想看看大模型能不能直接干金融预测和调仓？FinATOM用token生成搞定，夏普从1.428提到1.529，还开源了思路，值得一读。
FinATOM提出一种无任务特定头部的统一接口，通过约束token生成直接进行三步股票收益预测和五ETF动态配置。预测模型自回归输出波动率标准化收益token，结合序数和排序监督及单轮token级策略训练。配置模型生成归一化多头权重，SFT模仿因果均值-方差锚点，GRPO优化21天夏普比率。2023-2025年ETF测试中，配置策略将毛夏普从1.428提升至1.529，净夏普从1.394升至1.494。在FinTexTS上，SFT和策略方法分别实现73.52%/2.68和73.72%/2.69的累计收益/夏普。
Financial Numerical Prediction and Allocation as Token Generation
Financial prediction typically relies on task-specific regression, ranking, or policy heads, separating the language model from the numerical object ultimately evaluated. We investigate whether a causal language model can instead represent forecasts and decisions directly through constrained token generation. FinATOM introduces a unified, head-free interface for three-step stock-return forecasting and dynamic five-ETF allocation. The forecasting model autoregressively emits volatility-standardized return tokens and is trained with ordinal and ranking supervision followed by a one-epoch token-level policy stage. The allocation model generates normalized long-only weights; supervised fine-tuning imitates a causal mean--variance anchor, and DAPO-augmented GRPO optimizes realized 21-day Sharpe subject to anchor consistency. In 2023--2025 ETF tests, the allocation policy improves pooled gross Sharpe from 1.428 to 1.529 and net Sharpe under a 5-bp transaction-cost model from 1.394 to 1.494. The multimodal allocation input attains the highest three-period mean Sharpe of 1.540, with its clearest advantage in 2025. On FinTexTS, the SFT and policy strategies achieve 73.52\%/2.68 and 73.72\%/2.69 cumulative-return/Sharpe, respectively. These results support the feasibility of direct language-model token generation for financial numerical prediction and decision-making, while motivating broader tests across assets, regimes, and random seeds.