QuantBench: Benchmarking AI Methods for Quantitative Investment

The field of artificial intelligence (AI) in quantitative investment has seen significant advancements, yet it lacks a standardized benchmark aligned with industry practices. This gap hinders research progress and limits the practical application of academic innovations. We present QuantBench, an industrial-grade benchmark platform designed to address this critical need. QuantBench offers three key strengths: (1) standardization that aligns with quantitative investment industry practices, (2) flexibility to integrate various AI algorithms, and (3) full-pipeline coverage of the entire quantitative investment process. Our empirical studies using QuantBench reveal some critical research directions, including the need for continual learning to address distribution shifts, improved methods for modeling relational financial data, and more robust approaches to mitigate overfitting in low signal-to-noise environments. By providing a common ground for evaluation and fostering collaboration between researchers and practitioners, QuantBench aims to accelerate progress in AI for quantitative investment, similar to the impact of benchmark platforms in computer vision and natural language processing.

From Deep Learning to LLMs: A survey of AI in Quantitative Investment

Quantitative investment (quant) is an emerging, technology-driven approach in asset management, increasingy shaped by advancements in artificial intelligence. Recent advances in deep learning and large language models (LLMs) for quant finance have improved predictive modeling and enabled agent-based automation, suggesting a potential paradigm shift in this field. In this survey, taking alpha strategy as a representative example, we explore how AI contributes to the quantitative investment pipeline. We first examine the early stage of quant research, centered on human-crafted features and traditional statistical models with an established alpha pipeline. We then discuss the rise of deep learning, which enabled scalable modeling across the entire pipeline from data processing to order execution. Building on this, we highlight the emerging role of LLMs in extending AI beyond prediction, empowering autonomous agents to process unstructured data, generate alphas, and support self-iterative workflows.

PLM: Efficient Peripheral Language Models Hardware-Co-Designed for Ubiquitous Computing

While scaling laws have been continuously validated in large language models (LLMs) with increasing model parameters, the inherent tension between the inference demands of LLMs and the limited resources of edge devices poses a critical challenge to the development of edge intelligence. Recently, numerous small language models have emerged, aiming to distill the capabilities of LLMs into smaller footprints. However, these models often retain the fundamental architectural principles of their larger counterparts, still imposing considerable strain on the storage and bandwidth capacities of edge devices. In this paper, we introduce the PLM, a Peripheral Language Model, developed through a co-design process that jointly optimizes model architecture and edge system constraints. The PLM utilizes a Multi-head Latent Attention mechanism and employs the squared ReLU activation function to encourage sparsity, thereby reducing peak memory footprint during inference. During training, we collect and reorganize open-source datasets, implement a multi-phase training strategy, and empirically investigate the Warmup-Stable-Decay-Constant (WSDC) learning rate scheduler. Additionally, we incorporate Reinforcement Learning from Human Feedback (RLHF) by adopting the ARIES preference learning approach. Following a two-phase SFT process, this method yields performance gains of 2% in general tasks, 9% in the GSM8K task, and 11% in coding tasks. In addition to its novel architecture, evaluation results demonstrate that PLM outperforms existing small language models trained on publicly available data while maintaining the lowest number of activated parameters. Furthermore, deployment across various edge devices, including consumer-grade GPUs, mobile phones, and Raspberry Pis, validates PLM's suitability for peripheral applications. The PLM series models are publicly available at https://github.com/plm-team/PLM.

Taming Teacher Forcing for Masked Autoregressive Video Generation

We introduce MAGI, a hybrid video generation framework that combines masked modeling for intra-frame generation with causal modeling for next-frame generation. Our key innovation, Complete Teacher Forcing (CTF), conditions masked frames on complete observation frames rather than masked ones (namely Masked Teacher Forcing, MTF), enabling a smooth transition from token-level (patch-level) to frame-level autoregressive generation. CTF significantly outperforms MTF, achieving a +23% improvement in FVD scores on first-frame conditioned video prediction. To address issues like exposure bias, we employ targeted training strategies, setting a new benchmark in autoregressive video generation. Experiments show that MAGI can generate long, coherent video sequences exceeding 100 frames, even when trained on as few as 16 frames, highlighting its potential for scalable, high-quality video generation.

OpenR: An Open Source Framework for Advanced Reasoning with Large Language Models

In this technical report, we introduce OpenR, an open-source framework designed to integrate key components for enhancing the reasoning capabilities of large language models (LLMs). OpenR unifies data acquisition, reinforcement learning training (both online and offline), and non-autoregressive decoding into a cohesive software platform. Our goal is to establish an open-source platform and community to accelerate the development of LLM reasoning. Inspired by the success of OpenAI's o1 model, which demonstrated improved reasoning abilities through step-by-step reasoning and reinforcement learning, OpenR integrates test-time compute, reinforcement learning, and process supervision to improve reasoning in LLMs. Our work is the first to provide an open-source framework that explores the core techniques of OpenAI's o1 model with reinforcement learning, achieving advanced reasoning capabilities beyond traditional autoregressive methods. We demonstrate the efficacy of OpenR by evaluating it on the MATH dataset, utilising publicly available data and search methods. Our initial experiments confirm substantial gains, with relative improvements in reasoning and performance driven by test-time computation and reinforcement learning through process reward models. The OpenR framework, including code, models, and datasets, is accessible at https://openreasoner.github.io.

