Daily Papers

Large language models (LLMs) have demonstrated strong capabilities in language understanding, generation, and reasoning, yet their potential in finance remains underexplored due to the complexity and specialization of financial knowledge. In this work, we report the development of the Baichuan4-Finance series, including a comprehensive suite of foundational Baichuan4-Finance-Base and an aligned language model Baichuan4-Finance, which are built upon Baichuan4-Turbo base model and tailored for finance domain. Firstly, we have dedicated significant effort to building a detailed pipeline for improving data quality. Moreover, in the continual pre-training phase, we propose a novel domain self-constraint training strategy, which enables Baichuan4-Finance-Base to acquire financial knowledge without losing general capabilities. After Supervised Fine-tuning and Reinforcement Learning from Human Feedback and AI Feedback, the chat model Baichuan4-Finance is able to tackle various financial certification questions and real-world scenario applications. We evaluate Baichuan4-Finance on many widely used general datasets and two holistic financial benchmarks. The evaluation results show that Baichuan4-Finance-Base surpasses almost all competitive baselines on financial tasks by significant margins without sacrificing performance on general LLM benchmarks. At the same time, Baichuan4-Finance demonstrates even more impressive performance on financial application scenarios, showcasing its potential to foster community innovation in the financial LLM field.

The current generation of large language models (LLMs) is typically designed for broad, general-purpose applications, while domain-specific LLMs, especially in vertical fields like medicine, remain relatively scarce. In particular, the development of highly efficient and practical LLMs for the medical domain is challenging due to the complexity of medical knowledge and the limited availability of high-quality data. To bridge this gap, we introduce Baichuan-M1, a series of large language models specifically optimized for medical applications. Unlike traditional approaches that simply continue pretraining on existing models or apply post-training to a general base model, Baichuan-M1 is trained from scratch with a dedicated focus on enhancing medical capabilities. Our model is trained on 20 trillion tokens and incorporates a range of effective training methods that strike a balance between general capabilities and medical expertise. As a result, Baichuan-M1 not only performs strongly across general domains such as mathematics and coding but also excels in specialized medical fields. We have open-sourced Baichuan-M1-14B, a mini version of our model, which can be accessed through the following links.

Large language models (LLMs) have demonstrated remarkable performance on a variety of natural language tasks based on just a few examples of natural language instructions, reducing the need for extensive feature engineering. However, most powerful LLMs are closed-source or limited in their capability for languages other than English. In this technical report, we present Baichuan 2, a series of large-scale multilingual language models containing 7 billion and 13 billion parameters, trained from scratch, on 2.6 trillion tokens. Baichuan 2 matches or outperforms other open-source models of similar size on public benchmarks like MMLU, CMMLU, GSM8K, and HumanEval. Furthermore, Baichuan 2 excels in vertical domains such as medicine and law. We will release all pre-training model checkpoints to benefit the research community in better understanding the training dynamics of Baichuan 2.

To advance Chinese financial natural language processing (NLP), we introduce BBT-FinT5, a new Chinese financial pre-training language model based on the T5 model. To support this effort, we have built BBT-FinCorpus, a large-scale financial corpus with approximately 300GB of raw text from four different sources. In general domain NLP, comprehensive benchmarks like GLUE and SuperGLUE have driven significant advancements in language model pre-training by enabling head-to-head comparisons among models. Drawing inspiration from these benchmarks, we propose BBT-CFLEB, a Chinese Financial Language understanding and generation Evaluation Benchmark, which includes six datasets covering both understanding and generation tasks. Our aim is to facilitate research in the development of NLP within the Chinese financial domain. Our model, corpus and benchmark are released at https://github.com/ssymmetry/BBT-FinCUGE-Applications. Our work belongs to the Big Bang Transformer (BBT), a large-scale pre-trained language model project.

Large Language Models (LLMs) like ChatGPT and GPT-4 have demonstrated impressive proficiency in comprehending and generating natural language. However, they encounter difficulties when tasked with adapting to specialized domains such as accounting. To address this challenge, we introduce Kuaiji, a tailored Accounting Large Language Model. Kuaiji is meticulously fine-tuned using the Baichuan framework, which encompasses continuous pre-training and supervised fine-tuning processes. Supported by CAtAcctQA, a dataset containing large genuine accountant-client dialogues, Kuaiji exhibits exceptional accuracy and response speed. Our contributions encompass the creation of the first Chinese accounting dataset, the establishment of Kuaiji as a leading open-source Chinese accounting LLM, and the validation of its efficacy through real-world accounting scenarios.

Search has emerged as core infrastructure for LLM-based agents and is widely viewed as critical on the path toward more general intelligence. Finance is a particularly demanding proving ground: analysts routinely conduct complex, multi-step searches over time-sensitive, domain-specific data, making it ideal for assessing both search proficiency and knowledge-grounded reasoning. Yet no existing open financial datasets evaluate data searching capability of end-to-end agents, largely because constructing realistic, complicated tasks requires deep financial expertise and time-sensitive data is hard to evaluate. We present FinSearchComp, the first fully open-source agent benchmark for realistic, open-domain financial search and reasoning. FinSearchComp comprises three tasks -- Time-Sensitive Data Fetching, Simple Historical Lookup, and Complex Historical Investigation -- closely reproduce real-world financial analyst workflows. To ensure difficulty and reliability, we engage 70 professional financial experts for annotation and implement a rigorous multi-stage quality-assurance pipeline. The benchmark includes 635 questions spanning global and Greater China markets, and we evaluate 21 models (products) on it. Grok 4 (web) tops the global subset, approaching expert-level accuracy. DouBao (web) leads on the Greater China subset. Experimental analyses show that equipping agents with web search and financial plugins substantially improves results on FinSearchComp, and the country origin of models and tools impact performance significantly.By aligning with realistic analyst tasks and providing end-to-end evaluation, FinSearchComp offers a professional, high-difficulty testbed for complex financial search and reasoning.

