STORM: A Spatio-Temporal Factor Model Based on Dual Vector Quantized Variational Autoencoders for Financial Trading

In financial trading, factor models are widely used to price assets and capture excess returns from mispricing. Recently, we have witnessed the rise of variational autoencoder-based latent factor models, which learn latent factors self-adaptively. While these models focus on modeling overall market conditions, they often fail to effectively capture the temporal patterns of individual stocks. Additionally, representing multiple factors as single values simplifies the model but limits its ability to capture complex relationships and dependencies. As a result, the learned factors are of low quality and lack diversity, reducing their effectiveness and robustness across different trading periods. To address these issues, we propose a Spatio-Temporal factOR Model based on dual vector quantized variational autoencoders, named STORM, which extracts features of stocks from temporal and spatial perspectives, then fuses and aligns these features at the fine-grained and semantic level, and represents the factors as multi-dimensional embeddings. The discrete codebooks cluster similar factor embeddings, ensuring orthogonality and diversity, which helps distinguish between different factors and enables factor selection in financial trading. To show the performance of the proposed factor model, we apply it to two downstream experiments: portfolio management on two stock datasets and individual trading tasks on six specific stocks. The extensive experiments demonstrate STORM's flexibility in adapting to downstream tasks and superior performance over baseline models.

Memory-enhanced Invariant Prompt Learning for Urban Flow Prediction under Distribution Shifts

Urban flow prediction is a classic spatial-temporal forecasting task that estimates the amount of future traffic flow for a given location. Though models represented by Spatial-Temporal Graph Neural Networks (STGNNs) have established themselves as capable predictors, they tend to suffer from distribution shifts that are common with the urban flow data due to the dynamics and unpredictability of spatial-temporal events. Unfortunately, in spatial-temporal applications, the dynamic environments can hardly be quantified via a fixed number of parameters, whereas learning time- and location-specific environments can quickly become computationally prohibitive. In this paper, we propose a novel framework named Memory-enhanced Invariant Prompt learning (MIP) for urban flow prediction under constant distribution shifts. Specifically, MIP is equipped with a learnable memory bank that is trained to memorize the causal features within the spatial-temporal graph. By querying a trainable memory bank that stores the causal features, we adaptively extract invariant and variant prompts (i.e., patterns) for a given location at every time step. Then, instead of intervening the raw data based on simulated environments, we directly perform intervention on variant prompts across space and time. With the intervened variant prompts in place, we use invariant learning to minimize the variance of predictions, so as to ensure that the predictions are only made with invariant features. With extensive comparative experiments on two public urban flow datasets, we thoroughly demonstrate the robustness of MIP against OOD data.

OCR Hinders RAG: Evaluating the Cascading Impact of OCR on Retrieval-Augmented Generation

Retrieval-augmented Generation (RAG) enhances Large Language Models (LLMs) by integrating external knowledge to reduce hallucinations and incorporate up-to-date information without retraining. As an essential part of RAG, external knowledge bases are commonly built by extracting structured data from unstructured PDF documents using Optical Character Recognition (OCR). However, given the imperfect prediction of OCR and the inherent non-uniform representation of structured data, knowledge bases inevitably contain various OCR noises. In this paper, we introduce OHRBench, the first benchmark for understanding the cascading impact of OCR on RAG systems. OHRBench includes 350 carefully selected unstructured PDF documents from six real-world RAG application domains, along with Q&As derived from multimodal elements in documents, challenging existing OCR solutions used for RAG To better understand OCR's impact on RAG systems, we identify two primary types of OCR noise: Semantic Noise and Formatting Noise and apply perturbation to generate a set of structured data with varying degrees of each OCR noise. Using OHRBench, we first conduct a comprehensive evaluation of current OCR solutions and reveal that none is competent for constructing high-quality knowledge bases for RAG systems. We then systematically evaluate the impact of these two noise types and demonstrate the vulnerability of RAG systems. Furthermore, we discuss the potential of employing Vision-Language Models (VLMs) without OCR in RAG systems. Code: https://github.com/opendatalab/OHR-Bench

VersaTune: An Efficient Data Composition Framework for Training Multi-Capability LLMs

