From Knowing to Doing: A Memory-Controlled Benchmark for LLM Trading Agents on Stock Markets

Evaluating whether large language model (LLM) agents can profit in capital markets is increasingly framed as end-to-end trading: place an agent in a historical market, let it trade, and measure portfolio returns. This setup is vulnerable to two evaluation failures. First, long backtests often overlap with the knowledge cutoffs of frontier LLMs, allowing memorized tickers, dates, prices, and market narratives to substitute for investment reasoning. Second, raw returns are a noisy proxy for stock-selection ability, since positive performance may come from market beta, style exposure, or favorable regimes rather than genuine alpha. We introduce KTD-Fin (Knowing-To-Doing Financial Benchmark), an end-to-end stock-market trading benchmark that addresses both issues. KTD-Fin uses a data-side masking protocol to anonymize key identifiers and calendar information consistently across prompts and tools, separating historical market memory from investment decision-making. It also incorporates a Barra-style performance attribution framework that decomposes portfolio returns into market, style, and stock-selection alpha components. Across ten frontier LLM agents evaluated on the Chinese CSI300 over a 2024--2026 window, masking substantially changes agent rationales, pushing them towards anonymized factor-based reasoning. Attribution analysis further shows that LLM agents' cumulative returns under leakage-controlled evaluation are largely explained by passive market and style exposure, with limited evidence of persistent stock-selection alpha. These findings suggest that financial LLM benchmarks should evaluate not only whether an agent makes money, but also whether the source of returns reflects transferable investment skill. We release KTD-Fin as a reproducible template for leakage-controlled and attribution-aware evaluation of LLM trading agents.

AndroidDaily: A Verifiable Benchmark for Mobile GUI Agents on Real-World Closed-Source Applications

The rapid development of GUI foundation models and mobile GUI agents has spurred numerous evaluation benchmarks, yet most rely on simulated environments or open-source applications, leaving real-world closed-source applications largely unevaluated. The core difficulty is that closed-source applications do not expose internal states, making traditional automatic verification inapplicable. To bridge this gap, we introduce AndroidDaily, a large-scale benchmark comprising 350 realistic daily-use tasks across 94 high-frequency Android applications spanning transportation, shopping, local services, entertainment, content creation, social media, and everyday utilities. To enable automatic and verifiable assessment in these opaque environments, we propose Guideline-grounded Reviewer for Automatic Diagnostic Evaluation (GRADE), a process-aware evaluator built on a three-tiered system of observable external guidelines: operational obligations, output quality, and negative constraints. GRADE tracks the agent's visual trajectory against these criteria and produces step-level diagnostic judgments, turning long-horizon, open-ended mobile interactions into verifiable evaluation without relying on hidden internal states. Experiments show that GRADE achieves 87.37\% agreement with human evaluators. The strongest model reaches a 62.0\% success rate on AndroidDaily, highlighting a substantial gap between current reasoning capabilities and practical execution in realistic mobile workflows.

StepAudio 2.5 Technical Report

Unified audio-language modeling has emerged as a prominent trend in modern speech systems, promising to bring the reasoning capabilities of large language models to auditory tasks. However, existing unified foundations often struggle to match the depth of specialized systems across automatic speech recognition (ASR), text-to-speech synthesis (TTS), and realtime spoken interaction. Bridging this gap remains an open challenge. This report presents StepAudio 2.5, a unified audio-language foundation model that matches or exceeds specialized systems across all three capabilities. Rather than treating these tasks as architecturally distinct, we operate on the premise that once text and audio share a multimodal representational space, task specialization becomes a matter of operational regimes: data construction, optimization targets, and decoding constraints. Guided by this insight, we advance the post-training paradigm from standard supervised learning to task-tailored Reinforcement Learning from Human Feedback (RLHF), using it as the primary mechanism to define complex optimization targets. We leverage this RLHF-centric alignment, alongside specialized decoding, to shape a shared backbone into three distinct operational modes. Concretely, the ASR branch advances transcription efficiency via verifiable multi-token decoding; the TTS branch achieves controllable, expressive synthesis through preference-based RLHF and context-rich supervision; and the Realtime branch realizes low-latency, persona-consistent dialogue via generative reward modeling within an RLHF framework. On standard benchmarks, StepAudio 2.5 achieves state-of-the-art results across ASR, TTS, and Realtime, demonstrating that a singular audio-language foundation can successfully internalize the distinct deployment objectives of speech understanding, generation, and live interaction.

