GIFT: LLM-Guided State-Reward Interface for Financial Reinforcement Learning

Financial portfolio trading is naturally formulated as a reinforcement learning problem, where an agent sequentially rebalances assets under changing market conditions to balance return, risk, and transaction costs. Yet in non-stationary markets, raw OHLCV states and short-horizon return rewards often provide an under-specified learning interface, motivating large language models as a way to inject financial knowledge into state and reward design while constraining open-ended generation. To this end, we propose GIFT, an LLM-guided framework for state-reward interface design in PPO-based financial reinforcement learning. Rather than using the LLM to make trading decisions, GIFT uses Factor-guided State Enhancement to generate state features from financial-factor primitives, Risk-rule-guided Reward Shaping to generate auxiliary rewards from portfolio-risk rules, and Diagnostic-guided Refinement to revise candidate interfaces using PPO rollout diagnostics. After refinement, GIFT fixes the selected state-reward interface before evaluation, with no further LLM queries or interface updates at test time. Comprehensive rolling-window experiments across diverse market regimes and portfolio scenarios demonstrate that GIFT improves learning-signal quality and out-of-sample risk-adjusted portfolio performance over baselines. Code and data are available at: https://github.com/KAG778/GIFT .

Code-QA-Bench: Separating Code Reasoning from Documentation Memorization in Repository-Level QA

We present Code-QA-Bench, a fully automated framework for synthesizing repository-level code understanding benchmarks that separates genuine code comprehension from documentation recall and pretraining memorization. The framework makes two methodological contributions: (1) an answer-first generation pipeline where a tool-equipped agent explores source code to produce verified gold answers before deriving questions, ensuring every task is grounded in real code structure; and (2) a three-condition experimental design evaluating agents under closed-book (no repository), code-only (documentation removed), and documented (full repository) conditions, with deltas directly quantifying documentation utility and memorization. We generate 528 code-derivable and 100 doc-dependent tasks across 10 Python repositories from SWE-Bench, scored by an LLM judge on accuracy, completeness, and specificity. Experiments on four frontier models reveal that code access is the dominant factor (+0.23 mean gain over closed-book), documentation provides modest additional benefit (+0.071 on doc-dependent tasks), and code-only $\approx$ documented on code-derivable tasks, validating the design. The framework is open-source and applicable to any well-documented Python repository.

On the Role of Language Representations in Auto-Bidding: Findings and Implications

Auto-bidding is a crucial task in real-time advertising markets, where policies must optimize long-horizon value under delivery constraints (e.g., budget and CPA). Existing methods for auto-bidding rely on compact numerical state representations: while they can implicitly capture delivery dynamics, they offer limited support for explicitly representing and controlling high-level intent, evolving feedback, and operator-style strategic guidance in real campaigns. Meanwhile, Large Language Models (LLMs) offer a powerful method for encoding semantic information, it remains unclear when LLMs help and how to integrate them without sacrificing numerical precision. Through systematic preliminary studies, we find that (1) LLM embeddings contain bidding-relevant cues yet cannot replace numerical features, and (2) gains emerge only with careful semantic--numeric integration rather than naive concatenation. Motivated by these findings, we propose \textit{SemBid}, a novel auto-bidding framework that injects LLM-encoded semantics into offline bidding trajectories at the token level. SemBid introduces three semantic inputs: \textit{Task}, \textit{History}, and \textit{Strategy}. It injects these semantics as tokens alongside numerical trajectory tokens and uses self-attention to integrate them, improving controllability and generalization across objectives. Across diverse scenarios and budget regimes, SemBid outperforms competitive baselines from offline RL and generative sequence modeling, with more consistent gains in overall performance, constraint satisfaction, and robustness. Our code is available at: \href{https://github.com/AlanYu04/SemBid-KDD2026}{\textcolor{blue}{here}}.

