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:2602.13640v1 Announce Type: cross Abstract: Existing robotic manipulation methods primarily rely on visual and proprioceptive observations, which may struggle to infer contact-related interaction states in partially observable real-world environments. Acoustic cues, by contrast, naturally encode rich interaction dynamics during contact, yet remain underexploited in current multimodal fusion literature. Most multimodal fusion approaches implicitly assume homogeneous roles across modalities, and thus design flat and symmetric fusion structures. However, this assumption is ill-suited for acoustic signals, which are inherently sparse and contact-driven. To achieve precise robotic manipulation through acoustic-informed perception, we propose a hierarchical representation fusion framework that progressively integrates audio, vision, and proprioception. Our approach first conditions visual and proprioceptive representations on acoustic cues, and then explicitly models higher-order cross-modal interactions to capture complementary dependencies among modalities. The fused representation is leveraged by a diffusion-based policy to directly generate continuous robot actions from multimodal observations. The combination of end-to-end learning and hierarchical fusion structure enables the policy to exploit task-relevant acoustic information while mitigating interference from less informative modalities. The proposed method has been evaluated on real-world robotic manipulation tasks, including liquid pouring and cabinet opening. Extensive experiment results demonstrate that our approach consistently outperforms state-of-the-art multimodal fusion frameworks, particularly in scenarios where acoustic cues provide task-relevant information not readily available from visual observations alone. Furthermore, a mutual information analysis is conducted to interpret the effect of audio cues in robotic manipulation via multimodal fusion.