[SMM Computing Power Flash] First order for telecom operators' domestic computing power cluster may be delayed to Q4

SMM learned that 10 RTX 4090 complete units in South China are available for annual rental, with a monthly rent of 7,200 yuan per unit per month. The server room is equipped with 200M shared bandwidth, and testing can be arranged on September 10. This batch of resources is configured with 1,024GB of memory, eight 24G blower-style graphics cards, and 200G InfiniBand network cards, with specifications higher than the common 4090 complete units on the market. Compared with the previous short-term one-month rental of 50 units in Central China at the same 7,200 yuan, this order, though signed annually, shows no price discount. SMM believes that the failure of higher specifications to command a premium reflects the strong price rigidity of the 4090 model, and configuration differences have not yet been fully reflected in pricing.

SMM has learned that the outright purchase price for H200 SXM full systems has been edging up continuously over the past month. On August 24, a channel offered 256 units of H200 spot cargo at 5.35 million yuan per unit (including 13% tax, Shenzhen warehouse). On September 1, the upper end of multi-channel quotes was pushed to 5.4 million yuan. On September 4, the pickup price for brand-new first-hand H200 2T full systems in Shenzhen was reported at 5.45 million yuan per unit, marking a cumulative increase of about 100,000 yuan on a tax-inclusive basis within a single month. The monthly rental segment also strengthened this month: in early August, an operator listed 128 HGX-version units at a monthly rent of 120,000 yuan; in mid-August, 32 HGX eight-GPU modules in east China were quoted at 128,000 yuan for a three-year closed contract; on September 4, demand for 30 newly listed units at a data center in Jiangsu was reported at 130,000 to 140,000 yuan per unit per month, with the overall buyer quote band shifting up to the 128,000-140,000 yuan range. According to earlier SMM information, at end-August industry discussions, H200 full systems had been consolidating in the 5.35 million to 5.4 million yuan range for about 10 days, with participants saying prices "could not rise further." Buyers mostly chose to wait and see, awaiting new supply arrivals or signals of policy easing, and actual transactions were dominated by rigid demand. After this round of increases, the wait-and-see sentiment has further solidified. SMM believes that the simultaneous emergence of rising prices and buyer caution reflects an ongoing tug-of-war between strengthening seller pricing power and buyer acceptance under pressure.

Indices consolidated across the board today. The H100 batch exit price in east China rose to a record high of 85,000 (weighted average price 81,600), while in north China around Beijing it approached 90,000. The H200 full-system buyout price rose three times in a month to 5.45 million (+100,000), monthly rental demand shifted up to 130,000–140,000, and buyer wait-and-see sentiment solidified. The first delivery of the carrier's domestic cluster may be delayed to Q4, revealing capacity bottlenecks. Supply elasticity is limited and demand is being front-loaded, with the high-end price hike cycle awaiting confirmation at the 90,000 mark.