Chain of Mindset: Reasoning with Adaptive Cognitive Modes

Human problem-solving is never the repetition of a single mindset, by which we mean a distinct mode of cognitive processing. When tackling a specific task, we do not rely on a single mindset; instead, we integrate multiple mindsets within the single solution process. However, existing LLM reasoning methods fall into a common trap: they apply the same fixed mindset across all steps, overlooking that different stages of solving the same problem require fundamentally different mindsets. This single-minded assumption prevents models from reaching the next level of intelligence. To address this limitation, we propose Chain of Mindset (CoM), a training-free agentic framework that enables step-level adaptive mindset orchestration. CoM decomposes reasoning into four functionally heterogeneous mindsets: Spatial, Convergent, Divergent, and Algorithmic. A Meta-Agent dynamically selects the optimal mindset based on the evolving reasoning state, while a bidirectional Context Gate filters cross-module information flow to maintain effectiveness and efficiency. Experiments across six challenging benchmarks spanning mathematics, code generation, scientific QA, and spatial reasoning demonstrate that CoM achieves state-of-the-art performance, outperforming the strongest baseline by 4.96\% and 4.72\% in overall accuracy on Qwen3-VL-32B-Instruct and Gemini-2.0-Flash, while balancing reasoning efficiency. Our code is publicly available at \href{https://github.com/QuantaAlpha/chain-of-mindset}{https://github.com/QuantaAlpha/chain-of-mindset}.

ERNIE 5.0 Technical Report

In this report, we introduce ERNIE 5.0, a natively autoregressive foundation model desinged for unified multimodal understanding and generation across text, image, video, and audio. All modalities are trained from scratch under a unified next-group-of-tokens prediction objective, based on an ultra-sparse mixture-of-experts (MoE) architecture with modality-agnostic expert routing. To address practical challenges in large-scale deployment under diverse resource constraints, ERNIE 5.0 adopts a novel elastic training paradigm. Within a single pre-training run, the model learns a family of sub-models with varying depths, expert capacities, and routing sparsity, enabling flexible trade-offs among performance, model size, and inference latency in memory- or time-constrained scenarios. Moreover, we systematically address the challenges of scaling reinforcement learning to unified foundation models, thereby guaranteeing efficient and stable post-training under ultra-sparse MoE architectures and diverse multimodal settings. Extensive experiments demonstrate that ERNIE 5.0 achieves strong and balanced performance across multiple modalities. To the best of our knowledge, among publicly disclosed models, ERNIE 5.0 represents the first production-scale realization of a trillion-parameter unified autoregressive model that supports both multimodal understanding and generation. To facilitate further research, we present detailed visualizations of modality-agnostic expert routing in the unified model, alongside comprehensive empirical analysis of elastic training, aiming to offer profound insights to the community.

Planning with Diffusion Models for Target-Oriented Dialogue Systems

Target-Oriented Dialogue (TOD) remains a significant challenge in the LLM era, where strategic dialogue planning is crucial for directing conversations toward specific targets. However, existing dialogue planning methods generate dialogue plans in a step-by-step sequential manner, and may suffer from compounding errors and myopic actions. To address these limitations, we introduce a novel dialogue planning framework, DiffTOD, which leverages diffusion models to enable non-sequential dialogue planning. DiffTOD formulates dialogue planning as a trajectory generation problem with conditional guidance, and leverages a diffusion language model to estimate the likelihood of the dialogue trajectory. To optimize the dialogue action strategies, DiffTOD introduces three tailored guidance mechanisms for different target types, offering flexible guidance towards diverse TOD targets at test time. Extensive experiments across three diverse TOD settings show that DiffTOD can effectively perform non-myopic lookahead exploration and optimize action strategies over a long horizon through non-sequential dialogue planning, and demonstrates strong flexibility across complex and diverse dialogue scenarios. Our code and data are accessible through https://anonymous.4open.science/r/DiffTOD.

