FlowOE: Imitation Learning with Flow Policy from Ensemble RL Experts for Optimal Execution under Heston Volatility and Concave Market Impacts

Optimal execution in financial markets refers to the process of strategically transacting a large volume of assets over a period to achieve the best possible outcome by balancing the trade-off between market impact costs and timing or volatility risks. Traditional optimal execution strategies, such as static Almgren-Chriss models, often prove suboptimal in dynamic financial markets. This paper propose flowOE, a novel imitation learning framework based on flow matching models, to address these limitations. FlowOE learns from a diverse set of expert traditional strategies and adaptively selects the most suitable expert behavior for prevailing market conditions. A key innovation is the incorporation of a refining loss function during the imitation process, enabling flowOE not only to mimic but also to improve upon the learned expert actions. To the best of our knowledge, this work is the first to apply flow matching models in a stochastic optimal execution problem. Empirical evaluations across various market conditions demonstrate that flowOE significantly outperforms both the specifically calibrated expert models and other traditional benchmarks, achieving higher profits with reduced risk. These results underscore the practical applicability and potential of flowOE to enhance adaptive optimal execution.

VModA: An Effective Framework for Adaptive NSFW Image Moderation

Not Safe/Suitable for Work (NSFW) content is rampant on social networks and poses serious harm to citizens, especially minors. Current detection methods mainly rely on deep learning-based image recognition and classification. However, NSFW images are now presented in increasingly sophisticated ways, often using image details and complex semantics to obscure their true nature or attract more views. Although still understandable to humans, these images often evade existing detection methods, posing a significant threat. Further complicating the issue, varying regulations across platforms and regions create additional challenges for effective moderation, leading to detection bias and reduced accuracy. To address this, we propose VModA, a general and effective framework that adapts to diverse moderation rules and handles complex, semantically rich NSFW content across categories. Experimental results show that VModA significantly outperforms existing methods, achieving up to a 54.3% accuracy improvement across NSFW types, including those with complex semantics. Further experiments demonstrate that our method exhibits strong adaptability across categories, scenarios, and base VLMs. We also identified inconsistent and controversial label samples in public NSFW benchmark datasets, re-annotated them, and submitted corrections to the original maintainers. Two datasets have confirmed the updates so far. Additionally, we evaluate VModA in real-world scenarios to demonstrate its practical effectiveness.

CNN-Based Channel Map Estimation for Movable Antenna Systems

Movable antenna (MA) has attracted increasing attention in wireless communications due to its capability of wireless channel reconfiguration through local antenna movement within a confined region at the transmitter/receiver. However, to determine the optimal antenna positions, channel state information (CSI) within the entire region, termed small-scale channel map, is required, which poses a significant challenge due to the unaffordable overhead for exhaustive channel estimation at all positions. To tackle this challenge, in this paper, we propose a new convolutional neural network (CNN)-based estimation scheme to reconstruct the small-scale channel map within a three-dimensional (3D) movement region. Specifically, we first collect a set of CSI measurements corresponding to a subset of MA positions and different receiver locations offline to comprehensively capture the environmental features. Subsequently, we train a CNN using the collected data, which is then used to reconstruct the full channel map during real-time transmission only based on a finite number of channel measurements taken at several selected MA positions within the 3D movement region. Numerical results demonstrate that our proposed scheme can accurately reconstruct the small-scale channel map and outperforms other benchmark schemes.

