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EverMine: Dissecting the Self-Evolution of Research Capabilities in Long-Horizon Alpha Research

Author

Listed:
  • Siyuan Li
  • Jiangfeng Zhang
  • Rui Yao
  • Weihua Qiu
  • Mingyang Xu
  • Zixuan Yuan

Abstract

Self-evolving agents aim to turn research feedback into reusable skills, tools, and research rules. Whether these accumulated capabilities continue to improve later research requires controlled evaluation. Long-horizon alpha discovery provides a state-dependent setting: once a new factor enters the portfolio, the predictive information already covered changes, so the value of the same candidate or experience may change over time. We introduce EverMine, an empirical framework for studying self-evolving research capabilities in long-horizon alpha discovery. EverMine decomposes the research state into history (Hist), the current factor portfolio (Frontier), and reusable capabilities (Cap). Under matched resource limits, we compare complete runs with fixed or evolving Cap, and replace Cap while holding Hist and Frontier fixed to estimate the conditional value of accumulated capabilities. We also combine full trajectories with historical-state replay to examine how experience-based decisions affect candidate selection and portfolio outcomes. Across 18 long-horizon trajectories, end-to-end comparisons show no consistent gain from Cap evolution. Across 48 continuation branches from shared Hist and Frontier states, accumulated Cap also does not consistently outperform the initial Cap. Parameter tuning of existing factor structures can still improve the portfolio. In an exploratory replay of two screening batches from one Evolving trajectory, some screened-out candidates have positive marginal value at the original state, yet submitting all screened-out candidates sequentially slightly lowers final portfolio IC in both batches. These results show that candidate value depends on the evolving portfolio and submission order, and motivate evaluating self-evolving research capabilities through end-to-end outcomes, conditional capability value, and the consequences of experience-based decisions.

Suggested Citation

  • Siyuan Li & Jiangfeng Zhang & Rui Yao & Weihua Qiu & Mingyang Xu & Zixuan Yuan, 2026. "EverMine: Dissecting the Self-Evolution of Research Capabilities in Long-Horizon Alpha Research," Papers 2609.33524, arXiv.org.
  • Handle: RePEc:arx:papers:2609.33524
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    References listed on IDEAS

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    1. R. David Mclean & Jeffrey Pontiff, 2016. "Does Academic Research Destroy Stock Return Predictability?," Journal of Finance, American Finance Association, vol. 71(1), pages 5-32, February.
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    3. Jun Han & Shuo Zhang & Wei Li & Yifan Dong & Tu Hu & Yumo Zhu & Xiaomin Yu & Xin Guo & Zhaowei Liu & Kunyi Wang & Jingping Liu & Tianyi Jiang & Ruichuan An & Sen Hu & Zhi Yang & Ronghao Che & Huacan W, 2026. "QuantaAlpha: An Evolutionary Framework for LLM-Driven Alpha Mining," Papers 2602.07085, arXiv.org, revised May 2026.
    4. Xiao Yang & Weiqing Liu & Dong Zhou & Jiang Bian & Tie-Yan Liu, 2020. "Qlib: An AI-oriented Quantitative Investment Platform," Papers 2009.11189, arXiv.org.
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