[SMM Computing Power Midday Review] H800 highest price in Beijing-Tianjin-Hebei rises, and scattered resource subletting intensifies supply tightness.

Published: Jul 31, 2026 11:54 (GMT+8)

Save

The highest monthly rent for H800 in the Beijing-Tianjin-Hebei region rose to 75,500 yuan (up 3.42%), and the highest per-card-hour rate rose to 13.11 yuan (up 3.39%), reflecting tight spot supply of Nvidia. Scattered resources are bulk-rented by platforms/operators and then subleased for profit, driving up listing prices; domestic computing power still needs to build market confidence as it enters the market, and is unlikely to replace Nvidia's high-end in the short term.

[Market Overview] This morning, the highest price in the H800 Beijing-Tianjin-Hebei region saw a notable rise. The SMM-H800-80G-Complete Unit-Beijing-Tianjin-Hebei-Monthly Subscription highest monthly rent increased from 73,000 yuan to 75,500 yuan, equivalent to a highest card-hour rate of 13.11 yuan. The uplift in high-end prices reflected tight spot supply of NVIDIA high-end computing power in the region, while demand remained elevated.

[H800 Beijing-Tianjin-Hebei: Highest Price Rose, Price-Ceiling Anchor Lifted] The SMM-H800-80G-Complete Unit-Beijing-Tianjin-Hebei-Monthly Subscription highest monthly rent increased from 73,000 yuan to 75,500 yuan, up 2,500 yuan, a gain of 3.42%; the highest card-hour rate rose from 12.67 yuan to 13.11 yuan, up 0.43 yuan, a gain of 3.39%. The core driver of this rise was: undersupply of NVIDIA spot supply in the market. A large volume of scattered computing-power resources was being leased in advance by major platforms and operators, then, after unified scheduling, subleased to earn the spread; markups in the circulation process directly pushed up the listed highest price. The rise in the highest price rather than the lowest price indicates that the shortage was concentrated in compliant spot supply that could be delivered immediately, with bargaining power tilting toward schedulers holding the resources.

[SMM View] Overall demand for computing power stayed high, and the structural imbalance on the supply side was difficult to ease in the short term. Two points warrant attention: first, scattered resources, after being “master-leased—subleased” by platforms and operators, flowed out with added markups. While this improved scheduling efficiency, it also amplified end-user prices; insufficient NVIDIA spot supply was the fundamental constraint.

Second, domestic computing power was entering the market in succession, but developers’ and consumers’ confidence in its large-model training efficiency and ecosystem compatibility still needed time to build, making it difficult in the short term to form a substantive substitute for NVIDIA high-end prices. The market called for a more transparent spot supply and pricing mechanism to compress unnecessary intermediary markups.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

6 hours ago

[SMM Computing Power Weekly Review] Indexes Edge Up for Two Cards; H200 Rental at 98,000

In the week ending September 24, among the seven comparable samples of the SMM computing power leasing composite index, only the A100-80G and H100-80G in the Yangtze River Delta rose, with average prices reported at 37,500 yuan (+2.7%) and 82,500 yuan/unit/month (+1.2%), respectively, while the other five items remained flat. On the channel side, there are three main threads: the H200 form factor price spread has extended from the buyout end to the leasing end, with the PCIe five-year all-inclusive package at 98,000 yuan/unit/month versus the SXM closed-end at 120,000-143,000 yuan, and the maximum monthly rental difference for the same model reaching 45,000 yuan.

6 hours ago

[SMM Computing Power Weekly Review] Index consolidates throughout the week; H200 long-term contract breaks 100,000

In the week ending September 24, all 12 SMM computing power price indices in the western region, Beijing-Tianjin-Hebei, and Chengdu-Chongqing remained unchanged. The H100 in the western region held steady at 81,000 yuan/month (14.06 yuan per card-hour), and the H20-96G in Beijing-Tianjin-Hebei held steady at 43,000 yuan/month (7.47 yuan per card-hour). The H200 PCIe five-year long-term agreement price fell below 100,000 yuan for the first time.

6 hours ago

8 hours ago

AI Computing Infrastructure Gets Dual Boost from Policy and Demand; Domestic Supernodes Accelerate Breakthroughs

Data shows that during the 15th Five-Year Plan period, the national computing power network construction will add 4 trillion yuan in direct investment. Combined with ByteDance's token call volume surpassing the trillion-level mark, AI inference demand is strongly boosting computing infrastructure expansion. The ChiNext Computing Infrastructure Index was officially launched in June 2025, and multiple institutions including GF Fund have simultaneously rolled out dedicated ETFs, significantly enhancing capital-side support.

8 hours ago