中国AI+GPU加速追赶美国（英）

国际资本市场研报资讯+V:quanqiuzixun8

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InvestorPresentation|AsiaPacific

ChinaAIGPUs–ClosingtheGapwiththeUS

Foundation

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthis

report.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

国际资本市场研报资讯+V:quanqiuzixun8

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GrowingMarketSizeandShareofDomesticAISemis

China’sAIGPUmarketcapisgrowing,

withmoreIPOstocome

DomesticAIacceleratormarketsharein2026e

Source:Bloomberg,companydata,MorganStanleyResearch.E=MorganStanleyResearchestimates.

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WeExpectChina’sAIGPUTAMtoGrowtoUS$91bnby2030e

WeexpectChina’sAIchipTAMtogrowto

US$91bnby2030

AIaccelerators'revenuetrend

Source:Companydata,MorganStanleyResearch.E=MorganStanleyResearchestimates.

MorganStanleyResearch3

国际资本市场研报资讯+V:quanqiuzixun8

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Near-termMarketTrackerforChina’sAIGPUDemand

Nvidia's5090pricekeepsrisinginChina

SurgeinByteDance(VolcanoEngine/Doubao)

tokensindicateshighAIdemand

Source:Companydata,Taobao,MorganStanleyResearch.

AveragetokenpriceforChina'smainstreamAILLMs

Chinavs.global–cloudcapextrend

国际资本市场研报资讯+V:quanqiuzixun8

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AIChipValueChain-Chinavs.theUS-ADecouplingofAIComputing

Source:MorganStanleyResearch.

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China’sInfrastructureStrengthNarrowsPerceivedTechnologyGap

NinefactorscomparisonbetweenUSandChinaAI–Chip,System,InfrastructureDieshotofAscend950

HuaweiCloudMatrix384A3SuperPod

Step1:Ifonecomputingdieisnotpowerful,packagemorediesintoasinglechip.

Step2:Ifonechipisnotpowerfulenough,buildlargerracksandclusters.

Step3:Ifonefabisnotsufficient,expandmanufacturingcapacity.

Source:MorganStanleyResearch.

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InferenceEconomics:TCOandCostperToken

DomesticchipshavelowerTCOandcomparablepertokencost

(AILLMinference)vs.NVIDIA'sprocessorsforChina

Source：Companydata,MorganStanleyResearchestimates.

国际资本市场研报资讯+V:quanqiuzixun8

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DomesticChipsDeliverStrongerPerformanceperDollar,ThankstoMaterially

LowerPricing

Performance/costcomparison

*=BasedonMorganStanleyResearchestimates.Source：Companydata,MorganStanleyResearch.

国际资本市场研报资讯+V:quanqiuzixun8

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HuaweiAscendAltas950:ScalingtheSuperPodBeyond1,000NPUs

HuaweishowcaseditsnewAtlas950SuperPodat2026WAIC

NPUblade(tray)ofAtlas

950SuperPod

ThereversesideofAtlas

950mainlyshowcasesthe

opticalinterconnects

adoptedbyUBlink

Source:Companydata,MorganStanleyResearch.

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AFlourishingSuperPodLandscapeatWAIC2026

ComparisonofsomekeySuperPodsolutionsat2026WAIC

Midplane-freeorthogonaldesignsatWAIC

Source:Companydata,MorganStanleyResearch.

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ThisreportreferencesU.S.ExecutiveOrder14032and/orentitiesorsecuritiesthataredesignatedthereunder.U.S.personsmaybeprohibitedfrombuyingcertainsecuritiesofentitiesnamedinthisreport.Readersaresolelyresponsibleforensuringthattheirinvestmentactivitiesarecarriedoutincompliancewithapplicablelaws.

Thisreportreferencesexportcontrolsand/orentitiesthatmaybesubjecttoexportcontrolrestrictions.Readersaresolelyresponsibleforensuringthattheirinvestmentortradeactivitiesarecarriedoutincompliancewithapplicablelaws.

ThisreportreferencesU.S.ExecutiveOrder14105and/orentitiesthatmaybeinscopeofsuchorder.U.S.personsmaybeprohibitedfromengagingincertaintransactionsorotherwiserequirecertainothertransactionsbenotifiedtotheU.S.DepartmentofTreasury.Readersaresolelyresponsibleforensuringthattheirinvestmentortradeactivitiesarecarriedoutincompliancewithapplicablelaws.

