[SMM Flash] Langfang City establishes a four-voucher linkage system of "computing power vouchers + token vouchers + data vouchers + model vouchers"

Today, only the H100 Yangtze River Delta index adjusted: the highest monthly rental rose 2.41% to 85,000 yuan, and the average monthly rental rose 1.24% to 81,500 yuan. Demand-side signals: rising inference demand is driving up computing power prices around major cities. A leading large-model application tightened free usage for C-end users (after reaching peak capacity, it waited a week and did not reopen new user subscriptions), and H100 prices in areas near Beijing are expected to rise to 90,000 yuan per unit per month. C-end inference volume growth has become a new source of growth, and areas around first-tier cities may form price highlands, with the price increase cycle perhaps just beginning.

Guiyang City/Gui'an New Area issued on September 2 the Three-Year Action Plan for Building China's Data Valley and Token City (2026-2028), promoting the upgrade of intelligent computing centers from "bare computing power services" to "standardized token production services." Newly built intelligent computing centers must achieve an average PUE of no higher than 1.2 and a green electricity share exceeding 80%. [Data] - Average PUE of newly built intelligent computing centers: ≤ 1.2 - Green electricity share: > 80% - Direction: Build large-scale, intensive "token factory" clusters, expanding intelligent computing center operations toward directly callable token production services - Supporting measures: Support China Southern Power Grid's computing-power coordination pilot and the "Gui'an New Area Electricity-Computing Coordination Industry Alliance," promoting direct green electricity supply and green electricity trading [SMM Comment] Viewpoint: Local authorities have incorporated the "token economy" into a three-year action plan, shifting computing power policy from "building scale" to "promoting utilization and reducing energy consumption." Impact pathway: Front-loaded PUE/green electricity constraints → driving liquid cooling plus direct green electricity supply → lower unit computing power costs. Comparative factors: Continuing the subsidy plus green electricity mainline seen in the Sichuan computing power network on September 5 (computing vouchers at 40%) and Guizhou computing vouchers 3.0 on September 3 (intelligent computing incentives at 30%), this plan further sets "token factories" as a construction goal. Key data: PUE ≤ 1.2, green electricity > 80%.

Summary: On September 7, 256 H200 full servers were released as five-year closed-end long-term leases in north-west China, with a monthly rent of 128,000 yuan per unit, higher than quotes for the same term in central China and showing no discount on the long-term contract side, reflecting stronger seller pricing power; 5090 bulk supply ramped up from hundreds to thousands of units, with 800 8-GPU server leases absorbing demand from carriers; Dell B300 futures were quoted at 8.05–8.6 million yuan for 3T and 8.9 million yuan for 4T, while spot-side demand for hundreds of units appeared for the first time; H100 actual purchase orders of 80 units and 128-unit five-year closed-end deals coexisted; 910B2 online leasing was quoted at 17,000 yuan, a new high for that model.