Xi'an Jiaotong-Liverpool University
Publications
Energy-Guided Flow Matching
Pixel-space generative models bypass lossy latent compression, yet necessitate joint learning of global structure and fine-grained details in a high-dimensional space. Standard flow matching interpolates noise toward a fixed clean-image endpoint, leaving the spectral evolution to be learned implicitly. In this paper, we introduce Energy-Guided Flow Matching(EG-FM) that explicitly models a coarse-to-fine generative trajectory by moving endpoint. Specifically, EG-FM replaces the fixed endpoint with a heat-kernel-filtered endpoint that evolves smoothly from low-frequency image to clean image. The fraction of high-frequency signal in moving endpoint is released by an image-specific energy-guided scheduling, leading to the re-targeting of velocity in flow matching. Our framework requires no adaptation of the backbone and training data, bringing negligible cost on the training and inference stages. In our experiment, EG-FM consistently achieves lower FID on the ImageNet class-conditional image generation task at $256 \times 256$ with fewer epochs, reaching an FID of 1.55 at 200 epochs and 1.45 at 600 epochs. We continue training the generation task on the setting of $512 \times 512$ resolution, yielding a FID of 1.58 after only 40 high-resolution adaptation epochs. Furthermore, we transfer EG-FM on text-to-image generation and achieve 0.85 on GenEval score and 83.9 on DPG-Bench. Code is available at https://github.com/ysng123/EG-FM.
Addressing Market Regime Changes and Heavy-Tailed Returns in Portfolio Optimization via Bayesian VAR and Elliptical Black-Litterman
Deep reinforcement learning (DRL) frameworks for portfolio optimization have shown promise for their ability to learn allocation rules dynamically from market data. However, these models fail to account for fat-tailed returns, which characterize actual market behavior with more frequent extreme events. Furthermore, historical data is treated homogeneously, without accounting for temporal importance, leading models to fail during regime changes. We propose a new BAVAR-BLED algorithm that combines methods derived from Bayesian-Averaging Vector Autoregressive (BAVAR) and the Black-Litterman model using Elliptical Distributions (BLED) within a TD3 architecture. BAVAR captures a set of vector autoregressive representations that consider multi-scale temporal features, enabling adaptive allocation decisions based on regime-aware estimates of return expectations and dispersion matrices. These estimates serve as prior inputs to BLED, a model that uses Student's t-distributions, allowing for more realistic fat tail return estimates. The BAVAR-BLED algorithm uses transformer networks for view construction and CNNs for risk-aversion estimates, which modify dynamic allocation decisions based on market conditions. An evaluation of 29 Dow Jones Industrial Average constituents over a decade-long market period shows that BAVAR-BLED significantly outperforms state-of-the-art methods, achieving Sharpe and Sortino ratios of 1.72 and 2.70, respectively, and total returns of 57.26%.