[SMM Computing Power Daily] Northwest 256 H200 units, five-year closed contract at 128,000

SMM, September 7:

H200: 256 units in north-west China, five-year closed-end at 128,000 yuan; seller pricing power shifting to long-term contracts SMM has learned that 256 H200 full servers with five-year closed-end long-term leases have been released in north-west China, using RoCE networking, at a monthly rent of 128,000 yuan per unit. Compared with 32 units in central China at 123,000 yuan for five-year closed-end and 32 units in east China at 128,000 yuan for three-year closed-end, this deal is 5,000 yuan higher for the same term, with no discount on the long-term contract side. On the supply side, SMM has learned that the Shenzhen computing power hunting ground channel quoted H200 PCIe 2T full servers at 4.28 million yuan per unit, notably below the recent mainstream range of 5.43-5.6 million yuan for H200 HGX 2T full servers, suspected to be due to PCIe vs. SXM/full-spec configuration differences or channel special pricing; the single source awaits verification and is not treated as a market benchmark. On the demand side, multiple bulk orders emerged today - a computing power party sought 32 H200 Lenovo-head domestic-assembled SXM full servers, a computing power center sought to lease 48+ H200 spot units for near-term delivery, and there were also 16 units of three-year closed-end purchase demand alongside 6 SXM full server acquisitions. On the demand side, 141G×8 is currently the mainstream configuration for SXM module full servers. PCIe original overseas acquisitions continued at a high of $50,300 per card (same level as September 5).

5090: Bulk supply ramping from hundreds to thousands of units; 800-unit full server leases absorbing carrier demand SMM has learned that bulk supply of 5090 turbo cards saw concentrated releases today - one channel released 500+ turbo graphics cards, another channel released thousand-unit-level turbo cards, the Huaqiangbei channel offered hundred-unit-level turbo cards at 47,000 yuan per card including tax, the computing power hunting ground channel had 900 turbo cards at 46,000 yuan per card negotiable, with offers concentrated in the 46,000-47,000 yuan including tax range. On the full server leasing side, a Shenzhen tech company released 800 units of 8-card 5090 turbo full servers, 576G memory, three-year closed-end bare metal, relocatable, explicitly stating no multi-layer intermediaries accepted. On the same day, a Wenzhou Mobile carrier party inquired about a batch of 576G 5090 full servers, with clear demand signals from the carrier side. The acquisition side remained active - Hong Kong buyback prices for new 5090 Night Devil/FE/Suprim at $5XXX, Huaqiangbei channel HK buyback of 5090 at $5xx0, and one channel buying 1,000-unit-level 5090 gaming cards, domestic/Hong Kong both acceptable, cash USD instant payment. Supply volume was notably larger than the same period in August, with bulk and retail channels running in parallel.

H100/H800: 80-unit firm order and 128-unit five-year closed-end large order coexist; H800 online at 70,000 yuan below annual contract price SMM has learned that H100 demand showed two-sided volume today - one channel placed a firm order for 80 H100 full servers, explicitly requiring cargo owners to deal directly with first-hand sources, favoring disintermediation; another channel needed 128 H100 full servers, five-year closed-end, spot required, matching the scale of the 128-unit 4-5 year closed-end deal in Xinjiang. On the supply side, one channel released 2 H100 units at 81,000 yuan/month with a three-year minimum lease, while a computing power sharing channel had 4 H100 + 4 H200 leasing demand alongside sporadic 1-unit H100 short-term leases. For H800, SMM has learned that 2 H800 online cloud resource leases appeared in the market at 70,000 yuan per unit per month, 6,000 yuan lower than the 76,000 yuan annual contract price for the same model in central China, a decline of nearly 8%, on par with the 70,000 yuan quote for relocatable H800 in east China in early September. H800 online and relocatable flexible delivery options were priced the same, both below long-term contract prices, with flexibility itself commanding no premium - a contrast to the high budget of 83,000 yuan for H100 online leasing.

Domestic computing power: 910B2 online quoted at 17,000 yuan, a new high for the model; relocatable 910B4 quoted at 19,000 yuan, 19%-27% above south-west China SMM has learned that 16 relocatable 910B4 units in east China, split into batches of 5 and 11, were quoted at 19,000 yuan per unit per month, 3,000 to 4,000 yuan higher than the 15,000 yuan closed-end full lease for the same model in south-west China and the 16,000 yuan (including tax) for a 40-unit batch, a premium of 19%-27%. Nine relocatable 910B3 units in east China, split into batches of 3 and 6, were quoted at the same 19,000 yuan per unit per month, on par with the 910B4, with the higher-spec model commanding no premium. The 910B2 online 32-unit quote of 17,000 yuan per unit per month was the highest price SMM has recorded for this model, a 42% premium over the 12,000 yuan centralised procurement direct supply price, further solidifying the price stratification between market channels and centralised procurement channels. Thirty 910B3 units online were quoted at 16,000 yuan per unit per month, 3,000 yuan lower than the 19,000 yuan for relocatable 910B3, a discount of about 16%. On the full server spot side, Huawei Ascend 910B KunLun G5680 V2 (8× Ascend 910_4_1 64G HCCS variant, 4×200G networking) spot units were released, and Huakun Zhenyu AT3500 G3 910B4 64G VRAM full servers arrived in warehouse, with domestic card full server spot circulation channels still expanding.