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DisclosureSection

TheinformationandopinionsinMorganStanleyResearchwerepreparedoraredisseminatedbyMorganStanleyAsiaLimited(whichacceptstheresponsibilityforitscontents)and/orMorganStanleyAsia(Singapore)Pte.(Registrationnumber199206298Z)and/orMorganStanleyAsia(Singapore)SecuritiesPteLtd(Registrationnumber200008434H),regulatedbytheMonetaryAuthorityofSingapore(whichacceptslegalresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,MorganStanleyResearch),and/orMorganStanleyTaiwanLimitedand/orMorganStanley&CoInternationalplc,SeoulBranch,and/orMorganStanleyAustraliaLimited(A.B.N.67003734576,holderofAustralianfinancialserviceslicenseNo.233742,whichacceptsresponsibilityforitscontents),and/orMorganStanleyWealthManagementAustraliaPtyLtd(A.B.N.19009145555,holderofAustralianfinancialserviceslicenseNo.240813,whichacceptsresponsibilityforitscontents),and/orMorganStanleyIndiaCompanyPrivateLimitedhavingCorporateIdentificationNo(CIN)U22990MH1998PTC115305,regulatedbytheSecuritiesandExchangeBoardofIndia(“SEBI”)andholderoflicensesasaResearchAnalyst(SEBIRegistrationNo.INH000001105);StockBroker(SEBIStockBrokerRegistrationNo.INZ000244438),MerchantBanker(SEBIRegistrationNo.INM000011203),anddepositoryparticipantwithNationalSecuritiesDepositoryLimited(SEBIRegistrationNo.IN-DP-NSDL-567-2021)havingregisteredofficeatAltimus,Level39&40,PandurangBudhkarMarg,Worli,Mumbai400018,India;Telephoneno.+91-22-61181000;ComplianceOfficerDetails:Mr.TejarshiHardas,Tel.No.:+91-22-61181000orEmail:tejarshi.hardas@;Grievanceofficerdetails:Mr.TejarshiHardas,Tel.No.:+91-22-61181000orEmail:msic-compliance@whichacceptstheresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,MorganStanleyResearch,andtheiraffiliates(collectively,"MorganStanley").MorganStanleyIndiaCompanyPrivateLimited(MSICPL)mayuseAItoolsinprovidingresearchservices.Allrecommendationscontainedhereinaremadebythedulyqualifiedresearchanalysts.

Forimportantdisclosures,stockpricechartsandequityratinghistoriesregardingcompaniesthatarethesubjectofthisreport,pleaseseetheMorganStanleyResearchDisclosureWebsiteat

/eqr/disclosures/webapp/generalresearch

,orcontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY,10036USA.

Forvaluationmethodologyandrisksassociatedwithanyrecommendation,ratingorpricetargetreferencedinthisresearchreport,pleasecontacttheClientSupportTeamasfollows:US/Canada+1800303-2495;HongKong+8522848-5999;LatinAmerica+1718754-5444(U.S.);London+44(0)20-7425-8169;Singapore+656834-6860;Sydney+61(0)2-9770-1505;Tokyo+81(0)3-6836-9000.AlternativelyyoumaycontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY10036USA.

AnalystCertification

Thefollowinganalystsherebycertifythattheirviewsaboutthecompaniesandtheirsecuritiesdiscussedinthisreportareaccuratelyexpressedandthattheyhavenotreceivedandwillnotreceivedirectorindirectcompensationinexchangeforexpressingspecificrecommendationsorviewsinthisreport:CharlieChan;DaisyDai,CFA;DanielYen,CFA.

.

GlobalResearchConflictManagementPolicy

MorganStanleyResearchhasbeenpublishedinaccordancewithourconflictmanagementpolicy,whichisavailableat

/institutional/research/conflictpolicies

.APortugueseversionofthepolicycanbefoundat.br

ImportantRegulatoryDisclosuresonSubjectCompanies

AsofJuly31,2026,MorganStanleybeneficiallyowned1%ormoreofaclassofcommonequitysecuritiesofthefollowingcompaniescoveredinMorganStanleyResearch:ACMResearchInc,AdvancedMicro-FabricationEquipmentInc,AdvancedWirelessSemiconductorCo,AlchipTechnologiesLtd,AllRingTechCo.,APMemoryTechnologyCorp,ASETechnologyHoldingCo.Ltd.,ASMPTLtd,AspeedTechnology,CambriconTechnologyCorporation,eMemoryTechnologyInc,GigaDeviceSemiconductorBeijingInc,GlobalWafersCoLtd,GudengPrecision,HangzhouSilanMicroelectronicsCo.Ltd.,HuaHongSemiconductorLtd,KingYuanElectronicsCoLtd,MacronixInternationalCoLtd,MediaTek,MontageTechnologyCoLtd,NAURATechnologyGroupCoLtd,NuvotonTechnologyCorporation,PhisonElectronicsCorp,PowerchipSemiconductorManufacturingCo,SGMicroCorp.,ShanghaiFudanMicroelectronics,SilergyCorp.,SiliconMotion,StarPowerSemiconductorLtd,TSMC,UMC,VanguardInternationalSemiconductor,WINSemiconductorsCorp,WinbondElectronicsCorp,WinWayTechnologyCoLtd,WPGHoldings,WTMicroelectronicsCo.Ltd..

