[SMM Computing Power Midday Review] H100 five-year closed-end price rises to 84,000, index still consolidates

[Market Overview] The 19 indices collected this morning remained flat compared with the previous trading day, marking the fourth consecutive trading day of zero movement. On the spot side, signals of price increases emerged: the five-year closed quote for 128 H100 units rose to 84,000 yuan, driven by price hikes on the server room side and an increase in interested clients, but the contract is still in process and has not yet been cleared.

[H100: 128 Units, Five-Year Closed Quote at 84,000] A computing power service provider quoted 84,000 yuan per unit per month for 128 H100 full units on a five-year closed basis, equivalent to about 14.58 yuan per card-hour. The price increase was driven by server room side price hikes combined with more interested clients. The quote is 3,000 yuan, or 3.4%, below the highest index price of 87,000 yuan in the Yangtze River Delta and western regions, and 1,500 yuan, or 1.8%, above the average price of 82,500 yuan in the two regions, placing it in the upper half of the range.

[Term Structure: Long-Term Contracts Still Lower Than Short-Term Rentals] Compared with the 87,000 yuan quote on October 9 for one H100 unit in the northwest with a minimum one-year lease, this five-year closed quote is 3,000 yuan lower, a decline of 3.4%; in August, four-to-five-year closed quotes in the same region ranged from 75,000 to 76,000 yuan. The structure of longer terms corresponding to lower unit prices persists, and long-term contracts have still not gained a premium.

[SMM View] First, the 19 indices have remained flat for four consecutive trading days, with listing prices staying silent while actual quotes have quietly moved upward, widening the divergence between the indices and transaction-side activity. Second, the 84,000 yuan quote is 1.8% above the index average and 3.4% below the highest price, indicating that this round of increases is still moving within the existing range and the top has not yet been pushed higher. Third, server room side price hikes have become the direct driver of rental increases, and the transmission from the cost side to the leasing side is beginning to show. Fourth, the long-term contract quote for 128 units is still lower than the per-unit price for a minimum one-year lease, and the inverted term structure has not been repaired; the cost-effectiveness of locking in volume over the long term remains higher than locking in price. Fifth, this contract has not been cleared, and the quote is a listing rather than a transaction, so the trend remains to be confirmed after it is finalized.