FinMTM: A Multi-Turn Multimodal Benchmark for Financial Reasoning and Agent Evaluation

The financial domain poses substantial challenges for vision-language models (VLMs) due to specialized chart formats and knowledge-intensive reasoning requirements. However, existing financial benchmarks are largely single-turn and rely on a narrow set of question formats, limiting comprehensive evaluation in realistic application scenarios. To address this gap, we propose FinMTM, a multi-turn multimodal benchmark that expands diversity along both data and task dimensions. On the data side, we curate and annotate 11{,}133 bilingual (Chinese and English) financial QA pairs grounded in financial visuals, including candlestick charts, statistical plots, and report figures. On the task side, FinMTM covers single- and multiple-choice questions, multi-turn open-ended dialogues, and agent-based tasks. We further design task-specific evaluation protocols, including a set-overlap scoring rule for multiple-choice questions, a weighted combination of turn-level and session-level scores for multi-turn dialogues, and a composite metric that integrates planning quality with final outcomes for agent tasks. Extensive experimental evaluation of 22 VLMs reveal their limitations in fine-grained visual perception, long-context reasoning, and complex agent workflows.

Compress to Focus: Efficient Coordinate Compression for Policy Optimization in Multi-Turn GUI Agents

Multi-turn GUI agents enable complex task completion through sequential decision-making, but suffer from severe context inflation as interaction history accumulates. Existing strategies either sacrifice long-term context via truncation or compromise spatial structure through token pruning. In this paper, we propose Coordinate Compression Policy Optimization (CCPO), an efficient policy optimization framework that couples visual compression with policy optimization for multi-turn GUI agents. CCPO introduces Coordinate-Aware Spatial Compression (CASC), which aggregates coordinates from multiple rollouts to capture target-relevant regions and progressively narrow historical attention around key visual areas. From interactions across rollouts, CASC adaptively constructs attention boundaries that concentrate computation on the most informative regions of the scene. We further design a Distance-Based Advantage that provides fine-grained learning signals based on distance rather than binary correctness, improving both grounding accuracy and compression quality. Extensive experiments demonstrate that CCPO achieves SOTA performance across four benchmarks with up to 55% token compression and 3.8$\times$ training speedup.

BizFinBench.v2: A Unified Dual-Mode Bilingual Benchmark for Expert-Level Financial Capability Alignment

Large language models have undergone rapid evolution, emerging as a pivotal technology for intelligence in financial operations. However, existing benchmarks are often constrained by pitfalls such as reliance on simulated or general-purpose samples and a focus on singular, offline static scenarios. Consequently, they fail to align with the requirements for authenticity and real-time responsiveness in financial services, leading to a significant discrepancy between benchmark performance and actual operational efficacy. To address this, we introduce BizFinBench.v2, the first large-scale evaluation benchmark grounded in authentic business data from both Chinese and U.S. equity markets, integrating online assessment. We performed clustering analysis on authentic user queries from financial platforms, resulting in eight fundamental tasks and two online tasks across four core business scenarios, totaling 29,578 expert-level Q&A pairs. Experimental results demonstrate that ChatGPT-5 achieves a prominent 61.5% accuracy in main tasks, though a substantial gap relative to financial experts persists; in online tasks, DeepSeek-R1 outperforms all other commercial LLMs. Error analysis further identifies the specific capability deficiencies of existing models within practical financial business contexts. BizFinBench.v2 transcends the limitations of current benchmarks, achieving a business-level deconstruction of LLM financial capabilities and providing a precise basis for evaluating efficacy in the widespread deployment of LLMs within the financial domain. The data and code are available at https://github.com/HiThink-Research/BizFinBench.v2.

RETuning: Upgrading Inference-Time Scaling for Stock Movement Prediction with Large Language Models

Recently, large language models (LLMs) have demonstrated outstanding reasoning capabilities on mathematical and coding tasks. However, their application to financial tasks-especially the most fundamental task of stock movement prediction-remains underexplored. We study a three-class classification problem (up, hold, down) and, by analyzing existing reasoning responses, observe that: (1) LLMs follow analysts' opinions rather than exhibit a systematic, independent analytical logic (CoTs). (2) LLMs list summaries from different sources without weighing adversarial evidence, yet such counterevidence is crucial for reliable prediction. It shows that the model does not make good use of its reasoning ability to complete the task. To address this, we propose Reflective Evidence Tuning (RETuning), a cold-start method prior to reinforcement learning, to enhance prediction ability. While generating CoT, RETuning encourages dynamically constructing an analytical framework from diverse information sources, organizing and scoring evidence for price up or down based on that framework-rather than on contextual viewpoints-and finally reflecting to derive the prediction. This approach maximally aligns the model with its learned analytical framework, ensuring independent logical reasoning and reducing undue influence from context. We also build a large-scale dataset spanning all of 2024 for 5,123 A-share stocks, with long contexts (32K tokens) and over 200K samples. In addition to price and news, it incorporates analysts' opinions, quantitative reports, fundamental data, macroeconomic indicators, and similar stocks. Experiments show that RETuning successfully unlocks the model's reasoning ability in the financial domain. Inference-time scaling still works even after 6 months or on out-of-distribution stocks, since the models gain valuable insights about stock movement prediction.

