[SMM Computing Power Midday Review] Computing Power Rental Sideways, Long-Term Contract Closed Pricing Trend Strengthened

[Market Overview]

Today, computing power rental prices overall remained flat, with index quotes by model and region unchanged from the previous day. In the Yangtze River Delta, four H100 units completed testing, quoted at 78,000 yuan per month, flat with the previous lowest price. Although the index was calm, the trend of long-term closed-end contract price locking was strengthening.

[H100/H800: Long-Term Contracts Lock Prices, Spot Supply Tight]

The four H100 units in the Yangtze River Delta took only about 10 hours from release to testing arrangement, reflecting efficient demand response. SMM learned that a computing power platform is batch-purchasing H100 resources, with a five-year closed-end budget of 75,000 yuan per unit per month;

another client proposed a three-year closed-end demand for 96 H100 units, with a budget of 80,000 yuan per unit per month, specifying the NVLink version. H800 also saw 32 units transacted under a two-year long-term contract at 78,000 yuan per unit per month, and channels had no deliverable spot cargo available in the short term. High-end models exhibited a pattern of "long-term contract price locking, tight spot supply".

[Domestic and Differentiated Models: Prices Stabilize, Cost-Performance Stratification]

The domestic 910B2 was quoted at 12,000 yuan per unit per month in east China, remaining firm for about a month and entering a plateau phase. The Pro 6000 series was rented at 37,000 yuan per month (GDDR7 memory), and the Pro 6000D at 32,000 yuan per month, forming a cost-performance range between the H100 and consumer-grade cards. The H200 PCIE was sold domestically in south China for 380,000 yuan per unit, higher than Hong Kong channels, reflecting regional supply premiums.

[SMM View]

Beneath the flat market, there are three signals: First, the trend of long-term closed-end contract price locking is strengthening—platforms' batch purchasing combined with five-year closed-end budgets are leading to large-scale hoarding of H100 resources by intermediaries, narrowing the pool of available spot cargo. Second, there is a clear mismatch between short-term rental and long-term contract supply, with friction between short-term rental preferences and long-term contract delivery tendencies for models like the 5090. Third, domestic and differentiated model prices have stabilized, forming a price gradient that complements high-end cards. Overall, the pricing power for high-end computing power is increasingly shifting toward long-term contracts and resource holders.