FinRpt: Dataset, Evaluation System and LLM-based Multi-agent Framework for Equity Research Report Generation

While LLMs have shown great success in financial tasks like stock prediction and question answering, their application in fully automating Equity Research Report generation remains uncharted territory. In this paper, we formulate the Equity Research Report (ERR) Generation task for the first time. To address the data scarcity and the evaluation metrics absence, we present an open-source evaluation benchmark for ERR generation - FinRpt. We frame a Dataset Construction Pipeline that integrates 7 financial data types and produces a high-quality ERR dataset automatically, which could be used for model training and evaluation. We also introduce a comprehensive evaluation system including 11 metrics to assess the generated ERRs. Moreover, we propose a multi-agent framework specifically tailored to address this task, named FinRpt-Gen, and train several LLM-based agents on the proposed datasets using Supervised Fine-Tuning and Reinforcement Learning. Experimental results indicate the data quality and metrics effectiveness of the benchmark FinRpt and the strong performance of FinRpt-Gen, showcasing their potential to drive innovation in the ERR generation field. All code and datasets are publicly available.

Hyperspectral Image Clustering with Spatially-Regularized Ultrametrics

We propose a method for the unsupervised clustering of hyperspectral images based on spatially regularized spectral clustering with ultrametric path distances. The proposed method efficiently combines data density and geometry to distinguish between material classes in the data, without the need for training labels. The proposed method is efficient, with quasilinear scaling in the number of data points, and enjoys robust theoretical performance guarantees. Extensive experiments on synthetic and real HSI data demonstrate its strong performance compared to benchmark and state-of-the-art methods. In particular, the proposed method achieves not only excellent labeling accuracy, but also efficiently estimates the number of clusters.