Visual Thoughts: A Unified Perspective of Understanding Multimodal Chain-of-Thought

Large Vision-Language Models (LVLMs) have achieved significant success in multimodal tasks, with multimodal chain-of-thought (MCoT) further enhancing performance and interpretability. Recent MCoT methods fall into two categories: (i) Textual-MCoT (T-MCoT), which takes multimodal input and produces textual output; and (ii) Interleaved-MCoT (I-MCoT), which generates interleaved image-text outputs. Despite advances in both approaches, the mechanisms driving these improvements are not fully understood. To fill this gap, we first reveal that MCoT boosts LVLMs by incorporating visual thoughts, which convey image information to the reasoning process regardless of the MCoT format, depending only on clarity and conciseness of expression. Furthermore, to explore visual thoughts systematically, we define four distinct forms of visual thought expressions and analyze them comprehensively. Our findings demonstrate that these forms differ in clarity and conciseness, yielding varying levels of MCoT improvement. Additionally, we explore the internal nature of visual thoughts, finding that visual thoughts serve as intermediaries between the input image and reasoning to deeper transformer layers, enabling more advanced visual information transmission. We hope that the visual thoughts can inspire further breakthroughs for future MCoT research.

FlowHFT: Imitation Learning via Flow Matching Policy for Optimal High-Frequency Trading under Diverse Market Conditions

High-frequency trading (HFT) is an investing strategy that continuously monitors market states and places bid and ask orders at millisecond speeds. Traditional HFT approaches fit models with historical data and assume that future market states follow similar patterns. This limits the effectiveness of any single model to the specific conditions it was trained for. Additionally, these models achieve optimal solutions only under specific market conditions, such as assumptions about stock price's stochastic process, stable order flow, and the absence of sudden volatility. Real-world markets, however, are dynamic, diverse, and frequently volatile. To address these challenges, we propose the FlowHFT, a novel imitation learning framework based on flow matching policy. FlowHFT simultaneously learns strategies from numerous expert models, each proficient in particular market scenarios. As a result, our framework can adaptively adjust investment decisions according to the prevailing market state. Furthermore, FlowHFT incorporates a grid-search fine-tuning mechanism. This allows it to refine strategies and achieve superior performance even in complex or extreme market scenarios where expert strategies may be suboptimal. We test FlowHFT in multiple market environments. We first show that flow matching policy is applicable in stochastic market environments, thus enabling FlowHFT to learn trading strategies under different market conditions. Notably, our single framework consistently achieves performance superior to the best expert for each market condition.

Robust Movable-Antenna Position Optimization with Imperfect CSI for MISO Systems

Movable antenna (MA) technology has emerged as a promising solution for reconfiguring wireless channel conditions through local antenna movement within confined regions. Unlike previous works assuming perfect channel state information (CSI), this letter addresses the robust MA position optimization problem under imperfect CSI conditions for a multiple-input single-output (MISO) MA system. Specifically, we consider two types of CSI errors: norm-bounded and randomly distributed errors, aiming to maximize the worst-case and non-outage received signal power, respectively. For norm-bounded CSI errors, we derive the worst-case received signal power in closed-form. For randomly distributed CSI errors, due to the intractability of the probabilistic constraints, we apply the Bernstein-type inequality to obtain a closed-form lower bound for the non-outage received signal power. Based on these results, we show the optimality of the maximum-ratio transmission for imperfect CSI in both scenarios and employ a graph-based algorithm to obtain the optimal MA positions. Numerical results show that our proposed scheme can even outperform other benchmark schemes implemented under perfect CSI conditions.

Mechanical Power Modeling and Energy Efficiency Maximization for Movable Antenna Systems

Movable antennas (MAs) have recently garnered significant attention in wireless communications due to their capability to reshape wireless channels via local antenna movement within a confined region. However, to achieve accurate antenna movement, MA drivers introduce non-negligible mechanical power consumption, rendering energy efficiency (EE) optimization more critical compared to conventional fixed-position antenna (FPA) systems. To address this problem, we develop in this paper a fundamental power consumption model for stepper motor-driven MA systems by resorting to basic electric motor theory. Based on this model, we formulate an EE maximization problem by jointly optimizing an MA's position, moving speed, and transmit power. However, this problem is difficult to solve optimally due to the intricate relationship between the mechanical power consumption and the design variables. To tackle this issue, we first uncover a hidden monotonicity of the EE performance with respect to the MA's moving speed. Then, we apply the Dinkelbach algorithm to obtain the optimal transmit power in a semi-closed form for any given MA position, followed by an enumeration to determine the optimal MA position. Numerical results demonstrate that despite the additional mechanical power consumption, the MA system can outperform the conventional FPA system in terms of EE.

