[SMM Computing Power Midday Review] H100 Approaches 90,000, H200 Buyout Price Rises for Three Consecutive Days

[Market Overview] The SMM computing power leasing price index consolidated overall today, with all 19 index quotes unchanged from the previous day. On the price collection side, high-end signals were dense: H100 batch exit prices hit a new high, quotes in the Beijing-surrounding area of north China approached 90,000 yuan, H200 full-machine buyout prices rose for the third consecutive time within the month, and the first delivery of a domestic computing power cluster showed signs of delay.

[H100: Batch exit prices hit a new high of 85,000 yuan, north China approaches 90,000 yuan] Ten H100 units in east China were cleared in three batches within a month and a half, with transaction prices rising from 78,000 yuan/unit/month in the first batch to 85,000 yuan in the final batch, a cumulative increase of 9%, and a weighted average price of 81,600 yuan. The final batch broke above the upper end of the mainstream range of 75,000-82,000 yuan. The same resources were shipped in batches with prices raised batch by batch, giving the holders the initiative in pricing. Quotes in the Beijing-surrounding area of north China approached 90,000 yuan/unit/month, about 5,000 yuan higher than the final batch in east China. Both training and inference demand were strong, and yesterday's expectation of "a rise to 90,000 yuan around Beijing" is nearing realization.

[H200: Buyout prices rise by 100,000 yuan in a month, buyers and sellers shift to a wait-and-see tug-of-war] H200 SXM full-machine buyout prices rose in three steps from 5.35 million yuan/unit to 5.45 million yuan over the past month, a cumulative increase of about 100,000 yuan. Monthly rental demand also moved up in tandem, with 30 newly listed units in Jiangsu quoted at 130,000-140,000 yuan/unit per month. However, since the end of August, full-machine prices have consolidated in the 5.35 million-5.4 million yuan range for about 10 days. After this round of increases, buyers' wait-and-see sentiment has further solidified, and actual transactions are mainly driven by rigid demand. The tug-of-war between stronger seller pricing power and pressure on buyer acceptance continues.

[Domestic computing power: First delivery delayed to Q4, capacity bottleneck emerges] The first nationwide delivery of a domestic computing power cluster by a carrier's branch in a south China province and city was originally scheduled for September but is now highly likely to be delayed to Q4. This corroborates previously collected signals of phased Q4 launches, indicating that the cycle from contract signing to deployment for domestic computing power is being extended.

[SMM View] Today's three clues point in the same direction: H100 shipment pace is driving price discovery, H200 sellers have raised prices three times while buyers remain on the sidelines, and domestic cluster capacity is constraining deliveries. All indicate limited supply-side flexibility while demand continues to be front-loaded. If actual transactions confirm the 90,000 yuan level in north China, the upcycle in high-end computing power prices driven by both training and inference demand will be further confirmed.