SMM reported on August 26:
H200: 256 units of spot cargo in Shenzhen warehouse quoted at 5.35 million yuan; H200 PCIE annual contract at 126,000 yuan
SMM learned that a server channel distributor centrally released 256 units of H200 spot cargo in Shenzhen warehouse, with a single unit selling price of 5.35 million yuan (including 13% tax). Purchases required order quantities in clusters of 32, 64, 128, or 256 units. The process involved submitting business licenses, on-site capital and cargo verification, online contract signing, secondary verification before entering the warehouse, and a "pay one, pick up one" arrangement, with the seller intermediating. On the leasing side, three H200 PCIE servers in central China had an annual contract monthly rental of 126,000 yuan per unit. Compared to the previous east China H200 spot three-year closed contract at 128,000 yuan and the central China H200 five-year closed contract at 123,000 yuan, the PCIE version's annual contract price fell in the middle, with the series quotation range remaining above 120,000 yuan. The channel also reported spot sources such as 40 pieces of H200-141G original cards packaged together and 32 units of brand-new H200 complete machines.
High-end complete machines: 256 units of Dell 3T spot cargo quoted at 14.02 million yuan
SMM learned that a computing power hunting ground resource group released 256 units of high-end complete machines (Dell 3T spot) with a quotation of 14.02 million yuan per unit (including 10,000 yuan seller rebate). The transaction required capital verification of 5 billion yuan (screenshot acceptable) and procurement covering stamps, with on-site cargo pick-up in Shenzhen. Previously, the gradient of high-end complete machine spot prices was HP 3T at 14.02 million yuan, Supermicro 4T at 14.32 million yuan, and Dell 2T liquid cooling at 13.5 million yuan. On the futures side, Dell 3T was 8.93 million yuan, Supermicro 3T was 11.78 million yuan, and Dell 3T quasi-futures were 12.25 million yuan, resulting in a spot-to-futures premium of approximately 57%. Additionally, there were sporadic quotations for high-end computing power heads (Supermicro/ASUS/Quanta) and H800 complete machines.
H100: 96 units in Inner Mongolia with three-year closed contract at 76,000 yuan; spot in south-west China at 102,000 yuan
SMM learned that an operator in Inner Mongolia released 96 units of H100 with three-year closed contract leasing, at a monthly rental of 76,000 yuan per unit. In south-west China, 10 units of H100 spot leasing were quoted at 102,000 yuan per unit per month. Additionally, H100 96G custom cards and H100/H200 head spot cargo were reported, with a channel seeking 20 sets of H100 modules. H100 spot cargo mainly circulated in small batches, while large clusters were still locked in closed long-term contracts, with the quotation range between 76,000 yuan and 102,000 yuan.
5090: Both acquisition and leasing active; large memory version premium to 16,500 yuan
SMM learned that a 5090 buyer in south China gave a procurement budget of 39,500 yuan per card, with a minimum order of 100 cards. The current retail price of 5090 fan cards in the market was about 41,000 yuan per card, basically flat compared to the turbo card price of 40,800 yuan in mid-August. In south-west China, 32 RTX 5090 eight-card servers had an annual contract monthly rental of 13,500 yuan per unit, with the standard version annual contract price remaining in the 13,000-13,500 yuan range for several consecutive days. In the west, 50 units of the 1 TB memory version had an annual contract monthly rental of 16,500 yuan per unit, a premium of about 22%-27% over the standard version. On the leasing side, a machine room in Jiangsu had a one-year closed contract at 13,000 yuan, while another channel offered 13,300 yuan. A channel offered 500 units of 5090 512G spot available for lease or sale, with a minimum lease of 128 units for three years or more closed contract. Global inquiries for 5090 fan cards/PCBs were active, while on the supply side, Shenzhen 5090 turbo/fan cards from multiple brands were continuously reported as spot cargo.
