Yunshan Ma

Kelvin J. L. Koa, Yunshan Ma, Ritchie Ng et al.

Multi-step stock price prediction over a long-term horizon is crucial for forecasting its volatility, allowing financial institutions to price and hedge derivatives, and banks to quantify the risk in their trading books. Additionally, most financial regulators also require a liquidity horizon of several days for institutional investors to exit their risky assets, in order to not materially affect market prices. However, the task of multi-step stock price prediction is challenging, given the highly stochastic nature of stock data. Current solutions to tackle this problem are mostly designed for single-step, classification-based predictions, and are limited to low representation expressiveness. The problem also gets progressively harder with the introduction of the target price sequence, which also contains stochastic noise and reduces generalizability at test-time. To tackle these issues, we combine a deep hierarchical variational-autoencoder (VAE) and diffusion probabilistic techniques to do seq2seq stock prediction through a stochastic generative process. The hierarchical VAE allows us to learn the complex and low-level latent variables for stock prediction, while the diffusion probabilistic model trains the predictor to handle stock price stochasticity by progressively adding random noise to the stock data. Our Diffusion-VAE (D-Va) model is shown to outperform state-of-the-art solutions in terms of its prediction accuracy and variance. More importantly, the multi-step outputs can also allow us to form a stock portfolio over the prediction length. We demonstrate the effectiveness of our model outputs in the portfolio investment task through the Sharpe ratio metric and highlight the importance of dealing with different types of prediction uncertainties.

Haoxuan Li, Zhengmao Yang, Yunshan Ma et al.

We study an emerging and intriguing problem of multimodal temporal event forecasting with large language models. Compared to using text or graph modalities, the investigation of utilizing images for temporal event forecasting has not been fully explored, especially in the era of large language models (LLMs). To bridge this gap, we are particularly interested in two key questions of: 1) why images will help in temporal event forecasting, and 2) how to integrate images into the LLM-based forecasting framework. To answer these research questions, we propose to identify two essential functions that images play in the scenario of temporal event forecasting, i.e., highlighting and complementary. Then, we develop a novel framework, named MM-Forecast. It employs an Image Function Identification module to recognize these functions as verbal descriptions using multimodal large language models (MLLMs), and subsequently incorporates these function descriptions into LLM-based forecasting models. To evaluate our approach, we construct a new multimodal dataset, MidEast-TE-mm, by extending an existing event dataset MidEast-TE-mini with images. Empirical studies demonstrate that our MM-Forecast can correctly identify the image functions, and further more, incorporating these verbal function descriptions significantly improves the forecasting performance. The dataset, code, and prompts are available at https://github.com/LuminosityX/MM-Forecast.

Huatuan Sun, Yunshan Ma, Changguang Wu et al.

Frozen Large Video Language Models (LVLMs) are increasingly employed in micro-video recommendation due to their strong multimodal understanding. However, their integration lacks systematic empirical evaluation: practitioners typically deploy LVLMs as fixed black-box feature extractors without systematically comparing alternative representation strategies. To address this gap, we present the first systematic empirical study along two key design dimensions: (i) integration strategies with ID embeddings, specifically replacement versus fusion, and (ii) feature extraction paradigms, comparing LVLM-generated captions with intermediate decoder hidden states. Extensive experiments on representative LVLMs reveal three key principles: (1) intermediate hidden states consistently outperform caption-based representations, as natural-language summarization inevitably discards fine-grained visual semantics crucial for recommendation; (2) ID embeddings capture irreplaceable collaborative signals, rendering fusion strictly superior to replacement; and (3) the effectiveness of intermediate decoder features varies significantly across layers. Guided by these insights, we propose the Dual Feature Fusion (DFF) Framework, a lightweight and plug-and-play approach that adaptively fuses multi-layer representations from frozen LVLMs with item ID embeddings. DFF achieves state-of-the-art performance on two real-world micro-video recommendation benchmarks, consistently outperforming strong baselines and providing a principled approach to integrating off-the-shelf large vision-language models into micro-video recommender systems.

Yingzhi He, Xiaohao Liu, An Zhang et al.

