AlphaCrafter: A Full-Stack Multi-Agent Framework for Cross-Sectional Quantitative Trading

Financial markets are inherently non-stationary, driven by complex interactions among macroeconomic regimes, microstructural frictions, and behavioral dynamics. Building quantitative strategies that remain profitable demands the continuous coupling of factor discovery, regime-adaptive selection, and risk-constrained execution. Prevailing approaches, however, optimize these components under static or isolated assumptions. Factor mining frameworks typically treat alpha discovery as a one-time search process, implicitly assuming that factor efficacy persists across market regimes. Execution-oriented systems often adopt role-playing agent architectures that simulate anthropomorphic trading committees, introducing behavioral noise rather than systematic rationality. Consequently, a fully automated, rationality-driven framework unifying a coherent quantitative pipeline remains absent. We introduce AlphaCrafter, a full-stack multi-agent framework that closes this gap through a continuously adaptive factor-to-execution pipeline, designed to track and respond to evolving market conditions without manual intervention. AlphaCrafter operates via three specialized agents: a Miner that continuously expands the factor pool via LLM-guided search, a Screener that assesses prevailing market conditions to construct regime-conditioned factor ensembles, and a Trader that translates these ensembles into quantitative strategies under explicit risk constraints. Together, these three agents form a closed-loop cross-sectional trading system that adapts holistically to evolving market dynamics. Extensive experiments on CSI 300 and S&P 500 demonstrate that AlphaCrafter consistently outperforms state-of-the-art baselines in risk-adjusted returns while exhibiting the lowest cross-trial variance, confirming that integrated and adaptive factor-to-execution design yields robust trading performance.

When Agents Look the Same: Quantifying Distillation-Induced Similarity in Tool-Use Behaviors

Model distillation is a primary driver behind the rapid progress of LLM agents, yet it often leads to behavioral homogenization. Many emerging agents share nearly identical reasoning steps and failure modes, suggesting they may be distilled echoes of a few dominant teachers. Existing metrics, however, fail to distinguish mandatory behaviors required for task success from non-mandatory patterns that reflect a model's autonomous preferences. We propose two complementary metrics to isolate non-mandatory behavioral patterns: \textbf{Response Pattern Similarity (RPS)} for verbal alignment and \textbf{Action Graph Similarity (AGS)} for tool-use habits modeled as directed graphs. Evaluating 18 models from 8 providers on $τ$-Bench and $τ^2$-Bench against Claude Sonnet 4.5 (thinking), we find that within-family model pairs score 5.9 pp higher in AGS than cross-family pairs, and that Kimi-K2 (thinking) reaches 82.6\% $S_{\text{node}}$ and 94.7\% $S_{\text{dep}}$, exceeding Anthropic's own Opus 4.1. A controlled distillation experiment further confirms that AGS distinguishes teacher-specific convergence from general improvement. RPS and AGS capture distinct behavioral dimensions (Pearson $r$ = 0.491), providing complementary diagnostic signals for behavioral convergence in the agent ecosystem. Our code is available at https://github.com/Syuchin/AgentEcho.

WebCompass: Towards Multimodal Web Coding Evaluation for Code Language Models

Large language models are rapidly evolving into interactive coding agents capable of end-to-end web coding, yet existing benchmarks evaluate only narrow slices of this capability, typically text-conditioned generation with static-correctness metrics, leaving visual fidelity, interaction quality, and codebase-level reasoning largely unmeasured. We introduce WebCompass, a multimodal benchmark that provides unified lifecycle evaluation of web engineering capability. Recognizing that real-world web coding is an iterative cycle of generation, editing, and repair, WebCompass spans three input modalities (text, image, video) and three task types (generation, editing, repair), yielding seven task categories that mirror professional workflows. Through a multi-stage, human-in-the-loop pipeline, we curate instances covering 15 generation domains, 16 editing operation types, and 11 repair defect types, each annotated at Easy/Medium/Hard levels. For evaluation, we adopt a checklist-guided LLM-as-a-Judge protocol for editing and repair, and propose a novel Agent-as-a-Judge paradigm for generation that autonomously executes generated websites in a real browser, explores interactive behaviors via the Model Context Protocol (MCP), and iteratively synthesizes targeted test cases, closely approximating human acceptance testing. We evaluate representative closed-source and open-source models and observe that: (1) closed-source models remain substantially stronger and more balanced; (2) editing and repair exhibit distinct difficulty profiles, with repair preserving interactivity better but remaining execution-challenging; (3) aesthetics is the most persistent bottleneck, especially for open-source models; and (4) framework choice materially affects outcomes, with Vue consistently challenging while React and Vanilla/HTML perform more strongly depending on task type.

