[SMM Computing Power Weekly Review] Indexes Edge Up for Two Cards; H200 Rental at 98,000

For the week ending September 24, the SMM compute leasing composite index showed: A100-80G Yangtze River Delta and H100-80G Yangtze River Delta were the only two rising samples this week, with average prices reported at 37,500 yuan/unit·month (+2.7%) and 82,500 yuan/unit·month (+1.2%), respectively; A100-80G Pearl River Delta, A800-80G Yangtze River Delta, A800-40G Yangtze River Delta, and 4090-24G Yangtze River Delta and Pearl River Delta were flat MoM across five samples. Market feedback indicates that this week's price movements were driven not by the index itself but by structural and caliber factors: H200 PCIe and SXM formed a price spread in the leasing segment for the first time, with tiered pricing between long-cycle all-inclusive rates and short-cycle fixed rates.

Regional market conditions

Yangtze River Delta

H200/H100: Shanghai was the main delivery location for PCIe assembled machines this week. ASUS H200 PCIe assembled complete units were quoted at 4.06 million yuan, with 32 units available for delivery before the National Day holiday. On the H100 side, eight 94G 2T complete units around Shanghai were quoted at 3.21 million yuan, and 128 units, non-split, five-year fixed, were quoted at 84,000 yuan/unit·month. In Jiangsu, demand emerged for 32 units on a three-year term, with Jiangsu-based data centers specified.

Domestic compute: Relocatable 910B3 and 910B4 units in east China were both quoted at 20,000 yuan/unit·month, with a single 910B3 quoted at 15,000 yuan, a 25% discount versus bulk pricing; the 910C 752T online cluster was quoted at 65,000 yuan/unit·month, with specifications and architecture beginning to stratify.

PRO6000/A100: Server versions were openly quoted at 177,800-181,500 yuan/piece in both Shanghai and Shenzhen; original A100 80G single cards were quoted at 134,000 yuan, complete units at 1.15-1.35 million yuan, and 104-unit bulk orders at 1.22 million yuan/unit.

Pearl River Delta

H200: Shenzhen remained the trading hub for high-end card buyouts. SXM 128-unit near-spot cargo was quoted at 6 million yuan/unit; PCIe single cards, tax-inclusive, were quoted at 425,000-428,000 yuan; NVL 141G eight-card complete units were quoted in the 42x million yuan range; and ASUS SXM brand-new complete units, tax-inclusive, were quoted at 4.05 million yuan. Hong Kong spot cargo of 128 units was quoted at $720,000-$750,000, with a floor price of $693,000 for 256 units and explicit exclusion from mainland China. The differences in delivery location and currency between Hong Kong and Shenzhen constituted the main source of the price spread.

PRO6000/high-end compute: Shenzhen spot PRO6000 server versions were openly quoted at 177,800-181,500 yuan/piece; high-end compute spot in Shenzhen was quoted at 13.9-16.88 million yuan, with a small batch of two units reaching a high of 16.88 million yuan. Hong Kong delivery was quoted at $1.1-1.55 million, with a pre-holiday special price of 16 million yuan.

5090/DDR5: Shenzhen spot fan-cooled cards were quoted at 49xxx yuan tax-inclusive, and eight-card complete units at 53.x-670,000 yuan; DDR5 white-label packaged and tested modules were shipped in volume from Shenzhen, with 64G 5600 tax-inclusive at 12,800-14,800 yuan, forming a 2,000-3,000 yuan spread versus original brand-new modules at 15,500-16,800 yuan.

Other Regions

Guizhou data center H200 long-term contract resources quoted at RMB120,000-125,000 per unit per month (five-year fixed price, two months deposit and two months payment), Qinghai and Harbin data centers PCIe all-inclusive quoted at RMB98,000 per unit per month, Sichuan period 910C short-term rental quoted at RMB56,000-61,000 per unit per month, Beijing 120 units of 5090 turbo complete machines quoted at RMB53x thousand per unit, and no new public quotes emerged this week from western data centers in Xinjiang, Inner Mongolia, and other regions.

Summary of Key Data This Week

SMM Index (Yangtze River Delta and Pearl River Delta, monthly rental basis; equivalent per-card-hour price calculated as 8 cards × 720 hours ≈ 5,760 card-hours):

• A100-80G-Complete Machine-Yangtze River Delta-Monthly: This week RMB35,000-40,000, average price RMB37,500 (RMB6.51 per card-hour), up 2.7% MoM
• A100-80G-Complete Machine-Pearl River Delta-Monthly: This week RMB31,000-32,000, average price RMB31,500 (RMB5.47 per card-hour), flat MoM
• A800-80G-Complete Machine-Yangtze River Delta-Monthly: This week RMB34,000-36,000, average price RMB35,000 (RMB6.08 per card-hour), flat MoM
• A800-40G-Complete Machine-Yangtze River Delta-Monthly: This week RMB15,000-20,000, average price RMB17,500 (RMB3.04 per card-hour), flat MoM
• H100-80G-Complete Machine-Yangtze River Delta-Monthly: This week RMB78,000-87,000, average price RMB82,500 (RMB14.32 per card-hour), up 1.2% MoM
• 4090-24G-Complete Machine-Yangtze River Delta-Monthly: This week RMB7,000-7,500, average price RMB7,250 (RMB1.26 per card-hour), flat MoM
• 4090-24G-Complete Machine-Pearl River Delta-Monthly: This week RMB7,200-7,800, average price RMB7,500 (RMB1.30 per card-hour), flat MoM

