[SMM Computing Power Midday Comment] H20 Central China long-term agreement available for lease, complete machine listed at 2.83 million

[Market Overview] The 19 indices collected this morning remained flat across the board from the previous trading day, marking two consecutive days of no change. Both ends of the supply side showed activity simultaneously: central China mid-end specifications listed for annual contracts saw no transactions for two days, while nearly 20 units of high-memory full servers in Beijing were listed for spot sale, pushing the market into an observation period of "static indices, active supply."

[H20 96G Central China: Listed for Two Days Awaiting Lease] Two H20 96G eight-card full servers were listed in central China, with a one-year closed contract, monthly rent of 43,000 yuan including tax, equivalent to approximately 7.47 yuan per card-hour; bandwidth at 15 yuan/M/month billed separately, with delivery scheduled for October 20. This quote is lower than the 46,000 yuan pre-sale price for the same specification in east China and higher than the 41,000 yuan annual contract in south China, yet it remained unleased after two days of listing. With the delivery date not yet arrived and a relatively short observation window, it is not enough to conclude that demand is weakening.

[H20 141G Beijing: Nearly 20 Full Servers Listed at 2.83 Million Yuan] A Beijing channel party listed nearly 20 H20 141G full servers, with a unit price of 2.83 million yuan, including a three-year warranty, equivalent to approximately 354,000 yuan per card. The inventory is split between two warehouses with about 9 units each; buyers must inspect the goods on-site and pay a 30% deposit to lock in the stock, then pay the balance for cargo pick-up after stress testing is completed. Orders exceeding 9 units must be executed across two warehouses. Based on the average monthly rent of 45,500 yuan for this specification in Chengdu-Chongqing, the static payback period is approximately 62 months.

[SMM View] First, the 19 indices remained flat across the board for two consecutive days, while both sides of the supply side were simultaneously active, indicating the market is in a transitional period of "silent quotes, inventory adjustment."

Second, the central China mid-end annual contract at 43,000 yuan falls between east China's 46,000 yuan and south China's 41,000 yuan, and the quote does not constitute a discount. The hesitation in transactions stems from the delivery date not yet arriving, so it is not appropriate to conclude that demand is weakening based on this.

Third, the concentrated listing of high-memory full servers in Beijing, with requirements for on-site inspection, deposit-based stock locking, and balance payment after stress testing, reflects relatively strict terms, indicating strong bargaining willingness on the seller's side, with the three-year warranty serving as a credit enhancement.

Fourth, based on approximately 354,000 yuan per card and a monthly rent of 45,500 yuan in Chengdu-Chongqing, the static payback period is approximately 5.2 years, and the cost difference between purchasing and leasing remains the key decision factor.