logo
Metrix
AnnouncementsAbout UsCareersDownload App
EN
logo

[SMM Computing Power Weekly] A100 prices in the Yangtze River Delta catch up, H100 western long-term contracts break 87,000

Published: Oct 10, 2026 18:16 (GMT+8)
In the week ending October 10, 2 of SMM's 19 computing power price indices were adjusted, while 17 remained unchanged. The average A100 price in the Yangtze River Delta rose 4.00% to 39,000 yuan/month (6.77 yuan per card-hour); the upper bound of H100 prices in western China exceeded 87,000 yuan, with the average price up 1.85% to 82,500 yuan/month.

I. Market Overview

This week (as of October 10), the first trading week after the National Day holiday, the national computing power leasing market showed a pattern of "minor index adjustments with long-term contracts shooting up": of the 19 price indices covered by SMM, 17 remained flat, with only the SMM-A100-80G-full server-Yangtze River Delta-monthly and SMM-H100-80G-full server-Western China-monthly indices raised, and none lowered. Signals from the price collection side were stronger than the indices: H200 in Northwest China with a five-year closed contract was quoted at 132,000 yuan/unit·month, with the first station at 130,000 yuan; H100 in Northwest China with a one-year minimum lease term was quoted at 87,000 yuan, about 15% higher than closed long-term contracts in the same region; the upper bound of listed prices for high-end full-server spot cargo rose to 17.9999 million yuan/unit.

II. Analysis of Computing Power Leasing Resources by Product

The upper bound of SMM-H100-80G-full server-Western China-monthly broke through, with long-term contracts exceeding 87,000 for the first time. The highest monthly rent rose from 84,000 to 87,000 yuan (a monthly rent increase of 3.57%), and the average price rose from 81,000 to 82,500 yuan/month (a monthly rent increase of 1.85%); the average price per card-hour rose from 14.06 to 14.32 yuan (a card-hour increase of 1.85%), while the lowest price of 78,000 yuan and the lowest card-hour price of 13.54 yuan remained unchanged. The index jumped on the 10th, moving in the same direction as the sample of one H100 in Northwest China leased for one year at 87,000 yuan.

The lower bound of SMM-A100-80G-full server-Yangtze River Delta-monthly caught up, with the center shifting upward. The lowest monthly rent rose from 35,000 to 38,000 yuan (a monthly rent increase of 8.57%), and the average price rose from 37,500 to 39,000 yuan/month (a monthly rent increase of 4.00%); the average price per card-hour rose from 6.51 to 6.77 yuan (a card-hour increase of 3.99%), while the highest price of 40,000 yuan and 6.94 yuan remained flat. Low-priced tiers were absorbed first and the top was not breached, with existing imported cards converging first.

SMM-H20-96G-full server-Beijing-Tianjin-Hebei-monthly remained flat, while the lower bound on the price collection side had already loosened. The index maintained a lowest price of 38,000 yuan, a highest price of 47,000 yuan, and an average price of 42,500 yuan/month (card-hour price of 7.38 yuan) throughout the week. Three H20 96G units in North China were leased at 38,000 yuan including cabinet and electricity, consistent with the lower bound of the index; five-tier quotes for the same model extended from 38,000 yuan in North China to 53,000 yuan in Southwest China.

SMM-910B-64G-full server indices in three regions remained flat, with domestic products temporarily stable. Beijing-Tianjin-Hebei at 19,500 yuan (card-hour price of 3.39), Chengdu-Chongqing at 18,787.5 yuan (card-hour price of 3.26), and Western China at 13,750 yuan/month (card-hour price of 2.39).

Other indices in Chengdu-Chongqing and Beijing-Tianjin-Hebei remained flat, with the divergence between long-term contracts and short-term leases widening. Chengdu-Chongqing SMM-A100-80G-full server-Chengdu-Chongqing at 37,000 yuan, SMM-A100-40G-full server-Chengdu-Chongqing at 12,000 yuan, SMM-A800-80G-full server-Chengdu-Chongqing at 35,000 yuan, SMM-H20-141G-full server-Chengdu-Chongqing at 45,500 yuan; Beijing-Tianjin-Hebei SMM-A800-80G-full server-Beijing-Tianjin-Hebei at 32,000 yuan, SMM-H800-80G-full server-Beijing-Tianjin-Hebei at 71,250 yuan/month. H200 Northwest five-year closed at 132,000 yuan, 3.1% higher than the RoCE sample in the same region, with a short-term rental premium of about 15% and an inverted term structure.

III. Market Outlook and SMM View

In the short term, the index side saw only two adjustments while the price collection side hit new highs intensively, and listing prices are decoupling from long-term contract transaction prices at an accelerating pace. Long-term contracts showed no discounts but instead refreshed the upper bound, indicating that seller pricing power is still strengthening; the roughly 15% premium of short-term rentals over long-term rentals suggests that willingness to pay for immediately deliverable resources is higher than for forward lock-ins. Three points warrant attention: First, leading cloud vendors are expanding inference resource pools, requiring customs declarations and proof of ownership and signing directly with cargo owners while bypassing intermediaries, which may compress the roughly 1,000 yuan per unit per month intermediary markup for the H series. Second, prices are transmitting from the rental side upstream to the whole-machine side. After the holiday, the upper bound of high-end whole-machine listing prices rose to 17.9999 million yuan per unit, and the upward shift in the cost anchor will support subsequent rents. Third, the hardware rally has spread to the desktop side, with the DGX Spark up 14.9% in half a month to 42,500 yuan, and the after-tax quote for a single 5090 card standing above 50,000 yuan.