910B/domestic computing power: 910B2 bullish space narrows to 12,000 yuan; 910B4 in south-west at 16,000 yuan
SMM learned that the leasing prices of the Huawei Ascend 910B series showed a bullish trend. Previously, the 910B2 in the Yangtze River Delta was anchored at 12,000 yuan per month for a long term and remained firm for over a month. Currently, the low-price space was gradually disappearing, as the improved adaptability of domestic computing power in inference scenarios boosted demand. In south-west China, 40 units of 910B4 bare-metal inference servers were released, with a monthly rental of 16,000 yuan per unit (including tax). Each machine featured 8×Ascend 910B4 (64 GB HBM), 4×Kunpeng 920, 2 TB DDR4, and HCCS interconnection between cards, indicating that the domestic computing power inference level was extending upward.
A100: 32 units in east China with three-year closed contract at 34,000 yuan; secondary verification
SMM learned that in east China, 32 units of A100 servers were released with a three-year closed contract monthly rental of 34,000 yuan per unit, identical to the sample of the same region, model, and term on August 20. Secondary verification confirmed the 34,000 yuan anchor point. Separately, a computing power service provider in east China recently completed the procurement and delivery of A100-80G eight-card complete machines, with a transaction price of 1.2 million to 1.3 million yuan per unit (including three-year warranty). The monthly rental was at the lower end of the 33,000-38,000 yuan per unit per month range, approximately 34,000 yuan, for a scale of about 50 units, used for video analysis, algorithm training, and multimodal AI scenarios. In east China, 20 units of A100 40G cloud machines had a monthly rental of 7,000 yuan, available for immediate use.
4090/Pro6000: 4090 per card-hour at 1.92 yuan; Pro6000D low-price volume release
SMM learned that a emerging cloud platform in south-west China deployed 16 NVIDIA 4090 computing power units, charging 1.92 yuan per card-hour (including tax). The price remained stable, providing a transparent pricing benchmark for consumer-grade card elastic computing power. On the supply side of Pro6000D, volume continued to release, with channels packaging at 71,000 yuan per piece. Spot cargo was densely reported in Shenzhen, Beijing, and other places, with the unit price previously dropping to 73,700 yuan per piece (including tax). Over the weekend, shipments and buyback messages exceeded 90. Additionally, 200 units of PRO6000 server edition spot and Pro6000 PCIE complete machines were reported. On the demand side, only sporadic inquiries for leasing were seen, with a significant supply-demand imbalance.
SMM analysis: Today's market main line featured concentrated release of high-end card types alongside large long-term contracts. The H200 Shenzhen warehouse batch of 256 units at 5.35 million yuan for whole clusters formed a supply-demand echo with the demand signal from last weekend for 256 units of high-end computing power five-year closed contracts at 270,000 yuan per month. The H200's different delivery forms (spot/PCIE/closed contract/annual contract) had quotations firmly above 120,000 yuan, with a generation premium of about 60% over H100. The high-end complete machine Dell 3T spot at 14.02 million yuan versus futures at 8.93 million yuan created a price spread of about 57%, with spot supply shifting from sporadic to batch shipments. For H100, 96 units in Inner Mongolia with three-year closed contracts at 76,000 yuan and spot in south-west at 102,000 yuan showed coexisting long-term locked prices and sporadic high rentals. The 5090 saw active supply and acquisition, with the standard version annual contract stabilizing above 13,000 yuan and a clear premium for the large memory version. Downstream customers could prioritize direct supply resources. The 910B series was bullish, with the low-price space for 910B2 in the Yangtze River Delta narrowing at 12,000 yuan and 910B4 entering the market in volume. The price center of domestic computing power might rise overall. The A100 long-term contract price highly converged at 34,000 yuan, with supply and demand balanced for existing models. The Pro6000D continued to release volume at the low end of 71,000-73,700 yuan, with the supply-demand imbalance persisting.
![[SMM Computing Power Express] South China 5090 Purchase Budget: 39,500 per Unit; Fan-Equipped Cards Retail at Approximately 41,000](https://imgqn.smm.cn/usercenter/LVqfJ20251217171736.jpg)
![[SMM Computing Power News] Southwest Emerging Cloud Platform 4090 Rental by Card Hour at 1.92 Yuan per Card Hour Including Tax](https://imgqn.smm.cn/usercenter/VCNvX20251217171735.jpeg)
![[SMM Computing Power Express] Western 50 Units 1TB Memory 5090 Yearly Contract Monthly Rent 16,500](https://imgqn.smm.cn/usercenter/SSKOK20251217171734.jpeg)
