Yang Xu

Xu Yang, Haotian Chen, Wenjun Feng et al.

Artificial Intelligence (AI) significantly influences many fields, largely thanks to the vast amounts of high-quality data for machine learning models. The emphasis is now on a data-centric AI strategy, prioritizing data development over model design progress. Automating this process is crucial. In this paper, we serve as the first work to introduce the automatic data-centric development (AD^2) task and outline its core challenges, which require domain-experts-like task scheduling and implementation capability, largely unexplored by previous work. By leveraging the strong complex problem-solving capabilities of large language models (LLMs), we propose an LLM-based autonomous agent, equipped with a strategy named Collaborative Knowledge-STudying-Enhanced Evolution by Retrieval (Co-STEER), to simultaneously address all the challenges. Specifically, our proposed Co-STEER agent enriches its domain knowledge through our proposed evolving strategy and develops both its scheduling and implementation skills by accumulating and retrieving domain-specific practical experience. With an improved schedule, the capability for implementation accelerates. Simultaneously, as implementation feedback becomes more thorough, the scheduling accuracy increases. These two capabilities evolve together through practical feedback, enabling a collaborative evolution process. Extensive experimental results demonstrate that our Co-STEER agent breaks new ground in AD^2 research, possesses strong evolvable schedule and implementation ability, and demonstrates the significant effectiveness of its components. Our Co-STEER paves the way for AD^2 advancements.

Yuante Li, Xu Yang, Xiao Yang et al.

Financial markets pose fundamental challenges for asset return prediction due to their high dimensionality, non-stationarity, and persistent volatility. Despite advances in large language models and multi-agent systems, current quantitative research pipelines suffer from limited automation, weak interpretability, and fragmented coordination across key components such as factor mining and model innovation. In this paper, we propose R&D-Agent for Quantitative Finance, in short RD-Agent(Q), the first data-centric multi-agent framework designed to automate the full-stack research and development of quantitative strategies via coordinated factor-model co-optimization. RD-Agent(Q) decomposes the quant process into two iterative stages: a Research stage that dynamically sets goal-aligned prompts, formulates hypotheses based on domain priors, and maps them to concrete tasks, and a Development stage that employs a code-generation agent, Co-STEER, to implement task-specific code, which is then executed in real-market backtests. The two stages are connected through a feedback stage that thoroughly evaluates experimental outcomes and informs subsequent iterations, with a multi-armed bandit scheduler for adaptive direction selection. Empirically, RD-Agent(Q) achieves up to 2X higher annualized returns than classical factor libraries using 70% fewer factors, and outperforms state-of-the-art deep time-series models on real markets. Its joint factor-model optimization delivers a strong balance between predictive accuracy and strategy robustness. Our code is available at: https://github.com/microsoft/RD-Agent.