[SMM Computing Power Midday Review] H100 western low price rises to 84,000, range narrows

[Market Overview] Of the 19 indices today, 18 remained unchanged, with the only movement seen in the H100 western China full server, whose lowest price rose to 84,000 yuan. On the spot side, quotes were simultaneously reported for H200 five-year closed-end two-tier pricing, a large order for domestic full servers, and new prices for consumer-grade cards.

[H100 Western China: Lowest Price Jumps 7.7%] The lowest monthly rental rose from 78,000 yuan to 84,000 yuan, an increase of 7.7%; the lowest per-card-hour rate rose from 13.54 yuan to 14.58 yuan, an increase of 7.7%. The average monthly rental rose from 82,500 yuan to 85,500 yuan, an increase of 3.6%; the average per-card-hour rate rose from 14.32 yuan to 14.84 yuan, an increase of 3.6%. The highest price of 87,000 yuan remained unchanged. The range narrowed from 9,000 yuan to 3,000 yuan, with all three tiers converging toward the top, and the western China average price of 85,500 yuan is now slightly higher than the Yangtze River Delta's 85,000 yuan.

[H200: 128 Units, Five-Year Closed-End, Two-Tier Pricing] For 128 H200 eight-card full servers in east China, five-year closed-end pricing is divided into two tiers: with residual value at maturity retained by the lessor, approximately 140,000 yuan/unit/month; without residual value ownership, approximately 135,000 yuan. The former is 8,000 yuan higher than the 132,000 yuan for the 64-unit five-year closed-end deal in northwest China in October, an increase of 6.1%. Based on a full server price of 7.2 million yuan, the payback periods for the two tiers are approximately 51 months and 53 months, respectively. [Domestic and Consumer-Grade: C500 Quoted at 900,000, 5090 Quoted at 52,400] In east China, 180 MetaX C500 full servers were quoted at 900,000 yuan/unit; in south China, 100 RTX 5090 single cards including tax were quoted at 52,400 yuan, with the entire batch at 5.24 million yuan, available for immediate delivery; in the same region, 24 Pro 6000 single cards including tax were quoted at 167,000 yuan, with the entire batch at 4.008 million yuan, 6,500 yuan lower than the 173,500 yuan for 25 units in October, a decrease of 3.7%. [SMM View] First, the H100 western China low price jumped 7.7% and the range narrowed to 3,000 yuan, indicating that low-priced resources have been absorbed and prices are almost entirely anchored to the top.

Second, the western China average price of 85,500 yuan has overtaken the Yangtze River Delta's 85,000 yuan, reversing the regional price spread and completing the shift from a west-chasing-east pattern.

Third, the two-tier design of 140,000 yuan and 135,000 yuan for H200 five-year closed-end pricing singles out residual value ownership as a pricing variable, further reducing the comparability of similar quotes.

Fourth, domestic C500 and consumer-grade cards are simultaneously releasing volume quotes, with supply expansion and H-series top-end convergence proceeding in parallel, and market stratification will continue to deepen.