Step-Audio-R1.5 Technical Report

Recent advancements in large audio language models have extended Chain-of-Thought (CoT) reasoning into the auditory domain, enabling models to tackle increasingly complex acoustic and spoken tasks. To elicit and sustain these extended reasoning chains, the prevailing paradigm -- driven by the success of text-based reasoning models -- overwhelmingly relies on Reinforcement Learning with Verified Rewards (RLVR). However, as models are strictly optimized to distill rich, continuous auditory contexts into isolated, verifiable text labels, a fundamental question arises: are we fostering true audio intelligence, or merely reducing a continuous sensory medium into a discrete puzzle? We identify this as the "verifiable reward trap." While RLVR yields remarkable scores on standardized objective benchmarks, it systematically degrades the real-world conversational feel of audio models. By prioritizing isolated correctness over acoustic nuance, RLVR reduces dynamic interactions to mechanical "answering machines," severely compromising prosodic naturalness, emotional continuity, and user immersion, particularly in long-turn dialogues. To bridge the gap between mechanical objective verification and genuine sensory empathy, we introduce Step-Audio-R1.5, marking a paradigm shift toward Reinforcement Learning from Human Feedback (RLHF) in audio reasoning. Comprehensive evaluations demonstrate that Step-Audio-R1.5 not only maintains robust analytical reasoning but profoundly transforms the interactive experience, redefining the boundaries of deeply immersive long-turn spoken dialogue.

WebVR: Benchmarking Multimodal LLMs for WebPage Recreation from Videos via Human-Aligned Visual Rubrics

Existing web-generation benchmarks rely on text prompts or static screenshots as input. However, videos naturally convey richer signals such as interaction flow, transition timing, and motion continuity, which are essential for faithful webpage recreation. Despite this potential, video-conditioned webpage generation remains largely unexplored, with no dedicated benchmark for this task. To fill this gap, we introduce WebVR, a benchmark that evaluates whether MLLMs can faithfully recreate webpages from demonstration videos. WebVR contains 175 webpages across diverse categories, all constructed through a controlled synthesis pipeline rather than web crawling, ensuring varied and realistic demonstrations without overlap with existing online pages. We also design a fine-grained, human-aligned visual rubric that evaluates the generated webpages across multiple dimensions. Experiments on 19 models reveal substantial gaps in recreating fine-grained style and motion quality, while the rubric-based automatic evaluation achieves 96% agreement with human preferences. We release the dataset, evaluation toolkit, and baseline results to support future research on video-to-webpage generation.

DM0: An Embodied-Native Vision-Language-Action Model towards Physical AI

Moving beyond the traditional paradigm of adapting internet-pretrained models to physical tasks, we present DM0, an Embodied-Native Vision-Language-Action (VLA) framework designed for Physical AI. Unlike approaches that treat physical grounding as a fine-tuning afterthought, DM0 unifies embodied manipulation and navigation by learning from heterogeneous data sources from the onset. Our methodology follows a comprehensive three-stage pipeline: Pretraining, Mid-Training, and Post-Training. First, we conduct large-scale unified pretraining on the Vision-Language Model (VLM) using diverse corpora--seamlessly integrating web text, autonomous driving scenarios, and embodied interaction logs-to jointly acquire semantic knowledge and physical priors. Subsequently, we build a flow-matching action expert atop the VLM. To reconcile high-level reasoning with low-level control, DM0 employs a hybrid training strategy: for embodied data, gradients from the action expert are not backpropagated to the VLM to preserve generalized representations, while the VLM remains trainable on non-embodied data. Furthermore, we introduce an Embodied Spatial Scaffolding strategy to construct spatial Chain-of-Thought (CoT) reasoning, effectively constraining the action solution space. Experiments on the RoboChallenge benchmark demonstrate that DM0 achieves state-of-the-art performance in both Specialist and Generalist settings on Table30.

PRIME: A Process-Outcome Alignment Benchmark for Verifiable Reasoning in Mathematics and Engineering

While model-based verifiers are essential for scaling Reinforcement Learning with Verifiable Rewards (RLVR), current outcome-centric verification paradigms primarily focus on the consistency between the final result and the ground truth, often neglecting potential errors in the derivation process. This leads to assigning positive rewards to correct answers produced from incorrect derivations. To bridge this gap, we introduce PRIME, a benchmark for evaluating verifiers on Process-Outcome Alignment verification in Mathematics and Engineering. Curated from a comprehensive collection of college-level STEM problems, PRIME comprises 2,530 high-difficulty samples through a consistency-based filtering pipeline. Through extensive evaluation, we find that current verifiers frequently fail to detect derivation flaws. Furthermore, we propose a process-aware RLVR training paradigm utilizing verifiers selected via PRIME. This approach substantially outperforms the outcome-only verification baseline, achieving absolute performance gains of 8.29%, 9.12%, and 7.31% on AIME24, AIME25, and Beyond-AIME, respectively, for the Qwen3-14B-Base model. Finally, we demonstrate a strong linear correlation ($R^2 > 0.92$) between verifier accuracy on PRIME and RLVR training effectiveness, validating PRIME as a reliable predictor for verifier selection.

