Daxin Jiang
Publications
From Knowing to Doing: A Memory-Controlled Benchmark for LLM Trading Agents on Stock Markets
Evaluating whether large language model (LLM) agents can profit in capital markets is increasingly framed as end-to-end trading: place an agent in a historical market, let it trade, and measure portfolio returns. This setup is vulnerable to two evaluation failures. First, long backtests often overlap with the knowledge cutoffs of frontier LLMs, allowing memorized tickers, dates, prices, and market narratives to substitute for investment reasoning. Second, raw returns are a noisy proxy for stock-selection ability, since positive performance may come from market beta, style exposure, or favorable regimes rather than genuine alpha. We introduce KTD-Fin (Knowing-To-Doing Financial Benchmark), an end-to-end stock-market trading benchmark that addresses both issues. KTD-Fin uses a data-side masking protocol to anonymize key identifiers and calendar information consistently across prompts and tools, separating historical market memory from investment decision-making. It also incorporates a Barra-style performance attribution framework that decomposes portfolio returns into market, style, and stock-selection alpha components. Across ten frontier LLM agents evaluated on the Chinese CSI300 over a 2024--2026 window, masking substantially changes agent rationales, pushing them towards anonymized factor-based reasoning. Attribution analysis further shows that LLM agents' cumulative returns under leakage-controlled evaluation are largely explained by passive market and style exposure, with limited evidence of persistent stock-selection alpha. These findings suggest that financial LLM benchmarks should evaluate not only whether an agent makes money, but also whether the source of returns reflects transferable investment skill. We release KTD-Fin as a reproducible template for leakage-controlled and attribution-aware evaluation of LLM trading agents.
GEBench: Benchmarking Image Generation Models as GUI Environments
Recent advancements in image generation models have enabled the prediction of future Graphical User Interface (GUI) states based on user instructions. However, existing benchmarks primarily focus on general domain visual fidelity, leaving the evaluation of state transitions and temporal coherence in GUI-specific contexts underexplored. To address this gap, we introduce GEBench, a comprehensive benchmark for evaluating dynamic interaction and temporal coherence in GUI generation. GEBench comprises 700 carefully curated samples spanning five task categories, covering both single-step interactions and multi-step trajectories across real-world and fictional scenarios, as well as grounding point localization. To support systematic evaluation, we propose GE-Score, a novel five-dimensional metric that assesses Goal Achievement, Interaction Logic, Content Consistency, UI Plausibility, and Visual Quality. Extensive evaluations on current models indicate that while they perform well on single-step transitions, they struggle significantly with maintaining temporal coherence and spatial grounding over longer interaction sequences. Our findings identify icon interpretation, text rendering, and localization precision as critical bottlenecks. This work provides a foundation for systematic assessment and suggests promising directions for future research toward building high-fidelity generative GUI environments. The code is available at: https://github.com/stepfun-ai/GEBench.
GEBench: Benchmarking Image Generation Models as GUI Environments
Recent advancements in image generation models have enabled the prediction of future Graphical User Interface (GUI) states based on user instructions. However, existing benchmarks primarily focus on general domain visual fidelity, leaving the evaluation of state transitions and temporal coherence in GUI-specific contexts underexplored. To address this gap, we introduce GEBench, a comprehensive benchmark for evaluating dynamic interaction and temporal coherence in GUI generation. GEBench comprises 700 carefully curated samples spanning five task categories, covering both single-step interactions and multi-step trajectories across real-world and fictional scenarios, as well as grounding point localization. To support systematic evaluation, we propose GE-Score, a novel five-dimensional metric that assesses Goal Achievement, Interaction Logic, Content Consistency, UI Plausibility, and Visual Quality. Extensive evaluations on current models indicate that while they perform well on single-step transitions, they struggle significantly with maintaining temporal coherence and spatial grounding over longer interaction sequences. Our findings identify icon interpretation, text rendering, and localization precision as critical bottlenecks. This work provides a foundation for systematic assessment and suggests promising directions for future research toward building high-fidelity generative GUI environments. The code is available at: https://github.com/stepfun-ai/GEBench.