CITIC Capital's research note points out that Pangu's pre-trained big model capabilities have now been validated in areas including energy, retail, finance and industry. Meanwhile, Pangu NLP Big Model achieves the goal of less sample learning through migration learning, incorporates the latest technologies such as P-tuning into Pangu's fine-tuning framework, and is trained through a huge industry knowledge base, making it more suitable for applications in complex commercial scenarios with stronger capabilities than GPT-3. But those who want to wait for toC can look forward to nothing more. It is the level of GPT-3 only, the target customers are set to central enterprises and Yan4Fu, and toB is the only way out.