Pro6000 series/A100/4090 and accessories: Pro6000D concentrated price cuts of 500+ units; 4090 turbo batch of 80 units at 26,000 yuan including tax SMM has learned that Pro6000D saw concentrated price-cut selling from multiple parties today - 200+ brand-new sealed units, 100 units for cash-out, 100 units bundled below market price, and 80 units from Shenzhen Huaqiangbei with three-year warranty at 69xxx yuan including tax, totaling 500+ units quoted at 69,000 yuan+ including tax, at the lower end of the recent 69,000-71,500 yuan range. The demand side was equally active - Qilu Smart Computing sought to lease 3 Pro6000 96G spot units testable at any time, another channel had a genuine large order for Pro6000 server edition with cash payment and spot delivery, fly-in face-to-face signing acceptable, and Beijing/Shenzhen/Hong Kong channels were buying in bulk - 300 Pro6000 server edition units and 200 6000D units - with both leasing and sales active. For A100, 100 custom 40G cards (brand new, three-year warranty) and a small cluster of 16 Supermicro A100 80G SXM full servers were released from both ends; A100-80G leasing demand was active, with a clear budget of 36,000 yuan per unit per month for a six-month term; A800 2-unit IB networking annual closed-end lease supply also existed. For 4090, 24G turbo cards at 26,000-26,200 yuan including tax appeared in an 80-unit batch (Jiangsu Qihui channel with ample inventory). For accessories, DDR5 64G 4800/5600 bulk buyback prices of 17,900-18,000 yuan were broadly in line with today's mainline buyback price of 18,200 yuan; Samsung 64G 5600 DC25+ 1,500 units were shipped, and 240 SK Hynix 5090 fan cards were bundled - a typical combination list for recycling channel dealers. HPE DL380G12 barebone systems also saw spot releases.

Other market developments: cross-market arbitrage and upstream-downstream linkages SMM has learned that channel-side data showed four structural market signals. First, overseas H200 PCIe original acquisitions continued at a high of $50,300 per card, out of sync with the domestic full server quoting system, creating an arbitrage window between inbound and outbound channels. Second, on the server chassis side, HPE DL380G12 barebone systems were released as spot (no CPU/memory/hard drive, with RAID card/power supply/rails), forming an upstream-downstream linkage signal with GPU full server expansion. Third, domestic brand full server retail channels continued to build out - Huawei Ascend KunLun G5680 V2 and Huakun Zhenyu AT3500 G3 910B4 64G full servers arrived in warehouse, but transaction paths were primarily spot sales, with leasing channels not yet formed. Fourth, a channel's 800 units of 8-card 5090 turbo full servers were confirmed sold on 09-07, but still require multi-channel verification.

SMM analysis: Combining today's information across all segments, the computing power market saw firm long-term contract pricing coexist with pressure on short-term flexible resources. On the long-term contract side, the 256 H200 units in north-west China at 128,000 yuan for five-year closed-end were higher than same-term quotes in central China, with no discount on the long-term contract side reflecting seller pricing power shifting to forward contracts. The H100 firm order for 80 units coexisted with the 128-unit five-year closed-end order, with frontline large orders still dominated by long-term closed-end contracts. For short-term flexible resources, 5090 bulk supply ramped from hundreds to thousands of units (offers at 46,000-47,000 yuan including tax), combined with 800 full server leases absorbing carrier-side demand, extending the tight spot supply pattern for turbo cards. The dual-track price spread in domestic computing power continued to widen - the 910B2 online quote of 17,000 yuan set a new high for the model, while the centralised procurement direct supply anchor of 12,000 yuan remained unchanged, a 42% premium for market channels. Relocatable 910B4 in east China at 19,000 yuan was 19%-27% above the same tier in south-west China, with delivery method replacing model as the primary driver of price stratification. Pro6000D saw concentrated price cuts of 500+ units from multiple parties, with quotes touching the lower end of the range, while demand-side server edition acquisitions of 300 units and spot leasing formed opposing forces.