Teach Me How to Denoise: A Universal Framework for Denoising Multi-modal Recommender Systems via Guided Calibration

The surge in multimedia content has led to the development of Multi-Modal Recommender Systems (MMRecs), which use diverse modalities such as text, images, videos, and audio for more personalized recommendations. However, MMRecs struggle with noisy data caused by misalignment among modal content and the gap between modal semantics and recommendation semantics. Traditional denoising methods are inadequate due to the complexity of multi-modal data. To address this, we propose a universal guided in-sync distillation denoising framework for multi-modal recommendation (GUIDER), designed to improve MMRecs by denoising user feedback. Specifically, GUIDER uses a re-calibration strategy to identify clean and noisy interactions from modal content. It incorporates a Denoising Bayesian Personalized Ranking (DBPR) loss function to handle implicit user feedback. Finally, it applies a denoising knowledge distillation objective based on Optimal Transport distance to guide the alignment from modality representations to recommendation semantics. GUIDER can be seamlessly integrated into existing MMRecs methods as a plug-and-play solution. Experimental results on four public datasets demonstrate its effectiveness and generalizability. Our source code is available at https://github.com/Neon-Jing/Guider

Video-Bench: Human-Aligned Video Generation Benchmark

Video generation assessment is essential for ensuring that generative models produce visually realistic, high-quality videos while aligning with human expectations. Current video generation benchmarks fall into two main categories: traditional benchmarks, which use metrics and embeddings to evaluate generated video quality across multiple dimensions but often lack alignment with human judgments; and large language model (LLM)-based benchmarks, though capable of human-like reasoning, are constrained by a limited understanding of video quality metrics and cross-modal consistency. To address these challenges and establish a benchmark that better aligns with human preferences, this paper introduces Video-Bench, a comprehensive benchmark featuring a rich prompt suite and extensive evaluation dimensions. This benchmark represents the first attempt to systematically leverage MLLMs across all dimensions relevant to video generation assessment in generative models. By incorporating few-shot scoring and chain-of-query techniques, Video-Bench provides a structured, scalable approach to generated video evaluation. Experiments on advanced models including Sora demonstrate that Video-Bench achieves superior alignment with human preferences across all dimensions. Moreover, in instances where our framework's assessments diverge from human evaluations, it consistently offers more objective and accurate insights, suggesting an even greater potential advantage over traditional human judgment.

Uncertainty-aware Knowledge Tracing

Knowledge Tracing (KT) is crucial in education assessment, which focuses on depicting students' learning states and assessing students' mastery of subjects. With the rise of modern online learning platforms, particularly massive open online courses (MOOCs), an abundance of interaction data has greatly advanced the development of the KT technology. Previous research commonly adopts deterministic representation to capture students' knowledge states, which neglects the uncertainty during student interactions and thus fails to model the true knowledge state in learning process. In light of this, we propose an Uncertainty-Aware Knowledge Tracing model (UKT) which employs stochastic distribution embeddings to represent the uncertainty in student interactions, with a Wasserstein self-attention mechanism designed to capture the transition of state distribution in student learning behaviors. Additionally, we introduce the aleatory uncertainty-aware contrastive learning loss, which strengthens the model's robustness towards different types of uncertainties. Extensive experiments on six real-world datasets demonstrate that UKT not only significantly surpasses existing deep learning-based models in KT prediction, but also shows unique advantages in handling the uncertainty of student interactions.

Captions Speak Louder than Images (CASLIE): Generalizing Foundation Models for E-commerce from High-quality Multimodal Instruction Data

Leveraging multimodal data to drive breakthroughs in e-commerce applications through Multimodal Foundation Models (MFMs) is gaining increasing attention from the research community. However, there are significant challenges that hinder the optimal use of multimodal e-commerce data by foundation models: (1) the scarcity of large-scale, high-quality multimodal benchmark datasets; and (2) the lack of effective multimodal information integration methods. To address these challenges, in this paper, we introduce MMECInstruct, the first-ever, large-scale, and high-quality multimodal instruction dataset for e-commerce. We also develop CASLIE, a simple, lightweight, yet effective framework for integrating multimodal information for e-commerce. Leveraging MMECInstruct, we fine-tune a series of e-commerce MFMs within CASLIE, denoted as CASLIE models. Our comprehensive evaluation demonstrates that CASLIE models substantially outperform 5 categories of advanced baseline models in the in-domain evaluation. Moreover, CASLIE models show strong generalizability to out-of-domain settings. MMECInstruct and CASLIE models are publicly accessible through https://ninglab.github.io/CASLIE/.