Sequential recommendation aims to predict users' future interactions by modeling collaborative filtering (CF) signals from historical behaviors of similar users or items. Traditional sequential recommenders predominantly rely on ID-based embeddings, which capture CF signals through high-order co-occurrence patterns. However, these embeddings depend solely on past interactions, lacking transferable knowledge to generalize to unseen domains. Recent advances in large language models (LLMs) have motivated text-based recommendation approaches that derive item representations from textual descriptions. While these methods enhance generalization, they fail to encode CF signals-i.e., latent item correlations and preference patterns-crucial for effective recommendation. We argue that an ideal embedding model should seamlessly integrate CF signals with rich semantic representations to improve both in-domain and out-of-domain recommendation performance. To this end, we propose LLM2Rec, a novel embedding model tailored for sequential recommendation, integrating the rich semantic understanding of LLMs with CF awareness. Our approach follows a two-stage training framework: (1) Collaborative Supervised Fine-tuning, which adapts LLMs to infer item relationships based on historical interactions, and (2) Item-level Embedding Modeling, which refines these specialized LLMs into structured item embedding models that encode both semantic and collaborative information. Extensive experiments on real-world datasets demonstrate that LLM2Rec effectively improves recommendation quality across both in-domain and out-of-domain settings. Our findings highlight the potential of leveraging LLMs to build more robust, generalizable embedding models for sequential recommendation. Our codes are available at https://github.com/HappyPointer/LLM2Rec.

Kelvin J. L. Koa, Jan Chen, Yunshan Ma et al.

While Large Language Models have been used to produce interpretable stock forecasts, they mainly focus on analyzing textual reports but not historical price data, also known as Technical Analysis. This task is challenging as it switches between domains: the stock price inputs and outputs lie in the time-series domain, while the reasoning step should be in natural language. In this work, we introduce Verbal Technical Analysis (VTA), a novel framework that combine verbal and latent reasoning to produce stock time-series forecasts that are both accurate and interpretable. To reason over time-series, we convert stock price data into textual annotations and optimize the reasoning trace using an inverse Mean Squared Error (MSE) reward objective. To produce time-series outputs from textual reasoning, we condition the outputs of a time-series backbone model on the reasoning-based attributes. Experiments on stock datasets across U.S., Chinese, and European markets show that VTA achieves state-of-the-art forecasting accuracy, while the reasoning traces also perform well on evaluation by industry experts.

Kelvin J. L. Koa, Yunshan Ma, Ritchie Ng et al.

Explaining stock predictions is generally a difficult task for traditional non-generative deep learning models, where explanations are limited to visualizing the attention weights on important texts. Today, Large Language Models (LLMs) present a solution to this problem, given their known capabilities to generate human-readable explanations for their decision-making process. However, the task of stock prediction remains challenging for LLMs, as it requires the ability to weigh the varying impacts of chaotic social texts on stock prices. The problem gets progressively harder with the introduction of the explanation component, which requires LLMs to explain verbally why certain factors are more important than the others. On the other hand, to fine-tune LLMs for such a task, one would need expert-annotated samples of explanation for every stock movement in the training set, which is expensive and impractical to scale. To tackle these issues, we propose our Summarize-Explain-Predict (SEP) framework, which utilizes a self-reflective agent and Proximal Policy Optimization (PPO) to let a LLM teach itself how to generate explainable stock predictions in a fully autonomous manner. The reflective agent learns how to explain past stock movements through self-reasoning, while the PPO trainer trains the model to generate the most likely explanations from input texts. The training samples for the PPO trainer are also the responses generated during the reflective process, which eliminates the need for human annotators. Using our SEP framework, we fine-tune a LLM that can outperform both traditional deep-learning and LLM methods in prediction accuracy and Matthews correlation coefficient for the stock classification task. To justify the generalization capability of our framework, we further test it on the portfolio construction task, and demonstrate its effectiveness through various portfolio metrics.

Yongheng Zhang, Tingwen Du, Yunshan Ma et al.

Attack knowledge graph construction seeks to convert textual cyber threat intelligence (CTI) reports into structured representations, portraying the evolutionary traces of cyber attacks. Even though previous research has proposed various methods to construct attack knowledge graphs, they generally suffer from limited generalization capability to diverse knowledge types as well as requirement of expertise in model design and tuning. Addressing these limitations, we seek to utilize Large Language Models (LLMs), which have achieved enormous success in a broad range of tasks given exceptional capabilities in both language understanding and zero-shot task fulfillment. Thus, we propose a fully automatic LLM-based framework to construct attack knowledge graphs named: AttacKG+. Our framework consists of four consecutive modules: rewriter, parser, identifier, and summarizer, each of which is implemented by instruction prompting and in-context learning empowered by LLMs. Furthermore, we upgrade the existing attack knowledge schema and propose a comprehensive version. We represent a cyber attack as a temporally unfolding event, each temporal step of which encapsulates three layers of representation, including behavior graph, MITRE TTP labels, and state summary. Extensive evaluation demonstrates that: 1) our formulation seamlessly satisfies the information needs in threat event analysis, 2) our construction framework is effective in faithfully and accurately extracting the information defined by AttacKG+, and 3) our attack graph directly benefits downstream security practices such as attack reconstruction. All the code and datasets will be released upon acceptance.

