[SMM Computing Power Midday Review] H200 near-spot leased at 127,000, H100 five-year closed listing at 82,000

[Market Overview] The SMM computing power rental price composite index closed at 17.194 yuan/card·hour today, unchanged from the previous trading day, pulling back 6.8% from the post-holiday high of 18.456 yuan on October 14, marking the second consecutive trading day of stabilization after the downward revision on October 15. All 19 benchmark price quotes were flat compared with the previous session. On the price collection side, two leads emerged involving large-scale high-end cards: a batch of 128 H200 near-spot units was confirmed leased, with channel sources citing approximately 127,000 yuan/unit·month; during the same period, a batch of 128 H100 units with five-year closed contracts was listed in Shenzhen at 82,000 yuan/unit·month. Both quotes include 6% VAT.

[H200: 128 Near-Spot Units Leased Quickly; Another 256 Units from the Same Batch Unavailable During the Same Period] On October 16, a channel confirmed that a batch of 128 H200 bare-metal units had been leased. This batch was near-spot, with a delivery cycle of about 20 days including transportation, and channel sources cited a monthly rent of approximately 127,000 yuan per unit, with the quote including 6% VAT. Another batch of 256 H200 units disclosed by the same channel the previous day, which could be relocated to designated data centers, was also confirmed unavailable during the same period. Compared with the early-September quote of 111,000 yuan/unit·month for the same specification of 128 units under a five-year closed long-term contract, this batch was near-spot with a delivery cycle of about 20 days. The two have different lease term structures and are not directly comparable. The combined 384 units across the two batches were absorbed within about a week, and the available H200 spot volume on the channel side tightened rapidly.

[H100: 128 Units in Shenzhen Listed at 82,000 Yuan for Five-Year Closed Contracts] During the same period, another channel dealer listed a batch of 128 H100 units in Shenzhen, with a scale of 128 units and a five-year closed lease term, quoted at 82,000 yuan/unit·month including 6% VAT, with on-site testing agreed upon after signing. This quote is about 26% lower than the H200 long-term contract quote of 111,000 yuan/unit·month for the same lease term (five-year closed). The two models are different and not directly comparable; as a horizontal reference, the H100 monthly benchmark price in the Yangtze River Delta of 14.32 yuan/card·hour converts to approximately 82,500 yuan/unit·month (including 13% VAT), which is close to this listing price, but the tax treatment differs, so it serves only as a reference.

[SMM View] First, the composite index and all 19 benchmark quotes were flat today, with the monthly rental segment extending its stabilization following the October 15 downward revision. However, on the price collection side, activity in high-end cards was concentrated—384 H200 units across two batches were absorbed within about a week, and a batch of 128 H100 units was listed under a five-year closed contract. The coexistence of large-scale resource absorption and price-locking demand, alongside a stable monthly rental segment, forms a structure of "stable surface, tight volume." Second, the two leads' quotes fall into different tiers: the H200 near-spot price of 127,000 yuan/unit·month is about 14% higher than the same-specification five-year closed long-term contract quote, corresponding to a liquidity premium for short-cycle delivery; the H100 five-year closed quote of 82,000 yuan/unit·month is about 26% lower than the H200 quote for the same lease term, with the model price spread persisting. Combined with the composite index pulling back 6.8% from its post-holiday high, SMM believes the current support for high-end cards comes more from the tightening of available volume rather than an overall upward shift in the price center. It is worth tracking whether the available H200 spot volume on the channel side can be replenished and whether the H100 five-year closed listing can translate into actual transactions.