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

Data Centre Magazine reported on Aug 27 that Prysmian is rolling out a fibre-plus-copper composite cabling programme for AI data centres, running in parallel with its $1.25 billion three-state US expansion. The programme covers pre-terminated fibre, AOC active optical cable, direct-attach copper (DAC), and rack-level power distribution copper busbars, targeting hyperscale and colocation buyers. The Molex EUR 5.5 billion long-term agreement executes alongside; Prysmian expects North America data-centre fibre:copper cable mix to shift from 60:40 toward 45:55 over 2027-2030, with AI compute nodes driving incremental demand for high-speed differential copper and 800 V busbars.

SMM has learned that a certain MaaS platform is currently selling DeepSeek-V4-Flash model tokens at 78% of DeepSeek's official website price. The sales side also has a policy: "If usage exceeds 30,000 yuan, the official website price is further discounted to 95%." The platform's developers bluntly say that the 95% price may be completely unprofitable. The platform uses a hybrid model of partly self-built deployment and partly access to large vendors' APIs, with large vendors as the upstream. Capacity is expanded whenever usage exceeds the limit, and the TPM ceiling has been raised several times to 30 million. According to its feedback, the discount spread between upstream and downstream in token resale is extremely small, margins are negligible, and profitability is far lower than that of the computing power leasing business.

SMM learned that buyout quotes for H200 PCIe complete systems emerged in the market. A certain brand's H200 PCIe (with NVLink bridge and a full 2T configuration) was quoted at 4.35 million yuan per unit, including a three-year warranty, with the seller promising that the goods could be inspected; another channel released 16 units of warehouse spot inventory of a certain brand's H200 PCIe, with quotes around the 4.1 million yuan level. Compared with the buyout basis of 256 units of H200 HGX spot inventory in a Shenzhen warehouse on August 24 at 5.35 million yuan per unit (including 13% tax), quotes for the PCIe form factor were about 20% lower, and H200 complete-system buyout prices diverged by form factor. SMM believes that the price spread between HGX and PCIe form factors in the H200 buyout market is clear, and now considers that PCIe has entered circulation at a discount of about 20%.