[SMM Computing Power Midday Review] H800 Beijing-Tianjin-Hebei Highest Price Pulls Back, High-Priced Existing Transaction Exits Push the Top Anchor Lower

Published: Aug 13, 2026 11:44

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In the Beijing-Tianjin-Hebei region, the highest monthly rental for the H800 fell to 74,000 yuan (down 1.99%), and the highest per-card-hour rate fell to 12.85 yuan (down 1.98%). The pullback was driven by the exit of high-priced resources previously traded at 75,500 yuan and the repricing of a small volume of annual-contract resources in Hebei at 74,000 yuan, reflecting a change in supply structure rather than weakening demand. High-end spot cargo transactions confirmed demand resilience; supply growth remains limited, and the top anchor remains in a high range.

[Market Overview]

This morning, the highest price for H800 in the Beijing-Tianjin-Hebei region pulled back. The highest monthly rental for SMM-H800-80G whole units in Beijing-Tianjin-Hebei under monthly subscription fell from 75,500 yuan to 74,000 yuan, equivalent to a highest per-card-hour price of 12.85 yuan. This pullback was not caused by weakening demand, but by the exit of scarce resources that had previously pushed up the highest listed price after being leased, shifting the top price anchor downward.

[H800 Beijing-Tianjin-Hebei: High-Priced Resources Leased and Exited, Top Anchor Shifted Down]

The highest monthly rental for SMM-H800-80G whole units in Beijing-Tianjin-Hebei under monthly subscription fell from 75,500 yuan to 74,000 yuan (down 1,500 yuan, a decline of 1.99% in the monthly rental); the highest per-card-hour price fell from 13.11 yuan to 12.85 yuan (down 0.26 yuan, a decline of 1.98% in the per-card-hour price). The direct driver of this decline was that the resources previously listed at the highest price of 75,500 yuan had been rented and the corresponding listing was voided, while a small volume of newly released resources in Hebei were offered in the form of annual contracts at 74,000 yuan, becoming the new upper bound of prices.

It should be emphasized that this decline in the highest price was due to a supply-side structural change of "exit of high-priced inventory + slightly lower pricing of new resources," rather than weakening end-use demand.

[SMM View]

The pullback in the highest price for H800 in Beijing-Tianjin-Hebei does not change the tight supply-demand fundamentals for NVIDIA high-end computing power. Two points should be clear: first, the previously high-priced resources at 75,500 yuan had actually been leased, indicating that high-end spot cargo in Beijing-Tianjin-Hebei still has absorption capacity, and the transaction itself confirms demand resilience; second, only 6 units were released in Hebei this time, and they were transacted through annual contracts, so supply growth was extremely limited, and the new upper bound of 74,000 yuan remains in a historically high range. SMM believes that the short-term pullback in the highest price was a price phenomenon caused by transaction pace rather than a trend inflection point. Going forward, attention should be paid to the disturbance to the top anchor from scattered resource releases and markups on whole-unit leases and subleases.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

Images in this article contain AI-translated captions for reference only.

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