DR$^{3}$-Eval: Towards Realistic and Reproducible Deep Research Evaluation

Deep Research Agents (DRAs) aim to solve complex, long-horizon research tasks involving planning, retrieval, multimodal understanding, and report generation, yet their evaluation remains challenging due to dynamic web environments and ambiguous task definitions. We propose DR$^{3}$-Eval, a realistic and reproducible benchmark for evaluating deep research agents on multimodal, multi-file report generation. DR$^{3}$-Eval is constructed from authentic user-provided materials and paired with a per-task static research sandbox corpus that simulates open-web complexity while remaining fully verifiable, containing supportive documents, distractors, and noise. Moreover, we introduce a multi-dimensional evaluation framework measuring Information Recall, Factual Accuracy, Citation Coverage, Instruction Following, and Depth Quality, and validate its alignment with human judgments. Experiments with our developed multi-agent system DR$^{3}$-Agent based on multiple state-of-the-art language models demonstrate that DR$^{3}$-Eval is highly challenging and reveals critical failure modes in retrieval robustness and hallucination control. Our code and data are publicly available.

CodeTracer: Towards Traceable Agent States

Code agents are advancing rapidly, but debugging them is becoming increasingly difficult. As frameworks orchestrate parallel tool calls and multi-stage workflows over complex tasks, making the agent's state transitions and error propagation hard to observe. In these runs, an early misstep can trap the agent in unproductive loops or even cascade into fundamental errors, forming hidden error chains that make it hard to tell when the agent goes off track and why. Existing agent tracing analyses either focus on simple interaction or rely on small-scale manual inspection, which limits their scalability and usefulness for real coding workflows. We present CodeTracer, a tracing architecture that parses heterogeneous run artifacts through evolving extractors, reconstructs the full state transition history as a hierarchical trace tree with persistent memory, and performs failure onset localization to pinpoint the failure origin and its downstream chain. To enable systematic evaluation, we construct CodeTraceBench from a large collection of executed trajectories generated by four widely used code agent frameworks on diverse code tasks (e.g., bug fixing, refactoring, and terminal interaction), with supervision at both the stage and step levels for failure localization. Experiments show that CodeTracer substantially outperforms direct prompting and lightweight baselines, and that replaying its diagnostic signals consistently recovers originally failed runs under matched budgets. Our code and data are publicly available.

Long-form RewardBench: Evaluating Reward Models for Long-form Generation

The widespread adoption of reinforcement learning-based alignment highlights the growing importance of reward models. Various benchmarks have been built to evaluate reward models in various domains and scenarios. However, a significant gap remains in assessing reward models for long-form generation, despite its critical role in real-world applications. To bridge this, we introduce Long-form RewardBench, the first reward modeling testbed specifically designed for long-form generation. Our benchmark encompasses five key subtasks: QA, RAG, Chat, Writing, and Reasoning. We collected instruction and preference data through a meticulously designed multi-stage data collection process, and conducted extensive experiments on 20+ mainstream reward models, including both classifiers and generative models. Our findings reveal that current models still lack long-form reward modeling capabilities. Furthermore, we designed a novel Long-form Needle-in-a-Haystack Test, which revealed a correlation between reward modeling performance and the error's position within a response, as well as the overall response length, with distinct characteristics observed between classification and generative models. Finally, we demonstrate that classifiers exhibit better generalizability compared to generative models trained on the same data. As the first benchmark for long-form reward modeling, this work aims to offer a robust platform for visualizing progress in this crucial area.

