Nan Tang
Publications
Monte Carlo Tree Search for Table-to-Multimodal Report Generation
Automatically generating professional multimodal reports comprising both textual analysis and visual charts from structured tabular data is a critical challenge in data intelligence. Existing methods suffer from fixed linear pipelines and isolated subtask processing, which hinder joint optimization of factual accuracy, visual quality, and narrative coherence. To address these issues, this paper proposes MCTS-Report, a Monte Carlo Tree Search (MCTS)-driven framework that formulates multimodal table-to-report generation as a progressive construction process over a structured search space. The core idea is to decompose report generation into atomic actions, including chapter planning, visualization task identification, chart generation, insight organization, and narrative refinement, each executed by an LLM based on dynamic reasoning conditioned on the current report state. We use an LLM to generate step-by-step reasoning and actions during MCTS, storing the reasoning trajectory in each node for context-aware, coherent report construction. To guide the search, we design a multi-dimensional reward function that jointly evaluates numerical fact consistency (via SQL), chart quality, chart-text alignment, and structural completeness, while incorporating a diversity penalty to suppress repeated charts and a precondition check to prune invalid actions. We also construct MMRBench, a comprehensive benchmark comprising real-world tables from six domains, paired with expert-refined reference report structures and verifiable key insights. Experiments on MMRBench demonstrate that MCTS-Report significantly outperforms strong baselines across structural completeness, numerical accuracy, chart-text alignment, and insight novelty, achieving a 77.9 overall score.
EVOQUANT: Self-Evolving Verifier-Guided Strategy Optimization for Robust Quantitative Trading
Quantitative strategy optimization remains largely manual, requiring domain experts to identify weak signals, tune risk-control rules, and repeatedly validate iterative revisions. Large language models can accelerate this process, but directly relying on them to rewrite trading strategies often introduces hallucinated edits, strategy drift, and backtest overfitting. We propose EVOQUANT, a self-Evolving Verifier-guided framework for strategy Optimization in Quantitative trading. Our method utilizes LLMs to deeply diagnose performance bottlenecks, generates semantically controlled candidate edits, selects the best strategy through a multi-stage verification pipeline, and distills optimization experience into reusable knowledge for continual self-improvement. We evaluate our method using seven representative strategies: four from the A-share market and three from the Crypto market. Experimental results show that our method significantly improves the Sharpe ratio across all tested strategies: the average test Sharpe increases from -0.298 to 0.538, and the best-performing strategy achieves a 199% relative improvement. Ablation studies and stress tests under stricter conditions further validate the effectiveness and robustness of the framework. Overall, this work transforms quantitative strategy optimization from costly manual trial and error into an automated and verifiable iterative paradigm, offering a new path for applying large language models to financial strategy research.
CSTrader: A Testbed for Language-Grounded Trading in a Community-Driven Virtual Asset Market
Niche asset markets, such as Counter-Strike 2 (CS2) weapon skins, are small, volatile, and heavily driven by community discussions and platform rules. These properties make them hard for traditional quantitative models, but provide an ideal testbed for studying how large language models (LLMs) turn unstructured text into trading actions. We present CSTrader, a multi-agent framework for language-grounded trading in the CS2 skin market. The system first integrates heterogeneous signals from various sources, then uses specialized agents for technical analysis, liquidity, events, and (reversed) sentiment, and finally applies risk control, transaction friction, and portfolio management agents to produce buy, sell, or hold decisions under realistic trading frictions. We build a live-like evaluation environment with real CS2 data from a highly volatile period and evaluate several recent LLM backbones. Across models, CSTrader consistently outperforms both a falling market index (-15.62%) and simple single-prompt LLM baselines, achieving up to a 7.58% cumulative return with controlled risk. Ablation studies show that liquidity, reversed sentiment, and transaction friction agents are crucial for turning noisy language signals into stable profits, suggesting that niche, language-driven markets are a useful benchmark for future language-to-action research. Code is available at: https://github.com/IatomicreactorI/CSGOTrading?tab=readme-ov-file#quick-start
TuneAhead: Predicting Fine-tuning Performance Before Full Training Begins
Fine-tuning large language models (LLMs) is compute-intensive and error-prone: model performance depends sensitively on data quality and hyperparameter choices, and naïve runs can even degrade model performance. This raises a practical question:can we predict fine-tuning performance before committing to a full training run? We present TUNEAHEAD, a lightweight framework for pre-hoc prediction of fine-tuning performance. TUNEAHEAD encodes each candidate run as a meta-feature vector that combines static dataset descriptors with dynamic probe features from a short standardized probe. A predictor maps these features to performance estimates, while SHAP-based attributions provide interpretable diagnostics that reveal which specific features drive the prediction. Across 1,300+ fine-tuning runs on Qwen2.5-7B-Instruct, TUNEAHEAD consistently outperforms strong baselines such as Early-Stop Extrapolation and ProxyLM. On a held-out test set of 370 runs, TUNEAHEAD achieves an RMSE of 1.47 percentage points and places 95.1% of predictions within +3/-3 percentage points of the true score. These accurate continuous predictions support practical go/no-go screening policies that can reduce unnecessary full fine-tuning while retaining most promising runs.
