[SMM Computing Power Flash] Jinan H20-141G Monthly Rent 52,000 Yuan, 3-Year Lease Intent Under Discussion

In the week ending September 18, 2 of the 12 SMM computing power price indices in the western region, Beijing-Tianjin-Hebei, and Chengdu-Chongqing were raised, while 10 remained flat. The average price of H100 in the western region rose 1.25% to 81,000 yuan/month (14.06 yuan per card-hour); A100 in Beijing-Tianjin-Hebei was raised 1.56% to 32,500 yuan/month.

The index consolidated today. A digital technology enterprise proposed a procurement demand for 16 H200 units (128-card SXM5 cluster) to support pretraining and routine fine-tuning of a 300B large model, with specifications and O&M terms as the core focus and no disclosed pricing caliber. In South China, the H20 141G branded eight-card server was quoted at 3.25 million yuan per unit (three-year warranty), 850,000 yuan higher than the 2.4 million yuan for the 96G server in the same region, making the brand and warranty premium explicit. The 128-card-level demand continued to keep H200 supply under pressure, with the pricing dimension shifting from unit price to delivery certainty and full-lifecycle services.

SMM has learned that a single H20 141G eight-card server in South China is available for sale at a price of 3.25 million yuan per unit. It is a branded server rather than a white-box model, comes with a three-year warranty, and offers optional extended warranty services. Only one unit is available. Compared with the 2.4 million yuan quotation for a brand-new H20 96G server in the same region, this unit features higher memory specifications and is priced 850,000 yuan higher. SMM believes that the premium of brand and warranty in the whole-unit sales segment is beginning to become explicit; a single bulk sample is not enough to represent the overall market level, and SMM will continue to track the situation.