Withinthelast12months,MorganStanleymanagedorco-managedapublicoffering(or144Aoffering)ofsecuritiesofAlchipTechnologiesLtd,IluvatarCoreXSemiconductorCo.,Ltd.,MontageTechnologyCoLtd,PowerchipSemiconductorManufacturingCo.

Withinthelast12months,MorganStanleyhasreceivedcompensationforinvestmentbankingservicesfromASMPTLtd,IluvatarCoreXSemiconductorCo.,Ltd.,MontageTechnologyCoLtd,PowerchipSemiconductorManufacturingCo,SiliconMotion.

Inthenext3months,MorganStanleyexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesfromAdvancedMicro-FabricationEquipmentInc,AlchipTechnologiesLtd,APMemoryTechnologyCorp,ASETechnologyHoldingCo.Ltd.,ASMediaTechnologyInc,ASMPTLtd,AspeedTechnology,EspressifSystems,GigaDeviceSemiconductorBeijingInc,GlobalWafersCoLtd,GudengPrecision,HimaxTechnologiesInc,HuaHongSemiconductorLtd,IluvatarCoreXSemiconductorCo.,Ltd.,Innoscience,KingYuanElectronicsCoLtd,MacronixInternationalCoLtd,MediaTek,MetaXIntegratedCircuits,MontageTechnologyCoLtd,Novatek,PhisonElectronicsCorp,PowerchipSemiconductorManufacturingCo,RealtekSemiconductor,SGMicroCorp.,ShenzhenLongsysElectronicsCoLtd,SICCCoLtd,SilergyCorp.,SiliconMotion,TSMC,UMC,UniversalScientificInd.(Shanghai),VanguardInternationalSemiconductor,WinbondElectronicsCorp,WinWayTechnologyCoLtd,WPGHoldings,WTMicroelectronicsCo.Ltd..

Withinthelast12months,MorganStanleyhasreceivedcompensationforproductsandservicesotherthaninvestmentbankingservicesfromASETechnologyHoldingCo.Ltd.,KingYuanElectronicsCoLtd,MediaTek,NanyaTechnologyCorp.,Novatek,NuvotonTechnologyCorporation,RealtekSemiconductor,SiliconMotion,SMIC,TSMC,UMC,UniversalScientificInd.(Shanghai),WinbondElectronicsCorp,WTMicroelectronicsCo.Ltd..

Withinthelast12months,MorganStanleyhasprovidedorisprovidinginvestmentbankingservicesto,orhasaninvestmentbankingclientrelationshipwith,thefollowingcompany:AdvancedMicro-FabricationEquipmentInc,AlchipTechnologiesLtd,APMemoryTechnologyCorp,ASETechnologyHoldingCo.Ltd.,ASMediaTechnologyInc,ASMPTLtd,AspeedTechnology,EspressifSystems,GigaDeviceSemiconductorBeijingInc,GlobalWafersCoLtd,GudengPrecision,HimaxTechnologiesInc,HuaHongSemiconductorLtd,IluvatarCoreXSemiconductorCo.,Ltd.,Innoscience,KingYuanElectronicsCoLtd,MacronixInternationalCoLtd,MediaTek,MetaXIntegratedCircuits,MontageTechnologyCoLtd,Novatek,PhisonElectronicsCorp,PowerchipSemiconductorManufacturingCo,RealtekSemiconductor,SGMicroCorp.,ShenzhenLongsysElectronicsCoLtd,SICCCoLtd,SilergyCorp.,SiliconMotion,TSMC,UMC,UniversalScientificInd.(Shanghai),VanguardInternationalSemiconductor,WinbondElectronicsCorp,WinWayTechnologyCoLtd,WPGHoldings,WTMicroelectronicsCo.Ltd..

