[SMM Computing Power Midday Review] A800 Highest Price in Yangtze River Delta Up 13%, H200 Five-Year Fixed Price Benchmarked to Spot Price

[Market Overview] The SMM computing power leasing price index moved sideways overall today, with 17 of the 19 indices unchanged. The changes were concentrated in two areas: the highest monthly rental for A800-80G in the Yangtze River Delta rose, while the highest price for 4090 in the Pearl River Delta edged up slightly, as the upper ends of prices at both the high-end and consumer-grade segments loosened and moved higher together.

[A800 in the Yangtze River Delta: Highest Price Rose 13.33%] The highest monthly rental for a full A800-80G server in the Yangtze River Delta rose from 30,000 yuan to 34,000 yuan, an increase of 4,000 yuan, or 13.33%; the highest per-card hourly rate rose from 5.21 yuan to 5.9 yuan, up 13.24%. The average monthly rental also rose from 30,000 yuan to 32,000 yuan, and the overall price center shifted upward, indicating that quoted prices for A800 resources in the region strengthened across the board.

[4090 in the Pearl River Delta: Spot Quotation of 7,800 Yuan Lifts the Upper End] The highest monthly rental for a full 4090-24G server in the Pearl River Delta rose from 7,600 yuan to 7,800 yuan, up 2.63%; the highest per-card hourly rate rose from 1.32 yuan to 1.35 yuan. SMM learned that a channel distributor recently released 30 units of spot 4090s with a monthly rental quote of exactly 7,800 yuan per unit per month, above the previous reference range of 7,500–7,600 yuan in the Pearl River Delta, directly lifting the index's highest price. Spot supply of mid- to high-end consumer-grade computing power continued to be released.

[SMM View] Beyond the index, three signals today were more noteworthy: First, a clear new-versus-used price spread emerged in the market for full H100 servers: used Dell full servers were priced at 3 million yuan per unit, and brand-new Supermicro full servers at 3.2 million yuan per unit, implying a used discount of only about 6.7%, which reflected that H100 assets still retained their value well. Second, a state-owned platform in the Pearl River Delta released a five-year fixed-price long-term contract for H200, with a tax-inclusive monthly rental of 120,000 yuan per unit per month, basically flat compared with current short-term rental prices. No discount was seen on the long-term rental side, and suppliers held a firm pricing stance. Third, leasing interest in the Ascend 910B series rose, with demand favoring specifications of 910B3 and above. The hybrid contract structure of "two-year fixed plus one-year flexible" was widely accepted. Domestic computing power leasing is shifting from price sensitivity to equal emphasis on specifications and flexibility.