[SMM Computing Power Midday Review] Indices trade flat across the board, domestic computing power pricing shifts from model-based tiering to delivery-based tiering

[Market Overview] Today, the overall SMM Computing Power Leasing Price Index remained flat, with all 19 index quotations unchanged from the previous trading day. Signals on the price collection side were dense: four batches of the 910B series were offered for lease in a concentrated manner, and the price spreads among the three delivery definitions—relocatable, online cloud, and direct supply—fully widened, indicating a clear shift in the pricing structure for domestic computing power; on the high-end side, H200 saw the largest single-order lease offering to date.

[Domestic Computing Power: Pricing Structure Shift for the 910B Series] In east China, a quotation for 16 units of relocatable 910B4 was 19,000 yuan/unit/month, representing a 19–27% premium over the 15,000–16,000 yuan all-in lease (closed offer) in southwest China, with cross-region price spreads clearly widening; in the same region, 9 units of relocatable 910B3 were also quoted at 19,000 yuan, the same price as 910B4. Online, 32 units of 910B2 cloud resources were quoted at a record high of 17,000 yuan, about a 42% premium over the 12,000 yuan direct supply from carriers, further widening the dual-track price spread; meanwhile, 30 units of 910B3 were quoted online at 16,000 yuan, 1,000 yuan lower than 910B2 online, resulting in an inversion between specifications and price. With relocatable priced above online and higher specifications priced below lower specifications, the domestic computing power price gradient was shifting from model-based tiering to delivery-method-based tiering, and a performance-based pricing mechanism had yet to take shape.

[High-End and Consumer Grade: No Discount for Large H200 Orders, 5090 Complete Systems Sold Out Quickly] In northwest China, 256 units of H200 were offered for lease at an all-in five-year closed offer of 128,000 yuan/unit, the largest single-order scale to date, 5,000 yuan higher than the 123,000 yuan five-year closed offer for 32 units in central China. No discount was seen for the long tenor, indicating stronger seller pricing power and the transmission of spot tightness into the forward market (resources of the same type in this region have had actual delivery issues; selection should be made with caution). On the consumer side, 800 units of 8-GPU 5090 turbo complete systems were offered for lease in bulk at an all-in closed offer of 12,300 yuan/unit/month, and sold out in less than a week after listing, with the digestion pace of bulk resources clearly accelerating.

[SMM View] Beneath today’s flat index, three migration threads in pricing logic were worth focusing on: first, the premium anchor for domestic computing power shifted from model specifications to deployment flexibility and channel availability—A800 40G recorded its first online price collection at 18,000 yuan, twice that of A100 with the same VRAM, and pricing for older models shifted from performance to scarcity; second, H800 was quoted online and as relocatable at the same 70,000 yuan, with no premium granted for flexibility, in contrast to the high budget of 83,000 yuan for H100 online, suggesting that the demand side was reshuffling delivery preferences by model popularity; third, the alignment between no long-tenor discount for H200 and the bulk sell-out of 5090 confirmed an accelerating pace of spot digestion. SMM believed that delivery-method premiums would become the key dimension for the next stage of domestic computing power price collection and index refinement.