[SMM Computing Power News] 256 H200 units in Northwest China available for lease, five-year fixed price at 128,000.

SMM has learned that four H20 96G servers in east China are being offered for external rental, with an annual contract at a monthly rent of 39,000 yuan per unit per month, one month's deposit and three months' rent paid upfront, and the resources to be released on October 31. Compared with the pre-sale quote for H20 96G cloud servers in the same region in early September of 46,000 yuan per unit per month, with one month's deposit and one month's rent paid in advance, this deal is 7,000 yuan lower, a discount of about 15%. SMM believes that this deal involves the delayed release of existing resources and requires one month's deposit plus three months' rent upfront, which significantly increases the capital occupation for the lessee. The price spread mainly reflects differences in resource attributes and payment terms, rather than weakening prices for this model.

Indices traded sideways across the board today. Domestic 910B series saw concentrated rental releases: relocatable 910B4/B3 quoted at 19,000 (a 19%–27% premium over Southwest China), 910B2 online hit a record high of 17,000 (a 42% premium over direct supply), and 910B3 online at 16,000 showed specification inversion, with pricing shifting from model-tier differentiation to delivery-method differentiation. In the Northwest, 256 H200 units on a five-year closed contract at 128,000 with no discount signaled stronger seller pricing power; the first procurement of A800 40G at 18,000 was double the price of A100 with the same memory; and 800 units of 5090 full systems at 12,300 per month sold out in under a week.

SMM learned that two H800 units appeared on the market for online cloud resource rental, quoted at 70,000 yuan per unit per month. Previously, an annual contract for the same model in central China was priced at 76,000 yuan, making this order 6,000 yuan lower, a decrease of about 8%; it was on par with the 70,000 yuan quote for relocatable H800s in east China in early September. SMM believes that the parity between online and relocatable H800 flexible delivery options, both below the long-term contract price, reflects that the demand side places greater emphasis on deployment certainty, and flexibility itself did not command a premium—a stark contrast to the high budget of 83,000 yuan for online H100 rentals.