A Risk Decomposition Framework for Pre-Hoc Fine-Tuning Prediction
The high cost of fine-tuning LLMs poses a significant economic barrier; pre-hoc performance prediction offers a critical solution to substantially reduce this expense. However, the theoretical limits of pre-hoc performance prediction remain unexplored. We formulate it as a stochastic estimation problem under information constraints, decomposing prediction risk into two components: an intrinsic limit (static data-model compatibility) and a reducible optimization variance. We prove that optimization variance admits a necessary lower bound on its decay rate, implying fundamental constraints on how quickly uncertainty dissipates, regardless of the predictor used. Based on these dynamics, we derive a budget-optimal probing principle and introduce a predictability phase diagram that organizes tasks into three distinct regimes: Static-Sufficient, Dynamic-Critical, and Noise-Dominant. Extensive experiments on synthetic and real-world benchmarks validate these theoretical regimes and demonstrate the efficiency of our probing strategy.
TABQAWORLD: Optimizing Multimodal Reasoning for Multi-Turn Table Question Answering
Multimodal reasoning has emerged as a powerful framework for enhancing reasoning capabilities of reasoning models. While multi-turn table reasoning methods have improved reasoning accuracy through tool use and reward modeling, they rely on fixed text serialization for table state readouts. This introduces representation errors in table encoding that significantly accumulate over multiple turns. Such accumulation is alleviated by tabular grounding methods in the expense of inference compute and cost, rendering real world deployment impractical. To address this, we introduce TABQAWORLD, a table reasoning framework that jointly optimizes tabular action through representation and estimation. For representation, TABQAWORLD employs an action-conditioned multimodal selection policy, which dynamically switches between visual and textual representations to maximize table state readout reliability. For estimation, TABQAWORLD optimizes stepwise reasoning trajectory through table metadata including dimension, data types and key values, safely planning trajectory and compressing low-complexity actions to reduce conversation turns and latency. Designed as a training-free framework, empirical evaluations show that TABQAWORLD achieves state-of-the-art performance with 4.87% accuracy improvements over baselines, with 5.42% accuracy gain and 33.35% inference latency reduction over static settings, establishing a new standard for reliable and efficient table reasoning.
Long-Document QA with Chain-of-Structured-Thought and Fine-Tuned SLMs
Large language models (LLMs) are widely applied to data analytics over documents, yet direct reasoning over long, noisy documents remains brittle and error-prone. Hence, we study document question answering (QA) that consolidates dispersed evidence into a structured output (e.g., a table, graph, or chunks) to support reliable, verifiable QA. We propose a two-pillar framework, LiteCoST, to achieve both high accuracy and low latency with small language models (SLMs). Pillar 1: Chain-of-Structured-Thought (CoST). We introduce a CoST template, a schema-aware instruction that guides a strong LLM to produce both a step-wise CoST trace and the corresponding structured output. The process induces a minimal structure, normalizes entities/units, aligns records, serializes the output, and verifies/refines it, yielding auditable supervision. Pillar 2: SLM fine-tuning. The compact models are trained on LLM-generated CoST data in two stages: Supervised Fine-Tuning for structural alignment, followed by Group Relative Policy Optimization (GRPO) incorporating triple rewards for answer/format quality and process consistency. By distilling structure-first behavior into SLMs, this approach achieves LLM-comparable quality on multi-domain long-document QA using 3B/7B SLMs, while delivering 2-4x lower latency than GPT-4o and DeepSeek-R1 (671B). The code is available at https://github.com/HKUSTDial/LiteCoST.
DocSage: An Information Structuring Agent for Multi-Doc Multi-Entity Question Answering
Multi-document Multi-entity Question Answering inherently demands models to track implicit logic between multiple entities across scattered documents. However, existing Large Language Models (LLMs) and Retrieval-Augmented Generation (RAG) frameworks suffer from critical limitations: standard RAG's vector similarity-based coarse-grained retrieval often omits critical facts, graph-based RAG fails to efficiently integrate fragmented complex relationship networks, and both lack schema awareness, leading to inadequate cross-document evidence chain construction and inaccurate entity relationship deduction. To address these challenges, we propose DocSage, an end-to-end agentic framework that integrates dynamic schema discovery, structured information extraction, and schema-aware relational reasoning with error guarantees. DocSage operates through three core modules: (1) A schema discovery module dynamically infers query-specific minimal joinable schemas to capture essential entities and relationships; (2) An extraction module transforms unstructured text into semantically coherent relational tables, enhanced by error-aware correction mechanisms to reduce extraction errors; (3) A reasoning module performs multi-hop relational reasoning over structured tables, leveraging schema awareness to efficiently align cross-document entities and aggregate evidence. This agentic design offers three key advantages: precise fact localization via SQL-powered indexing, natural support for cross-document entity joins through relational tables, and mitigated LLM attention diffusion via structured representation. Evaluations on two MDMEQA benchmarks demonstrate that DocSage significantly outperforms state-of-the-art long-context LLMs and RAG systems, achieving more than 27% accuracy improvements respectively.