Changlun Li
Publications
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.
NextFund: A Unified Performance Tracking Platform for Agentic Portfolio Management
Large language models (LLMs) based agents are beginning to participate in portfolio construction and market analysis, where decisions must be justified under evolving information and risk constraints. Current assessment practice, however, remains poorly aligned with this setting: many studies rely on static examinations or report only terminal portfolio returns, while the intermediate evidence, analyst judgments, and execution steps that produced those returns stay largely invisible. We introduce NextFund, an evaluation platform that makes financial-agent behavior observable under live market conditions. The platform couples time-consistent market access, coordinated multi-agent analysis, and persistent logging of the full decision path from observation to trade. Through an interactive Trading Arena, users can compare models across markets, inspect equity curves, and drill from leaderboard outcomes down to individual justifications. We present NextFund on Hong Kong, U.S., and China A-share equities, illustrating how inspectable decision histories enable fairer benchmarking and more actionable diagnosis. Our demo is available at https://paradoox.cn/nextfund/.
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.