[SMM Computing Power Daily] H100 long-term contract at 87,000, 910C first quoted at 66,000

SMM, September 21:

[H100: East China long-term contracts quoted at 87,000 yuan, breaking above the mainstream range; short-term rental budget of 100,000 yuan falls through]

SMM has learned that four H100 full servers in east China will be released on the 27th of this month, with annual long-term rental quoted at 87,000 yuan/unit/month. Another nine units are pending confirmation, which is 2,000 yuan, or about 3%, above the upper end of mainstream quotations, and also higher than the 85,000 yuan clearing price for the last batch in the region in early September. During the same period, two short-term rental demand inquiries emerged: one for 16 units over a three-month term with a budget of 90,000 yuan, accepting substitution with 10 H200 units, up 26.8% from similar demand on July 20; the other for a three-month term with a budget of 100,000 yuan, an 18% premium over the upper end of the mainstream range, but no matching resources were found and the deal did not go through, marking the first failed high-budget inquiry in this cycle. On the supply side, approximately 100 H100 full servers in spot cargo were cleared from a bonded warehouse in Hong Kong, China this week (the master order totals about 300 units). Buyers must inspect the goods, confirm title, and pay in full before the goods can be moved, with the option to take delivery in batches by unit. SMM understands that the demand side has already accepted substitute models based on computing power equivalence, while the pace of supply release and delivery conditions have tightened simultaneously.

[Domestic computing power: 910C first reported at 66,000 yuan; relocatable 910B3 catches up with 910B4]

SMM has learned that a 910C 752T online cluster of 158 units has been released for rent in five batches of 48, 48, 16, 16, and 30 units, at a monthly rent of 66,000 yuan/unit/month. This is the first time SMM has collected pricing for this model and also the largest sample of a domestic computing power cluster, 46,000 yuan higher than the relocatable 910B4 at 20,000 yuan, and close to the 69,000 yuan annual rental for H800 in the same period. In the low and mid-end segment, five relocatable 910B4 units in east China were quoted at 20,000 yuan for annual rental, flat for two consecutive batches and a 33% premium over the 15,000 yuan online price for the same model; two relocatable 910B3 units rose from 19,000 yuan to 20,000 yuan, an increase of 5.3%, reaching parity with the 910B4 and eliminating the price spread between the two specifications. Online, 32 units of 910B1 were quoted at 16,000 yuan (first collection), fully in line with the 910B2 and 910B3 at zero spread; another single 910B3 dropped to 15,000 yuan, a 6.3% discount from the batch quotation. SMM understands that online channels price by batch rather than by specification, model specifications do not factor into price formation, and the delivery flexibility premium continues to widen.

[H800: Annual rental rebounds to 69,000 yuan, still 9% below August long-term contract price]

SMM has learned that two H800 units are quoted at 69,000 yuan/unit/month for annual rental, between the September online price of 68,000 yuan and the relocatable east China price of 70,000 yuan. Compared with the 76,000 yuan annual contract for the same model in central China in August, this is 7,000 yuan lower, a decline of 9%. SMM understands that the H800 is the only model in the H series that has been on a sustained downward trajectory. This slight rebound does not alter the downward channel, and the trend of demand concentrating toward higher-performance models continues.

[Other market developments - Memory and full servers: Samsung 64G 5600 quoted at $3,170; 130 units of 96G 6400 shipped]

SMM has learned that a batch of 500 Samsung brand-new original-box 64G 5600 modules in a Shenzhen warehouse is quoted at $3,170 per module (year code DC24, made in Vietnam, available for on-site warehouse inspection). Another channel has shipped a total of 130 units of Micron 96G 6400. On the purchasing side, demand has emerged for 1,000 units of 64G 5600 with immediate cash settlement. On the full-server side, a channel is offering five H20 96G full servers, claiming first-hand supply. There are also ongoing shipments of Pro6000 full servers, 5090 full servers, and H100 single cards. On the demand side, there is purchasing interest for 5090 fan cards without brand restrictions. A basic telecom operator has launched a supply chain procurement service for computing power equipment, with credit lines ranging from 5,000 yuan to 100 million yuan and an annualized funding cost of 12%. Over the weekend, approximately 400 H200 2T PCIe full servers appeared as spot cargo in a Guangzhou warehouse, with a minimum order of 64 units per batch and pricing negotiable based on buyer budget. Additionally, 5090 full servers (512G configuration) were quoted at 580,000 yuan/unit, Pro5000 72G tax-inclusive was quoted at 6x,xxx yuan, and a 200-unit batch in Shenzhen spot was quoted at 70,000 yuan. SMM understands that large spot orders have surfaced but sellers have not disclosed pricing openly, with the supply side still primarily engaged in exploratory bargaining.

[Policy updates: Beijing issues "Ten Measures for the Token Economy"; Ministry of Commerce initiates anti-discrimination investigation]

SMM has learned that the Beijing Municipal Bureau of Economy and Information Technology and the Municipal Development and Reform Commission jointly issued the "Beijing Action Plan for Accelerating the Development of the Token Economy (2026-2028)," featuring ten policies across six dimensions, including building high-standard token factories, improving market-based token pricing and circulation mechanisms, cultivating an intelligent agent application ecosystem, and innovating financial instruments for computing power and tokens, with implementation through the end of 2028. On September 19, the Ministry of Commerce initiated an anti-discrimination investigation into US restrictions on China in the integrated circuit sector. On the same day, a vice premier led a delegation to the US for consultations, with semiconductors, AI, and advanced computing power explicitly excluded from the tariff reduction list. In addition, Beijing's "15th Five-Year Plan" business environment plan proposes optimizing tools such as computing power vouchers and model vouchers. Under the MIIT's metropolitan-area "millisecond computing" special program, a basic telecom operator's Jinan and Qingdao metropolitan area networks were the first to pass testing, and the program explicitly targets the completion of a fully covered millisecond computing network system by 2027. SMM understands that token metering, pricing, and settlement are being incorporated into the official standardization framework, and computing power vouchers are being upgraded from local pilot tools to permanent tools in megacities. SMM analysis: Four main threads today. First, the constraining variable for H100 has shifted from price to resource availability - long-term contracts at 87,000 yuan have broken above the upper end of the mainstream range, and short-term rental budgets have risen to 90,000-100,000 yuan, yet one 100,000 yuan budget inquiry failed to close, and the 100 units of Hong Kong, China spot cargo come with full-payment-before-release conditions. The upper end of pricing has repeatedly broken through, but transaction volume has not expanded in tandem. Second, the domestic computing power price band has shifted upward and now overlaps with imported mid-end models - the 910C first reported at 66,000 yuan, close to the H800 annual rental of 69,000 yuan, and the relocatable 910B3 has caught up with the 910B4, while three online specifications are priced identically. Model tiering has not yet formed, and delivery method remains the primary explanatory variable. Third, neither scale nor tenor has entered into pricing - a single 910B3 online is discounted by 6.3%, while relocatable 910B4 units have held at 20,000 yuan for two consecutive batches with no discount for a one-year lockup, reflecting tight domestic computing power spot supply and holders having no need to offer scale or tenor discounts to move inventory. Fourth, on the policy front, tokens and computing power vouchers are being institutionalized simultaneously, with token metering, pricing, and settlement entering the official standardization framework. In the same period, the Ministry of Commerce's anti-discrimination investigation means geopolitical uncertainty over advanced computing power chip supply is unlikely to dissipate in the short term.