FlowHFT: Flow Policy Induced Optimal High-Frequency Trading under Diverse Market Conditions

High-frequency trading (HFT) is an investing strategy that continuously monitors market states and places bid and ask orders at millisecond speeds. Traditional HFT approaches fit models with historical data and assume that future market states follow similar patterns. This limits the effectiveness of any single model to the specific conditions it was trained for. Additionally, these models achieve optimal solutions only under specific market conditions, such as assumptions about stock price's stochastic process, stable order flow, and the absence of sudden volatility. Real-world markets, however, are dynamic, diverse, and frequently volatile. To address these challenges, we propose the FlowHFT, a novel imitation learning framework based on flow matching policy. FlowHFT simultaneously learns strategies from numerous expert models, each proficient in particular market scenarios. As a result, our framework can adaptively adjust investment decisions according to the prevailing market state. Furthermore, FlowHFT incorporates a grid-search fine-tuning mechanism. This allows it to refine strategies and achieve superior performance even in complex or extreme market scenarios where expert strategies may be suboptimal. We test FlowHFT in multiple market environments. We first show that flow matching policy is applicable in stochastic market environments, thus enabling FlowHFT to learn trading strategies under different market conditions. Notably, our single framework consistently achieves performance superior to the best expert for each market condition.

Advancing THz Radio Map Construction and Obstacle Sensing: An Integrated Generative Framework in ISAC

Integrated sensing and communication (ISAC) in the terahertz (THz) band enables obstacle detection, which in turn facilitates efficient beam management to mitigate THz signal blockage. Simultaneously, a THz radio map, which captures signal propagation characteristics through the distribution of received signal strength (RSS), is well-suited for sensing, as it inherently contains obstacle-related information and reflects the unique properties of the THz channel. This means that communication-assisted sensing in ISAC can be effectively achieved using a THz radio map. However, constructing a radio map presents significant challenges due to the sparse deployment of THz sensors and their limited ability to accurately measure the RSS distribution, which directly affects obstacle sensing. In this paper, we formulate an integrated problem for the first time, leveraging the mutual enhancement between sensed obstacles and the constructed THz radio maps. To address this challenge while improving generalization, we propose an integration framework based on a conditional generative adversarial network (CGAN), which uncovers the manifold structure of THz radio maps embedded with obstacle information. Furthermore, recognizing the shared environmental semantics across THz radio maps from different beam directions, we introduce a novel voting-based sensing scheme, where obstacles are detected by aggregating votes from THz radio maps generated by the CGAN. Simulation results demonstrate that the proposed framework outperforms non-integrated baselines in both radio map construction and obstacle sensing, achieving up to 44.3% and 90.6% reductions in mean squared error (MSE), respectively, in a real-world scenario. These results validate the effectiveness of the proposed voting-based scheme.

Near-Field THz Bending Beamforming: A Convex Optimization Perspective

Terahertz (THz) communication systems suffer severe blockage issues, which may significantly degrade the communica tion coverage and quality. Bending beams, capable of adjusting their propagation direction to bypass obstacles, have recently emerged as a promising solution to resolve this issue by engineer ing the propagation trajectory of the beam. However, traditional bending beam generation methods rely heavily on the specific geometric properties of the propagation trajectory and can only achieve sub-optimal performance. In this paper, we propose a new and general bending beamforming method by adopting the convex optimization techniques. In particular, we formulate the bending beamforming design as a max-min optimization problem, aiming to optimize the analog or digital transmit beamforming vector to maximize the minimum received signal power among all positions along the bending beam trajectory. However, the resulting problem is non-convex and difficult to be solved optimally. To tackle this difficulty, we apply the successive convex approximation (SCA) technique to obtain a high-quality suboptimal solution. Numerical results show that our proposed bending beamforming method outperforms the traditional method and shows robustness to the obstacle in the environment.