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Liwen Zhang

Liwen Zhang contributes to research discovery and scholarly infrastructure.

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Published work

6 published item(s)

preprint2026arXiv

BizFinBench.v2: A Unified Dual-Mode Bilingual Benchmark for Expert-Level Financial Capability Alignment

Large language models have undergone rapid evolution, emerging as a pivotal technology for intelligence in financial operations. However, existing benchmarks are often constrained by pitfalls such as reliance on simulated or general-purpose samples and a focus on singular, offline static scenarios. Consequently, they fail to align with the requirements for authenticity and real-time responsiveness in financial services, leading to a significant discrepancy between benchmark performance and actual operational efficacy. To address this, we introduce BizFinBench.v2, the first large-scale evaluation benchmark grounded in authentic business data from both Chinese and U.S. equity markets, integrating online assessment. We performed clustering analysis on authentic user queries from financial platforms, resulting in eight fundamental tasks and two online tasks across four core business scenarios, totaling 29,578 expert-level Q&A pairs. Experimental results demonstrate that ChatGPT-5 achieves a prominent 61.5% accuracy in main tasks, though a substantial gap relative to financial experts persists; in online tasks, DeepSeek-R1 outperforms all other commercial LLMs. Error analysis further identifies the specific capability deficiencies of existing models within practical financial business contexts. BizFinBench.v2 transcends the limitations of current benchmarks, achieving a business-level deconstruction of LLM financial capabilities and providing a precise basis for evaluating efficacy in the widespread deployment of LLMs within the financial domain. The data and code are available at https://github.com/HiThink-Research/BizFinBench.v2.

preprint2026arXiv

FinSafetyBench: Evaluating LLM Safety in Real-World Financial Scenarios

Large language models (LLMs) are increasingly applied in financial scenarios. However, they may produce harmful outputs, including facilitating illegal activities or unethical behavior, posing serious compliance risks. To systematically evaluate LLM safety in finance, we propose FinSafetyBench, a bilingual (English-Chinese) red-teaming benchmark designed to test an LLM's refusal of requests that violate financial compliance. Grounded in real-world financial crime cases and ethics standards, the benchmark comprises 14 subcategories spanning financial crimes and ethical violations. Through extensive experiments on general-purpose and finance-specialized LLMs under three representative attack settings, we identify critical vulnerabilities that allow adversarial prompts to bypass compliance safeguards. Further analysis reveals stronger susceptibility in Chinese contexts and highlights the limitations of prompt-level defenses against sophisticated or implicit manipulation strategies.

preprint2026arXiv

FinVault: Benchmarking Financial Agent Safety in Execution-Grounded Environments

Financial agents powered by large language models (LLMs) are increasingly deployed for investment analysis, risk assessment, and automated decision-making, where their abilities to plan, invoke tools, and manipulate mutable state introduce new security risks in high-stakes and highly regulated financial environments. However, existing safety evaluations largely focus on language-model-level content compliance or abstract agent settings, failing to capture execution-grounded risks arising from real operational workflows and state-changing actions. To bridge this gap, we propose FinVault, the first execution-grounded security benchmark for financial agents, comprising 31 regulatory case-driven sandbox scenarios with state-writable databases and explicit compliance constraints, together with 107 real-world vulnerabilities and 963 test cases that systematically cover prompt injection, jailbreaking, financially adapted attacks, as well as benign inputs for false-positive evaluation. Experimental results reveal that existing defense mechanisms remain ineffective in realistic financial agent settings, with average attack success rates (ASR) still reaching up to 50.0\% on state-of-the-art models and remaining non-negligible even for the most robust systems (ASR 6.7\%), highlighting the limited transferability of current safety designs and the need for stronger financial-specific defenses. Our code can be found at https://github.com/aifinlab/FinVault.

preprint2026arXiv

Route Before Retrieve: Activating Latent Routing Abilities of LLMs for RAG vs. Long-Context Selection

Recent advances in large language models (LLMs) have expanded the context window to beyond 128K tokens, enabling long-document understanding and multi-source reasoning. A key challenge, however, lies in choosing between retrieval-augmented generation (RAG) and long-context (LC) strategies: RAG is efficient but constrained by retrieval quality, while LC supports global reasoning at higher cost and with position sensitivity. Existing methods such as Self-Route adopt failure-driven fallback from RAG to LC, but remain passive, inefficient, and hard to interpret. We propose Pre-Route, a proactive routing framework that performs structured reasoning before answering. Using lightweight metadata (e.g., document type, length, initial snippet), Pre-Route enables task analysis, coverage estimation, and information-need prediction, producing explainable and cost-efficient routing decisions. Our study shows three key findings: (i) LLMs possess latent routing ability that can be reliably elicited with guidelines, allowing single-sample performance to approach that of multi-sample (Best-of-N) results; (ii) linear probes reveal that structured prompts sharpen the separability of the "optimal routing dimension" in representation space; and (iii) distillation transfers this reasoning structure to smaller models for lightweight deployment. Experiments on LaRA (in-domain) and LongBench-v2 (OOD) confirm that Pre-Route outperforms Always-RAG, Always-LC, and Self-Route baselines, achieving superior overall cost-effectiveness.

preprint2026arXiv

WebAnchor: Anchoring Agent Planning to Stabilize Long-Horizon Web Reasoning

Large Language Model(LLM)-based agents have shown strong capabilities in web information seeking, with reinforcement learning (RL) becoming a key optimization paradigm. However, planning remains a bottleneck, as existing methods struggle with long-horizon strategies. Our analysis reveals a critical phenomenon, plan anchor, where the first reasoning step disproportionately impacts downstream behavior in long-horizon web reasoning tasks. Current RL algorithms, fail to account for this by uniformly distributing rewards across the trajectory. To address this, we propose Anchor-GRPO, a two-stage RL framework that decouples planning and execution. In Stage 1, the agent optimizes its first-step planning using fine-grained rubrics derived from self-play experiences and human calibration. In Stage 2, execution is aligned with the initial plan through sparse rewards, ensuring stable and efficient tool usage. We evaluate Anchor-GRPO on four benchmarks: BrowseComp, BrowseComp-Zh, GAIA, and XBench-DeepSearch. Across models from 3B to 30B, Anchor-GRPO outperforms baseline GRPO and First-step GRPO, improving task success and tool efficiency. Notably, WebAnchor-30B achieves 46.0% pass@1 on BrowseComp and 76.4% on GAIA. Anchor-GRPO also demonstrates strong scalability, getting higher accuracy as model size and context length increase.

preprint2025arXiv

A Recommendation System-Based Framework for Enhancing Human-Machine Collaboration in Industrial Timetabling Rescheduling: Application in Preventive Maintenance

Industrial timetabling is a critical task for decision-makers across various sectors to ensure efficient system operation. In real-world settings, it remains challenging because unexpected events often disrupt execution. When such events arise, effective rescheduling and collaboration between humans and machines becomes essential. This paper presents a recommendation system-based framework for handling rescheduling challenges, built on Timefold, a powerful AI-driven planning engine. Our experimental study evaluates nine instances inspired by a realworld preventive maintenance use case, aiming to identify the heuristic that best balances solution quality and computing time to support near-optimal decisionmaking when rescheduling is required due to unexpected events during operational days. Finally, we illustrate the complete process of our recommendation system through a simple use case.