Cross-market factor research studies whether firm-level signals from one or more markets can predict returns in a target market, but existing public benchmarks do not support cross-market disclosure-to-return evaluation. Building such a benchmark is challenging because filings differ across languages and regulatory systems, disclosure-derived similarity can be biased by common reporting components, and cross-market signals must be evaluated under feasible trading-time alignment. We introduce CrossAlpha, a public annual-report benchmark for cross-market factor research. CrossAlpha addresses these challenges through three corresponding components: Disclosure Distillation, which standardises heterogeneous filings into ten-category English business descriptions; Residual Schema Graph Construction, which builds PCA-whitened cross-market firm-pair scores from schema-level disclosures; and Timing-Aligned Evaluation, which pairs the graph with 11 years of daily OHLCV data to construct forward-return labels under feasible cross-market execution protocols. CrossAlpha covers 3,587 firms and about 10,700 firm-year reports from the United States, Japan, Taiwan, South Korea, and Hong Kong, and releases about 19M directed firm-pair scores. In experiments, disclosure-derived cross-market peers outperform domestic text, industry-code, and return-correlation peers in the US-to-Japan setting (ICIR 0.39 versus 0.07–0.18), and cross-market sources beat the domestic text baseline in most target markets. CrossAlpha offers a publicly released, reusable, return-grounded benchmark for cross-market financial NLP.

The value alignment of Large Language Models (LLMs) is critical because value is the foundation of LLM decision-making and behavior. Some recent work show that LLMs have similar value rankings. However, little is known about how susceptible LLM value rankings are to external influence and how different values are correlated with each other. In this work, we investigate the plasticity of LLM value systems by examining how their value rankings are influenced by different prompting strategies and exploring the intrinsic relationships between values. To this end, we design 6 different value transformation prompting methods including direct instruction, rubrics, in-context learning, scenario, persuasion, and persona, and benchmark the effectiveness of these methods on 3 different families and totally 8 LLMs. Our main findings include that the value rankings in large LLMs are much more susceptible to external influence than small LLMs, and there are intrinsic correlations between certain values (e.g., Privacy and Respect). Besides, through detailed correlation analysis, we find that the value correlations are more similar between large LLMs of different families than small LLMs of the same family. We also identify that scenario method is the strongest persuader and can help entrench the value rankings.

Multi-agent systems (MAS) are increasingly used for open-ended idea generation, driven by the expectation that collective interaction will broaden the exploration diversity. However, when and why such collaboration truly expands the solution space remains unclear. We present a systematic empirical study of diversity in MAS-based ideation across three bottom-up levels: model intelligence, agent cognition, and system dynamics. At the model level, we identify a compute efficiency paradox, where stronger, highly aligned models yield diminishing marginal diversity despite higher per-sample quality. At the cognition level, authority-driven dynamics suppress semantic diversity compared to junior-dominated groups. At the system level, group-size scaling yields diminishing returns and dense communication topologies accelerate premature convergence. We characterize these outcomes as collective failures emerging from structural coupling, a process where interaction inadvertently contracts agent exploration and triggers diversity collapse. Our analysis shows that this collapse arises primarily from the interaction structure rather than inherent model insufficiency, highlighting the importance of preserving independence and disagreement when designing MAS for creative tasks. Our code is available at https://github.com/Xtra-Computing/MAS_Diversity.

Despite the growing adoption of large language models (LLMs) in academic workflows, their capabilities remain limited in supporting high-quality scientific writing. Most existing systems are designed for general-purpose scientific text generation and fail to meet the sophisticated demands of research communication beyond surface-level polishing, for example, maintaining conceptual coherence across sections. Furthermore, academic writing is inherently iterative and revision-driven, a process that is not well supported by direct prompting-based paradigms. To address these scenarios, we propose a human-AI collaboration framework for academic paper revision, centered on criteria-guided intent alignment and context-aware modeling. To validate the framework, we curate a dataset of 7,000 research papers from top-tier venues, annotated with 140,000 instruction–response pairs that reflect realistic, section-level scientific revisions. We instantiate the framework in XtraGPT, the first suite of open-source LLMs (1.5B to 14B parameters) specifically fine-tuned for context-aware academic paper revision. Extensive experiments show that XtraGPT significantly outperforms same-scale baselines and rivals the quality of proprietary counterparts. Both automated preference assessments and human evaluations confirm the effectiveness of XtraGPT in improving scientific drafts. Our code and models are available at https://github.com/Xtra-Computing/XtraGPT and https://huggingface.co/collections/Xtra-Computing/xtragpt.

Large language models (LLMs) face significant challenges in sustaining long-term memory for agentic applications due to limited context windows. To address this limitation, many work has proposed diverse memory mechanisms to support long-term, multi-turn interactions, leveraging different approaches tailored to distinct memory storage objects, such as KV caches. In this survey, we present a unified taxonomy that organizes memory systems for long-context scenarios by decoupling memory abstractions from model-specific inference and training methods. We categorize LLM memory into three primary paradigms: natural language tokens, intermediate representations and parameters. For each paradigm, we organize existing methods by three management stages, including memory construction, update, and query, so that long-context memory mechanisms can be described in a consistent way across system designs, with their implementation choices and constraints made explicit. Finally, we outline key research directions for long-context memory system design.

LLM-based multi-agent systems (MAS) have shown promise in tackling complex tasks. However, existing solutions often suffer from limited agent coordination and heavy reliance on predefined Standard Operating Procedures (SOPs), which demand extensive human input. To address these limitations, we propose MegaAgent, a large-scale autonomous LLM-based multi-agent system. MegaAgent generates agents based on task complexity and enables dynamic task decomposition, parallel execution, efficient communication, and comprehensive system monitoring of agents. In evaluations, MegaAgent demonstrates exceptional performance, successfully developing a Gobang game within 800 seconds and scaling up to 590 agents in a national policy simulation to generate multi-domain policies. It significantly outperforms existing systems, such as MetaGPT, in both task completion efficiency and scalability. By eliminating the need for predefined SOPs, MegaAgent demonstrates exceptional scalability and autonomy, setting a foundation for advancing true autonomy in MAS.

The utilization of Large Language Models (LLMs) in financial trading has primarily been concentrated within the stock market, aiding in economic and financial decisions. Yet, the unique opportunities presented by the cryptocurrency market, noted for its on-chain data’s transparency and the critical influence of off-chain signals like news, remain largely untapped by LLMs. This work aims to bridge the gap by developing an LLM-based trading agent, CryptoTrade, which uniquely combines the analysis of on-chain and off-chain data. This approach leverages the transparency and immutability of on-chain data, as well as the timeliness and influence of off-chain signals, providing a comprehensive overview of the cryptocurrency market. CryptoTrade incorporates a reflective mechanism specifically engineered to refine its daily trading decisions by analyzing the outcomes of prior trading decisions. This research makes two significant contributions. Firstly, it broadens the applicability of LLMs to the domain of cryptocurrency trading. Secondly, it establishes a benchmark for cryptocurrency trading strategies. Through extensive experiments, CryptoTrade has demonstrated superior performance in maximizing returns compared to time-series baselines, but not compared to traditional trading signals, across various cryptocurrencies and market conditions. Our code and data are available at https://github.com/Xtra-Computing/CryptoTrade