Structure then Query: Enabling Precise Analytical Queries over Unstructured Documents

Unstructured documents constitute the majority of enterprise and web data. With the rapid development of large language models(LLMs), researchers have started to build data systems that analyze unstructured textual documents like operating on databases. However, because mainstream retrieval methods still relies on fuzzy matching based on vector similarity, accurately obtaining information and performing structured analysis and reasoning remains a major challenge. To address these limitations, AnnoIndex introduces two core fundamental components. The first is Annotation Index. The system uses a module called SchemaLoop to automatically create hierarchical annotation schemas from the raw corpus, and then uses lightweight language model to extract specific values. It turns scattered unstructured text into a materialized, structured index that enables low-cost filtering and querying. The annotation index avoids the black-box matching of vector similarity and amortizes attribute extraction costs from online queries to a one-time build. The second innovation is a Structured Query Engine. It compiles user questions into execution plans based on SQL extension. It first uses the Annotation Index for precise documents filtering, then gradually applies extraction operations in ascending order of cost, resorting to LLMs only for the remaining minimal fraction of the corpus that require deep semantic understanding. The extracted attributions are merged into the annotation index, reducing the cost of future queries. Experiments on three real-world datasets demonstrate that AnnoIndex consistently outperforms state-of-the-art baselines, achieving the highest average F1 score (0.87) while maintaining robust performance on complex multi-hop join and progressive reasoning queries.

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.

DataSpace: Benchmarking Data Agents for Verifiable Analytics over Heterogeneous Workspaces

Data agents enable natural-language analytics over organizational workspaces, where relevant evidence may be scattered across databases, structured files, long documents, and multimedia. Existing benchmarks largely isolate structured querying, retrieval, or open-ended analysis, leaving heterogeneous evidence discovery, complete tabular outputs, and deterministic evaluation insufficiently unified. We introduce DataSpace, a benchmark in which data agents produce verifiable tabular results from task-local heterogeneous workspaces. It contains 410 cross-language tasks and 7,439 artifacts totaling 15.01 GB across CSV, JSON, SQLite, Markdown, PDF, and video. DataSpace also served as the official evaluation benchmark for the KDD Cup 2026 Data Agents for Complex Data Analysis competition. Each agent receives only a question and workspace and returns the complete requested tabular result. We construct DataSpace with DataSpace-Builder, an execution-grounded framework comprising cross-language transformation, constraint-aware relational sampling, modality routing and artifact rendering, and human review and task repair by 11 domain experts. A deterministic evaluator performs header-invariant column alignment, type- and precision-aware normalization, and order-aware row comparison. Across six recently released frontier multimodal models and five widely used agent harnesses, the best accuracy reaches 66.34%, while harness choice creates a 15.36-point spread with the backbone fixed. Multimodal evidence integration and joins consistently reduce accuracy across all six backbones. These results show that DataSpace remains unsaturated and identify key challenges for improving data-agent reliability.

VEHBench: A Stage-Local Diagnostic Benchmark for LLM-Assisted Vibration Energy Harvester Design

Battery-free Internet of Things (IoT) requires iterative design of vibration energy harvesters (VEHs) under coupled physical constraints, while LLMs are emerging as interface layers for engineering workflows. However, existing engineering benchmarks primarily assess final artifact validity, offering limited insights into how LLMs behave across different stages of coupled physical design. We introduce VEHBench, an engineering-native diagnostic benchmark for LLM-assisted VEH design, featuring 763 literature-grounded tasks scored by an analytical physical oracle. VEHBench evaluates four design roles: specification triage, verifier-guided search, corrupted-state recovery, and policy-conditioned selection. Experimental results reveal that LLM capability is strongly stage-dependent: no single model consistently dominates the entire workflow, and response-control profiles expose distinct behavioral patterns across design roles. VEHBench thus provides a stage-aware foundation for evaluating, selecting, routing, and improving verifier-grounded engineering LLMs. The benchmark artifact is available at https://huggingface.co/datasets/AnonymousVehbench/vehbench

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.

Can Agentic Trading Systems Pay for Their Own Intelligence?

Large language model (LLM) agents are increasingly used in trading systems, where model reasoning, tool use, and continual decisions incur costs that are expected to produce trading value. Existing evaluations typically report performance metrics, but rarely examine agentic viability: whether dynamic LLM-mediated decisions convert their induced costs into measurable incremental profit. To apply this criterion, we introduce TradeLens, a trace-grounded diagnostic toolkit for evaluating agentic trading systems from their trading records, runtime traces, and deployment configurations. It reconstructs trading trajectories, attributes profit and cost to interpretable evidence, and diagnoses whether and why an agent pays for its own intelligence. We conduct extensive analysis across backbone models, capital scales, trading frequencies, and system architectures, together with deployment discussion. Our results show that viability hinges on intelligence-to-profit conversion: models exhibit different failure patterns, such as poor asset selection in DeepSeek-V3.2 and negative timing in GLM-4.7, while capital scale, trading frequency, and architecture matter only by amplifying or degrading decision-attributed timing value. These findings reframe the evaluation of LLM-based trading agents from capability-centric performance ranking to trace-grounded diagnosis of intelligence-to-profit conversion. Our code is available at https://anonymous.4open.science/r/TradeLens.