Haoxuan Li, Yi Bin, Yunshan Ma et al.

Cross-modal retrieval (CMR) is a fundamental task in multimedia research, focused on retrieving semantically relevant targets across different modalities. While traditional CMR methods match text and image via embedding-based similarity calculations, recent advancements in pre-trained generative models have established generative retrieval as a promising alternative. This paradigm assigns each target a unique identifier and leverages a generative model to directly predict identifiers corresponding to input queries without explicit indexing. Despite its great potential, current generative CMR approaches still face semantic information insufficiency in both identifier construction and generation processes. To address these limitations, we propose a novel unified Semantic-enhanced generative Cross-mOdal REtrieval framework (SemCORE), designed to unleash the semantic understanding capabilities in generative cross-modal retrieval task. Specifically, we first construct a Structured natural language IDentifier (SID) that effectively aligns target identifiers with generative models optimized for natural language comprehension and generation. Furthermore, we introduce a Generative Semantic Verification (GSV) strategy enabling fine-grained target discrimination. Additionally, to the best of our knowledge, SemCORE is the first framework to simultaneously consider both text-to-image and image-to-text retrieval tasks within generative cross-modal retrieval. Extensive experiments demonstrate that our framework outperforms state-of-the-art generative cross-modal retrieval methods. Notably, SemCORE achieves substantial improvements across benchmark datasets, with an average increase of 8.65 points in Recall@1 for text-to-image retrieval.

Jiajie Su, Qiyong Zhong, Yunshan Ma et al.

Session-based recommendation (SBR) predicts the next item based on anonymous sessions. Traditional SBR explores user intents based on ID collaborations or auxiliary content. To further alleviate data sparsity and cold-start issues, recent Multimodal SBR (MSBR) methods utilize simplistic pre-trained models for modality learning but have limitations in semantic richness. Considering semantic reasoning abilities of Large Language Models (LLM), we focus on the LLM-enhanced MSBR scenario in this paper, which leverages LLM cognition for comprehensive multimodal representation generation, to enhance downstream MSBR. Tackling this problem faces two challenges: i) how to obtain LLM cognition on both transitional patterns and inherent multimodal knowledge, ii) how to align both features into one unified LLM, minimize discrepancy while maximizing representation utility. To this end, we propose a multimodal LLM-enhanced framework TPAD, which extends a distillation paradigm to decouple and align transitional patterns for promoting MSBR. TPAD establishes parallel Knowledge-MLLM and Transfer-MLLM, where the former interprets item knowledge-reflected features and the latter extracts transition-aware features underneath sessions. A transitional pattern alignment module harnessing mutual information estimation theory unites two MLLMs, alleviating distribution discrepancy and distilling transitional patterns into modal representations. Extensive experiments on real-world datasets demonstrate the effectiveness of our framework.

Xiaohao Liu, Teng Tu, Yunshan Ma et al.

Music profoundly enhances video production by improving quality, engagement, and emotional resonance, sparking growing interest in video-to-music generation. Despite recent advances, existing approaches remain limited in specific scenarios or undervalue the visual dynamics. To address these limitations, we focus on tackling the complexity of dynamics and resolving temporal misalignment between video and music representations. To this end, we propose DyViM, a novel framework to enhance dynamics modeling for video-to-music generation. Specifically, we extract frame-wise dynamics features via a simplified motion encoder inherited from optical flow methods, followed by a self-attention module for aggregation within frames. These dynamic features are then incorporated to extend existing music tokens for temporal alignment. Additionally, high-level semantics are conveyed through a cross-attention mechanism, and an annealing tuning strategy benefits to fine-tune well-trained music decoders efficiently, therefore facilitating seamless adaptation. Extensive experiments demonstrate DyViM's superiority over state-of-the-art (SOTA) methods.

Haokai Ma, Javier Yong, Yunshan Ma et al.

