[SMM Computing Power Midday Review] H100 western range overall moved up, existing capacity upgrades and green electricity rules reshape the supply side

[Market Overview] The SMM computing power rental price index remained generally stable today, with only one adjustment among the 19 indices—the H100 West China index—and that adjustment was an overall upward shift of the range. At the market level, supply-side signals were dense, including the retrofitting of existing data centers and the implementation of green electricity direct-connection rules, while the H800 and H20 supplemented pricing references from two dimensions: liquidity and relative value.

[H100 West China: Overall Upward Shift of Range, Highest Price Up 5.66%] The SMM-H100-80G-full server-West China-monthly minimum rent rose from 74,000 yuan to 76,000 yuan, an increase of 2.70%; the maximum monthly rent rose from 79,500 yuan to 84,000 yuan, an increase of 4,500 yuan, or 5.66%; the average monthly rent rose to 80,000 yuan, an increase of 4.23%.

The simultaneous rise of the lower and upper bounds and the overall upward shift of the range indicate that the H100 quotation center in the western hub is being raised across the board, and resource providers' confidence in undertaking regional demand has strengthened.

[SMM View] Three supply-side signals today deserve closer attention. First, two relocatable H800 units in east China were offered at a monthly rent of 70,000 yuan, which was nearly 8% lower than the central China annual contract price of 76,000 yuan. The liquidity premium for relocatability failed to materialize, reflecting that H800 liquidity is weaker than that of the H100 and H200, and the price spread with the H100 has narrowed to 5,000-12,000 yuan.

Second, the retrofitting paths for existing data centers diverged between the east and the west, and retrofitting costs and downtime risks are becoming the core constraints on the release of existing capacity. Short-term new effective supply may fall short of market expectations.

Third, the rising traceability threshold for green electricity direct connections is driving a shift from physical direct connections to direct contract purchases. The northwest offers the largest fee discounts nationwide, and the west's electricity price advantage may be further amplified. During the same period, the spot price of an eight-GPU H20 module in south China was 1.4 million yuan per set (about 175,000 yuan per card), less than 50% of the H200 board price, and the relative value advantage of large-memory inference cards is being repriced.