MEME: Modeling the Evolutionary Modes of Financial Markets

LLMs have demonstrated significant potential in quantitative finance by processing vast unstructured data to emulate human-like analytical workflows. However, current LLM-based methods primarily follow either an Asset-Centric paradigm focused on individual stock prediction or a Market-Centric approach for portfolio allocation, often remaining agnostic to the underlying reasoning that drives market movements. In this paper, we propose a Logic-Oriented perspective, modeling the financial market as a dynamic, evolutionary ecosystem of competing investment narratives, termed Modes of Thought. To operationalize this view, we introduce MEME (Modeling the Evolutionary Modes of Financial Markets), designed to reconstruct market dynamics through the lens of evolving logics. MEME employs a multi-agent extraction module to transform noisy data into high-fidelity Investment Arguments and utilizes Gaussian Mixture Modeling to uncover latent consensus within a semantic space. To model semantic drift among different market conditions, we also implement a temporal evaluation and alignment mechanism to track the lifecycle and historical profitability of these modes. By prioritizing enduring market wisdom over transient anomalies, MEME ensures that portfolio construction is guided by robust reasoning. Extensive experiments on three heterogeneous Chinese stock pools from 2023 to 2025 demonstrate that MEME consistently outperforms seven SOTA baselines. Further ablation studies, sensitivity analysis, lifecycle case study and cost analysis validate MEME's capacity to identify and adapt to the evolving consensus of financial markets. Our implementation can be found at https://github.com/gta0804/MEME.

RAGSynth: Synthetic Data for Robust and Faithful RAG Component Optimization

RAG can enhance the performance of LLMs on knowledge-intensive tasks. Various RAG paradigms, including vanilla, planning-based, and iterative RAG, are built upon 2 cores: the retriever, which should robustly select relevant documents across complex queries, and the generator, which should faithfully synthesize responses. However, existing retrievers rely heavily on public knowledge and struggle with queries of varying logical complexity and clue completeness, while generators frequently face fidelity problems. In this work, we introduce RAGSynth, a framework that includes a data construction modeling and a corresponding synthetic data generation implementation, designed to optimize retriever robustness and generator fidelity. Additionally, we present SynthBench, a benchmark encompassing 8 domain-specific documents across 4 domains, featuring diverse query complexities, clue completeness, and fine-grained citation granularity. Leveraging RAGSynth, we generate a large-scale synthetic dataset, including single and multi-hop. Extensive experiments demonstrate that the synthetic data significantly improves the robustness of the retrievers and the fidelity of the generators. Additional evaluations confirm that RAGSynth can also generalize well across different domains. By integrating the optimized retrievers into various RAG paradigms, we consistently observe enhanced RAG system performance. We have open-sourced the implementation on https://github.com/EachSheep/RAGSynth.