We introduce Baichuan Alignment, a detailed analysis of the alignment techniques employed in the Baichuan series of models. This represents the industry's first comprehensive account of alignment methodologies, offering valuable insights for advancing AI research. We investigate the critical components that enhance model performance during the alignment process, including optimization methods, data strategies, capability enhancements, and evaluation processes. The process spans three key stages: Prompt Augmentation System (PAS), Supervised Fine-Tuning (SFT), and Preference Alignment. The problems encountered, the solutions applied, and the improvements made are thoroughly recorded. Through comparisons across well-established benchmarks, we highlight the technological advancements enabled by Baichuan Alignment. Baichuan-Instruct is an internal model, while Qwen2-Nova-72B and Llama3-PBM-Nova-70B are instruct versions of the Qwen2-72B and Llama-3-70B base models, optimized through Baichuan Alignment. Baichuan-Instruct demonstrates significant improvements in core capabilities, with user experience gains ranging from 17% to 28%, and performs exceptionally well on specialized benchmarks. In open-source benchmark evaluations, both Qwen2-Nova-72B and Llama3-PBM-Nova-70B consistently outperform their respective official instruct versions across nearly all datasets. This report aims to clarify the key technologies behind the alignment process, fostering a deeper understanding within the community. Llama3-PBM-Nova-70B model is available at https://huggingface.co/PKU-Baichuan-MLSystemLab/Llama3-PBM-Nova-70B.

Bank credit risk is a significant challenge in modern financial transactions, and the ability to identify qualified credit card holders among a large number of applicants is crucial for the profitability of a bank'sbank's credit card business. In the past, screening applicants'applicants' conditions often required a significant amount of manual labor, which was time-consuming and labor-intensive. Although the accuracy and reliability of previously used ML models have been continuously improving, the pursuit of more reliable and powerful AI intelligent models is undoubtedly the unremitting pursuit by major banks in the financial industry. In this study, we used a dataset of over 40,000 records provided by a commercial bank as the research object. We compared various dimensionality reduction techniques such as PCA and T-SNE for preprocessing high-dimensional datasets and performed in-depth adaptation and tuning of distributed models such as LightGBM and XGBoost, as well as deep models like Tabnet. After a series of research and processing, we obtained excellent research results by combining SMOTEENN with these techniques. The experiments demonstrated that LightGBM combined with PCA and SMOTEENN techniques can assist banks in accurately predicting potential high-quality customers, showing relatively outstanding performance compared to other models.

Online inclusive financial services encounter significant financial risks due to their expansive user base and low default costs. By real-world practice, we reveal that utilizing longer-term user payment behaviors can enhance models' ability to forecast financial risks. However, learning long behavior sequences is non-trivial for deep sequential models. Additionally, the diverse fields of payment behaviors carry rich information, requiring thorough exploitation. These factors collectively complicate the task of long-term user behavior modeling. To tackle these challenges, we propose a Long-term Payment Behavior Sequence Folding method, referred to as LBSF. In LBSF, payment behavior sequences are folded based on merchants, using the merchant field as an intrinsic grouping criterion, which enables informative parallelism without reliance on external knowledge. Meanwhile, we maximize the utility of payment details through a multi-field behavior encoding mechanism. Subsequently, behavior aggregation at the merchant level followed by relational learning across merchants facilitates comprehensive user financial representation. We evaluate LBSF on the financial risk assessment task using a large-scale real-world dataset. The results demonstrate that folding long behavior sequences based on internal behavioral cues effectively models long-term patterns and changes, thereby generating more accurate user financial profiles for practical applications.

Large language models (LLMs) have demonstrated great potential in the financial domain. Thus, it becomes important to assess the performance of LLMs in the financial tasks. In this work, we introduce CFBenchmark, to evaluate the performance of LLMs for Chinese financial assistant. The basic version of CFBenchmark is designed to evaluate the basic ability in Chinese financial text processing from three aspects~(i.e. recognition, classification, and generation) including eight tasks, and includes financial texts ranging in length from 50 to over 1,800 characters. We conduct experiments on several LLMs available in the literature with CFBenchmark-Basic, and the experimental results indicate that while some LLMs show outstanding performance in specific tasks, overall, there is still significant room for improvement in basic tasks of financial text processing with existing models. In the future, we plan to explore the advanced version of CFBenchmark, aiming to further explore the extensive capabilities of language models in more profound dimensions as a financial assistant in Chinese. Our codes are released at https://github.com/TongjiFinLab/CFBenchmark.

With the increasing volume of high-frequency data in the information age, both challenges and opportunities arise in the prediction of stock volatility. On one hand, the outcome of prediction using tradition method combining stock technical and macroeconomic indicators still leaves room for improvement; on the other hand, macroeconomic indicators and peoples' search record on those search engines affecting their interested topics will intuitively have an impact on the stock volatility. For the convenience of assessment of the influence of these indicators, macroeconomic indicators and stock technical indicators are then grouped into objective factors, while Baidu search indices implying people's interested topics are defined as subjective factors. To align different frequency data, we introduce GARCH-MIDAS model. After mixing all the above data, we then feed them into Transformer model as part of the training data. Our experiments show that this model outperforms the baselines in terms of mean square error. The adaption of both types of data under Transformer model significantly reduces the mean square error from 1.00 to 0.86.