QuantAgent: Seeking Holy Grail in Trading by Self-Improving Large Language Model

Autonomous agents based on Large Language Models (LLMs) that devise plans and tackle real-world challenges have gained prominence.However, tailoring these agents for specialized domains like quantitative investment remains a formidable task. The core challenge involves efficiently building and integrating a domain-specific knowledge base for the agent's learning process. This paper introduces a principled framework to address this challenge, comprising a two-layer loop.In the inner loop, the agent refines its responses by drawing from its knowledge base, while in the outer loop, these responses are tested in real-world scenarios to automatically enhance the knowledge base with new insights.We demonstrate that our approach enables the agent to progressively approximate optimal behavior with provable efficiency.Furthermore, we instantiate this framework through an autonomous agent for mining trading signals named QuantAgent. Empirical results showcase QuantAgent's capability in uncovering viable financial signals and enhancing the accuracy of financial forecasts.

Alpha-GPT: Human-AI Interactive Alpha Mining for Quantitative Investment

One of the most important tasks in quantitative investment research is mining new alphas (effective trading signals or factors). Traditional alpha mining methods, either hand-crafted factor synthesizing or algorithmic factor mining (e.g., search with genetic programming), have inherent limitations, especially in implementing the ideas of quants. In this work, we propose a new alpha mining paradigm by introducing human-AI interaction, and a novel prompt engineering algorithmic framework to implement this paradigm by leveraging the power of large language models. Moreover, we develop Alpha-GPT, a new interactive alpha mining system framework that provides a heuristic way to ``understand'' the ideas of quant researchers and outputs creative, insightful, and effective alphas. We demonstrate the effectiveness and advantage of Alpha-GPT via a number of alpha mining experiments.

MP-Former: Mask-Piloted Transformer for Image Segmentation

We present a mask-piloted Transformer which improves masked-attention in Mask2Former for image segmentation. The improvement is based on our observation that Mask2Former suffers from inconsistent mask predictions between consecutive decoder layers, which leads to inconsistent optimization goals and low utilization of decoder queries. To address this problem, we propose a mask-piloted training approach, which additionally feeds noised ground-truth masks in masked-attention and trains the model to reconstruct the original ones. Compared with the predicted masks used in mask-attention, the ground-truth masks serve as a pilot and effectively alleviate the negative impact of inaccurate mask predictions in Mask2Former. Based on this technique, our \M achieves a remarkable performance improvement on all three image segmentation tasks (instance, panoptic, and semantic), yielding $+2.3$AP and $+1.6$mIoU on the Cityscapes instance and semantic segmentation tasks with a ResNet-50 backbone. Our method also significantly speeds up the training, outperforming Mask2Former with half of the number of training epochs on ADE20K with both a ResNet-50 and a Swin-L backbones. Moreover, our method only introduces little computation during training and no extra computation during inference. Our code will be released at \url{https://github.com/IDEA-Research/MP-Former}.

Lite DETR : An Interleaved Multi-Scale Encoder for Efficient DETR

Recent DEtection TRansformer-based (DETR) models have obtained remarkable performance. Its success cannot be achieved without the re-introduction of multi-scale feature fusion in the encoder. However, the excessively increased tokens in multi-scale features, especially for about 75\% of low-level features, are quite computationally inefficient, which hinders real applications of DETR models. In this paper, we present Lite DETR, a simple yet efficient end-to-end object detection framework that can effectively reduce the GFLOPs of the detection head by 60\% while keeping 99\% of the original performance. Specifically, we design an efficient encoder block to update high-level features (corresponding to small-resolution feature maps) and low-level features (corresponding to large-resolution feature maps) in an interleaved way. In addition, to better fuse cross-scale features, we develop a key-aware deformable attention to predict more reliable attention weights. Comprehensive experiments validate the effectiveness and efficiency of the proposed Lite DETR, and the efficient encoder strategy can generalize well across existing DETR-based models. The code will be available in \url{https://github.com/IDEA-Research/Lite-DETR}.

DA-BEV: Depth Aware BEV Transformer for 3D Object Detection

In this paper, we present DA-BEV, an implicit depth learning method for Transformer-based camera-only 3D object detection in bird's eye view (BEV). First, a Depth-Aware Spatial Cross-Attention (DA-SCA) module is proposed to take depth into consideration when querying image features to construct BEV features. Then, to make the BEV feature more depth-aware, we introduce an auxiliary learning task, called Depth-wise Contrastive Learning (DCL), by sampling positive and negative BEV features along each ray that connects an object and a camera. DA-SCA and DCL jointly improve the BEV representation and make it more depth-aware. We show that DA-BEV obtains significant improvement (+2.8 NDS) on nuScenes val under the same setting when compared with the baseline method BEVFormer. DA-BEV also achieves strong results of 60.0 NDS and 51.5mAP on nuScenes test with pre-trained VoVNet-99 as backbone. We will release our code.