[SMM Computing Power Flash] East China relocatable 910B4 quoted at 19,000, higher than the same model in southwest China

SMM has learned that the channel quotation for an H100 eight-GPU complete server has risen to approximately 3.2 million yuan per unit, while a previously completed transaction at around 3.1 million yuan has already been delivered. The quotation for H200 complete servers remains stable at 5.35 million to 5.4 million yuan per unit. According to channel feedback, prices for H-series complete servers have been in a sideways state with no upward momentum over the past 10 days, as both buyers and sellers await policy signals and new supply, with transactions driven mainly by rigid demand. This feedback is corroborated by the recent circulating quotations for H200 complete servers of 5.43 million to 5.6 million yuan, indicating that price elasticity within the high-price range has notably narrowed.

SMM has learned that a bundling model has emerged in high-end computing power spot transactions: when a certain channel sells complete high-end computing power spot units, it requires buyers to simultaneously sign futures contracts for 16 or 32 units for every 2 units purchased, with a prepayment ratio of up to 30% for futures orders, meaning buyers must first make a large prepayment and then wait for delivery. Under this model, buyers effectively bear dual uncertainty in both delivery cycles and contract performance, and the market remains cautious about prepayments that can easily reach tens of millions of yuan. Previously, false supply information had already circulated in the high-end computing power market, and mainstream spot prices had risen above 14 million yuan per unit. The bundling of spot goods with futures indicates that sellers are using a small amount of spot supply to leverage futures orders and recover funds, while high prices combined with high prepayments further raise the entry threshold for buyers.

SMM has learned that four H20 96G servers in east China are being offered for external rental, with an annual contract at a monthly rent of 39,000 yuan per unit per month, one month's deposit and three months' rent paid upfront, and the resources to be released on October 31. Compared with the pre-sale quote for H20 96G cloud servers in the same region in early September of 46,000 yuan per unit per month, with one month's deposit and one month's rent paid in advance, this deal is 7,000 yuan lower, a discount of about 15%. SMM believes that this deal involves the delayed release of existing resources and requires one month's deposit plus three months' rent upfront, which significantly increases the capital occupation for the lessee. The price spread mainly reflects differences in resource attributes and payment terms, rather than weakening prices for this model.