Discovering predictive alpha factors from noisy financial data is a fundamental yet challenging problem in quantitative finance. LLM-driven formulaic alpha mining offers an attractive paradigm by combining interpretable symbolic expressions with iterative generation and refinement guided by quantitative feedback. However, existing generation-centric and tree-based search strategies primarily organize factors through generation lineage, leaving structural and statistical relationships across search branches underutilized. Consequently, information remains localized along parent--child trajectories, which can confine exploration to redundant regions. Moreover, effective factor discovery must account for multiple distinct objectives that cannot be adequately captured by a single search criterion. We introduce CosmosAlpha, a graph-based LLM factor-mining framework that represents discovered factors as a multi-relational graph encoding generation lineage, expression-structure similarity, and cross-sectional exposure correlation. A Graph Flow mechanism propagates search utilities across the graph, allowing each factor to be assessed using relational evidence from nearby factors rather than in isolation. Pareto-guided selection jointly considers quality, fertility and diversity, explicitly modeling their trade-offs within a multi-objective search framework. Across CSI 300 and CSI 500, CosmosAlpha-Graph achieves the best mean rank over seven predictive and portfolio metrics and outperforms its controlled CosmosAlpha-MCTS counterpart on every reported metric, showing a consistent advantage for relational graph search in LLM-driven factor mining. The source code is available at https://github.com/wzhmtldswz/CosmosAlpha
Chengzhengxu Li, Xiaoming Liu, Zhaohan Zhang, Shengchao Liu, Guoxin Ma, Yu Lan, Cong Wang City University of Hong Kong, Chao Shen Xi’an Jiaotong University
Recent developments have enabled advanced reasoning in Large Language Models (LLMs) via long Chain-of-Thought (CoT), trading efficiency during inference for performance. Existing works focus on compressing generated CoT in reasoning, which impairs the necessary information for deriving the correct answer. In this work, we propose post-reasoning, a reasoning paradigm that takes CoT as a part of context to simplify the reasoning task for LLMs. We find that post-reasoning significantly reduces the generation length of LLMs, but its effectiveness hinges on the efficiency and the reliability of the contextual CoT generation.Therefore, we propose Upfront CoT (UCoT), an efficient post-reasoning framework for CoT compression. UCoT trains a lightweight model (compressor) to provide contextual CoT in form of soft tokens and trains the LLM (executor) to leverage this contextual CoT for producing the final answer. Extensive experiments show that UCoT maintains the powerful reasoning ability of executor while significantly reducing the length of CoT. It is worth mentioning that when applying UCoT to the Qwen2.5-7B-Instruct model, the usage of tokens on GSM8K dataset is reduced by 50%, while the performance is 3.08% higher than that of the state-of-the-art (SOTA) method. The code is available at: https://github.com/czx-li/UCoT.
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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