Sichun Luo, Yi Huang, Mukai Li, Haochen Luo, Guanzhi Deng, Haibo Wang, Jian Xu, Zefa Hu 等 10 位作者
Large language model (LLM)-driven agent scaffold evolution improves agent workflows through iterative candidate generation and evaluation. Evaluation both guides subsequent search and determines the final scaffold, but evaluating every candidate on the full task set incurs substantial execution costs. We investigate how evaluation budgets can be allocated across these two roles. Our experiments show that sparse feedback can sustain productive evolution, while additional targeted evaluation improves final selection. Replay analyses further show that shared informative items and a common scoring reference support comparisons among closely matched candidates. Motivated by these findings, we propose \method, an evaluation allocation framework that combines sparse search-time feedback with targeted final confirmation. A short fully evaluated warm-up establishes a shared informative core and calibrates a response model whose item parameters remain fixed during search. After search, \method refits the model and applies paired successive halving, reusing accumulated observations and executing only missing evaluations. Across four benchmarks and two evolution frameworks, \method achieves higher mean performance than full evaluation in most settings while using approximately half as many evaluation cells.
Fengyuan Liu, Yi Huang China Mobile Research Institute, Sichun Luo University of Hong Kong, Yuqi Wang, Yazheng Yang, Xinye Li, Zefa Hu Jiutian Research, China Mobile, Junlan Feng 等 9 位作者
Discovering effective predictive signals, or “alphas,” from financial data with high dimensionality and extremely low signal-to-noise ratio remains a difficult open problem. Despite progress in deep learning, genetic programming, and, more recently, large language model (LLM)–based factor generation, existing approaches still explore only a narrow region of the vast alpha search space. Neural models tend to produce opaque and fragile patterns, while symbolic or formula-based methods often yield redundant or economically ungrounded expressions that generalize poorly. Although different in form, these paradigms share a key limitation: none can conduct broad, structured, and human-like exploration that balances logical consistency with creative leaps.To address this gap, we introduce the Cognitive Alpha Mining Framework (CogAlpha), which combines code-level alpha representation with LLM-driven reasoning and evolutionary search. Treating LLMs as adaptive cognitive agents, our framework iteratively refines, mutates, and recombines alpha candidates through multi-stage prompts and financial feedback. This synergistic design enables deeper thinking, richer structural diversity, and economically interpretable alpha discovery, while greatly expanding the effective search space.Experiments on 5 stock datasets from 3 stock markets demonstrate that CogAlpha consistently discovers alphas with superior predictive accuracy, robustness, and generalization over existing methods. Our results highlight the promise of aligning evolutionary optimization with LLM-based reasoning for automated and explainable alpha discovery.
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cs.CL
Proceedings of the 64th Annual Meeting of the Association for Computational Linguistics (Volume 1: Long Papers) · 2026 · 正式发表