[SMM Computing Power Midday Review] 910B3 newly released 14,500, with 20,000 relocatable

[Market Overview] The 19 indices collected this morning remained flat compared with the previous trading day, marking the third consecutive trading day of zero movement. On the supply side, structural signals emerged: newly released and relocatable 910B3 resources were listed in parallel within the same channel, with a price difference of about 27%, making the dual-track pricing more explicit.

[910B3: 32 Newly Released Units Quoted at 14,500 Yuan] A channel released 32 units of 910B3 64G servers at 14,500 yuan/unit/month, equivalent to about 2.52 yuan per card-hour, with a shared 1G network included. This model is the Atlas 800T A2 air-cooled server, with 8 cards per unit, 64G HBM per card, non-sparse FP16 computing power of 2.5P, and 5.2kW power per unit. This quote is 2,500 yuan lower than the Beijing-Tianjin-Hebei index lowest price of 17,000 yuan, a decrease of 14.7%, and 500 yuan lower than the online price of 15,000 yuan in late September, marking the lowest value for this model collected by SMM.

[Dual-Track Pricing in the Same Channel: About 27% Price Spread Between Newly Released and Relocatable Units] The same channel also has 4 relocatable 910B4 and 4 relocatable 910B3 units, both quoted at 20,000 yuan/unit/month, equivalent to about 3.47 yuan per card-hour, about 27% higher than the newly released resources. The two types of resources have the same model and specifications, with the difference lying in delivery method: newly released units come with a shared 1G network, while relocatable units refer to off-site migration delivery. The price spread is nearly 30%, indicating that delivery conditions have significantly increased their weight in domestic computing power pricing.

[SMM View] First, while the indices remained flat for three consecutive days with silent listing prices, the supply side continued to adjust through new releases and dual-track pricing, showing that the indices lag in reflecting structural changes in domestic resources. Second, the newly released 910B3 units quoted at 14,500 yuan, about 14.7% lower than the Beijing-Tianjin-Hebei index lowest price, indicating that the sample has not yet included the low-price tier under the shared network standard, and the lower bound may be underestimated. Third, the price spread of about 27% between newly released and relocatable units in the same channel shows that delivery method has become the second variable in domestic computing power pricing.

Fourth, the power density of 5.2kW per unit provides an anchor for cabinet and power infrastructure planning, and rental quotes are expected to normalize to a full-cost basis.