Chain-of-Thought (CoT) has significantly enhanced LLM reasoning, yet often incurs substantial computational overhead due to “overthinking”: generating excessively long rationales without commensurate accuracy gains. Existing efficiency methods typically apply uniform compression, which overlooks a critical observation that reasoning complexity is heterogeneous at two distinct granularities: across different problems and within individual reasoning steps. This motivates our principle of Thinking Economically: intelligently allocating computational resources based on intrinsic task and step demands rather than pursuing uniform brevity. We propose Hierarchical Adaptive Budgeter (HAB), a training framework that operationalizes this principle through coarse-to-fine budgeting. At the inter-step level, HAB predicts the optimal reasoning depth for each problem. At the intra-step level, HAB learns step-specific token budgeting signals from PPL-derived step comparisons and an adaptive Pareto optimization objective that captures the local quality-efficiency trade-off, while a Fisher Information-based pruner further provides fine-grained training-time guidance, thereby encouraging the generator to internalize more economical reasoning patterns. Experiments on GSM8K and MATH500 show that HAB not only surpasses standard CoT in accuracy but also reduces token usage, achieving a stronger performance-efficiency trade-off than the compared baselines.

Multimodal large language models (MLLMs) are typically trained in multiple stages, with video-based supervised fine-tuning (Video-SFT) serving as a key step for improving visual understanding. Yet its effect on the fine-grained evolution of visual capabilities, particularly the balance between spatial and temporal understanding, remains poorly understood. In this paper, we systematically study how Video-SFT reshapes visual capabilities in MLLMs. Across architectures, parameter scales, and frame sampling settings, we observe a consistent pattern: **Video-SFT reliably improves video performance, but often yields limited gains or even degradation on static image benchmarks**. We further show that this trade-off is closely tied to temporal budget: increasing the number of sampled frames generally improves video performance, but does not reliably improve static image performance. Motivated by this finding, we study an instruction-aware Hybrid-Frame strategy that adaptively allocates frame counts and partially mitigates the image-video trade-off. Our results indicate that **Video-SFT is not a free lunch for MLLMs, and preserving spatial understanding remains a central challenge in joint image-video training**.

Multimodal Large Language Models (MLLMs) have demonstrated remarkable capabilities in diverse reasoning tasks, yet their application to complex physics reasoning remains underexplored. Physics reasoning presents unique challenges, requiring grounding in physical conditions and the interpretation of multimodal information. Current physics benchmarks are limited, often focusing on text-only inputs or solely on problem-solving, thereby overlooking the critical intermediate steps of variable identification and process formulation. To address these limitations, we introduce PhysicsArena, the first multimodal physics reasoning benchmark designed to holistically evaluate MLLMs across three critical dimensions: variable identification, physical process formulation, and solution derivation. PhysicsArena aims to provide a comprehensive platform for assessing and advancing the multimodal physics reasoning abilities of MLLMs.