[SMM Computing Power Weekly Review] Index consolidates throughout the week; H200 long-term contract breaks 100,000

Published: Sep 24, 2026 18:20 (GMT+8)

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In the week ending September 24, all 12 SMM computing power price indices in the western region, Beijing-Tianjin-Hebei, and Chengdu-Chongqing remained unchanged. The H100 in the western region held steady at 81,000 yuan/month (14.06 yuan per card-hour), and the H20-96G in Beijing-Tianjin-Hebei held steady at 43,000 yuan/month (7.47 yuan per card-hour). The H200 PCIe five-year long-term agreement price fell below 100,000 yuan for the first time.

I. Market Overview

This week (as of September 24), the western region, Beijing-Tianjin-Hebei, and Chengdu-Chongqing presented a pattern of "indexes holding steady while price collection signals intensified": all 12 SMM price indexes remained unchanged, with no gainers or losers, marking the first zero-change week in nearly four weeks. Spot and long-term contract quoting activity was brisk: H100 spot complete units at 3.4 million yuan; H200 PCIe five-year closed long-term contracts were listed in batches at 98,000 yuan/unit per month, the first time this model has fallen below 100,000 yuan; in east China, the 910B2 shifted from nearly half vacant to tight inventory within two months, with quotes rising from 11,500 yuan to 14,000 yuan.

II. Analysis by Compute Leasing Resource Type

SMM-H100-80G-Complete Unit-Western Region-Monthly remained stable for two consecutive weeks. The range held at a low of 78,000 yuan, a high of 84,000 yuan, and an average of 81,000 yuan/month (14.06 yuan per card-hour, with a low of 13.54 yuan per card-hour). After the lower bound was raised last week, this week entered a digestion phase; during the same period, the North China area around Beijing approached 90,000 yuan, and east China annual contracts were quoted at 87,000 yuan, leaving a price spread of about 6,000 yuan between the western and eastern regions.

SMM-A100-80G-Complete Unit-Beijing-Tianjin-Hebei-Monthly and SMM-A800-80G-Complete Unit-Beijing-Tianjin-Hebei-Monthly consolidated at highs. The former held an average price of 32,500 yuan/month (5.64 yuan per card-hour), and the latter 32,000 yuan/month (5.56 yuan per card-hour). After the A100 price increase in Beijing-Tianjin-Hebei, it did not continue to rise, but the highest price for the same model in the Yangtze River Delta broke 40,000 yuan this week (up 5.26% week on week), with the revaluation of existing imported cards concentrated in east China.

SMM-H20-96G-Complete Unit-Beijing-Tianjin-Hebei-Monthly and SMM-H20-141G-Complete Unit-Chengdu-Chongqing-Monthly consolidated at highs. They held at 43,000 yuan/month (7.47 yuan per card-hour) and 45,500 yuan/month (7.90 yuan per card-hour), respectively. The cross-channel price spread for the same H20 specification still reached 18%, making it the model with the most complex caliber; after H200 long-term contracts fell below 100,000 yuan, the substitution spread between the two narrowed.

SMM-910B-64G-Complete Unit indexes for Beijing-Tianjin-Hebei, Chengdu-Chongqing, and the western region all held flat, with domestic inventory cycles evolving independently. They held at 19,500 yuan (3.39 yuan per card-hour), 18,787.5 yuan (3.26 yuan per card-hour), and 13,750 yuan/month (2.39 yuan per card-hour), respectively. Price collection feedback focused on the east China 910B2: inventory was 32 units in July, with 15-20 units vacant from June to August; after 18 units were transacted in August, quotes rose from 11,500 yuan to 14,000 yuan; this week inventory tightened, with a six-month rental request for 10 units emerging, and county-level operator resources were nearly exhausted.

Other Chengdu-Chongqing indexes held flat, while the H800 in Beijing-Tianjin-Hebei remained weak. SMM-A100-80G-Complete Unit-Chengdu-Chongqing at 37,000 yuan (6.42 yuan per card-hour), SMM-A100-40G-Complete Unit-Chengdu-Chongqing at 12,000 yuan (2.08 yuan per card-hour), SMM-A800-80G-Complete Unit-Chengdu-Chongqing at 35,000 yuan (6.08 yuan per card-hour); SMM-H800-80G-Complete Unit-Beijing-Tianjin-Hebei at 71,250 yuan/month (12.37 yuan per card-hour), with online annual rentals at 69,000 yuan, the lowest price in the H series.

III. Market Outlook and SMM Views

In the short term, after two consecutive weeks of slight gains, the three regional indices have consolidated, with price momentum weakening and activity shifting to non-index products such as spot cargo and long-term contracts. The H200 PCIe long-term contract price has fallen below 100,000 yuan for the first time, diverging from the firm SXM long-term contract price, and interconnect specifications are becoming an independent pricing dimension. If the discount persists, the H200 will fall between the H100 (87,000 yuan) and H20 (43,000 yuan), intensifying mid-end competition.

Three points warrant attention. First, the 910B2 shifted from surplus to shortage within two months, weakening the anchoring effect of the 12,000-yuan centralised procurement direct supply price and leaving room for a catch-up rally. Second, the 910C 752T cluster quotation pulled back to 65,000 yuan, narrowing its price spread with the H800 annual rental of 69,000 yuan to 4,000 yuan, with domestic and imported mid-end price bands overlapping. Third, five government departments set a hard threshold of no less than 60% rack utilisation, and Jiangsu and Hubei expanded token vouchers to token services.

Key data summary for this week (average prices of 12 indices unchanged from per-card-hour rates):

SMM-A100-80G-Complete System-Beijing-Tianjin-Hebei-Monthly: 32,500 yuan/month, 5.64 yuan per card-hour
SMM-A800-80G-Complete System-Beijing-Tianjin-Hebei-Monthly: 32,000 yuan/month, 5.56 yuan per card-hour
SMM-H800-80G-Complete System-Beijing-Tianjin-Hebei-Monthly: 71,250 yuan/month, 12.37 yuan per card-hour
SMM-H20-96G-Complete System-Beijing-Tianjin-Hebei-Monthly: 43,000 yuan/month, 7.47 yuan per card-hour
SMM-910B-64G-Complete System-Beijing-Tianjin-Hebei-Monthly: 19,500 yuan/month, 3.39 yuan per card-hour
SMM-A100-80G-Complete System-Chengdu-Chongqing-Monthly: 37,000 yuan/month, 6.42 yuan per card-hour
SMM-A100-40G-Complete System-Chengdu-Chongqing-Monthly: 12,000 yuan/month, 2.08 yuan per card-hour
SMM-A800-80G-Complete System-Chengdu-Chongqing-Monthly: 35,000 yuan/month, 6.08 yuan per card-hour
SMM-H20-141G-Complete System-Chengdu-Chongqing-Monthly: 45,500 yuan/month, 7.90 yuan per card-hour
SMM-910B-64G-Complete System-Chengdu-Chongqing-Monthly: 18,787.5 yuan/month, 3.26 yuan per card-hour
SMM-H100-80G-Complete System-Western China-Monthly: 81,000 yuan/month, 14.06 yuan per card-hour
SMM-910B-64G-Complete System-Western China-Monthly: 13,750 yuan/month, 2.39 yuan per card-hour

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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