[SMM Computing Power Flash] 30 units of 910B3 available for online rental at 16,000 yuan, 3,000 yuan lower than relocatable units

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.

Indices traded sideways across the board today. Domestic 910B series saw concentrated rental releases: relocatable 910B4/B3 quoted at 19,000 (a 19%–27% premium over Southwest China), 910B2 online hit a record high of 17,000 (a 42% premium over direct supply), and 910B3 online at 16,000 showed specification inversion, with pricing shifting from model-tier differentiation to delivery-method differentiation. In the Northwest, 256 H200 units on a five-year closed contract at 128,000 with no discount signaled stronger seller pricing power; the first procurement of A800 40G at 18,000 was double the price of A100 with the same memory; and 800 units of 5090 full systems at 12,300 per month sold out in under a week.

SMM learned that 256 H200 units in north-west China are being offered for rent on a spot basis, using RoCE networking, with a five-year closed-end monthly rent of 128,000 yuan per unit, marking the largest single H200 rental transaction SMM has recorded to date. Compared with 32 units in central China at 123,000 yuan for a five-year closed-end term and 32 units in east China at 128,000 yuan for a three-year closed-end term, this deal is 5,000 yuan higher for the same five-year period. However, similar resources in the region face actual delivery issues, requiring more cautious selection. SMM believes that long-term closed-end contracts usually come with price discounts, yet this deal is higher than quotes for the same term, reflecting stronger pricing power among H200 sellers and indicating that spot tightness has been transmitted to forward contracts.