发表机构
Paradoox AI Research（帕拉多克斯人工智能研究）
机构由 AI 辅助整理，请以论文原文为准。AI 中文总结
研究基于大语言模型智能体参与投资组合管理的评估问题，提出NextFund平台，通过时间一致的市场准入等实现智能体行为可观察，能跨市场比较模型等，在多地股票上展示其可实现更公平基准测试和可行诊断的作用。
AI 中文摘要
基于大语言模型的智能体开始参与投资组合构建和市场分析，当前评估实践与这种情况不太匹配。许多研究依赖静态检查或仅报告最终投资组合回报，中间证据、分析师判断和产生这些回报的执行步骤大多不可见。我们引入NextFund，一个能在实时市场条件下使金融智能体行为可观察的评估平台。它结合了时间一致的市场准入、协调的多智能体分析以及从观察到交易的完整决策路径的持续记录。通过交互式交易竞技场，用户可跨市场比较模型、检查权益曲线等。我们在香港、美国和中国A股股票上展示了NextFund，说明了可检查的决策历史如何实现更公平的基准测试和更可行的诊断。
英文摘要
Large language models (LLMs) based agents are beginning to participate in portfolio construction and market analysis, where decisions must be justified under evolving information and risk constraints. Current assessment practice, however, remains poorly aligned with this setting: many studies rely on static examinations or report only terminal portfolio returns, while the intermediate evidence, analyst judgments, and execution steps that produced those returns stay largely invisible. We introduce NextFund, an evaluation platform that makes financial-agent behavior observable under live market conditions. The platform couples time-consistent market access, coordinated multi-agent analysis, and persistent logging of the full decision path from observation to trade. Through an interactive Trading Arena, users can compare models across markets, inspect equity curves, and drill from leaderboard outcomes down to individual justifications. We present NextFund on Hong Kong, U.S., and China A-share equities, illustrating how inspectable decision histories enable fairer benchmarking and more actionable diagnosis. Our demo is available at https://paradoox.cn/nextfund/.