Off-List First-Hand Quotes (Channel Side This Week):

• H200 Outright Purchase: Shenzhen SXM 128 units near-spot at RMB6 million per unit (32 units delivered on the 25th); Beijing Supermicro spot 200 units at RMB6.07 million per unit; Hong Kong 128 units at $720,000, 128 units at $750,000, 256 units with floor price of $693,000 (not entering mainland China); ASUS PCIe assembled complete machines Shanghai spot at RMB4.06 million; PCIe single card tax-inclusive at RMB425,000-428,000 per card; NVL 141G original disassembled machines at RMB4X0,000 tax-inclusive; SuperFusion NVL 141G PCIe eight-card complete machines at RMB42x0,000

• H200 Leasing: PCIe all-inclusive at RMB98,000 per unit per month (128+64 units, five-year fixed price, Qinghai/Harbin); SXM five-year fixed price at RMB120,000 (128 units, Guizhou), RMB122,000-125,000 (cost RMB122,000, ceiling RMB125,000); spot fixed price five-year floor at RMB12. X yuan; three-year fixed price of 135,000 yuan (32 units in South China, expandable to 128 units), 143,000 yuan (32 units, excluding Xinjiang)

• H100: 94G 2T complete machines, 8 units for 3.21 million yuan; Shenzhen 96G complete machines, 3 units for 3.5 million yuan; ASUS SXM brand-new complete machines, tax-inclusive 4.05 million yuan; H3C 94G eight-card 3.56 million yuan; 96G post-testing no warranty 33x million yuan; 94G SXM price adjustment 32x million yuan | Leasing 128 units, five-year fixed price 84,000 yuan/unit/month; demand budget 89,000 yuan/year

• PRO6000: server version 177,800/178,000/179,000/180,000/181,500 yuan/piece (open price); workstation 135,000-137,500 yuan; MAX-Q 114,000 yuan; PRO6000D 84G tax-inclusive 68xxx yuan, 69,000 yuan; PRO5000 72G 62,000-62,500 yuan; Hong Kong, China buying at $23,000-23,200, selling at $23,450; leasing one-year fixed price, 5 units at 50,000 yuan/unit/month

• High-end computing power: Shenzhen spot cargo, quasi-128 units for 13.9 million yuan, 2-10 units for 14.35 million yuan, Dell 3T 20 units for 14.3 million yuan, 16 units 4T for 16.75 million yuan, 2 units for 16.88 million yuan, pre-holiday special price 16 million yuan; futures Gigabyte 3T floor price 9.2 million yuan/price cap 9.7 million yuan, 128 units 2T Hong Kong, China $1.1 million, 128 units 3T $1.55 million

• 5090: fan cards, Shenzhen spot cargo tax-inclusive 49xxx yuan, brand-new 49,000 yuan; Hong Kong, China second-hand $6,250, futures $5,300; eight-card complete machines 53.x million yuan (120 units in Beijing, turbo)/550,000 yuan (minimum order 32 units)/660,000 yuan (150 units)/670,000 yuan (100 units); leasing 128 units, five-year fixed price 12,000 yuan/unit/month

• DDR5 64G 5600: white-label packaged and tested, tax-inclusive 12,800-14,800 yuan (2R8 12,800/2R4 14,800); original factory brand-new, tax-inclusive 15,500-16,800 yuan (Hynix 15,500/16,500, 6400 spec 16,800); CXMT 64G 6400 brand-new, tax-inclusive 17,600 yuan; purchasing pre-tax 16,100-16,450 yuan, tax-inclusive 17,700-18,250 yuan

• DDR5 other specs: 96G 6400 brand-new 24,000-24,400 yuan, Hong Kong, China 96G 5600 $3,100/96G 6400 $3,400; 128G 6400 tax-inclusive 29,500 yuan, Hong Kong, China $4,300; recycling defective modules 16G 1,000 yuan/32G 2,300-2,500 yuan/64G 5,000 yuan (disassembled boards, not included in spot statistics)

• Domestic computing power: 910C 752T online 65,000 yuan/unit/month, 560T non-Lingqu short-term rental 56,000 yuan, 752T Lingqu short-term rental 61,000 yuan; 910B3/910B4 relocatable 20,000 yuan, single 910B3 15,000 yuan (25% discount); Ascend 910B4 all-in-one machines, 20 units at 650,000 yuan/unit; Atlas 300I Duo, 18 units at 6,000 yuan/unit/month

• H20: 141G complete machines 2.86 million yuan/unit; 96G 32 units 1.91 million yuan/unit (Shenzhen spot cargo, payment upon inspection)

• A100: original 80G single card 134,000 yuan (brand-new with three-year warranty); complete machines 1.15-1.35 million yuan; 104-unit batch 1.22 million yuan/unit; leasing 8 units for two years at 39,500 yuan/unit/month