[SMM Computing Power Flash] Three H20 96G units in south China have an annual rental of 41,000 yuan, 5,000 yuan lower than the pre-sale price in east China.

SMM learned that a smart technology channel distributor in South China stated on September 19-20 that its Guangzhou warehouse currently has about 400 units of H200 2T PCIe complete machines in spot cargo, with a minimum sale of 64 units per batch, and prices to be negotiated based on the buyer's budget. The H200 2T PCIe is mainly targeted at large-model training and inference scenarios. A large spot order has emerged, but the seller has not disclosed a price, indicating that the high-end computing power supply side is still dominated by tentative pricing. Against the backdrop of H200 spot cargo remaining tight, the 400-unit large order being offered at negotiable prices reflects that the seller still holds the initiative in pricing, and the buyer's budget will become a key variable in closing the deal.

In the week ending September 18, 2 of the 12 SMM computing power price indices in the western region, Beijing-Tianjin-Hebei, and Chengdu-Chongqing were raised, while 10 remained flat. The average price of H100 in the western region rose 1.25% to 81,000 yuan/month (14.06 yuan per card-hour); A100 in Beijing-Tianjin-Hebei was raised 1.56% to 32,500 yuan/month.

The index consolidated today. A digital technology enterprise proposed a procurement demand for 16 H200 units (128-card SXM5 cluster) to support pretraining and routine fine-tuning of a 300B large model, with specifications and O&M terms as the core focus and no disclosed pricing caliber. In South China, the H20 141G branded eight-card server was quoted at 3.25 million yuan per unit (three-year warranty), 850,000 yuan higher than the 2.4 million yuan for the 96G server in the same region, making the brand and warranty premium explicit. The 128-card-level demand continued to keep H200 supply under pressure, with the pricing dimension shifting from unit price to delivery certainty and full-lifecycle services.