[SMM Computing Power Daily] H20 Beijing-Tianjin-Hebei highest price rises 12%, dual-track pricing emerges for domestic server computing power leasing

[Market Overview]

The SMM computing power leasing index was flat overall today. Among the 19 indices, only the highest monthly lease for H20-96G in Beijing-Tianjin-Hebei rose by 11.90%, while the other 18 remained unchanged. At the market level, structural signals were concentrated on two main threads: tiered pricing for domestic computing power and the at home and abroad premium for H200.

[H20-96G Beijing-Tianjin-Hebei: Highest Price Rose 11.90%]

For H20-96G complete machines, the highest monthly lease in Beijing-Tianjin-Hebei rose from 42,000 yuan to 47,000 yuan, up 5,000 yuan, a monthly lease increase of 11.90%; the average monthly lease also rose from 40,500 yuan to 43,000 yuan, up 6.17%. The highest per-card-hour rate rose from 7.29 yuan to 8.16 yuan, and the average per-card-hour rate rose from 7.03 yuan to 7.47 yuan.

For the H20 model, both the price center and the upper bound in the Beijing-Tianjin-Hebei demand hotspot moved up in tandem, further strengthening suppliers’ bargaining power.

[Domestic Computing Power: Batch Bargaining and Dual-Track Pricing Took Shape]

In east China, 32 units of 910B4 spot cargo were leased out on a one-year, all-in, full-package basis at a monthly lease of 15,000 yuan, about 6% lower than 16,000 yuan/month in southwest China, indicating room for bargaining under batch full-package lease terms. Leasing for 910B2 showed a dual-track system—under operators’ centralised procurement, the per-unit equipment price was 160,000–180,000 yuan lower than social retail (in 6-unit batches), and centralised procurement costs were being translated into tiered leasing quotes. The per-unit annual contract quote for A100 80G was 35,000 yuan, highly consistent with 34,000 yuan under a three-year, all-in, 32-unit deal in east China, anchoring the monthly lease in the 34,000–35,000 yuan range.

[H200 at Home and Abroad: High-End Premium Continued]

In south China, 10 original H200 PCIE cards were offered at a selling price of 385,000 yuan per card; in Hong Kong, China, the transaction price for the same model rose from $41,000 at month-end July to $48,000 per card (about 350,000 yuan), up about 17%, and this reflected actual transactions rather than quotes. For 32 units of Supermicro H200 complete machines (HGX eight-card), the Hong Kong spot cargo quote was $730,000 per unit, while the initial indicative price in the mainland was about 5.35 million yuan per unit; on-site delivery strengthened verification of title to the goods.

[SMM View]

The index was mediocre today, but structural signals were dense: first, tiered pricing for domestic computing power accelerated—910B4 full-package lease bargaining, the 910B2 dual track of centralised procurement versus retail, and A100 80G anchored at 34,000–35,000, with the pricing system maturing from single-point pricing toward tiering;

second, the price spread between Chinese and overseas markets for H200 maintained a premium while narrowing, and the rise in overseas transaction prices reflected the continuation of scarcity premiums;

third, transaction terms for high-end models (910B4 all-in full-package lease, H200 on-site delivery) increasingly reinforced awareness of title to the goods and stability.