Withinthelast12months,MorganStanleyhaseitherprovidedorisprovidingnon-investmentbanking,securities-relatedservicestoand/orinthepasthasenteredintoanagreementtoprovideservicesorhasaclientrelationshipwiththefollowingcompany:ASETechnologyHoldingCo.Ltd.,IluvatarCoreXSemiconductorCo.,Ltd.,KingYuanElectronicsCoLtd,MediaTek,MontageTechnologyCoLtd,NanyaTechnologyCorp.,Novatek,NuvotonTechnologyCorporation,RealtekSemiconductor,SiliconMotion,SMIC,TSMC,UMC,UniversalScientificInd.(Shanghai),WinbondElectronicsCorp,WTMicroelectronicsCo.Ltd..

TheequityresearchanalystsorstrategistsprincipallyresponsibleforthepreparationofMorganStanleyResearchhavereceivedcompensationbaseduponvariousfactors,includingquality

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ofresearch,investorclientfeedback,stockpicking,competitivefactors,firmrevenuesandoverallinvestmentbankingrevenues.EquityResearchanalysts'orstrategists'compensationisnotlinkedtoinvestmentbankingorcapitalmarketstransactionsperformedbyMorganStanleyortheprofitabilityorrevenuesofparticulartradingdesks.

MorganStanleyanditsaffiliatesdobusinessthatrelatestocompanies/instrumentscoveredinMorganStanleyResearch,includingmarketmaking,providingliquidity,fundmanagement,commercialbanking,extensionofcredit,investmentservicesandinvestmentbanking.MorganStanleysellstoandbuysfromcustomersthesecurities/instrumentsofcompaniescoveredinMorganStanleyResearchonaprincipalbasis.MorganStanleymayhaveapositioninthedebtoftheCompanyorinstrumentsdiscussedinthisreport.MorganStanleytradesormaytradeasprincipalinthedebtsecurities(orinrelatedderivatives)thatarethesubjectofthedebtresearchreport.

Certaindisclosureslistedabovearealsoforcompliancewithapplicableregulationsinnon-USjurisdictions.

STOCKRATINGS

MorganStanleyusesarelativeratingsystemusingtermssuchasOverweight,Equal-weight,Not-RatedorUnderweight(seedefinitionsbelow).MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,holdandsell.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinMorganStanleyResearch.Inaddition,sinceMorganStanleyResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadMorganStanleyResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.

GlobalStockRatingsDistribution

(asofJuly31,2026)

TheStockRatingsdescribedbelowapplytoMorganStanley'sFundamentalEquityResearchanddonotapplytoDebtResearchproducedbytheFirm.

Fordisclosurepurposesonly(inaccordancewithFINRArequirements),weincludethecategoryheadingsofBuy,Hold,andSellalongsideourratingsofOverweight,Equal-weight,Not-RatedandUnderweight.MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,hold,andsellbutrepresentrecommendedrelativeweightings(seedefinitionsbelow).Tosatisfyregulatoryrequirements,wecorrespondOverweight,ourmostpositivestockrating,withabuyrecommendation;wecorrespondEqual-weightandNot-RatedtoholdandUnderweighttosellrecommendations,respectively.

CoverageUniverse

InvestmentBankingClients(IBC)

OtherMaterialInvestmentServices

Clients(MISC)

StockRating

Category

Count

%ofTotal

Count

%ofTotalIBC

%ofRating

Category

Count

%ofTotalOther

MISC

Overweight/Buy

1529

42%

442

47%

29%

750

43%

Equal-weight/Hold

1582

43%

396

42%

25%

773

44%

Not-Rated/Hold

3

0%

1

0%

33%

1

0%

Underweight/Sell

560

15%

97

10%

17%

217

12%

Total

3,674

936

1741

DataincludecommonstockandADRscurrentlyassignedratings.InvestmentBankingClientsarecompaniesfromwhomMorganStanleyreceivedinvestmentbankingcompensationinthelast12months.Duetoroundingoffofdecimals,thepercentagesprovidedinthe"%oftotal"columnmaynotadduptoexactly100percent.

AnalystStockRatings

Overweight(O).Thestock'stotalreturnisexpectedtoexceedtheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Equal-weight(E).Thestock'stotalreturnisexpectedtobeinlinewiththeaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Not-Rated(NR).Currentlytheanalystdoesnothaveadequateconvictionaboutthestock'stotalreturnrelativetotheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Underweight(U).Thestock'stotalreturnisexpectedtobebelowtheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Unlessotherwisespecified,thetimeframeforpricetargetsincludedinMorganStanleyResearchis12to18months.

AnalystIndustryViews

Attractive(A):Theanalystexpectstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthstobeattractivevs.therelevantbroadmarketbenchmark,asindicatedbelow.

In-Line(I):Theanalystexpectstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthstobeinlinewiththerelevantbroadmarketbenchmark,asindicatedbelow.

