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Xinyu Lin

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Open access Aug 2026

SETRec++: Scaling Order-agnostic Identifier for Large Language Model-based Generative Recommendation

Leveraging Large Language Models (LLMs) for generative recommendation has attracted significant research interest, where item tokenization is a critical step. It involves assigning item identifiers for LLMs to encode user history and generate the next item. Existing approaches leverage either token-sequence identifiers, representing items as discrete token sequences, or single-token identifiers, using ID or semantic embeddings. Token-sequence identifiers face issues such as the local optima problem in beam search and low generation efficiency due to step-by-step generation. In contrast, single-token identifiers fail to capture rich semantics or encode Collaborative Filtering (CF) information, resulting in suboptimal performance. To address these issues, we propose three fundamental principles for item identifier design: 1) integrating both CF and semantic information to fully capture multi-dimensional item information, 2) designing order-agnostic identifiers without token dependency, mitigating the local optima issue and achieving simultaneous generation for generation efficiency, and 3) disentangling semantics across different tokens, unlocking the potential of scaling order-agnostic identifier. Accordingly, we introduce a novel set identifier paradigm, representing each item as a set of order-agnostic tokens. To implement, we propose SETRec, which leverages CF and semantic tokenizers to obtain order-agnostic multi-dimensional tokens. To eliminate token dependency, SETRec uses a sparse attention mask for user history encoding and a query-guided generation mechanism for simultaneous token generation. We instantiate SETRec on T5 and Qwen (from 1.5B to 7B). To reinforce disentanglement between tokens, we propose SETRec++, which introduces two disentanglement strategies, i.e., disentangled regularization loss and token masking mechanism. Experiments on four datasets demonstrate its effectiveness across various scenarios (e.g., full ranking, warm- and cold-start ranking, and various item popularity groups). Moreover, results validate SETRec’s superior efficiency and scalability on cold-start items as model sizes increase, and SETRec++’s potential in the scalability of order-agnostic identifier.

Xinyu Lin, Chuan-Bo Zhang, Yu-Fan Liu et al. · 0 citations
Preprint Aug 2026

FinDeepIndicator: Benchmarking Deep Research Agents in End-to-End Financial Indicator Construction

Financial indicators are essential tools for transforming raw financial data into interpretable measures for various downstream tasks, such as valuation, risk assessment, and economic analysis. However, existing financial benchmarks largely focus on answer-level accuracy and often assume that relevant data are already provided, leaving the assessment of the intermediate process of indicator construction underexplored. In this work, we propose FinDeepIndicator, the first benchmark dedicated to evaluating Deep Research (DR) agents in end-to-end financial indicator construction. Specifically, FinDeepIndicator evaluates DR agents across four stages in indicator construction: formula specification, data collection, indicator calculation, and answer generation, and covers fundamental, technical, and macroeconomic indicators organized into 21 fine-grained sub-categories. It contains 3,350 curated question-answer (QA) pairs derived from both U.S. and Chinese markets, 10 years of historical financial data, and 800 listed companies. Extensive experiments on search-equipped Large Language Models (LLMs) and DR agents show that, while LLMs generally perform well in formula specification, their accuracy drops substantially during data retrieval and numerical execution. DR agents consistently outperform search-equipped LLMs, yet remain unreliable in realistic financial analysis settings. These findings provide insights for developing more capable and trustworthy DR agents in finance.

Chaoqun Yang, Fengbin Zhu, Xinyu Lin et al. · 0 citations
Jul 2026

Beyond Action Imitation: Learning a Decision-Aware User Simulator for Online Advertising

DASH is a decision-aware user simulator that jointly generates thinking traces and predicts behavioral actions from heterogeneous cross-domain histories and tailors a rubric-based reward model that evaluates thinking traces along form, content, and logic for RL training.

Zi-Hang Chen, Jiaer Zheng, Xiangyang Xu et al. · 0 citations

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