SpotAgent: Grounding Visual Geo-localization in Large Vision-Language Models through Agentic Reasoning

Large Vision-Language Models (LVLMs) have demonstrated strong reasoning capabilities in geo-localization, yet they often struggle in real-world scenarios where visual cues are sparse, long-tailed, and highly ambiguous. Previous approaches, bound by internal knowledge, often fail to provide verifiable results, yielding confident but ungrounded predictions when faced with confounded evidence. To address these challenges, we propose SpotAgent, a framework that formalizes geo-localization into an agentic reasoning process that leverages expert-level reasoning to synergize visual interpretation with tool-assisted verification. SpotAgent actively explores and verifies visual cues by leveraging external tools (e.g., web search, maps) through a ReAct diagram. We introduce a 3-stage post-training pipeline starting with a Supervised Fine-Tuning (SFT) stage for basic alignment, followed by an Agentic Cold Start phase utilizing high-quality trajectories synthesized via a Multi-Agent framework, aiming to instill tool-calling expertise. Subsequently, the model's reasoning capabilities are refined through Reinforcement Learning. We propose a Spatially-Aware Dynamic Filtering strategy to enhance the efficiency of the RL stage by prioritizing learnable samples based on spatial difficulty. Extensive experiments on standard benchmarks demonstrate that SpotAgent achieves state-of-the-art performance, effectively mitigating hallucinations while delivering precise and verifiable geo-localization.

Step 3.5 Flash: Open Frontier-Level Intelligence with 11B Active Parameters

We introduce Step 3.5 Flash, a sparse Mixture-of-Experts (MoE) model that bridges frontier-level agentic intelligence and computational efficiency. We focus on what matters most when building agents: sharp reasoning and fast, reliable execution. Step 3.5 Flash pairs a 196B-parameter foundation with 11B active parameters for efficient inference. It is optimized with interleaved 3:1 sliding-window/full attention and Multi-Token Prediction (MTP-3) to reduce the latency and cost of multi-round agentic interactions. To reach frontier-level intelligence, we design a scalable reinforcement learning framework that combines verifiable signals with preference feedback, while remaining stable under large-scale off-policy training, enabling consistent self-improvement across mathematics, code, and tool use. Step 3.5 Flash demonstrates strong performance across agent, coding, and math tasks, achieving 85.4% on IMO-AnswerBench, 86.4% on LiveCodeBench-v6 (2024.08-2025.05), 88.2% on tau2-Bench, 69.0% on BrowseComp (with context management), and 51.0% on Terminal-Bench 2.0, comparable to frontier models such as GPT-5.2 xHigh and Gemini 3.0 Pro. By redefining the efficiency frontier, Step 3.5 Flash provides a high-density foundation for deploying sophisticated agents in real-world industrial environments.

GEBench: Benchmarking Image Generation Models as GUI Environments

Recent advancements in image generation models have enabled the prediction of future Graphical User Interface (GUI) states based on user instructions. However, existing benchmarks primarily focus on general domain visual fidelity, leaving the evaluation of state transitions and temporal coherence in GUI-specific contexts underexplored. To address this gap, we introduce GEBench, a comprehensive benchmark for evaluating dynamic interaction and temporal coherence in GUI generation. GEBench comprises 700 carefully curated samples spanning five task categories, covering both single-step interactions and multi-step trajectories across real-world and fictional scenarios, as well as grounding point localization. To support systematic evaluation, we propose GE-Score, a novel five-dimensional metric that assesses Goal Achievement, Interaction Logic, Content Consistency, UI Plausibility, and Visual Quality. Extensive evaluations on current models indicate that while they perform well on single-step transitions, they struggle significantly with maintaining temporal coherence and spatial grounding over longer interaction sequences. Our findings identify icon interpretation, text rendering, and localization precision as critical bottlenecks. This work provides a foundation for systematic assessment and suggests promising directions for future research toward building high-fidelity generative GUI environments. The code is available at: https://github.com/stepfun-ai/GEBench.