Large-scale pretrained models, particularly Large Language Models (LLMs), have exhibited remarkable capabilities in handling multiple tasks across domains due to their emergent properties. These capabilities are further augmented during the Supervised Fine-Tuning (SFT) phase. Despite their potential, existing work mainly focuses on domain-specific enhancements during fine-tuning, the challenge of which lies in catastrophic forgetting of knowledge across other domains. In this study, we introduce VersaTune, a novel data composition framework designed for enhancing LLMs' overall multi-ability performances during training. We categorize knowledge into distinct domains including law, medicine, finance, science, code, etc. We begin with detecting the distribution of domain-specific knowledge within the base model, followed by the training data composition that aligns with the model's existing knowledge distribution. During the training process, domain weights are dynamically adjusted based on their learnable potential and forgetting degree. Experimental results demonstrate that VersaTune achieves significant improvements in multi-domain performance, with an 35.21% enhancement in comprehensive multi-domain tasks. Additionally, in scenarios where specific domain optimization is required, VersaTune reduces the degradation of performance in other domains by 38.77%, without compromising the target domain's training efficacy.

Contrastive Graph Condensation: Advancing Data Versatility through Self-Supervised Learning

With the increasing computation of training graph neural networks (GNNs) on large-scale graphs, graph condensation (GC) has emerged as a promising solution to synthesize a compact, substitute graph of the large-scale original graph for efficient GNN training. However, existing GC methods predominantly employ classification as the surrogate task for optimization, thus excessively relying on node labels and constraining their utility in label-sparsity scenarios. More critically, this surrogate task tends to overfit class-specific information within the condensed graph, consequently restricting the generalization capabilities of GC for other downstream tasks. To address these challenges, we introduce Contrastive Graph Condensation (CTGC), which adopts a self-supervised surrogate task to extract critical, causal information from the original graph and enhance the cross-task generalizability of the condensed graph. Specifically, CTGC employs a dual-branch framework to disentangle the generation of the node attributes and graph structures, where a dedicated structural branch is designed to explicitly encode geometric information through nodes' positional embeddings. By implementing an alternating optimization scheme with contrastive loss terms, CTGC promotes the mutual enhancement of both branches and facilitates high-quality graph generation through the model inversion technique. Extensive experiments demonstrate that CTGC excels in handling various downstream tasks with a limited number of labels, consistently outperforming state-of-the-art GC methods.

Can LLMs be Good Graph Judger for Knowledge Graph Construction?

In real-world scenarios, most of the data obtained from information retrieval (IR) system is unstructured. Converting natural language sentences into structured Knowledge Graphs (KGs) remains a critical challenge. The quality of constructed KGs may also impact the performance of some KG-dependent domains like GraphRAG systems and recommendation systems. Recently, Large Language Models (LLMs) have demonstrated impressive capabilities in addressing a wide range of natural language processing tasks. However, there are still challenges when utilizing LLMs to address the task of generating structured KGs. And we have identified three limitations with respect to existing KG construction methods. (1)There is a large amount of information and excessive noise in real-world documents, which could result in extracting messy information. (2)Native LLMs struggle to effectively extract accuracy knowledge from some domain-specific documents. (3)Hallucinations phenomenon cannot be overlooked when utilizing LLMs directly as an unsupervised method for constructing KGs. In this paper, we propose GraphJudger, a knowledge graph construction framework to address the aforementioned challenges. We introduce three innovative modules in our method, which are entity-centric iterative text denoising, knowledge aware instruction tuning and graph judgement, respectively. We seek to utilize the capacity of LLMs to function as a graph judger, a capability superior to their role only as a predictor for KG construction problems. Experiments conducted on two general text-graph pair datasets and one domain-specific text-graph pair dataset show superior performances compared to baseline methods. The code of our proposed method is available at https://github.com/hhy-huang/GraphJudger.

Towards Precise Scaling Laws for Video Diffusion Transformers

Achieving optimal performance of video diffusion transformers within given data and compute budget is crucial due to their high training costs. This necessitates precisely determining the optimal model size and training hyperparameters before large-scale training. While scaling laws are employed in language models to predict performance, their existence and accurate derivation in visual generation models remain underexplored. In this paper, we systematically analyze scaling laws for video diffusion transformers and confirm their presence. Moreover, we discover that, unlike language models, video diffusion models are more sensitive to learning rate and batch size, two hyperparameters often not precisely modeled. To address this, we propose a new scaling law that predicts optimal hyperparameters for any model size and compute budget. Under these optimal settings, we achieve comparable performance and reduce inference costs by 40.1% compared to conventional scaling methods, within a compute budget of 1e10 TFlops. Furthermore, we establish a more generalized and precise relationship among validation loss, any model size, and compute budget. This enables performance prediction for non-optimal model sizes, which may also be appealed under practical inference cost constraints, achieving a better trade-off.

