# FinRpt: Dataset, Evaluation System and LLM-based Multi-agent Framework for Equity Research Report Generation

arXiv: https://arxiv.org/abs/2511.07322 · HTML: https://mlsanity.com/paper/2511.07322/

## Key facts

- Cited by 6 papers in the map (data through 14 Oct 2026).
- Placed in Financial trading and forecasting agents, one of 16 directions in LLM agents and tool use.
- Builds on 20 of its 45 references that are in the map.
- First posted on arXiv 10 Nov 2025.

## Placed in

- LLM agents and tool use / [Financial trading and forecasting agents](https://mlsanity.com/agents/financial-trading-and-forecasting-agents/)

## Builds on (most cited first, 20 of 20)

- [Proximal Policy Optimization Algorithms](https://mlsanity.com/paper/1707.06347/) (2017)
- [The Llama 3 Herd of Models](https://mlsanity.com/paper/2407.21783/) (2024)
- [DeepSeekMath: Pushing the Limits of Mathematical Reasoning in Open Language Models](https://mlsanity.com/paper/2402.03300/) (2024)
- [Judging LLM-as-a-Judge with MT-Bench and Chatbot Arena](https://mlsanity.com/paper/2306.05685/) (2023)
- [BERTScore: Evaluating Text Generation with BERT](https://mlsanity.com/paper/1904.09675/) (2019)
- [Gemini 2.5: Pushing the Frontier with Advanced Reasoning, Multimodality, Long Context, and Next Generation Agentic Capabilities](https://mlsanity.com/paper/2507.06261/) (2025)
- [DAPO: An Open-Source LLM Reinforcement Learning System at Scale](https://mlsanity.com/paper/2503.14476/) (2025)
- [Gemma 2: Improving Open Language Models at a Practical Size](https://mlsanity.com/paper/2408.00118/) (2024)
- [BloombergGPT: A Large Language Model for Finance](https://mlsanity.com/paper/2303.17564/) (2023)
- [GPTScore: Evaluate as You Desire](https://mlsanity.com/paper/2302.04166/) (2023)
- [FinanceBench: A New Benchmark for Financial Question Answering](https://mlsanity.com/paper/2311.11944/) (2023)
- [Sentiment Analysis in the Era of Large Language Models: A Reality Check](https://mlsanity.com/paper/2305.15005/) (2023)
- [PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Finance](https://mlsanity.com/paper/2306.05443/) (2023)
- [FinMem: A Performance-Enhanced LLM Trading Agent with Layered Memory and Character Design](https://mlsanity.com/paper/2311.13743/) (2023)
- [Aligning with Human Judgement: The Role of Pairwise Preference in Large Language Model Evaluators](https://mlsanity.com/paper/2403.16950/) (2024)
- [A Multimodal Foundation Agent for Financial Trading: Tool-Augmented, Diversified, and Generalist](https://mlsanity.com/paper/2402.18485/) (2024)
- [XuanYuan 2.0: A Large Chinese Financial Chat Model with Hundreds of Billions Parameters](https://mlsanity.com/paper/2305.12002/) (2023)
- [FinMME: Benchmark Dataset for Financial Multi-Modal Reasoning Evaluation](https://mlsanity.com/paper/2505.24714/) (2025)
- [A Reflective LLM-based Agent to Guide Zero-shot Cryptocurrency Trading](https://mlsanity.com/paper/2407.09546/) (2024)
- [AI Analyst: Framework and Comprehensive Evaluation of Large Language Models for Financial Time Series Report Generation](https://mlsanity.com/paper/2507.00718/) (2025)

## Built on by (most cited first, 6 of 6)

- [FinEvo-Bench: A Longitudinal Benchmark for Self-Evolving Agents in Professional Financial Workflows](https://mlsanity.com/paper/2608.06144/) (2026)
- [EvidFuse: Writing-Time Evidence Learning for Consistent Text-Chart Data Reporting](https://mlsanity.com/paper/2601.05487/) (2026)
- [Allocate Before You Embed: Adaptive Visual Input Allocation for Video Embeddings](https://mlsanity.com/paper/2609.01778/) (2026)
- [Not All Entities are Created Equal: A Dynamic Anonymization Framework for Privacy-Preserving RAG](https://mlsanity.com/paper/2603.26074/) (2026)
- [LLMSYS-HPOBench: Hyperparameter Optimization Benchmark Suite for Real-World LLM Systems](https://mlsanity.com/paper/2605.08305/) (2026)
- [Towards Reliable AI Data Scientists: Data Agents with Workflow Harnesses](https://mlsanity.com/paper/2609.35255/) (2026)

## Abstract (arXiv)

While LLMs have shown great success in financial tasks like stock prediction and question answering, their application in fully automating Equity Research Report generation remains uncharted territory. In this paper, we formulate the Equity Research Report (ERR) Generation task for the first time. To address the data scarcity and the evaluation metrics absence, we present an open-source evaluation benchmark for ERR generation - FinRpt. We frame a Dataset Construction Pipeline that integrates 7 financial data types and produces a high-quality ERR dataset automatically, which could be used for model training and evaluation. We also introduce a comprehensive evaluation system including 11 metrics to assess the generated ERRs. Moreover, we propose a multi-agent framework specifically tailored to address this task, named FinRpt-Gen, and train several LLM-based agents on the proposed datasets using Supervised Fine-Tuning and Reinforcement Learning. Experimental results indicate the data quality and metrics effectiveness of the benchmark FinRpt and the strong performance of FinRpt-Gen, showcasing their potential to drive innovation in the ERR generation field. All code and datasets are publicly available.