[SMM Computing Power Weekly Review] Beijing-Tianjin-Hebei, Western, and Chengdu-Chongqing Computing Power Prices Remained Stable Throughout the Week, H100 Western Continued to Edge Up

I. Market Overview

This week (as of August 21), the computing power rental market in the West, Beijing-Tianjin-Hebei, and Chengdu-Chongqing regions showed a pattern of "overall stability with minor local fluctuations." Among the 12 SMM price indices in the three regions, 11 were flat WoW, one was slightly raised from the previous week, and there were no declines. Overall, the trends in monthly rental and card-based pricing were consistent, with the price center maintaining stability, and the market entering a "consolidation at highs" phase.

Variety with a Week-over-Week Raise:

• SMM-H100-80G-Whole Machine-West-Monthly rental average was raised from 76,250 yuan last week to 76,750 yuan/month (monthly rental increase +0.66%), and card hour pricing from 13.24 yuan to 13.32 yuan (card hour increase +0.60%). Weekly trend: On August 17, it was reported at 76,250 yuan; from August 18 to 19, it shot up to 77,500 yuan; from August 20 to 21, it pulled back to 76,750 yuan.

Flat Varieties (11):

• SMM-A100-80G-Whole Machine-Beijing-Tianjin-Hebei-Monthly rental stable at 32,000 yuan/month (card hour: 5.56);

• SMM-A800-80G-Whole Machine-Beijing-Tianjin-Hebei-Monthly rental stable at 32,000 yuan/month (card hour: 5.56);

• SMM-H800-80G-Whole Machine-Beijing-Tianjin-Hebei-Monthly rental stable at 71,250 yuan/month (card hour: 12.37);

• SMM-H20-96G-Whole Machine-Beijing-Tianjin-Hebei-Monthly rental stable at 40,500 yuan/month (card hour: 7.03);

• SMM-910B-64G-Whole Machine-Beijing-Tianjin-Hebei-Monthly rental stable at 19,500 yuan/month (card hour: 3.39);

• SMM-A100-80G-Whole Machine-Chengdu-Chongqing-Monthly rental stable at 37,000 yuan/month (card hour: 6.42);

• SMM-A100-40G-Whole Machine-Chengdu-Chongqing-Monthly rental stable at 12,000 yuan/month (card hour: 2.08);

• SMM-A800-80G-Whole Machine-Chengdu-Chongqing-Monthly rental stable at 35,000 yuan/month (card hour: 6.08);

• SMM-H20-141G-Whole Machine-Chengdu-Chongqing-Monthly rental stable at 45,500 yuan/month (card hour: 7.90);

• SMM-910B-64G-Whole Machine-Chengdu-Chongqing-Monthly rental stable at 18,787.5 yuan/month (card hour: 3.26);

• SMM-910B-64G-Whole Machine-West-Monthly rental stable at 13,750 yuan/month (card hour: 2.39).

II. Interpretation by Computing Power Rental Resource Variety

SMM-H100-80G-Whole Machine-West retreated after a rapid rise, continuing the upward channel. Multiple places including Beijing, Shanghai, Guangzhou, and Shenzhen reported that there were no spot cargo for H100 whole machine leasing channels, and orders were sold out immediately upon release. After the Western H100 average price stabilized at 75,750 yuan on August 4, the market opened at 76,250 yuan this week, then shot up to 77,500 yuan/month (card hour: 13.45 yuan) from August 18 to 19, and pulled back to 76,750 yuan from August 20 to 21.

Overall, it rose 0.66% WoW, and the siphoning effect of western resources on external orders continued.

All five Beijing-Tianjin-Hebei indices remained stable. A100 80G 32,000 yuan (card-hour 5.56), A800 80G 32,000 yuan (card-hour 5.56), H800 80G 71,250 yuan (card-hour 12.37), H20 96G 40,500 yuan (card-hour 7.03), 910B 64G 19,500 yuan (card-hour 3.39) — all were flat this week from last week. The price center has moved out of the rapid adjustment phase and entered a platform phase of digesting earlier % changes.

