arXiv:2602.18481v1 Announce Type: cross Abstract: The rapid advancement of Large Language Models (LLMs) has led to a surge of financial benchmarks, evolving from static knowledge tests to interactive trading simulations. However, current evaluations of real-time trading performance overlook a critical failure mode: severe behavioral instability in sequential decision-making under uncertainty. We empirically show that LLM-based trading agents exhibit extreme run-to-run variance, inconsistent action sequences even under deterministic decoding, and irrational action flipping across adjacent time steps. These issues stem from stateless autoregressive architectures lacking persistent action memory, as well as sensitivity to continuous-to-discrete action mappings in portfolio allocation. As a result, many existing financial trading benchmarks produce unreliable, non-reproducible, and uninformative evaluations. To address these limitations, we propose AlphaForgeBench, a principled framework that reframes LLMs as quantitative researchers rather than execution agents. Instead of emitting trading actions, LLMs generate executable alpha factors and factor-based strategies grounded in financial reasoning. This design decouples reasoning from execution, enabling fully deterministic and reproducible evaluation while aligning with real-world quantitative research workflows. Experiments across multiple state-of-the-art LLMs show that AlphaForgeBench eliminates execution-induced instability and provides a rigorous benchmark for assessing financial reasoning, strategy formulation, and alpha discovery.

arXiv:2602.14482v1 Announce Type: cross Abstract: We address fine-grained visual reasoning in multimodal large language models (MLLMs), where key evidence may reside in tiny objects, cluttered regions, or subtle markings that are lost under a single global image encoding. We introduce TikArt (Thinking Aperture), an aperture-guided agent that casts multi-step vision-language reasoning as a decision process over regions of interest. TikArt follows a Think-Aperture-Observe loop, alternating between language generation and two aperture actions: Zoom extracts rectangular crops, while Segment invokes SAM2 to obtain mask-based crops for irregular targets. After every action, the model must produce an explicit observation, turning local visual cues into persistent linguistic memory. Built on Qwen3-VL-8B, TikArt optimizes its reasoning policy with AGRPO, a GRPO-style reinforcement learning algorithm with a two-stage curriculum: it warms up segmentation actions and then jointly optimizes visual math, fine-grained VQA, and segmentation, using rewards that couple task success with purposeful aperture use. Experiments on V*, HR-Bench-4K/8K, MME-RealWorld-Lite, MMStar, RefCOCO, and ReasonSeg show consistent gains over the backbone and yield interpretable aperture trajectories for high-resolution reasoning.