UI2App: Benchmarking Visual Interaction Inference in Executable Web Application Generation

Large language models (LLMs) have demonstrated growing competence in web page generation. However, existing text-driven approaches rely on complex prompts that impose substantial demands on users and offer limited expressivity for page layout and cross-page visual coherence. Image-driven paradigms, which take UI screenshots as input, align more closely with real development workflows. However, current benchmarks focus primarily on visual fidelity and lack a systematic evaluation of the interaction capabilities in generated artifacts. To address this gap, we introduce UI2App, the first benchmark targeting interaction inference, the ability to recover application behavior from screenshots alone, without any textual or behavioral guidance. UI2App comprises 327 screenshots grouped into 45 state-coherent screenshot sets for runnable multi-route web applications. We design an end-to-end pipeline that evaluates each artifact along four dimensions: executability, navigation reachability, visual fidelity, and interaction inference. The interaction metric (IIS) assesses inferred interactions by functional correctness and state-management complexity, crediting any valid implementation rather than matching a single reference. Experiments on six frontier vision-language models reveal a marked capability mismatch between visual reconstruction and interaction realization: the visual-fidelity leader scores only 7.5 on IIS, ranking fourth and trailing the IIS leader by 5.2x. High-complexity interactions such as cross-page state remain a pervasive bottleneck, with half of the evaluated models scoring exactly zero on this dimension. Overall, the results indicate that inferring complete interaction behavior from static screenshots remains a key challenge for models.

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

SQLConductor: Search-to-Policy Learning for Step-wise Text-to-SQL Orchestration

Text-to-SQL enables users to access relational databases via natural language, but real-world settings remain challenging due to coordinated reasoning over complex database environments. Existing systems often use multi-stage pipelines or reasoning models specialized for individual stages. However, fixed pipelines rely on predefined stage orders, limiting their adaptivity to query demands and intermediate evidence. Recent orchestration-based methods provide flexibility by composing specialized modules for each query, but typical plan-then-execute approaches still commit to a complete workflow before execution and cannot adapt to intermediate artifacts and feedback. In this paper, we propose SQLConductor, a step-wise orchestration learning framework for Text-to-SQL. SQLConductor formulates Text-to-SQL subtasks as specialized actions for workflow composition and trains a policy model to select the next action based on intermediate artifacts and feedback. To learn this policy, SQLConductor introduces Search-to-Policy Learning, which uses Monte Carlo Tree Search to explore candidate workflows and stability estimation to identify robust supervision. The policy model is trained with Stability-weighted Supervised Fine-tuning to prioritize high-quality orchestration patterns and further enhanced through Curriculum Reinforcement Learning. This transforms offline workflow search into a deployable policy for step-wise orchestration at inference time. Experiments on BIRD-Dev and out-of-distribution datasets show that SQLConductor achieves superior execution accuracy and strong generalization, reaching 73.2% EX on BIRD-Dev with a compact orchestration policy coordinating frozen larger action models, outperforming prior methods that directly train comparable or larger Text-to-SQL backbones. Further analyses show that the learned policy adapts orchestration to diverse query demands.

DataMagic: Transforming Tabular Data into Data Insight Video

Data videos integrate dynamic charts, voice narration, and synchronized animations to communicate data insights as temporal narratives, making them an effective medium for improving data consumption efficiency in the data management lifecycle. However, producing high-quality data videos requires expertise spanning data analysis, narrative design, and video production. Existing approaches fall short: static visualization tools (e.g., BI dashboards) lack narrative logic and animation; authoring tools require users to pre-prepare visualizations rather than working from raw data; pixel-level video generation models cannot guarantee data fidelity or provenance. We demonstrate DataMagic, an end-to-end interactive system that transforms raw tabular data and natural language queries into narrative data-insight videos. To ensure data fidelity, DataMagic introduces the declarative specification DVSpec, which binds visual and animation elements to underlying data fields through data-driven semantic references. To address the combinatorial explosion of the design space, DataMagic adopts a Generate-then-Orchestrate multi-agent architecture that generates candidate scenes in parallel and then optimizes narrative coherence through global orchestration. Leveraging DVSpec's decoupling of logic and rendering, the system further supports three interaction modes and structured provenance-based data Q&A, transforming one-way videos into explorable interactive data interfaces. Evaluation on 109 real-world samples validates the effectiveness of the DataMagic. Homepage: https://datamagic-home.github.io/