This week's core data summary (2 up, 17 flat):

  • SMM-A100-80G-Whole Machine-Yangtze River Delta-Monthly: average price 39,000 yuan/month (monthly rent +4.00%), card-hour 6.77 yuan (card-hour +3.99%)

  • SMM-H100-80G-Whole Machine-West China-Monthly: average price 82,500 yuan/month (monthly rent +1.85%), card-hour 14.32 yuan (card-hour +1.85%)

  • SMM-A100-80G-Whole Machine-Beijing-Tianjin-Hebei-Monthly: 32,500 yuan/month, card-hour 5.64 yuan

  • SMM-A800-80G-Whole Machine-Beijing-Tianjin-Hebei-Monthly: 32,000 yuan/month, card-hour 5.56 yuan

  • SMM-H800-80G-Whole Machine-Beijing-Tianjin-Hebei-Monthly: 71,250 yuan/month, card-hour 12.37 yuan

  • SMM-H20-96G-Whole Machine-Beijing-Tianjin-Hebei-Monthly: 42,500 yuan/month, card-hour 7.38 yuan

  • SMM-910B-64G-Whole Machine-Beijing-Tianjin-Hebei-Monthly: 19,500 yuan/month, card-hour 3.39 yuan

  • SMM-A100-80G-Whole Machine-Chengdu-Chongqing-Monthly: 37,000 yuan/month, card-hour 6.42 yuan

  • SMM-A100-40G-Whole Machine-Chengdu-Chongqing-Monthly: 12,000 yuan/month, card-hour 2.08 yuan

  • SMM-A800-80G-Whole Machine-Chengdu-Chongqing-Monthly: 35,000 yuan/month, card-hour 6.08 yuan

  • SMM-H20-141G-Whole Machine-Chengdu-Chongqing-Monthly: 45,500 yuan/month, card-hour 7.90 yuan

  • SMM-910B-64G-Whole Machine-Chengdu-Chongqing-Monthly: 18,787.5 yuan/month, card-hour 3.26 yuan

  • SMM-910B-64G-Whole Machine-West China-Monthly: 13,750 yuan/month, card-hour 2.39 yuan

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
17.948 Billion! Far East Smarter Energy Releases Its Multi-Million-Dollar Order Report for the First Three Quarters
6 hours ago
17.948 Billion! Far East Smarter Energy Releases Its Multi-Million-Dollar Order Report for the First Three Quarters
Read More
17.948 Billion! Far East Smarter Energy Releases Its Multi-Million-Dollar Order Report for the First Three Quarters
17.948 Billion! Far East Smarter Energy Releases Its Multi-Million-Dollar Order Report for the First Three Quarters
6 hours ago
[SMM Computing Power News] A100 80G second-hand machine reported again at 1.16 million
8 hours ago
[SMM Computing Power News] A100 80G second-hand machine reported again at 1.16 million
Read More
[SMM Computing Power News] A100 80G second-hand machine reported again at 1.16 million
[SMM Computing Power News] A100 80G second-hand machine reported again at 1.16 million
SMM has learned that another batch of 2 A100 80G complete machines is being offered for sale, equipped with 32-core processors, priced at 1.16 million yuan per unit. The used machines are tested but not guaranteed, and come with 1TB of memory and 2 200G IB network cards. SMM believes that Nvidia used machines have a stable trading market and pricing, and the used asset market and pricing contribute to the development of asset exit mechanisms for financial leasing projects.
8 hours ago
[SMM Computing Power News] A100 80G used complete system quoted at 1.16 million, equivalent to 145,000 per card
8 hours ago
[SMM Computing Power News] A100 80G used complete system quoted at 1.16 million, equivalent to 145,000 per card
Read More
[SMM Computing Power News] A100 80G used complete system quoted at 1.16 million, equivalent to 145,000 per card
[SMM Computing Power News] A100 80G used complete system quoted at 1.16 million, equivalent to 145,000 per card
SMM has learned that two A100 80G complete servers are being offered for sale, with a quoted price of 1.16 million yuan per unit. They are used machines, and no warranty is provided after passing testing. Each is configured with 1TB of memory and two 200G IB network cards. Compared with the September price of 870,000 yuan per set for the same model 8-card module (equivalent to about 109,000 yuan per card), the complete server is priced 290,000 yuan higher than the module, a premium of 33%, with each card equivalent to 145,000 yuan. SMM believes that this batch of used servers provides a procurement cost anchor for existing models, and their payback efficiency is better than that of newly deployed models. However, A100 units are mainly refurbished second-hand resources, so attention should be paid to testing and warranty aspects.
8 hours ago
Related News
news
17.948 Billion! Far East Smarter Energy Releases Its Multi-Million-Dollar Order Report for the First Three Quarters
Oct 10, 2026 14:50 (GMT+8)
news
[SMM Computing Power News] A100 80G second-hand machine reported again at 1.16 million
Oct 10, 2026 13:04 (GMT+8)
news
[SMM Computing Power News] A100 80G used complete system quoted at 1.16 million, equivalent to 145,000 per card
Oct 10, 2026 13:03 (GMT+8)
news
[SMM Computing Power Flash] East China 128 units of 5090 for rent at 16,000, including cabinet and power grid all-inclusive price
Oct 10, 2026 11:47 (GMT+8)
[SMM Computing Power Weekly] A100 prices in the Yangtze River Delta catch up, H100 western long-term contracts break 87,000 - Shanghai Metals Market (SMM)