PuzzleClone: An SMT-Powered Framework for Synthesizing Verifiable Data

High-quality mathematical and logical datasets with verifiable answers are essential for strengthening the reasoning capabilities of large language models (LLMs). While recent data augmentation techniques have facilitated the creation of large-scale benchmarks, existing LLM-generated datasets often suffer from limited reliability, diversity, and scalability. To address these challenges, we introduce PuzzleClone, a formal framework for synthesizing verifiable data at scale using Satisfiability Modulo Theories (SMT). Our approach features three key innovations: (1) encoding seed puzzles into structured logical specifications, (2) generating scalable variants through systematic variable and constraint randomization, and (3) ensuring validity via a reproduction mechanism. Applying PuzzleClone, we construct a curated benchmark comprising over 83K diverse and programmatically validated puzzles. The generated puzzles span a wide spectrum of difficulty and formats, posing significant challenges to current state-of-the-art models. We conduct post training (SFT and RL) on PuzzleClone datasets. Experimental results show that training on PuzzleClone yields substantial improvements not only on PuzzleClone testset but also on logic and mathematical benchmarks. Post training raises PuzzleClone average from 14.4 to 56.2 and delivers consistent improvements across 7 logic and mathematical benchmarks up to 12.5 absolute percentage points (AMC2023 from 52.5 to 65.0). Our code and data are available at https://github.com/puzzleclone.

BizFinBench: A Business-Driven Real-World Financial Benchmark for Evaluating LLMs

Large language models excel in general tasks, yet assessing their reliability in logic-heavy, precision-critical domains like finance, law, and healthcare remains challenging. To address this, we introduce BizFinBench, the first benchmark specifically designed to evaluate LLMs in real-world financial applications. BizFinBench consists of 6,781 well-annotated queries in Chinese, spanning five dimensions: numerical calculation, reasoning, information extraction, prediction recognition, and knowledge-based question answering, grouped into nine fine-grained categories. The benchmark includes both objective and subjective metrics. We also introduce IteraJudge, a novel LLM evaluation method that reduces bias when LLMs serve as evaluators in objective metrics. We benchmark 25 models, including both proprietary and open-source systems. Extensive experiments show that no model dominates across all tasks. Our evaluation reveals distinct capability patterns: (1) In Numerical Calculation, Claude-3.5-Sonnet (63.18) and DeepSeek-R1 (64.04) lead, while smaller models like Qwen2.5-VL-3B (15.92) lag significantly; (2) In Reasoning, proprietary models dominate (ChatGPT-o3: 83.58, Gemini-2.0-Flash: 81.15), with open-source models trailing by up to 19.49 points; (3) In Information Extraction, the performance spread is the largest, with DeepSeek-R1 scoring 71.46, while Qwen3-1.7B scores 11.23; (4) In Prediction Recognition, performance variance is minimal, with top models scoring between 39.16 and 50.00. We find that while current LLMs handle routine finance queries competently, they struggle with complex scenarios requiring cross-concept reasoning. BizFinBench offers a rigorous, business-aligned benchmark for future research. The code and dataset are available at https://github.com/HiThink-Research/BizFinBench.

MME-Finance: A Multimodal Finance Benchmark for Expert-level Understanding and Reasoning

In recent years, multimodal benchmarks for general domains have guided the rapid development of multimodal models on general tasks. However, the financial field has its peculiarities. It features unique graphical images (e.g., candlestick charts, technical indicator charts) and possesses a wealth of specialized financial knowledge (e.g., futures, turnover rate). Therefore, benchmarks from general fields often fail to measure the performance of multimodal models in the financial domain, and thus cannot effectively guide the rapid development of large financial models. To promote the development of large financial multimodal models, we propose MME-Finance, an bilingual open-ended and practical usage-oriented Visual Question Answering (VQA) benchmark. The characteristics of our benchmark are finance and expertise, which include constructing charts that reflect the actual usage needs of users (e.g., computer screenshots and mobile photography), creating questions according to the preferences in financial domain inquiries, and annotating questions by experts with 10+ years of experience in the financial industry. Additionally, we have developed a custom-designed financial evaluation system in which visual information is first introduced in the multi-modal evaluation process. Extensive experimental evaluations of 19 mainstream MLLMs are conducted to test their perception, reasoning, and cognition capabilities. The results indicate that models performing well on general benchmarks cannot do well on MME-Finance; for instance, the top-performing open-source and closed-source models obtain 65.69 (Qwen2VL-72B) and 63.18 (GPT-4o), respectively. Their performance is particularly poor in categories most relevant to finance, such as candlestick charts and technical indicator charts. In addition, we propose a Chinese version, which helps compare performance of MLLMs under a Chinese context.