[SMM Computing Power Midday Review] 910B4 Breaks 20,000, H800 Hits New Low

[Market Overview] Today, the SMM computing power rental price index consolidated overall, with quotes for all server models and regions remaining flat compared with the previous trading day. Signals from the price collection side were dense and divergent: the relocatable price of domestic computing power broke through the 20,000 yuan mark for the first time, and model-tier differentiation began to emerge. The H800 online price hit a new low for that model, while the H20 became the most complex model in terms of caliber due to differences in payment terms and resource attributes.

[Domestic Computing Power: 910B4 Breaks 20,000, Delivery Premium Continues to Widen] Three relocatable 910B4 units in east China were quoted at 20,000 yuan/unit/month, breaking the 20,000 yuan mark for the first time, up 5.3% from 19,000 yuan in the same region in early September, and at a 33% premium to the model's online cloud resources at 15,000 yuan. The delivery flexibility premium continued to widen. Four relocatable 910B3 units in the same batch held at 19,000 yuan, creating a 1,000 yuan price spread (5.3%) versus the 910B4 for the first time. Model-tier differentiation has just begun to emerge, but the magnitude remains small. On the online channel side, 32 910B3 units were quoted at 16,000 yuan, the same price as the 910B2, with the specification inversion persisting. Relocatable quotes carried a 19% premium over online resources, indicating that online resources are actually priced by delivery method rather than model performance. Sixty-four 910B4 units online were still quoted at 15,000 yuan, with the scale roughly doubling from the original batch without any discount, reflecting tight spot supply and no need for holders to offer volume discounts to clear inventory. The 910B2 online price of 16,000 yuan did not follow the relocatable uptrend, indicating a time lag in transmission within domestic computing power.

[H800 and A800: Legacy Model Pricing Shifts Toward Scarcity] H800 online cloud resources fell to 68,000 yuan/unit/month, a new low for the model, 2,000 yuan below the relocatable price of 70,000 yuan in east China in early September and 8,000 yuan below the central China annual contract price of 76,000 yuan (a decline of 10.5%). It is the only H-series model in a sustained downtrend and has now seen a second price cut, in sharp contrast to the uptrend in H100 and H200, as demand accelerates its shift toward higher-performance models. The A800 40G was quoted online at 18,000 yuan, on par with the relocatable 910B4, but with only 40G of video memory versus the 910B4's 64G, its cost-performance is being squeezed by domestic substitution. Legacy model pricing is increasingly dependent on existing stock scarcity rather than performance. The H20 96G in south China with a one-year minimum lease was quoted at 41,000 yuan, in the middle of the 39,000-46,000 yuan range, with a quote spread of about 18% for the same specification. Payment terms and resource attributes have become the main variables, and direct price comparison based on bare quotes is prone to distortion.

[SMM View] Single-card rental, especially H100 single-card rental, saw a notable decline in liquidity - shipment pace dominated price discovery, and spot order demand was absorbed first by long-term contracts and bulk resources, while monthly rental prices for full-server resources continued to surge. This structural change means the price spread between the single-card and full-server calibers will widen further. If lessees continue to estimate full-server costs based on single-card prices, the deviation will keep growing. SMM believes that future price collection needs to strengthen tracking of full-server bulk transactions and contract terms, as single-card prices increasingly reflect a liquidity discount rather than the market center.