Cyber Threat Intelligence (CTI) reports document observations of cyber threats, synthesizing evidence about adversaries' actions and intent into actionable knowledge that informs detection, response, and defense planning. However, the unstructured and verbose nature of CTI reports poses significant challenges for security practitioners to manually extract and analyze such sequences. Although large language models (LLMs) exhibit promise in cybersecurity tasks such as entity extraction and knowledge graph construction, their understanding and reasoning capabilities towards behavioral sequences remains underexplored. To address this, we introduce AttackSeqBench, a benchmark designed to systematically evaluate LLMs' reasoning abilities across the tactical, technical, and procedural dimensions of adversarial behaviors, while satisfying Extensibility, Reasoning Scalability, and Domain-dpecific Epistemic Expandability. We further benchmark 7 LLMs, 5 LRMs and 4 post-training strategies across the proposed 3 benchmark settings and 3 benchmark tasks within our AttackSeqBench to identify their advantages and limitations in such specific domain. Our findings contribute to a deeper understanding of LLM-driven CTI report understanding and foster its application in cybersecurity operations.

Zhihan Zhang, Yixin Cao, Chenchen Ye et al.

The digital landscape is rapidly evolving with an ever-increasing volume of online news, emphasizing the need for swift and precise analysis of complex events. We refer to the complex events composed of many news articles over an extended period as Temporal Complex Event (TCE). This paper proposes a novel approach using Large Language Models (LLMs) to systematically extract and analyze the event chain within TCE, characterized by their key points and timestamps. We establish a benchmark, named TCELongBench, to evaluate the proficiency of LLMs in handling temporal dynamics and understanding extensive text. This benchmark encompasses three distinct tasks - reading comprehension, temporal sequencing, and future event forecasting. In the experiment, we leverage retrieval-augmented generation (RAG) method and LLMs with long context window to deal with lengthy news articles of TCE. Our findings indicate that models with suitable retrievers exhibit comparable performance with those utilizing long context window.

Lizi Liao, Yunshan Ma, Wenqiang Lei et al.

Tracking dialogue states to better interpret user goals and feed downstream policy learning is a bottleneck in dialogue management. Common practice has been to treat it as a problem of classifying dialogue content into a set of pre-defined slot-value pairs, or generating values for different slots given the dialogue history. Both have limitations on considering dependencies that occur on dialogues, and are lacking of reasoning capabilities. This paper proposes to track dialogue states gradually with reasoning over dialogue turns with the help of the back-end data. Empirical results demonstrate that our method significantly outperforms the state-of-the-art methods by 38.6% in terms of joint belief accuracy for MultiWOZ 2.1, a large-scale human-human dialogue dataset across multiple domains.

Lizi Liao, Ryuichi Takanobu, Yunshan Ma et al.

When traveling to a foreign country, we are often in dire need of an intelligent conversational agent to provide instant and informative responses to our various queries. However, to build such a travel agent is non-trivial. First of all, travel naturally involves several sub-tasks such as hotel reservation, restaurant recommendation and taxi booking etc, which invokes the need for global topic control. Secondly, the agent should consider various constraints like price or distance given by the user to recommend an appropriate venue. In this paper, we present a Deep Conversational Recommender (DCR) and apply to travel. It augments the sequence-to-sequence (seq2seq) models with a neural latent topic component to better guide response generation and make the training easier. To consider the various constraints for venue recommendation, we leverage a graph convolutional network (GCN) based approach to capture the relationships between different venues and the match between venue and dialog context. For response generation, we combine the topic-based component with the idea of pointer networks, which allows us to effectively incorporate recommendation results. We perform extensive evaluation on a multi-turn task-oriented dialog dataset in travel domain and the results show that our method achieves superior performance as compared to a wide range of baselines.

Xun Yang, Yunshan Ma, Lizi Liao et al.

Identifying mix-and-match relationships between fashion items is an urgent task in a fashion e-commerce recommender system. It will significantly enhance user experience and satisfaction. However, due to the challenges of inferring the rich yet complicated set of compatibility patterns in a large e-commerce corpus of fashion items, this task is still underexplored. Inspired by the recent advances in multi-relational knowledge representation learning and deep neural networks, this paper proposes a novel Translation-based Neural Fashion Compatibility Modeling (TransNFCM) framework, which jointly optimizes fashion item embeddings and category-specific complementary relations in a unified space via an end-to-end learning manner. TransNFCM places items in a unified embedding space where a category-specific relation (category-comp-category) is modeled as a vector translation operating on the embeddings of compatible items from the corresponding categories. By this way, we not only capture the specific notion of compatibility conditioned on a specific pair of complementary categories, but also preserve the global notion of compatibility. We also design a deep fashion item encoder which exploits the complementary characteristic of visual and textual features to represent the fashion products. To the best of our knowledge, this is the first work that uses category-specific complementary relations to model the category-aware compatibility between items in a translation-based embedding space. Extensive experiments demonstrate the effectiveness of TransNFCM over the state-of-the-arts on two real-world datasets.