[SMM Computing Power News] High-end computing power spot cargo bundled with futures: Buying 2 spot units requires signing a futures order for 16 units

SMM has learned that the channel quotation for an H100 eight-GPU complete server has risen to approximately 3.2 million yuan per unit, while a previously completed transaction at around 3.1 million yuan has already been delivered. The quotation for H200 complete servers remains stable at 5.35 million to 5.4 million yuan per unit. According to channel feedback, prices for H-series complete servers have been in a sideways state with no upward momentum over the past 10 days, as both buyers and sellers await policy signals and new supply, with transactions driven mainly by rigid demand. This feedback is corroborated by the recent circulating quotations for H200 complete servers of 5.43 million to 5.6 million yuan, indicating that price elasticity within the high-price range has notably narrowed.

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.