Cautious(C):Theanalystviewstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthswithcautionvs.therelevantbroadmarketbenchmark,asindicatedbelow.

Benchmarksforeachregionareasfollows:NorthAmerica-S&P500;LatinAmerica-relevantMSCIcountryindexorMSCILatinAmericaIndex;Europe-MSCIEurope;Japan-TOPIX;Asia-relevantMSCIcountryindexorMSCIsub-regionalindexorMSCIACAsiaPacificexJapanIndex.

ImportantDisclosuresforMorganStanleySmithBarneyLLCCustomers

ImportantdisclosuresregardinganymaterialconflictofinterestthatcanreasonablybeexpectedtohaveinfluencedMorganStanleySmithBarneyLLC'schoiceofathird-partyresearchproviderorthesubjectcompanyofathird-partyresearchreport,areavailableontheMorganStanleyWealthManagementdisclosurewebsiteat/online/researchdisclosures.ForMorganStanleyspecificdisclosures,youmayreferto

/eqr/disclosures/webapp/generalresearch

.

EachMorganStanleyresearchreportisreviewedandapprovedonbehalfofMorganStanleySmithBarneyLLC.ThisreviewandapprovalisconductedbythesamepersonwhoreviewstheresearchreportonbehalfofMorganStanley.Thiscouldcreateaconflictofinterest.

MorganStanleyResearch13

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OtherImportantDisclosures

MorganStanleyResearchpolicyistoupdateresearchreportsasandwhentheResearchAnalystandResearchManagementdeemappropriate,basedondevelopmentswiththeissuer,thesector,orthemarketthatmayhaveamaterialimpactontheresearchviewsoropinionsstatedtherein.Inaddition,certainResearchpublicationsareintendedtobeupdatedonaregularperiodicbasis(weekly/monthly/quarterly/annual)andwillordinarilybeupdatedwiththatfrequency,unlesstheResearchAnalystandResearchManagementdeterminethatadifferentpublicationscheduleisappropriatebasedoncurrentconditions.

MorganStanleyisnotactingasamunicipaladvisorandtheopinionsorviewscontainedhereinarenotintendedtobe,anddonotconstitute,advicewithinthemeaningofSection975oftheDodd-FrankWallStreetReformandConsumerProtectionAct.

MorganStanleyproducesanequityresearchproductcalleda"TacticalIdea."Viewscontainedina"TacticalIdea"onaparticularstockmaybecontrarytotherecommendationsorviewsexpressedinresearchonthesamestock.Thismaybetheresultofdifferingtimehorizons,methodologies,marketevents,orotherfactors.Forallresearchavailableonaparticularstock,pleasecontactyoursalesrepresentativeorgotoMatrixat

/matrix

.

MorganStanleyResearchisprovidedtoourclientsthroughourproprietaryresearchportalonMatrixandalsodistributedelectronicallybyMorganStanleytoclients.Certain,butnotall,MorganStanleyResearchproductsarealsomadeavailabletoclientsthroughthird-partyvendorsorredistributedtoclientsthroughalternateelectronicmeansasaconvenience.ForaccesstoallavailableMorganStanleyResearch,pleasecontactyoursalesrepresentativeorgotoMatrixat

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/terms.html).Byaccessingand/orusingMorganStanley

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MSICPL_Morgan_Stanley_Research_Audit_Report.pdf

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IfyoudonotagreetoourTermsofUseand/orifyoudonotwishtoprovideyourconsenttoMorganStanleyprocessingyourpersonaldataorusingcookiespleasedonotaccessourresearch.MorganStanleyResearchdoesnotprovideindividuallytailoredinvestmentadvice.MorganStanleyResearchhasbeenpreparedwithoutregardtothecircumstancesandobjectivesofthosewhoreceiveit.MorganStanleyrecommendsthatinvestorsindependentlyevaluateparticularinvestmentsandstrategies,andencouragesinvestorstoseektheadviceofafinancialadviser.Theappropriatenessofaninvestmentorstrategywilldependonaninvestor'scircumstancesandobjectives.Thesecurities,instruments,orstrategiesdiscussedinMorganStanleyResearchmaynotbesuitableforallinvestors,andcertaininvestorsmaynotbeeligibletopurchaseorparticipateinsomeorallofthem.MorganStanleyResearchisnotanoffertobuyorsellorthesolicitationofanoffertobuyorsellanysecurity/instrumentortoparticipateinanyparticulartradingstrategy.Thevalueofandincomefromyourinvestmentsmayvarybecauseofchangesininterestrates,foreignexchangera