Beyond Sight: Towards Cognitive Alignment in LVLM via Enriched Visual Knowledge

Does seeing always mean knowing? Large Vision-Language Models (LVLMs) integrate separately pre-trained vision and language components, often using CLIP-ViT as vision backbone. However, these models frequently encounter a core issue of "cognitive misalignment" between the vision encoder (VE) and the large language model (LLM). Specifically, the VE's representation of visual information may not fully align with LLM's cognitive framework, leading to a mismatch where visual features exceed the language model's interpretive range. To address this, we investigate how variations in VE representations influence LVLM comprehension, especially when the LLM faces VE-Unknown data-images whose ambiguous visual representations challenge the VE's interpretive precision. Accordingly, we construct a multi-granularity landmark dataset and systematically examine the impact of VE-Known and VE-Unknown data on interpretive abilities. Our results show that VE-Unknown data limits LVLM's capacity for accurate understanding, while VE-Known data, rich in distinctive features, helps reduce cognitive misalignment. Building on these insights, we propose Entity-Enhanced Cognitive Alignment (EECA), a method that employs multi-granularity supervision to generate visually enriched, well-aligned tokens that not only integrate within the LLM's embedding space but also align with the LLM's cognitive framework. This alignment markedly enhances LVLM performance in landmark recognition. Our findings underscore the challenges posed by VE-Unknown data and highlight the essential role of cognitive alignment in advancing multimodal systems.

VersaTune: Harnessing Vertical Domain Insights for Multi-Ability LLM Supervised Fine-Tuning

Large Language Models (LLMs) exhibit remarkable capabilities in handling multiple tasks across domains due to their emergent properties. These capabilities are further augmented during the Supervised Fine-Tuning (SFT) phase. Despite their potential, existing work mainly focuses on domain-specific enhancements during fine-tuning, the challenge of which lies in catastrophic forgetting of knowledge across other domains. In this study, we introduce VersaTune, a novel data composition framework designed for enhancing LLMs' overall multi-ability performances during fine-tuning. We categorize knowledge into distinct domains including law, medicine, finance, science, code. We begin with detecting the distribution of domain-specific knowledge within the base model, followed by the composition of training data that aligns with the model's existing knowledge distribution. During the fine-tuning process, weights of different domains are dynamically adjusted based on their learnable potential and forgetting degree. Experimental results demonstrate that VersaTune achieves significant improvements in multi-domain performance, with a 35.21% enhancement in comprehensive multi-domain tasks. Additionally, in scenarios where specific domain optimization is required, VersaTune reduces the degradation of performance in other domains by 38.77%, without compromising the target domain's training efficacy.

Epidemiology-informed Network for Robust Rumor Detection

The rapid spread of rumors on social media has posed significant challenges to maintaining public trust and information integrity. Since an information cascade process is essentially a propagation tree, recent rumor detection models leverage graph neural networks to additionally capture information propagation patterns, thus outperforming text-only solutions. Given the variations in topics and social impact of the root node, different source information naturally has distinct outreach capabilities, resulting in different heights of propagation trees. This variation, however, impedes the data-driven design of existing graph-based rumor detectors. Given a shallow propagation tree with limited interactions, it is unlikely for graph-based approaches to capture sufficient cascading patterns, questioning their ability to handle less popular news or early detection needs. In contrast, a deep propagation tree is prone to noisy user responses, and this can in turn obfuscate the predictions. In this paper, we propose a novel Epidemiology-informed Network (EIN) that integrates epidemiological knowledge to enhance performance by overcoming data-driven methods sensitivity to data quality. Meanwhile, to adapt epidemiology theory to rumor detection, it is expected that each users stance toward the source information will be annotated. To bypass the costly and time-consuming human labeling process, we take advantage of large language models to generate stance labels, facilitating optimization objectives for learning epidemiology-informed representations. Our experimental results demonstrate that the proposed EIN not only outperforms state-of-the-art methods on real-world datasets but also exhibits enhanced robustness across varying tree depths.