an open-source benchmarking platform comprising the GyroPeak-100 dataset and a unified evaluation of IMU signal enhancement methods. We evaluate MoE-Gyro using our proposed ISEBench, demonstrating that our framework significantly extends the measurable range from 450 deg/s to 1500 deg/s, reduces Bias Instability by 98.4%, and achieves state-of-the-art performance, effectively addressing the long-standing trade-off in inertial sensing.

Shicheng Xu, Liang Pang, Yunchang Zhu et al.

Distilling reasoning paths from teacher to student models via supervised fine-tuning (SFT) provides a shortcut for improving the reasoning ability of smaller Large Language Models (LLMs). However, the reasoning paths generated by teacher models often reflect only surface-level traces of their underlying authentic reasoning. Insights from cognitive neuroscience suggest that authentic reasoning involves a complex interweaving between meta-reasoning (which selects appropriate sub-problems from multiple candidates) and solving (which addresses the sub-problem). This implies authentic reasoning has an implicit multi-branch structure. Supervised fine-tuning collapses this rich structure into a flat sequence of token prediction in the teacher's reasoning path, preventing effective distillation of this structure to students. To address this limitation, we propose RLKD, a reinforcement learning (RL)-based distillation framework guided by a novel Generative Structure Reward Model (GSRM). Our GSRM converts reasoning paths into multiple meta-reasoning-solving steps and computes rewards to measure structural alignment between student and teacher reasoning. RLKD combines this reward with RL, enabling student LLMs to internalize the teacher's implicit multi-branch reasoning structure rather than merely mimicking fixed output paths. Experiments show RLKD surpasses standard SFT-RL pipelines even when trained on 0.1% of data under an RL-only regime, unlocking greater student reasoning potential than SFT-based distillation.

Shuo Yu, Hongyan Xue, Xiang Ao et al.

In the field of quantitative trading, it is common practice to transform raw historical stock data into indicative signals for the market trend. Such signals are called alpha factors. Alphas in formula forms are more interpretable and thus favored by practitioners concerned with risk. In practice, a set of formulaic alphas is often used together for better modeling precision, so we need to find synergistic formulaic alpha sets that work well together. However, most traditional alpha generators mine alphas one by one separately, overlooking the fact that the alphas would be combined later. In this paper, we propose a new alpha-mining framework that prioritizes mining a synergistic set of alphas, i.e., it directly uses the performance of the downstream combination model to optimize the alpha generator. Our framework also leverages the strong exploratory capabilities of reinforcement learning~(RL) to better explore the vast search space of formulaic alphas. The contribution to the combination models' performance is assigned to be the return used in the RL process, driving the alpha generator to find better alphas that improve upon the current set. Experimental evaluations on real-world stock market data demonstrate both the effectiveness and the efficiency of our framework for stock trend forecasting. The investment simulation results show that our framework is able to achieve higher returns compared to previous approaches.

Haoming Li, Feiyang Pan, Xiang Ao et al.

The delayed feedback problem is one of the imperative challenges in online advertising, which is caused by the highly diversified feedback delay of a conversion varying from a few minutes to several days. It is hard to design an appropriate online learning system under these non-identical delay for different types of ads and users. In this paper, we propose to tackle the delayed feedback problem in online advertising by "Following the Prophet" (FTP for short). The key insight is that, if the feedback came instantly for all the logged samples, we could get a model without delayed feedback, namely the "prophet". Although the prophet cannot be obtained during online learning, we show that we could predict the prophet's predictions by an aggregation policy on top of a set of multi-task predictions, where each task captures the feedback patterns of different periods. We propose the objective and optimization approach for the policy, and use the logged data to imitate the prophet. Extensive experiments on three real-world advertising datasets show that our method outperforms the previous state-of-the-art baselines.

Jianfeng Liu, Feiyang Pan, Ling Luo

A chatbot that converses like a human should be goal-oriented (i.e., be purposeful in conversation), which is beyond language generation. However, existing dialogue systems often heavily rely on cumbersome hand-crafted rules or costly labelled datasets to reach the goals. In this paper, we propose Goal-oriented Chatbots (GoChat), a framework for end-to-end training chatbots to maximize the longterm return from offline multi-turn dialogue datasets. Our framework utilizes hierarchical reinforcement learning (HRL), where the high-level policy guides the conversation towards the final goal by determining some sub-goals, and the low-level policy fulfills the sub-goals by generating the corresponding utterance for response. In our experiments on a real-world dialogue dataset for anti-fraud in financial, our approach outperforms previous methods on both the quality of response generation as well as the success rate of accomplishing the goal.

Feiyang Pan, Shuokai Li, Xiang Ao et al.

Click-through rate (CTR) prediction has been one of the most central problems in computational advertising. Lately, embedding techniques that produce low-dimensional representations of ad IDs drastically improve CTR prediction accuracies. However, such learning techniques are data demanding and work poorly on new ads with little logging data, which is known as the cold-start problem. In this paper, we aim to improve CTR predictions during both the cold-start phase and the warm-up phase when a new ad is added to the candidate pool. We propose Meta-Embedding, a meta-learning-based approach that learns to generate desirable initial embeddings for new ad IDs. The proposed method trains an embedding generator for new ad IDs by making use of previously learned ads through gradient-based meta-learning. In other words, our method learns how to learn better embeddings. When a new ad comes, the trained generator initializes the embedding of its ID by feeding its contents and attributes. Next, the generated embedding can speed up the model fitting during the warm-up phase when a few labeled examples are available, compared to the existing initialization methods. Experimental results on three real-world datasets showed that Meta-Embedding can significantly improve both the cold-start and warm-up performances for six existing CTR prediction models, ranging from lightweight models such as Factorization Machines to complicated deep models such as PNN and DeepFM. All of the above apply to conversion rate (CVR) predictions as well.

Feiyang Pan, Qingpeng Cai, An-Xiang Zeng et al.

Model-free reinforcement learning methods such as the Proximal Policy Optimization algorithm (PPO) have successfully applied in complex decision-making problems such as Atari games. However, these methods suffer from high variances and high sample complexity. On the other hand, model-based reinforcement learning methods that learn the transition dynamics are more sample efficient, but they often suffer from the bias of the transition estimation. How to make use of both model-based and model-free learning is a central problem in reinforcement learning. In this paper, we present a new technique to address the trade-off between exploration and exploitation, which regards the difference between model-free and model-based estimations as a measure of exploration value. We apply this new technique to the PPO algorithm and arrive at a new policy optimization method, named Policy Optimization with Model-based Explorations (POME). POME uses two components to predict the actions' target values: a model-free one estimated by Monte-Carlo sampling and a model-based one which learns a transition model and predicts the value of the next state. POME adds the error of these two target estimations as the additional exploration value for each state-action pair, i.e, encourages the algorithm to explore the states with larger target errors which are hard to estimate. We compare POME with PPO on Atari 2600 games, and it shows that POME outperforms PPO on 33 games out of 49 games.