[SMM Computing Power Midday Review] 910B2 inventory hits bottom, H200 long-term agreement falls below 100,000

[Market Overview] The SMM computing power leasing price index consolidated today, with all 19 index quotes unchanged from the previous trading day. On the price collection side, two signals pointed in opposite directions: available resources for the domestic 910B2 hit bottom, with prices rising 21.7% month-to-date, while batch listings of H200 PCIe five-year long-term contracts fell below 100,000 yuan per unit per month for the first time.

[910B2: Up 21.7% Month-to-Date, Available Resources Bottom Out as They Extend to County Level] A batch of 910B2 resources in east China had 32 units in inventory in July, with 15 to 20 units remaining vacant from June to August. After 18 units were transacted in August, the monthly rent rose from 11,500 yuan to 14,000 yuan per unit per month, an increase of 21.7%. Prices were not suppressed during the vacancy period but instead rose after transaction volume expanded, reflecting that the stock of units awaiting lease has been absorbed. In the same region, a six-month lease request for 10 units has emerged, with the buyer being an operator. Multiple operators' county-level subsidiaries reported that available resources have bottomed out, with tight supply extending from the province and city level to the county level. The support from the previously prevailing centralised procurement direct-supply price of 12,000 yuan per unit per month is weakening.

[H200 PCIe: Batch Listings of Five-Year Long-Term Contracts, First Drop Below 100,000] On September 23, a computing power channel publicly listed a batch of H200 PCIe full servers, 128 units plus 64 units for a total of 192 units, at an all-inclusive price of 98,000 yuan per month per unit, deployed in data centers in Qinghai and Harbin, with a five-year fixed lease term and contracts already issued, 45 days for network setup and commissioning, and full delivery within two months. During the same period, similar channels quoted notably higher prices for H200 SXM long-term contract listings. The two versions differ in interconnect topology and are not directly comparable. Under the conditions of a five-year long-term contract combined with batch delivery, the monthly rent for H200 PCIe fell below 100,000 yuan for the first time, with version differences and delivery terms constituting the main drivers of this quote.

[SMM View] Two threads moved in opposite directions today. First, the 910B2 rose 21.7% month-to-date, with available resources extending down to the county level and bottoming out, while operators' low-price resource pool from centralised procurement narrowed simultaneously. The 12,000-yuan direct-supply anchor is providing less support, leaving room for domestic computing power to catch up from low levels toward market-based pricing. Second, the H200 PCIe traded a five-year fixed term plus a 192-unit batch for a price below 100,000 yuan, making the long-term contract discount explicit in the H200 series for the first time and diverging from the firm long-term contract quotes for the SXM version. SMM believes that the 910B2's rise toward 14,000 yuan and the H200 PCIe's decline toward 98,000 yuan are accelerating the narrowing of the price band between the two types of computing power, and the substitution relationship in the converging range warrants continued tracking.