用大模型标注替代点击数据训练排序模型，效果因查询频率而异。

Large-scale supervised data is essential for training modern ranking models, but obtaining high-quality human annotations is costly. Click data has been widely used as a low-cost alternative, and with recent advances in large language models (LLMs), LLM-based relevance annotation has emerged as another promising annotation. This paper investigates whether LLM annotations can replace click data for learning to rank (LTR) by conducting a comprehensive comparison across multiple dimensions. Experiments on both a public dataset, TianGong-ST, and an industrial dataset, Baidu-Click, show that click-supervised models perform better on high-frequency queries, while LLM annotation-supervised models are more effective on medium- and low-frequency queries. Further analysis shows that click-supervised models are better at capturing document-level signals such as authority or quality, while LLM annotation-supervised models are more effective at modeling semantic matching between queries and documents and at distinguishing relevant from non-relevant documents. Motivated by these observations, we explore two training strategies -- data scheduling and frequency-aware multi-objective learning -- that integrate both supervision signals. Both approaches enhance ranking performance across queries at all frequency levels, with the latter being more effective. Our code is available at https://github.com/Trustworthy-Information-Access/LLMAnn_Click.