Search More, Think Less: Rethinking Long-Horizon Agentic Search for Efficiency and Generalization

Recent deep research agents primarily improve performance by scaling reasoning depth, but this leads to high inference cost and latency in search-intensive scenarios. Moreover, generalization across heterogeneous research settings remains challenging. In this work, we propose \emph{Search More, Think Less} (SMTL), a framework for long-horizon agentic search that targets both efficiency and generalization. SMTL replaces sequential reasoning with parallel evidence acquisition, enabling efficient context management under constrained context budgets. To support generalization across task types, we further introduce a unified data synthesis pipeline that constructs search tasks spanning both deterministic question answering and open-ended research scenarios with task appropriate evaluation metrics. We train an end-to-end agent using supervised fine-tuning and reinforcement learning, achieving strong and often state of the art performance across benchmarks including BrowseComp (48.6\%), GAIA (75.7\%), Xbench (82.0\%), and DeepResearch Bench (45.9\%). Compared to Mirothinker-v1.0, SMTL with maximum 100 interaction steps reduces the average number of reasoning steps on BrowseComp by 70.7\%, while improving accuracy.

EcoGym: Evaluating LLMs for Long-Horizon Plan-and-Execute in Interactive Economies

Long-horizon planning is widely recognized as a core capability of autonomous LLM-based agents; however, current evaluation frameworks suffer from being largely episodic, domain-specific, or insufficiently grounded in persistent economic dynamics. We introduce EcoGym, a generalizable benchmark for continuous plan-and-execute decision making in interactive economies. EcoGym comprises three diverse environments: Vending, Freelance, and Operation, implemented in a unified decision-making process with standardized interfaces, and budgeted actions over an effectively unbounded horizon (1000+ steps if 365 day-loops for evaluation). The evaluation of EcoGym is based on business-relevant outcomes (e.g., net worth, income, and DAU), targeting long-term strategic coherence and robustness under partial observability and stochasticity. Experiments across eleven leading LLMs expose a systematic tension: no single model dominates across all three scenarios. Critically, we find that models exhibit significant suboptimality in either high-level strategies or efficient actions executions. EcoGym is released as an open, extensible testbed for transparent long-horizon agent evaluation and for studying controllability-utility trade-offs in realistic economic settings.

WorldTravel: A Realistic Multimodal Travel-Planning Benchmark with Tightly Coupled Constraints

Real-world autonomous planning requires coordinating tightly coupled constraints where a single decision dictates the feasibility of all subsequent actions. However, existing benchmarks predominantly feature loosely coupled constraints solvable through local greedy decisions and rely on idealized data, failing to capture the complexity of extracting parameters from dynamic web environments. We introduce \textbf{WorldTravel}, a benchmark comprising 150 real-world travel scenarios across 5 cities that demand navigating an average of 15+ interdependent temporal and logical constraints. To evaluate agents in realistic deployments, we develop \textbf{WorldTravel-Webscape}, a multi-modal environment featuring over 2,000 rendered webpages where agents must perceive constraint parameters directly from visual layouts to inform their planning. Our evaluation of 10 frontier models reveals a significant performance collapse: even the state-of-the-art GPT-5.2 achieves only 32.67\% feasibility in text-only settings, which plummets to 19.33\% in multi-modal environments. We identify a critical Perception-Action Gap and a Planning Horizon threshold at approximately 10 constraints where model reasoning consistently fails, suggesting that perception and reasoning remain independent bottlenecks. These findings underscore the need for next-generation agents that unify high-fidelity visual perception with long-horizon reasoning to handle brittle real-world logistics.

Vibe AIGC: A New Paradigm for Content Generation via Agentic Orchestration

For the past decade, the trajectory of generative artificial intelligence (AI) has been dominated by a model-centric paradigm driven by scaling laws. Despite significant leaps in visual fidelity, this approach has encountered a ``usability ceiling'' manifested as the Intent-Execution Gap (i.e., the fundamental disparity between a creator's high-level intent and the stochastic, black-box nature of current single-shot models). In this paper, inspired by the Vibe Coding, we introduce the \textbf{Vibe AIGC}, a new paradigm for content generation via agentic orchestration, which represents the autonomous synthesis of hierarchical multi-agent workflows. Under this paradigm, the user's role transcends traditional prompt engineering, evolving into a Commander who provides a Vibe, a high-level representation encompassing aesthetic preferences, functional logic, and etc. A centralized Meta-Planner then functions as a system architect, deconstructing this ``Vibe'' into executable, verifiable, and adaptive agentic pipelines. By transitioning from stochastic inference to logical orchestration, Vibe AIGC bridges the gap between human imagination and machine execution. We contend that this shift will redefine the human-AI collaborative economy, transforming AI from a fragile inference engine into a robust system-level engineering partner that democratizes the creation of complex, long-horizon digital assets.