[SMM Computing Power News] South China 10 units of 4090 one-year contract starting monthly rent 7,200

September 9: The high-end computing power leasing sector saw a collective breakdown — the H200 SXM full-system outright purchase price surged for the third consecutive month to 5.45 million yuan, while monthly rental quotes from buyers exceeded 140,000 yuan. In east China, the first batch of H100 units being cleared was reported at 85,000 yuan, while in the Beijing-surrounding region of north China, prices approached 90,000 yuan. The first delivery of a domestic computing power cluster for a certain telecom operator was postponed to Q4. In south China, the annual contract price for high-spec 4090 units was reported at 7,200 yuan, coexisting with channel-based scattered rentals at 8,000 yuan. In the online market, spot inquiries for H100 modules emerged, small-to-medium batch rental buyers for 4-unit orders appeared, and 200 units of 5090 turbo cards were being sold off in bulk under the pretext of "liquidation.

SMM has learned that the outright purchase price for H200 SXM full systems has been edging up continuously over the past month. On August 24, a channel offered 256 units of H200 spot cargo at 5.35 million yuan per unit (including 13% tax, Shenzhen warehouse). On September 1, the upper end of multi-channel quotes was pushed to 5.4 million yuan. On September 4, the pickup price for brand-new first-hand H200 2T full systems in Shenzhen was reported at 5.45 million yuan per unit, marking a cumulative increase of about 100,000 yuan on a tax-inclusive basis within a single month. The monthly rental segment also strengthened this month: in early August, an operator listed 128 HGX-version units at a monthly rent of 120,000 yuan; in mid-August, 32 HGX eight-GPU modules in east China were quoted at 128,000 yuan for a three-year closed contract; on September 4, demand for 30 newly listed units at a data center in Jiangsu was reported at 130,000 to 140,000 yuan per unit per month, with the overall buyer quote band shifting up to the 128,000-140,000 yuan range. According to earlier SMM information, at end-August industry discussions, H200 full systems had been consolidating in the 5.35 million to 5.4 million yuan range for about 10 days, with participants saying prices "could not rise further." Buyers mostly chose to wait and see, awaiting new supply arrivals or signals of policy easing, and actual transactions were dominated by rigid demand. After this round of increases, the wait-and-see sentiment has further solidified. SMM believes that the simultaneous emergence of rising prices and buyer caution reflects an ongoing tug-of-war between strengthening seller pricing power and buyer acceptance under pressure.

Indices consolidated across the board today. The H100 batch exit price in east China rose to a record high of 85,000 (weighted average price 81,600), while in north China around Beijing it approached 90,000. The H200 full-system buyout price rose three times in a month to 5.45 million (+100,000), monthly rental demand shifted up to 130,000–140,000, and buyer wait-and-see sentiment solidified. The first delivery of the carrier's domestic cluster may be delayed to Q4, revealing capacity bottlenecks. Supply elasticity is limited and demand is being front-loaded, with the high-end price hike cycle awaiting confirmation at the 90,000 mark.