All five Chengdu-Chongqing indices remained stable. A100 80G 37,000 yuan (card-hour 6.42), A100 40G 12,000 yuan (card-hour 2.08), A800 80G 35,000 yuan (card-hour 6.08), H20 141G 45,500 yuan (card-hour 7.9), 910B 64G 18,787.5 yuan (card-hour 3.26) — flat this week from last week. After the downward adjustment in late July to early August, the Chengdu-Chongqing 910B remained stable at 18,787.5 yuan/month for two consecutive weeks.

Western 910B continued to remain stable at low levels. SMM-910B-64G-Complete Machine-Western-Subscription continued at 13,750 yuan/month (card-hour 2.39). This formed a regional price spread of about 5,750 yuan/month and 5,037.5 yuan/month versus 19,500 yuan in Beijing-Tianjin-Hebei and 18,787.5 yuan in Chengdu-Chongqing, respectively, with low-priced western resources continuing to siphon demand from surrounding areas.

III. Market Outlook and SMM Views

In the short term, H100 in the west remained in a rising channel, shooting up to 77,500 yuan during the week before pulling back to 76,750 yuan, reflecting widening divergences and intensified bargaining between buyers and sellers in the 76,000-78,000 yuan range; in the short term, western H100 is expected to consolidate within this range while awaiting signals for the next directional choice. A100, H800, H20, and 910B in Beijing-Tianjin-Hebei and Chengdu-Chongqing have all moved out of the rapid adjustment phase and are expected to remain largely stable over the next 1-2 weeks, with the price center converging toward a pattern of “spot cargo anchoring and long-term contract discounts.”

Two points warrant attention. First, intermediaries in compute trading accounted for about 30% in WeChat groups for leasing resources; coupled with the “master lease—sublease” markup model, end-user implicit costs were continuously amplified. Second, the bottom of the compute leasing market moved up rapidly, and buyers and sellers often bargained based on outdated anchors. The compute leasing market is highly non-standardized and information transmission is lagging, which is the root cause of price cliffs and uncontrolled price spreads. The industry urgently needs an objective and impartial third-party institution to compress the information-lag space through high-frequency, transparent price monitoring, enabling sellers and buyers to make decisions within the same coordinate system.

Summary of core data this week:

• SMM-H100-80G-Complete Machine-Western-Subscription: average 76,750 yuan/month (WoW +500, monthly rent +0.66%), card-hour 13.32 yuan (card-hour +0.60%); shot up to 77,500 yuan during the week

• SMM-A100-80G-Complete Machine-Beijing-Tianjin-Hebei-Subscription: average 32,000 yuan/month (flat), card-hour 5.56 yuan

• SMM-A800-80G-Complete Machine-Beijing-Tianjin-Hebei-Subscription: average 32,000 yuan/month (flat), card-hour 5.56 yuan

• SMM-H800-80G-Complete Machine-Beijing-Tianjin-Hebei-Subscription: average 71,250 yuan/month (flat), card-hour 12.37 yuan

• SMM-H20-96G-Complete Machine-Beijing-Tianjin-Hebei-Subscription: average 40,500 yuan/month (flat), card-hour 7.03 yuan

• SMM-910B-64G-Complete Machine-Beijing-Tianjin-Hebei-Subscription: average 19,500 yuan/month (flat), card-hour 3.39 yuan

• SMM-A100-80G-Complete Machine-Chengdu-Chongqing-Subscription: average 37,000 yuan/month (flat), card-hour 6.42 yuan

• SMM-A100-40G-Complete Machine-Chengdu-Chongqing-Subscription: average 12,000 yuan/month (flat), card-hour 2.08 yuan

• SMM-A800-80G-Complete Machine-Chengdu-Chongqing-Subscription: average 35,000 yuan/month (flat), card-hour 6.08 yuan

• SMM-H20-141G-Complete Machine-Chengdu-Chongqing-Subscription: average 45,500 yuan/month (flat), card-hour 7.9 yuan

• SMM-910B-64G-Complete Machine-Chengdu-Chongqing-Subscription: average 18,787.5 yuan/month (flat), card-hour 3.26 yuan

• SMM-910B-64G-Complete Machine-Western-Subscription: average 13,750 yuan/month (flat), card-hour 2.39 yuan